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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-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: 18pt"><b>UNITED
STATES</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: 18pt"><b>SECURITIES
AND EXCHANGE COMMISSION</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: 12pt"><b>Washington,
D.C. 20549</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"><b></b></span></p>

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

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

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 18pt"><b><span id="xdx_903_edei--EntityRegistrantName_c20220101__20220630_zdQVbHJ25Nof"><ix:nonNumeric contextRef="From2022-01-01to2022-06-30" name="dei:EntityRegistrantName">SHF
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

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

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

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: 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"><b><span id="xdx_90B_edei--EntityAddressAddressLine1_c20220101__20220630_zepRlwzg9Vx8"><ix:nonNumeric contextRef="From2022-01-01to2022-06-30" name="dei:EntityAddressAddressLine1">5269
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span>Telephone:
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Address,
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#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></b></span></p>

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

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Chief
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_90F_edei--EntityAddressCityOrTown_c20220101__20220630__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zyx0HfWBCuPj"><ix:nonNumeric contextRef="From2022-01-012022-06-30_dei_BusinessContactMember" name="dei:EntityAddressCityOrTown">Arvada</ix:nonNumeric></span>,
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span><span>Telephone:
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Name,
address, including zip code, and telephone number, including area code, of agent for service)</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"><b></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Approximate
date of commencement of proposed sale of the securities to the public: From time to time after the effective date of this registration
statement.</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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, please check the following box. &#9746;</span></p>

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

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

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. <span id="xdx_90E_edei--EntityExTransitionPeriod_c20220101__20220630_zdWlq6YUNZke"><ix:nonNumeric contextRef="From2022-01-01to2022-06-30" format="ixt:booleantrue" name="dei:EntityExTransitionPeriod">&#9746;</ix:nonNumeric></span></span></p>

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

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

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

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

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

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

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


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

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><b>The information in this preliminary prospectus is not complete and
may be changed. We may not sell these securities until the registration statement filed with the United States Securities and Exchange
Commission is effective. This preliminary prospectus is not an offer to sell these securities and we are not soliciting an offer to buy
these securities in any jurisdiction where the offer or sale is not permitted.</b></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><b>PRELIMINARY PROSPECTUS DATED OCTOBER 7, 2022</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#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>SHF
Holdings, Inc.</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>Up
to 5,750,000 Shares of Class A Common Stock Underlying Public Warrants</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>Up
to 16,360,000 Shares of Class A Common Stock Underlying Series A Convertible Preferred</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>Up
to 1,022,500 Shares of Class A Common Stock Underlying PIPE Warrants</b></span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
prospectus relates to the issuance by us of up to an aggregate of 5,750,000 shares of our Class A common stock, par value $0.0001 per
share (&#8220;Class A Common Stock&#8221;), issuable upon the exercise of 5,750,000 warrants (the &#8220;Public Warrants&#8221;)
originally issued in the initial public offering of SHF Holdings, Inc. (f/k/a Northern Lights Acquisition Corp.), a Delaware corporation
(the &#8220;Company&#8221;), by the holders thereof. We will receive the proceeds from any exercise of the Public Warrants for
cash.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
prospectus also relates to the offer and sale from time to time by the selling stockholders named in this prospectus (including their
permitted transferees, donees, pledgees and other successors-in-interest) (collectively, the &#8220;Selling Stockholders&#8221;) of up
to 17,382,500 shares of Class A Common Stock, consisting of (i) up to 16,360,000 shares of Class A Common Stock (the
&#8220;Conversion Shares&#8221;) issuable upon the conversion of shares of Series A Convertible Preferred Stock offered and sold
to the Selling Stockholders in a private offering (the &#8220;PIPE Offering&#8221;) that closed concurrently with our Business Combination
(as defined below), assuming a Conversion Price (as defined below) of $1.25, and (ii) up to 1,022,500 shares of Class A Common
Stock (the &#8220;Warrant Shares&#8221;) issuable upon the exercise of warrants to purchase Class A Common Stock (the &#8220;PIPE
Warrants&#8221;) offered and sold to the Selling Stockholders in the PIPE Offering.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are registering the Conversion Shares and the Warrant Shares for resale by the Selling Stockholders pursuant to the Selling
Stockholders&#8217; registration rights under that certain Amended and Restated Registration Rights Agreement (as defined below) between
us and the Selling Stockholders. Our registration of the Conversion Shares and the Warrant Shares covered by this prospectus does
not mean that the Selling Stockholders will offer or sell any of the shares of Class A Common Stock registered hereby. The Selling
Stockholders may offer, sell or distribute all or a portion of their shares of Class A Common Stock publicly or through private
transactions at prevailing market prices or at negotiated prices. We provide more information about how the Selling Stockholders may
sell the shares in the section entitled &#8220;Plan of Distribution.&#8221;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are an &#8220;emerging growth company&#8221; as defined in Section 2(a) of the Securities Act of 1933, as amended (the &#8220;Securities
Act&#8221;), and are subject to reduced public company reporting requirements. This prospectus complies with the requirements that apply
to an issuer that is an emerging growth company.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Class A Common Stock and Public Warrants are listed on the Nasdaq Capital Market (the &#8220;NASDAQ&#8221;) under the symbols &#8220;SHFS&#8221;
and &#8220;SHFSW,&#8221; respectively. On October 6, 2022, the closing price of our Class A Common Stock was $7.31 per
share and the closing price of our Public Warrants was $0.15 per Warrant.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of the date of this prospectus, the Public Warrants and the PIPE Warrants (which we refer to collectively as the &#8220;Warrants&#8221;)
are &#8220;out of the money,&#8221; which means that the trading price of the shares of Class A Common Stock underlying the Warrants
is below the $11.50 exercise price of the Warrants. For so long as the Warrants remain &#8220;out of the money,&#8221; we do not expect
warrant holders to exercise their warrants and, therefore, we do not expect to receive cash proceeds from any such exercise. Accordingly,
the exercises of the Warrants are dependent on the market price of our Class A Common Stock. To the extent that the market prices of
the Class A Common Stock exceed $11.50, respectively, holders of the Warrants may exercise their Warrants and sell the underlying Class
A Common Stock, which may have negative impact on the market prices of the Class A Common Stock. See&#160;<i>&#8220;Risk Factors&#8212;There
is no guarantee that the Warrants will be in the money, and they may expire worthless&#8221;</i>&#160;for more information.</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; text-align: justify; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
shares of Class A Common Stock underlying the Public Warrants and PIPE Warrants that are being registered for issuance and resale
under this prospectus represent approximately 26.6% of the total shares of Class A Common Stock outstanding as of October 6, 2022
(assuming that all Public Warrants and PIPE Warrants are exercised). The sale of all the shares of Class A Common Stock issuable
upon exercise of the Warrants, or the perception that such sales may occur, may cause the market prices of our securities to decline
significantly.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>See
the section entitled &#8220;Risk Factors&#8221; beginning on page 10 of this prospectus to read about factors you should consider
before buying our securities.</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>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: 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"><b>The
date of this prospectus is October ___, 2022</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>


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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TABLE
OF CONTENTS</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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    <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: middle; text-align: center; width: 0.5in"><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; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="#ba_001"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ABOUT THIS PROSPECTUS</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: middle; text-align: center">1</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: middle; 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"><a href="#ba_002"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: middle; text-align: center">2</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: middle; 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"><a href="#ba_003"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SUMMARY</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: middle; text-align: center">4</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><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: middle; 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"><a href="#ba_004"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">RISK FACTORS</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: middle; text-align: center">10</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: middle; 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"><a href="#ba_005"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">USE OF PROCEEDS</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: middle; text-align: center">35</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: middle; 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"><a href="#ba_006"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DETERMINATION OF OFFERING PRICE</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: middle; text-align: center">36</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: middle; 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"><a href="#ba_007"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">MARKET INFORMATION FOR COMMON STOCK AND DIVIDEND POLICY</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: middle; text-align: center">37</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: middle; 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"><a href="#ET_001">UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL STATEMENTS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: middle; text-align: center">38</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: middle; 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"><a href="#ET_002">MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: middle; text-align: center">48</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: middle; 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"><a href="#ET_003">BUSINESS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: middle; text-align: center">65</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: middle; 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"><a href="#ET_004">MANAGEMENT</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: middle; text-align: center">82</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: middle; 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"><a href="#ET_005">EXECUTIVE COMPENSATION</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: middle; text-align: center">87</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: middle; 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"><a href="#ET_006">CERTAIN RELATIONSHIPS AND RELATED PERSON TRANSACTIONS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: middle; text-align: center">89</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: middle; 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"><a href="#Hz_001"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PRINCIPAL STOCKHOLDER</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: middle; text-align: center">94</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: middle; 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"><a href="#Hz_002"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SELLING STOCKHOLDERS</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: middle; text-align: center">95</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: middle; 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"><a href="#Hz_003"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PLAN OF DISTRIBUTION</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: middle; text-align: center">98</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: middle; 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"><a href="#Hz_004"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: middle; text-align: center">100</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: middle; 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"><a href="#Hz_005"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DESCRIPTION OF SECURITIES</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: middle; text-align: center">106</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: middle; 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"><a href="#Hz_006"><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; vertical-align: middle; text-align: center">114</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: middle; 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"><a href="#Hz_007"><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; vertical-align: middle; text-align: center">114</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: middle; 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"><a href="#Hz_008"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHERE YOU CAN FIND MORE INFORMATION</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: middle; text-align: center">114</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: middle; 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"><a href="#Hz_009"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">INDEX TO FINANCIAL STATEMENTS</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: middle; text-align: center">F-1</td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
should rely only on the information provided in this prospectus, as well as the information incorporated by reference into this prospectus
and any applicable prospectus supplement. Neither we nor the Selling Stockholders have authorized anyone to provide you with different
information. Neither we nor the Selling Stockholders are making an offer of these securities in any jurisdiction where the offer is not
permitted. You should not assume that the information in this prospectus or any applicable prospectus supplement is accurate as of any
date other than the date of the applicable document. Since the date of this prospectus and the documents incorporated by reference into
this prospectus, our business, financial condition, results of operations and prospects may have changed.</span></p>

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


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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span id="ba_001"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ABOUT
THIS PROSPECTUS</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; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
prospectus is part of a registration statement on Form S-1 that we filed with the Securities and Exchange Commission (the &#8220;SEC&#8221;)
using the &#8220;shelf&#8221; registration process. Under this shelf registration process, the Selling Stockholders may, from time to
time, sell the securities offered by them described in this prospectus. We will not receive any proceeds from the sale by such Selling
Stockholders of the securities offered by them described in this prospectus. This prospectus relates, in part, to the issuance by us
of the shares of Class A Common Stock issuable upon the exercise of the Public Warrants and the PIPE Warrants. We will not receive any
proceeds from the sale of shares of Class A Common Stock underlying the Warrants pursuant to this prospectus, except with respect
to amounts received by us upon the exercise of the Warrants for cash.</span></p>

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
September 28, 2022 (the &#8220;Closing Date&#8221;), the Company consummated the previously announced business combination pursuant to
that certain Unit Purchase Agreement, dated as of February 11, 2022 (as amended by that certain First Amendment to the Unit Purchase
Agreement dated September 19, 2022, that certain Second Amendment to the Unit Purchase Agreement dated September 22, 2022, and that certain
Third Amendment to the Unit Purchase Agreement dated September 28, 2022, the &#8220;Unit Agreement&#8221;), by and among the Company,
5AK, LLC, a Delaware limited liability company, in its capacity as the representative for the stockholders of the Company other than
the Seller (as defined below), (the &#8220;Sponsor&#8221;), SHF, LLC, a Colorado limited liability company doing business as Safe Harbor
Financial (&#8220;SHF&#8221;), SHF Holding Co, LLC, a Colorado limited liability company (the &#8220;Seller&#8221;), and Partner Colorado
Credit Union, a Colorado corporation (&#8220;PCCU&#8221;). On the Closing Date, and in connection with the closing of the Business Combination
(the &#8220;Closing&#8221;), the Company changed its name to &#8220;SHF Holdings, Inc.&#8221;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless
the context indicates otherwise, references in this prospectus to the &#8220;Company,&#8221; &#8220;SHF Holdings,&#8221; &#8220;we,&#8221;
&#8220;us,&#8221; &#8220;our&#8221; and similar terms refer to SHF Holdings, Inc. and its consolidated subsidiaries.</span></p>

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


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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span id="ba_002"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CAUTIONARY
NOTE REGARDING FORWARD-LOOKING STATEMENTS</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; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
prospectus contains forward-looking statements within the meaning of Section 27A of the Securities Act, and Section 21E of the Securities
Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;). We have based these forward-looking statements on our current expectations
and projections about future events. All statements, other than statements of present or historical fact included in this prospectus,
our future financial performance, strategy, expansion plans, future operations, future operating results, estimated revenues, losses,
projected costs, prospects, plans and objectives of management are forward-looking statements. Any statements that refer to projections,
forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements.
In some cases, you can identify forward-looking statements by terminology such as &#8220;may,&#8221; &#8220;should,&#8221; &#8220;could,&#8221;
&#8220;would,&#8221; &#8220;expect,&#8221; &#8220;plan,&#8221; &#8220;anticipate,&#8221; &#8220;intend,&#8221; &#8220;believe,&#8221;
&#8220;estimate,&#8221; &#8220;continue,&#8221; &#8220;goal,&#8221; &#8220;outlook,&#8221; &#8220;forecast,&#8221; &#8220;possible,&#8221;
&#8220;potential,&#8221; &#8220;predict,&#8221; &#8220;project&#8221; or the negative of such terms or other similar expressions. These
forward-looking statements are subject to known and unknown risks, uncertainties and assumptions about us that may cause our actual results,
levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or
achievements expressed or implied by such forward-looking statements. Except as otherwise required by applicable law, we disclaim any
duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events
or circumstances after the date of this prospectus. We caution you that these forward-looking statements are subject to numerous risks
and uncertainties, most of which are difficult to predict and many of which are beyond our control.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Forward-looking
statements in this prospectus may include, for example, statements about:</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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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ability to recognize the anticipated benefits of the Business Combination, which may be affected by, among other things, competition
and the ability of the combined business to grow and manage growth profitably;</span></p></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
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financial and business performance following the Business Combination, including financial projections and business metrics;</span></p></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
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strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects and plans;</span></p></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif">
    <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; vertical-align: top">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
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implementation, market acceptance and success of our business model;</span></p></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif">
    <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; vertical-align: top">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top">&#160;</td></tr>
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for our platform and services and the drivers of that demand;</span></p></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
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estimated total addressable market and other industry projections, and our projected market share;</span></p></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top">&#160;</td></tr>
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ability to scale in a cost-effective manner;</span></p></td></tr>

</table>

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

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

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

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and projections relating to our competitors and industry;</span></p></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif">
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expectations regarding our ability to obtain and maintain intellectual property protection and not infringe on the rights of others;</span></p></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
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regarding the time during which we will be an emerging growth under the Jumpstart Our Business Startups Act of 2012 (&#8220;JOBS Act&#8221;);</span></p></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif">
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<tr style="font: 10pt Times New Roman, Times, Serif">
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future capital requirements and sources and uses of cash;</span></p></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
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ability to obtain funding for our operations;</span></p></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
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business, expansion plans and opportunities; and</span></p></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
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outcome of any known and unknown litigation and regulatory proceedings.</span></p></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
statements are subject to known and unknown risks, uncertainties and assumptions that could cause actual results to differ materially
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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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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outcome of any legal proceedings;</span></p></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top">&#160;</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: justify; vertical-align: top">&#9679;</td>
    <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: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
ability to recognize the anticipated benefits of the Business Combination, which may be affected by, among other things, competition
and the ability of the combined business to grow and manage growth profitably;</span></p></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif">
    <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; vertical-align: top">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top">&#160;</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: justify; vertical-align: top">&#9679;</td>
    <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: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes
in applicable laws or regulations;</span></p></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif">
    <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; vertical-align: top">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top">&#160;</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: justify; vertical-align: top">&#9679;</td>
    <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: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
ability to execute our business model, including market acceptance of our planned products and services;</span></p></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif">
    <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; vertical-align: top">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top">&#160;</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: justify; vertical-align: top">&#9679;</td>
    <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: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">that
we have identified a material weakness in our internal control over financial reporting which, if not corrected, could affect the reliability
of our consolidated financial statements;</span></p></td></tr>

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    <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; vertical-align: top">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top">&#160;</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: justify; vertical-align: top">&#9679;</td>
    <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: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
ability to maintain the listing of our securities on Nasdaq or any other exchange;</span></p></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif">
    <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; vertical-align: top">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top">&#160;</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: justify; vertical-align: top">&#9679;</td>
    <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: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
possibility that we may be adversely affected by other economic, business or competitive factors.</span></p></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Given
these risks and uncertainties, you should not place undue reliance on these forward-looking statements. Additional cautionary statements
or discussions of risks and uncertainties that could affect our results or the achievement of the expectations described in forward-looking
statements may also be contained in any accompanying prospectus supplement.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Should
one or more of the risks or uncertainties described in this prospectus, or should underlying assumptions prove incorrect, actual results
and plans could differ materially from those expressed in any forward-looking statements. Additional information concerning these and
other factors that may impact the operations and projections discussed herein can be found in the section entitled &#8220;Risk Factors&#8221;
and in our periodic filings with the SEC. Our SEC filings are available publicly on the SEC&#8217;s website at <i>www.sec.gov</i>.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
should read this prospectus and any accompanying prospectus supplement completely and with the understanding that our actual future results,
levels of activity and performance as well as other events and circumstances may be materially different from what we expect. We qualify
all of our forward-looking statements by these cautionary statements.</span></p>

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


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

<div style="border: Black 1.5pt solid; padding: 0.1in">

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span id="ba_003"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SUMMARY</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; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
summary highlights selected information appearing elsewhere in this prospectus. Because it is a summary, it may not contain all of the
information that may be important to you. To understand this offering fully, you should read this entire prospectus carefully, including
the information set forth under the heading &#8220;Risk Factors&#8221; and our financial statements.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are one of the first financial services providers to offer reliable access to banking solutions for cannabis, hemp, CBD, and ancillary
operators, making communities safer, driving growth in local economies, and fostering long-term partnerships. Safe Harbor, through its
partners, serves the regulated cannabis industry and implements the highest standard of accountability, transparency, monitoring, reporting,
and risk mitigation measures while meeting BSA obligations in line with FinCEN guidance on CRBs. Over the past seven years, Safe Harbor
has processed over $12 billion in transactions with operations spanning 20 states with regulated cannabis markets.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
were originally known as Northern Lights Acquisition Corp. On September 28, 2022, we consummated the Business Combination with SHF, the
Seller, and PCCU. In connection with the Closing of the Business Combination, we changed our name to &#8220;SHF Holdings, Inc.&#8221;
SHF was deemed to be the accounting acquirer in the Business Combination based on an analysis of the criteria outlined in Accounting
Standards Codification 805. While the Company was the legal acquirer in the Business Combination, because SHF was deemed the accounting
acquirer, the historical financial statements of SHF became the historical financial statements of the combined company, upon the consummation
of the Business Combination.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Concurrently
with the execution of the Unit Purchase Agreement, the Company entered into a securities purchase agreement (the &#8220;Original Securities
Purchase Agreement&#8221;) with certain investors (collectively, the &#8220;Original PIPE Investors&#8221;), pursuant to which, among
other things, the Original PIPE Investors agreed to subscribe for and purchase, and the Company agreed to issue and sell to the Original
PIPE Investors, such Original PIPE Investors committed to purchase $60 million of shares of Class A Convertible Preferred Stock (the
&#8220;PIPE Shares&#8221;) and warrants (the &#8220;PIPE Warrants&#8221;) to purchase up to a number of shares of the Class A Common
Stock equal to 50% of shares of the Class A Common Stock issuable upon conversion of the PIPE Shares (the &#8220;Conversion Shares&#8221;).
On September 27, 2022, the Company, certain of the Original PIPE Investors, and certain additional investors (the &#8220;PIPE Investors&#8221;)
entered into that certain Amended and Restated Securities Purchase Agreement (the &#8220;Amended and Restated Securities Purchase Agreement&#8221;),
which amended the Original Securities Purchase Agreement to, among other matters, reduce the amount of PIPE Shares to be issued from
$60 million of Class A Convertible Preferred Stock to $20.45 million of Class A Convertible Preferred Stock. In connection with the Amended
and Restated Securities Purchase Agreement, on September 27, 2022, the Company entered into that certain Amended and Restated Registration
Rights Agreement with the PIPE Investors, which gave certain registration rights to the PIPE Investors with respect to the PIPE Shares
and the shares of Class A Common Stock underlying the PIPE Warrants. The sale of the PIPE Shares and the PIPE Warrants was consummated
concurrently with the Closing.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
PIPE Shares and the PIPE Warrants were issued pursuant to and in accordance with the exemption from registration under the Securities
Act under Section 4(a)(2) and/or Regulation D promulgated thereunder.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to our prior amended and restated certificate of incorporation, each issued and outstanding share of Class B Common Stock, par value
$0.0001 per share (the &#8220;Class B Common Stock&#8221;), converted into one share of <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Class
A Common Stock, at the Closing.</span></span></p>

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

</div>

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

<div style="border: Black 1.5pt solid; padding: 0.1in">

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Class A Common Stock and Public Warrants are currently listed on the on the NASDAQ under the symbols &#8220;SHFS&#8221; and &#8220;SHFSW,&#8221;
respectively.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
rights of holders of our Class A Common Stock and Warrants are governed by our Second Amended and Restated Certificate of Incorporation
(the &#8220;Second Amended and Restated Certificate of Incorporation&#8221;), our bylaws (the &#8220;Bylaws&#8221;) and the Delaware
General Corporation Law (the &#8220;DGCL&#8221;).</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are an &#8220;emerging growth company,&#8221; as defined under the JOBS Act. As an emerging growth company, we are eligible to take advantage
of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth
companies. These include, but are not limited to, not being required to comply with the auditor attestation requirements of Section 404
of the Sarbanes-Oxley Act of 2002 (the &#8220;Sarbanes-Oxley Act&#8221;), reduced disclosure obligations regarding executive compensation
in our periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive
compensation and the requirement to obtain stockholder approval of any golden parachute payments not previously approved.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
will remain an emerging growth company until the earlier of (1) December 31, 2026 (the last day of the fiscal year following the fifth
anniversary of the consummation of the Company&#8217;s initial public offering), (2) the last day of the fiscal year in which we have
total annual gross revenue of at least $1.07 billion, (3) the last day of the fiscal year in which we are deemed to be a &#8220;large
accelerated filer,&#8221; as defined in the Exchange Act, and (4) the date on which we have issued more than $1.0 billion in nonconvertible
debt securities during the prior three-year period.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company was incorporated in the State of Delaware on February 26, 2021 for the purpose of effecting a merger, share exchange, asset acquisition,
stock purchase, reorganization or similar business combination with one or more businesses. The Company completed its initial public
offering in June 2021. In September 2022, the Company consummated a Business Combination. In connection with the Business Combination,
we changed our name to SHF Holdings, Inc. Our principal executive offices are located at 5269 W. 62nd Avenue, Arvada, Colorado 80003
and our telephone number is (303) 431-3435. Our website address is https://shfinancial.org/. Information contained on our
website or connected thereto does not constitute part of, and is not incorporated by reference into, this prospectus or the registration
statement of which it forms a part.</span></p>

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

</div>

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




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<div style="border: Black 1.5pt solid; padding: 0.1in">

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



<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 35%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issuer</span></p></td>
    <td style="text-align: justify; width: 2%">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 63%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SHF
    Holdings, Inc. (f/k/a Northern Lights Acquisition Corporation) </span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 1pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Issuance
of Class A Common Stock</b></span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 35%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shares
                                            of Class A Common Stock Offered by us</span></p></td>
    <td style="text-align: justify; width: 2%">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 63%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,750,000
    shares of Class A Common Stock issuable upon exercise of the Public Warrants</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shares
                                            of Class A Common Stock Outstanding Prior to<br />
                                            Exercise of All Public Warrants</span></p></td>
    <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">18,715,912
    shares (as of September 28, 2022). </span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shares
                                            of Class A Common Stock Outstanding Assuming Exercise of All Public Warrants</span></p></td>
    <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">24,465,912
    shares (based on total shares outstanding as of September 28, 2022). </span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exercise
Price of Warrants</span></p></td>
    <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">$11.50
    per share, subject to adjustment as described herein. </span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Use
of Proceeds</span></p></td>
    <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">We
    will receive up to an aggregate of approximately $66.1 million from the exercise of the Warrants, assuming the exercise in full of
    all of the Warrants for cash. We expect to use the net proceeds from the exercise of the Warrants for general corporate purposes.
    See &#8220;<i>Use of Proceeds</i>.&#8221; </span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 1pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Resale
of Class A Common Stock and Warrants</b></span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 35%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shares
of Class A Common Stock Offered by the Selling Stockholders</span></p></td>
    <td style="text-align: justify; width: 2%">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 63%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">17,382,500
    shares (including (i) up to 16,360,000 shares of Class A Common Stock that may be issued upon the conversion of the PIPE Shares,
    assuming a Conversion Price of $1.25, and (ii) up to 1,022,500 shares of Class A Common Stock that may be issued upon the exercise
    of the PIPE Warrants). </span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Redemption</span></p></td>
    <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">The
    Warrants are redeemable in certain circumstances. See &#8220;<i>Description of Securities-Warrants</i>&#8221; for further discussion.
    </span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Use
of Proceeds</span></p></td>
    <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">We
    will not receive any proceeds from the sale of shares of Class A Common Stock by the Selling Stockholders. If all of the
    PIPE Warrants were exercised for cash, we would receive proceeds of up to an aggregate of approximately $11.8 million.</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Market
                                            for Class A Common Stock and Warrants</span></p></td>
    <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">Our
    Class A Common Stock and Public Warrants are currently traded on the NASDAQ under the symbols &#8220;SHFS&#8221; and &#8220;SHFSW,&#8221;
    respectively. </span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risk
Factors</span></p></td>
    <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">See
    &#8220;<i>Risk Factors</i>&#8221; and other information included in this prospectus for a discussion of factors you should consider
    before investing in our securities. </span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</div>




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

<div style="border: Black 1.5pt solid; padding: 0.1in">

<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>SUMMARY
RISK FACTORS</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
investment in shares of our Class A Common Stock involves a high degree of risk. If any of the factors enumerated below or in
the section entitled &#8220;Risk Factors&#8221; occurs, our business, financial condition, liquidity, results of operations and prospects
could be materially and adversely affected.</span></p>

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



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

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Substantially
                                            all of SHF&#8217;s CRB customers&#8217; deposits are currently held at PCCU, which means
                                            that our growth will be restricted until we can enter into agreements with additional financial
                                            institutions.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"></td><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">SHF
                                            has only recently begun its loan program, which may make it more difficult for SHF to compete
                                            with other lenders, brokers and servicers.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"></td><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">SHF&#8217;s
                                            loan program is currently substantially dependent on PCCU, currently the largest funding
                                            source for SHF&#8217;s loans, which may limit the types, terms and amounts of loans that
                                            we may offer.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"></td><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">SHF
                                            may face competition from traditional financial institutions and other lenders and service
                                            providers for its lending and other services, which may adversely affect SHF&#8217;s ability
                                            to achieve our business goals and its results of operations.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"></td><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">SHF
                                            intends to focus its lending to CRBs on commercial loans, which could increase the risk in
                                            SHF&#8217;s loan portfolio, resulting in higher provisions for loan losses and adversely
                                            affecting SHF&#8217;s results of operations.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"></td><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">Loans
                                            to CRBs secured by properties and assets that are, and will be, subject to extensive regulations,
                                            such that if such collateral was foreclosed upon those regulations may result in significant
                                            costs and materially and adversely affect SHF&#8217;s business, financial condition, liquidity
                                            and results of operations.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"></td><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">SHF
                                            is obligated to indemnify PCCU for all losses resulting from defaults of the CRB loans made
                                            by PCCU to SHF&#8217;s 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; text-align: justify"></td><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">If
                                            SHF&#8217;s allowance for loan losses is not sufficient to cover actual loan losses for loans
                                            held in SHF&#8217;s portfolio or for which it was otherwise responsible, SHF&#8217;s results
                                            of operations and financial condition will be negatively affected.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
                                            assets of CRB borrowers may not be used as collateral or transferred due to applicable state
                                            laws and regulations governing the cannabis industry, and such restrictions could negatively
                                            impact our profitability.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Foreclosure
                                            of security interests on loans to CRBs that are in default could result in losses.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest
                                            rate volatility could significantly reduce our profitability, business, financial condition,
                                            results of operations and liquidity.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SHF
                                            may become subject to regulation in additional states as it expands its operations.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SHF
                                            has been dependent on PCCU for administrative services, and we will continue to rely on PCCU
                                            following the closing of the Business Combination.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Actual
                                            or threatened public health crises, epidemics, or outbreaks, including the outbreak of COVID-19,
                                            may have a material adverse effect on SHF&#8217;s business, financial condition, and results
                                            of operations.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
                                            information systems interruption or breach in security of SHF&#8217;s systems could adversely
                                            affect 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; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SHF
                                            may suffer uninsured losses or suffer material losses in excess of insurance limits.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
                                            adverse outcome in litigation to which SHF is or becomes a party could materially and adversely
                                            affect 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; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SHF
                                            identified material weaknesses in its internal control over financial reporting for the year
                                            ended December 31, 2020. Such material weaknesses could adversely affect SHF&#8217;s ability
                                            to report its results of operations and financial condition accurately and in a timely manner.</span></td></tr>
</table>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Additional Risks Related to the Cannabis Industry, including:</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>



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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SHF
                                            provides services to financial institutions that provide banking services to businesses in
                                            or ancillary to the state licensed cannabis industry, which could expose us to additional
                                            liabilities and regulatory compliance cost and adversely impact our business, operations,
                                            financial condition, brand and reputation.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SHF,
                                            its financial institution clients and their CRB customers are subject to a variety of laws
                                            regarding financial transactions related to cannabis, which could subject their CRB customers
                                            to legal claims or otherwise adversely affect 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; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            conduct of third parties may jeopardize our business and regulatory compliance.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

</div>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<div style="border: Black 1.5pt solid; padding: 0.1in">

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
                                            may be subject to constraints on marketing our services, which could adversely impact our
                                            results of operations and our growth opportunities.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Service
                                            providers to cannabis businesses may be subject to unfavorable U.S. tax treatment.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cannabis
                                            businesses may be subject to civil asset forfeiture.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because
                                            we provide services to companies that provide services to CRBs, we may have a difficult time
                                            obtaining the various insurances that are desired to operate our business, which may expose
                                            us to additional risk and financial liability.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
                                            may be difficulty enforcing certain of our commercial agreements and contracts.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
                                            of our directors, officers, employees and investors who are not U.S. citizens may face constraints
                                            on cross-border travel into the United States.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risks
Related to SHF&#8217;s Organization and Structure, including:</span></p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Concentration
                                            of ownership among our existing executive officers, directors and their respective affiliates
                                            may prevent new investors from influencing significant corporate decisions.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SHF
                                            depends on key management personnel and other experienced employees.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Failure
                                            by SHF&#8217;s directors, officers or employees to comply with applicable policies, regulations
                                            and rules could materially and adversely affect 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; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Changes
                                            in accounting rules, assumptions or judgments could materially and adversely affect SHF.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
                                            SHF fails to implement and maintain an effective system of internal controls, it may not
                                            be able to accurately determine its financial results or prevent fraud. As a result, investors
                                            could lose confidence in SHF&#8217;s financial results, which could materially and adversely
                                            affect SHF.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risks
Related to an Investment in Our Securities</span></p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Resales
                                            of the shares of Class A Common Stock could depress the market price of the Class
                                            A Common Stock of the post-combination company.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
                                            is no guarantee that the public warrants will ever be in the money, and they may expire worthless
                                            and the terms of our warrants may be amended.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
                                            market for our securities may not continue, which would adversely affect the liquidity and
                                            price of 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; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
                                            the Business Combination&#8217;s benefits do not meet the expectations of investors, stockholders
                                            or financial analysts, the market price of our securities may decline.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            Company&#8217;s stockholders may not realize a benefit from the Business Combination commensurate
                                            with the ownership dilution they will experience in connection with the Business Combination
                                            and the PIPE.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
                                            only significant asset will be our ownership interest in SHF and such ownership may not be
                                            sufficient to pay dividends or make distributions or loans to enable us to pay any dividends
                                            on our Class A Common Stock or satisfy our other financial obligations.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            Company may be a &#8220;controlled company&#8221; within the meaning of the applicable rules
                                            of Nasdaq and, as a result, may qualify for exemptions from certain corporate governance
                                            requirements. If the Company relies on these exemptions, its stockholders will not have the
                                            same protections afforded to stockholders of companies that are subject to such requirements.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
                                            may be required to take write-downs or write-offs, restructuring and impairment or other
                                            charges that could have a significant negative effect on our financial condition, results
                                            of operations and our stock price, which could cause you to lose some or all of your investment.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            Company&#8217;s ability to be successful following the Business Combination will depend upon
                                            the efforts of the Company&#8217;s Board and key personnel and the loss of such persons could
                                            negatively impact the operations and profitability of the Company&#8217;s post-Business Combination
                                            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; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            unaudited pro forma financial information included in the section entitled &#8220;Unaudited
                                            Pro Forma Condensed Combined Financial Statements&#8221; may not be representative of the
                                            Company&#8217;s financial condition or results of operations if the Business Combination
                                            is consummated and accordingly, you will have limited financial information on which to evaluate
                                            the financial performance of the Company and your investment decision.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
                                            significant portion of our total outstanding shares are restricted from immediate resale
                                            but may be sold into the market in the near future. This could cause the market price of
                                            our Class A Common Stock, public warrants or public units or the Class A Common
                                            Stock, public warrants or public units of the post-combination company to drop significantly,
                                            even if SHF&#8217;s business is doing well.</span></td></tr></table>

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

</div>

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

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

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            terms of our proposed PIPE financing to be completed in conjunction with our proposed business
                                            combination could have an adverse impact of the trading prices of the Class A Common Stock.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            grant of registration rights to PCCU and the Seller in connection with the proposed business
                                            combination pursuant to the Purchase Agreement, and to the PIPE Investors in connection with
                                            the PIPE Securities Purchase Agreements, may adversely affect the market price of our Class
                                            A Common Stock.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            underwriters of the Company&#8217;s initial public offering may waive or release parties
                                            to the lock-up agreements entered into in connection with this Business Combination, which
                                            could adversely affect the price of the Company&#8217;s securities, including its common
                                            stock.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            Company may issue additional shares of common or preferred stock under the Equity Incentive
                                            Plan or otherwise after completion of the Business Combination, any one of which would dilute
                                            the interest of the Company&#8217;s stockholders and likely present other risks.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
                                            quarterly operating results may fluctuate significantly and could fall below the expectations
                                            of securities analysts and investors due to seasonality and other factors, some of which
                                            are beyond our control, resulting in a decline in our stock price.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If,
                                            following the Business Combination, securities or industry analysts do not publish or cease
                                            publishing research or reports about the post-combination company, its business, or its market,
                                            or if they change their recommendations regarding the Class A Common Stock of the
                                            post-combination company adversely, then the price and trading volume of the Class A Common
                                            Stock of the post-combination company could decline.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
                                            may be unable to obtain additional financing to fund the operations and growth of the post-combination
                                            company.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Changes
                                            in laws, regulations or rules, or a failure to comply with any laws, regulations or rules,
                                            may adversely affect our business, investments and results of operations.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
                                            have not registered the shares of Class A Common Stock issuable upon exercise of the
                                            warrants under the Securities Act or any state securities laws at this time, and such registration
                                            may not be in place when an investor desires to exercise warrants, thus precluding such investor
                                            from being able to exercise its warrants except on a cashless basis and potentially causing
                                            such warrants to expire worthless.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
                                            may seek warrant holder approval to amend the terms of the warrants in a manner that may
                                            be adverse to holders. As a result, the exercise price of your warrants could be increased,
                                            the exercise period could be shortened and the number of shares of our Class A Common
                                            Stock purchasable upon exercise of a warrant could be decreased, all without your 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"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
                                            may redeem unexpired warrants prior to their exercise at a time that is disadvantageous to
                                            warrant holders, thereby making their warrants worthless.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrants
                                            will become exercisable for Class A Common Stock, which would increase the number
                                            of shares eligible for future resale in the public market and result in dilution to our stockholders.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Anti-takeover
                                            provisions contained in our Second Amended and Restated Certificate of Incorporation and
                                            bylaws, as well as provisions of Delaware law, could impair a takeover attempt, which could
                                            limit the price investors might be willing to pay in the future for our common stock.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
                                            Second Amended and Restated Certificate of Incorporation provides that the Court of Chancery
                                            of the State of Delaware will be the sole and exclusive forum for certain stockholder litigation
                                            matters, which could limit our stockholder&#8217;s ability to obtain a favorable judicial
                                            forum for disputes with us or our directors, officers, employees or stockholders.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            JOBS Act permits &#8220;emerging growth companies&#8221; like us to take advantage of certain
                                            exemptions from various reporting requirements applicable to other public companies that
                                            are not emerging growth companies.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
                                            internal controls over financial reporting may not be effective and our independent registered
                                            public accounting firm may not be able to certify as to their effectiveness, which could
                                            have a significant and adverse effect on our business and reputation.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
                                            have identified a material weakness in our internal control over financial reporting. This
                                            material weakness could continue to adversely affect our ability to report our results of
                                            operations and financial condition accurately and in a timely manner.</span></td></tr></table>

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</div>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 1pt"><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 id="ba_004"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>RISK
FACTORS</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Investing
in our securities involves risks. Before you make a decision to buy our securities, in addition to the risks and uncertainties discussed
above under &#8220;Cautionary Note Regarding Forward-Looking Statements&#8221; and &#8220;Summary Risk Factors,&#8221; you should carefully
consider the specific risks set forth herein. If any of these risks actually occur, our business, financial condition, liquidity, results
of operations and prospects could be materially and adversely affected. As a result, the market price of our securities could decline,
and you could lose all or part of your investment. Additionally, the risks and uncertainties described in this prospectus or any prospectus
supplement are not the only risks and uncertainties that we face. Additional risks and uncertainties not presently known to us or that
we currently believe to be immaterial may become material and adversely affect our business, financial condition, liquidity, results
of operations and prospects.</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></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>RISKS
RELATED TO SHF&#8217;S BUSINESS</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Substantially
all of SHF&#8217;s CRB customers&#8217; deposits are currently held at PCCU, which means that our growth will be restricted until we
can enter into agreements with additional financial institutions.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Substantially
all of the deposits of SHF&#8217;s CRB customers are currently held at PCCU, which as of the date of this prospectus constitutes
approximately 22.8% of PCCU&#8217;s total assets. Under the Amended and Restated Support Services Agreement, PCCU has agreed to maintain
its ratio of CRB-related deposits to total assets to 65% or greater unless a lower ratio is required by applicable regulatory or policy
requirements. There can be no assurances that PCCU will be able to maintain this ratio of CRB-related deposits to total assets, or that
its total assets will grow so as to permit its CRB deposits to grow. Therefore, unless we are able to expand the number of financial
institutions at which deposits onboarded and monitored by SHF are held, our growth will be limited to the extent that PCCU&#8217;s assets
may grow, if at all. Although under SHF&#8217;s Amended and Restated Account Servicing Agreement with PCCU, SHF is not restricted from
onboarding and monitoring deposits at other financial institutions, there can be no assurances that we will be able to expand the number
of financial institutions with which we will onboard and monitor deposits or, if we are able to enter into agreements with additional
financial institutions, whether the terms of those agreements will be on comparable terms. In addition, if PCCU were to terminate either
or both of the Amended and Restated Support Services Agreement or the Amended and Restated Account Servicing Agreement, our operations
would be materially impaired if we were not able to obtain from third parties the services SHF receives from PCCU under the Amended and
Restated Support Services Agreement or if we were not able to enter into arrangements with other financial institutions to host the deposits
of SHF&#8217;s customers.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>SHF
has only recently begun its loan program, which may make it more difficult for SHF to compete with other lenders, brokers and servicers.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SHF,
through its predecessor entity, began offering loan services through PCCU to CRBs in 2020. As a result, SHF&#8217;s loan program may
be subject to factors inherent in a start-up business, such as competing with existing entities who have been offering loans and other
lending-related services for longer than SHF has, ensuring that SHF&#8217;s systems are compliant with applicable laws and regulations,
and ensuring that SHF&#8217;s systems and personnel are able to handle the anticipated pipeline of loan applications. The time to fully
ramp-up SHF&#8217;s lending and loan servicing operations may be more difficult for SHF to compete against lenders and brokers that have
been lending to CRBs for a longer period of time.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>SHF&#8217;s
loan program is currently substantially dependent on PCCU, currently the largest funding source for SHF&#8217;s loans, which may limit
the types, terms and amounts of loans that we may offer.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SHF&#8217;s
loan program currently depends on PCCU as SHF&#8217;s largest funding source for new loans to CRBs. To date, with the exception of one
$500,000 loan funded directly by SHF during April 2022, all of SHF&#8217;s loans have been funded by PCCU. Under PCCU&#8217;s loan policy
for loans to CRBs, PCCU&#8217;s board has approved aggregate lending limits at the lesser of 1.3125 times PCCU&#8217;s net worth or 65%
of total CRB deposits. Concentration limits for the deployment of loans are further categorized as (i) real estate secured, (ii) construction,
(iii) unsecured and (iv) mixed collateral with each category limited to a percentage of PCCU&#8217;s net worth. As of June 30, 2022,
PCCU&#8217;s net worth was $54.2 million and CRB-related deposits were $142.1 million. As of December 31, 2021, PCCU&#8217;s
net worth was $61.9 million and CRB-related deposits were $146.3 million. In addition, loans to any one borrower or group of associated
borrowers are limited by applicable NCUA regulations to the greater of $100,000 or 15% of PCCU&#8217;s net worth. As a result, our ability
to expand our loan program will be limited by PCCU&#8217;s growth unless we are able to expand our capacity to make loans directly or
find other financial institutions and lenders willing to make loans to CRBs. In addition, even if we are able to identify additional
lenders, we may not be able to negotiate comparable terms.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>SHF
may face competition from traditional financial institutions and other lenders and service providers for its lending and other services,
which may adversely affect SHF&#8217;s ability to achieve our business goals and its results of operations.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SHF
operates in an increasingly competitive market for its lending, compliance, customer intake and management services. Our competitors
for our compliance and customer-focused services include both traditional financial institutions and fintech companies. Lending competitors
include both private investment funds and public REITs focused on the cannabis industry, as well as traditional financial institutions
that have begun offering loans to CRBs. Many of our competitors are substantially larger and have considerably greater financial, technical
and marketing resources than we do. In particular, because traditional financial institutions may have a cost of funds more comparable
to ours, we may face greater competition in providing loans to CRBs. There can be no assurances that we will be able to successfully
compete against these competitors, which may adversely affect SHF&#8217;s ability to achieve its business goals and its results of operations.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>SHF
intends to focus its lending to CRBs on commercial loans, which could increase the risk in SHF&#8217;s loan portfolio, resulting in higher
provisions for loan losses and adversely affecting SHF&#8217;s results of operations.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SHF
intends to focus its lending efforts on commercial loans to CRBs, including commercial real estate loans, commercial business secured
by other assets such as equipment or accounts receivable, and unsecured loans. Historically, these loans have had higher risks than other
types of loans, such as loans secured by residential real estate. For example, repayment of commercial real estate loans and commercial
business loans are dependent on income being generated by the rental property or business in amounts sufficient to cover operating expenses
and debt service. If the borrowers of these types of loans default, the collateral may not be liquidated as easily and may involve expensive
workout techniques. Commercial lending may also involve large balances of loans to single borrowers or related groups of borrowers. If
these loans become nonperforming, SHF may have to increase its reserves for loan losses, which would negatively affect its results of
operations.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, loans secured by commercial real estate may deteriorate in value during the time the credit is extended. Real estate values
and the real estate markets are generally affected by a variety of factors including, but not limited to, changes in economic conditions,
fluctuations in interest rates, the availability of credit, changes in tax laws and other statutes, regulations, and policies, and acts
of nature. Weakening of the real estate market could result in an increase loan defaults and a reduction in the value of the collateral
securing those loans, which in turn could adversely affect our profitability and asset quality. If the collateral securing a loan is
liquidated to satisfy the debt during a period of reduced real estate values, our earnings and capital could be adversely affected.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Loans
to CRBs secured by properties and assets that are, and will be, subject to extensive regulations, such that if such collateral was foreclosed
upon those regulations may result in significant costs and materially and adversely affect SHF&#8217;s business, financial condition,
liquidity and results of operations.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
loans presently funded by our financial institution clients, and the loans that are expected to be made in the future, may be secured
by properties and assets that are, and will be, subject to various state and local laws and regulatory requirements, and we, our client
financial institutions, or a third party would be subject to such requirements if such collateral was foreclosed upon. State and local
property regulations may restrict the use of collateral or the ability to foreclose on the collateral. Among other things, these restrictions
may relate to cultivation of cannabis, the use of water and the discharge of waste water, fire and safety, seismic conditions, asbestos-cleanup
or hazardous material abatement requirements. Neither SHF, its financial institution clients, nor third parties engaged to assist with
the liquidation or foreclosure process will take possession of cannabis inventory, cannabis paraphernalia or other cannabis-related assets,
nor will they take title to real estate used in cannabis-related businesses. Applicable regulations under state law that govern CRBs
generally do not permit the taking of title to real estate involved in commercial sales of cannabis, whether through foreclosure or otherwise,
without prior regulatory approval. The sale of a license or other realization of the value of licenses also requires the approval of
state and local regulatory authorities. While the loan agreements and related security agreements provide for foreclosure remedies, receivership
remedies and/or other remedies that would permit the sale or other realization of real property collateral, the regulatory requirements
and statutory prohibitions related to real property used in cannabis-related operations may cause significant delays or difficulties
in realizing upon the expected value of such real property collateral. We make no assurance that existing regulatory policies will not
materially and adversely affect the value of such collateral, or that additional regulations will not be adopted that would increase
such potential material adverse effect. The negative affect on such collateral could have a material adverse effect on SHF&#8217;s business,
financial condition, liquidity and results of operations.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SHF
<i>is obligated to indemnify PCCU for all losses resulting from defaults of the CRB loans made by PCCU to SHF&#8217;s customers.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to SHF&#8217;s Loan Servicing Agreement with PCCU, SHF has agreed to indemnify PCCU for all losses resulting from the defaults of loans
made by PCCU to CRB customers. This means that SHF will be solely responsible for all costs of negotiating forbearances or refinancing
the defaulted loans, loss mitigation, and collection efforts, whether conducted directly or by an affiliate or third party, including
realizing the proceeds from any collateral as a result of a sale of collateral by the borrower or through a third party engaged to assist
the borrower n the liquidation process. SHF&#8217;s indemnity is subordinate to PCCU&#8217;s other means of collecting on the loans including
repossession of collateral, recourse against personal and/or corporate guarantors and other default remedies available in the loan agreements.
Since borrowers are not parties to the agreement between SHF and PCCU, any indemnity payments do not relieve borrowers of their obligation
to PCCU nor would such payments preclude PCCU&#8217;s right to future recoveries from the borrowers. As a result, we will be required
to establish loan loss reserves relating to these loans, even though we are not the funding lender. Because these loans will not be an
asset on our balance sheet, the loan loss reserves are anticipated to be reflected as a liability in our financial statements, versus
a contra-asset.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
SHF&#8217;s allowance for loan losses is not sufficient to cover actual loan losses for loans held in SHF&#8217;s portfolio or for which
it was otherwise responsible, SHF&#8217;s results of operations and financial condition will be negatively affected.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the event loan customers do not repay their loans according to their terms and the proceeds of liquidating the collateral securing these
loans is insufficient to satisfy any remaining loan balance, SHF may experience significant indemnity losses associated with these loans.
Such credit risk is inherent in the lending business, and failure to adequately assess such credit risk could have a material adverse
effect on our financial condition and results of operations. SHF will be required to establish loan loss reserves for all loans for which
it is the lender, for all SHF originated loans made by PCCU to CRB customers, and in other instances where it may be contractually liable
to indemnify a lender for loan losses. The determination of the appropriate level of the allowance for loan losses involves a high degree
of subjectivity and judgment and will require SHF to make significant estimates of current credit risks and future trends, all of which
may undergo material changes. Although we have agreed with PCCU in the Loan Servicing Agreement that we will maintain or have access
to sufficient liquidity to satisfy our indemnity obligations to PCCU under the Loan Servicing Agreement, we cannot be certain that our
loan loss reserves will be adequate over time to cover losses in PCCU-funded loans or loans funded by other funding sources in SHF&#8217;s
portfolio because of unanticipated adverse changes in the economy, market conditions or events adversely affecting specific customers,
industries or markets, or borrowers repaying their loans. If SHF&#8217;s loan loss reserves are not adequate, our business, financial
condition, including our liquidity and capital, and results of operations could be materially adversely affected. In addition, charge-offs
of defaulted loans in future periods that exceed the related reserves may require us to add to our loan loss reserves, which would result
in a decrease in net income and capital, and could have a material adverse effect on our financial condition and results of operations.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Certain
assets of CRB borrowers may not be used as collateral or transferred due to applicable state laws and regulations governing the cannabis
industry, and such restrictions could negatively impact our profitability.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
state that has legalized cannabis in some form has adopted its own set of laws and regulations that differ from one another. In particular,
laws and regulations differ among states and even localities regarding the collateralization or transferability of cannabis-related assets,
such as cannabis licenses, cannabis inventory, and ownership interests in licensed cannabis companies. Some state laws and regulations
where borrowers operate may prohibit the collateralization or transferability of certain cannabis-related assets. Other states may allow
the collateralization or transferability of cannabis-related assets, but with restrictions, such as meeting certain eligibility requirements,
utilization of state receiverships, and/or upon approval by the applicable regulatory authority. Prohibitions or restrictions on the
ability to take possession of certain cannabis-related assets securing the loans of our borrowers could have a material adverse effect
on SHF&#8217;s business, financial condition, liquidity and results of operations. In addition, because the sales of such assets may
be forced upon the borrower when time may be of the essence and available to a limited number of potential purchasers, the sales prices
may be less than the prices obtained with more time in a larger market.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Foreclosure
of security interests on loans to CRBs that are in default could result in losses.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
general, a foreclose procedure is required to liquidate collateral provided on loans in default. Alternatively, a borrower may be required
under the terms of the loan documents to dispose of certain business assets to satisfy the loan commitments. Foreclosure processes and
other liquidations of collateral are often lengthy and expensive. Results of foreclosure and liquidation processes may be uncertain,
as claims may be asserted by the relevant borrower or by other creditors or investors in such borrower that interfere with the foreclosure
or liquidation process, such as claims that challenge the validity or enforceability of the loan or the priority or perfection of the
security interests. Borrowers may resist foreclosure actions or may refuse to comply with loan requirements by asserting numerous claims,
counterclaims and defenses against our client financial institutions or us, including, without limitation, lender liability claims and
defenses, even when the assertions may have no merit, in an effort to prolong the foreclosure action or delay the liquidation of collateral
and seek to force us or the financial institution into a modification or buy-out of the loan for less than the amount owed. Additionally,
the transfer of certain collateral to us or our financial institution clients may be limited or prohibited by applicable laws, regulations
and/or public company listing standards. See &#8220;<b><i>Loans to CRBs secured by properties and assets that are, and will be, subject
to extensive regulations, such that if such collateral was foreclosed upon those regulations may result in significant costs and materially
and adversely affect SHF&#8217;s business, financial condition, liquidity and results of operations.</i></b>&#8221; For transferable
collateral, foreclosure, or other remedies available may be subject to certain laws and regulations, including the need for regulatory
disclosure and/or approval of such transfer. If federal law were to change to permit cannabis companies to seek federal bankruptcy protection,
the applicable borrower could file for bankruptcy, which would have the effect of staying the foreclosure actions or liquidation processes
and delaying the foreclosure or liquidation processes and potentially result in reductions or discharges of debt owed. Foreclosure or
forced liquidation may create a negative public perception of the collateral property, resulting in a diminution of its value. Moreover,
the liquidation proceeds upon sale of the underlying real estate may not be sufficient to repay the loan in full. Any costs or delays
involved in the foreclosure or a liquidation of the underlying property will reduce the net proceeds realized and, thus, increase the
potential for loss. In the event a borrower defaults on any of its loan obligations and such debt obligations are equitized, neither
SHF nor its financial institution clients will hold such equity interests, which may result in additional losses on loans to such entity.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Interest
rate volatility could significantly reduce our profitability, business, financial condition, results of operations and liquidity.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
earnings will depend in part on the relationship between the yield on our earning assets, primarily loans and investment securities,
and the cost of funds, primarily borrowings. This net interest margin is susceptible to significant fluctuation and is affected by economic
and competitive factors that influence the yields and rates for, and the volume and mix of, our interest-earning assets and interest-bearing
liabilities. Interest rate risk is exposure to movement in interest rates that could have an adverse impact on our net interest income.
Interest rate risk arises from the imbalance in the repricing, maturity and/or cash flow characteristics of assets and liabilities. Although
neither the Company nor SHF currently have any borrowings from third parties, to the extent that either incur indebtedness that will
be subject to interest rate risk to the degree that our interest-bearing liabilities reprice or mature more slowly or more rapidly or
on a different basis than our interest earning assets. In addition, increases in interest rates could reduce the pipeline of borrowers
desiring to obtain loans from us or through our loan program if these borrowers seek alternate sources of capital. As a result, fluctuations
in interest rates could have a material adverse impact on our business, financial condition, results of operations or liquidity.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>SHF
may become subject to regulation in additional states as it expands its operations.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SHF
is currently a credit union service organization (&#8220;CUSO&#8221;) based in Colorado and as a result of its relationship with PCCU,
a Colorado-chartered credit union, SHF is subject to various Colorado and federal laws, rules and regulations. Although SHF will no longer
be considered a CUSO following the closing of the Business Combination, SHF may become subject to the laws of additional states as it
expands its operations by opening offices, maintaining employees or otherwise establishing a substantial footprint in additional states.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>SHF
has been dependent on PCCU for administrative services, and we will continue to rely on PCCU following the closing of the Business Combination.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the Support Services Agreement, PCCU has been providing SHF with certain administrative services, including services relating to information
technology and systems, accounting and financial services, human resources and marketing. SHF may also request that certain PCCU employees
be available to SHF on a shared basis to perform duties for SHF. For these services, SHF currently pays PCCU a monthly fee equal to $30.96
per CRB account in addition to reimbursement of direct expenses. Under the Support Services Agreement, PCCU is also entitled to retain
25% of all investment income derived from CRB cash and investments. Following the closing of the Business Combination, we will continue
building out our team so that these operational functions will be handled internally. Although we believe the fees due to PCCU under
the Support Services Agreement to be reasonable, these fees may result in higher expenses than we would otherwise incur. In addition,
we may not be able to bring these functions in-house and, even if we are able to do so, we may continue to rely on third parties for
all or part of these functions. Reliance on a third party, including PCCU, may result in significant expenses and operational issues
over which we will not have direct control.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Actual
or threatened public health crises, epidemics, or outbreaks, including the outbreak of COVID-19, may have a material adverse effect on
SHF&#8217;s business, financial condition, and results of operations.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SHF&#8217;s
business operations and supply chains may be negatively impacted by regional or global public health crises, epidemics, or outbreaks.
For example, in December 2019, a novel strain of coronavirus, now known as COVID-19. On March 11, 2020, the International Health Regulations
Emergency Committee of the World Health Organization declared the outbreak a global pandemic. The outbreak has spread rapidly throughout
the world and has caused severe disruption to the global economy. The COVID-19 outbreak has led governments across the globe to impose
a series of measures intended to contain its spread, including border closures, travel bans, quarantine measures, social distancing,
and restrictions on business operations and large gatherings. Such measures may adversely impact SHF&#8217;s business, financial condition,
and results of operations. In addition, a significant public health crisis, epidemic or outbreak of contagious disease in the human population
may adversely affect the economies and financial markets of many countries, including those in which SHF operates, resulting in an economic
downturn that could affect the supply or demand for SHF&#8217;s products and services.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
outbreak of COVID-19 has caused companies like SHF and its business partners to implement adjustments to work schedules and travel plans,
accommodating employees to work from home and collaborate remotely. As a result, SHF may experience lower efficiency and productivity,
internally and externally, which may adversely affect its service quality. Moreover, SHF&#8217;s business depends on its employees and
the continued services of these individuals. If any of SHF&#8217;s employees contracts or is suspected of having contracted COVID-19,
these employees will be required to be quarantined and they could pass it to other of SHF&#8217;s employees, potentially resulting in
severe disruption to SHF&#8217;s business.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
SHF&#8217;s results of operations have been severely affected by the COVID-19 outbreak, resulting in significant slowing and/or ceasing
of sales and administrative support in its markets. In addition, depending on the specific jurisdiction, SHF is required to implement
certain safety protocols and procedures which can materially impact its ability to service customers.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">More
broadly, the COVID-19 outbreak threatens global economies and may cause significant market volatility and declines in general economic
activities. This may severely dampen investor confidence in global markets, resulting in decreases in overall trading activities and
restraint in their investment decisions.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
extent to which COVID-19 will impact SHF&#8217;s operations depends on future developments, which are highly uncertain and cannot be
predicted with confidence, including the duration and severity of the outbreak, actions taken by government authorities or other entities
to contain the coronavirus or treat its impact, and volatility in the capital and real estate markets, among others. Given the general
slowdown in economic conditions globally, we cannot assure you that SHF will be able to develop new products and services in a timely
manner or that SHF can maintain the growth rate it has previously experienced or projected. Because of these uncertainties, we cannot
reasonably estimate the financial impact related to the COVID-19 outbreak and the response to it at this time, but SHF&#8217;s financial
condition and operating results for 2022 may be adversely affected.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shelter-in-place
orders and similar regulations impact our client&#8217;s ability to operate their businesses. Such events have in the past caused, and
may in the future cause, a temporary closure of our clients&#8217; businesses, either due to government mandate or voluntary preventative
measures. Even if our clients are able to continue to operate their businesses during such events, many may operate with limited hours
and capacity and other limitations. Any limitations on or disruptions of our clients&#8217; businesses could adversely affect our business.
Further, we may experience a decrease in new clients due to a lack of financial resources or a decline in new markets as businesses and
financial markets deal with the impact of COVID-19. Further, these conditions may impact our ability to access financial markets to obtain
the necessary funding to expand our business as currently contemplated, which may adversely affect our liquidity and working capital.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
extent of COVID-19&#8217;s effect on our operational and financial performance will depend on future developments, including the duration,
spread and intensity of the pandemic, the rate of vaccinations, all of which are uncertain and difficult to predict considering the rapidly
evolving landscape. As a result, it is not currently possible to ascertain the overall impact of COVID-19 on our business. However, if
the pandemic continues to persist as a severe worldwide health crisis, the disease may harm our business, and may also have the effect
of heightening many of the other risks described in this &#8220;Risk Factors&#8221; section.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>An
information systems interruption or breach in security of SHF&#8217;s systems could adversely affect us.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SHF
relies on information technology and other computer resources to perform important operational and marketing activities as well as to
maintain its business and employee records and financial data. SHF&#8217;s computer systems are currently hosted by PCCU and are subject
to damage or interruption from power outages, computer attacks by hackers, viruses, catastrophes, hardware and software failures and
breach of data security protocols by its personnel or third-party service providers. Although SHF has implemented administrative and
technical controls and taken other actions to minimize the risk of cyber incidents and otherwise protect its information technology,
computer intrusion efforts are becoming increasingly sophisticated and even the controls that SHF has installed might be breached. Further,
many of these computer resources are provided to SHF or are maintained on SHF&#8217;s behalf by third-party service providers pursuant
to agreements that specify certain security and service level standards, but which are ultimately outside of SHF&#8217;s control. If
SHF were to experience a significant period of disruption in information technology systems that involve interactions with customers
or suppliers, it could result in the loss of sales and customers and significant incremental costs, which could adversely affect its
business. Additionally, security breaches of information technology systems could result in the misappropriation or unauthorized disclosure
of proprietary, personal and confidential information, including information related to employees, counter-parties, and customers, which
could result in significant financial or reputational damage and liability under data privacy laws and regulations.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SHF
may not be successful in integrating acquisitions, expanding into new markets or implementing its growth strategies.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>SHF
may suffer uninsured losses or suffer material losses in excess of insurance limits.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to difficulties with respect to claim assessment and liability and reserve estimation, some types of claims may not be covered
by insurance or may exceed applicable coverage limits. SHF may also be responsible for applicable self-insured retentions with respect
to its insurance policies. Furthermore, any product liability or warranty claims made against SHF, whether or not they are viable, may
lead to negative publicity, which could impact SHF&#8217;s reputation and future sales.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because
of the uncertainties inherent in litigation, we cannot provide assurance that SHF&#8217;s insurance coverage, indemnity arrangements
and reserves will be adequate to cover liability for any damages, the cost of litigation, or any other related expenses surrounding the
current claims to which SHF is subject or any future claims that may arise. Such damages and expenses, to the extent that they are not
covered by insurance, could materially and adversely affect our consolidated financial statements and results.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>An
adverse outcome in litigation to which SHF is or becomes a party could materially and adversely affect us.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SHF
is not aware of any pending litigation. However, in the future, it may become subject to litigation, including claims relating to its
operations, breach of contract, securities offerings, relation to the cannabis industry, or otherwise in the ordinary course of business
or otherwise. Some of these claims may result in significant defense costs and potentially significant judgments against SHF, some of
which are not, or cannot be, insured against. We cannot be certain of the ultimate outcomes of any claims that may arise in the future.
Resolution of these types of matters against SHF may result in significant fines, judgments or settlements, which, if uninsured, or if
the fines, judgments and settlements exceed insured levels, could adversely impact SHF&#8217;s earnings and cash flows, thereby materially
and adversely affecting us. Litigation or the resolution of litigation may affect the availability or cost of SHF&#8217;s insurance coverage,
which could materially and adversely impact us.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>SHF
identified material weaknesses in its internal control over financial reporting for the year ended December 31, 2020. Such material weaknesses
could adversely affect SHF&#8217;s ability to report its results of operations and financial condition accurately and in a timely manner.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
noted above, SHF&#8217;s management is responsible for establishing and maintaining adequate internal control over financial reporting
designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with GAAP. SHF&#8217;s management is likewise responsible for the evaluation of the effectiveness
of its internal controls and to disclose any changes and material weaknesses identified through such evaluation of those internal controls.
A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there
is a reasonable possibility that a material misstatement of our annual or interim financial statements will not be prevented or detected
on a timely basis.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with the audit of SHF&#8217;s financial statements for the year ended December 31, 2020, two material weaknesses were identified
in its internal controls over financial reporting. One material weakness was identified related to a failure to complete an analysis
of the accounting impact of <i>ASC Topic 606, Revenue from Contracts with Customers</i> particularly as it related to revenue recognition
associated with SHF&#8217;s Safe Harbor Program revenue, and one material weakness was identified associated with SHF&#8217;s application
of carve out accounting guidance and its failure to exclude certain specifically identifiable expenses from corporate allocations. SHF
has implemented a plan to remediate these material weaknesses, through measures that include the following:</span></p>

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<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; text-align: justify; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SHF
    is utilizing third-party consultants and specialists, to supplement its internal resources; and</span></td></tr>

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    <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>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <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">SHF
    has enhanced its reconciliation and review controls including review by its parent&#8217;s chief financial officer.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
the implementation of this plan, the material weaknesses have been remediated for the year ended December 31, 2021. Completion of remediation
does not provide assurance that our remediation or other controls will continue to operate properly. A failure to maintain effective
internal controls over financial reporting could result in errors in its financial statements that could require SHF to restate past
financial statements, cause SHF to fail to meet its reporting obligations and cause investors to lose confidence in SHF&#8217;s reported
financial information, all of which could materially and adversely affect SHF.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Additional
Risks Related to the Cannabis Industry</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>SHF
provides services to financial institutions that provide banking services to businesses in or ancillary to the state licensed cannabis
industry, which could expose us to additional liabilities and regulatory compliance cost and adversely impact our business, operations,
financial condition, brand and reputation.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SHF
provides deposit and lending services to financial institutions that desire to provide services to CRBs in states where cannabis is legal
for medical or full adult use. Medical use cannabis, as well as recreational use businesses, are legal in numerous states and the District
of Columbia. Cannabis remains a Schedule I drug under the Controlled Substances Act of 1970 (the &#8220;CSA&#8221;), however, and the
federal government has the authority to enforce the CSA regardless of whether cannabis is legal under state law. In 2014, the U.S. Department
of the Treasury&#8217;s Financial Crimes Enforcement Network (&#8220;FinCEN&#8221;) published guidance for financial institutions servicing
state legal cannabis businesses (the &#8220;FinCEN Guidance&#8221;). SHF has implemented a comprehensive control framework that includes
written policies and procedures related to the on-boarding of such businesses and the monitoring and maintenance of such business accounts
at PCCU or other financial institutions that comport with the FinCEN Guidance. Additionally, SHF&#8217;s policies call for due diligence
review of the cannabis business before the business is on-boarded, including, as applicable, confirmation that the business is properly
licensed and maintains the license in good standing in the applicable state. SHF&#8217;s services to PCCU or other financial institutions
include the ongoing monitoring and of the business to determine if the business continues to meet the requirements of the depositary
institution.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">While
we believe SHF&#8217;s policies and procedures will allow us to operate in compliance with the FinCEN Guidance, there can be no assurance
that compliance with the FinCEN Guidance will protect us from federal or other regulatory sanctions. Federal prosecutors have significant
discretion and there can be no assurance that the federal prosecutors will not choose to strictly enforce the federal laws governing
cannabis. Any change in the federal government&#8217;s enforcement position could potentially subject us to criminal prosecution and
other regulatory sanctions. While we also believe SHF&#8217;s BSA/AML policies and programs for the services offered by PCCU or other
financial institutions to CRBs, the medical and recreational cannabis business is considered high-risk, thus increasing the risk of a
regulatory action against SHF&#8217;s BSA/AML program that could expose us to liabilities and regulatory compliance costs that would
have an adverse impact on our business, results of operations, financial condition, brand and reputation.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Further,
to the extent any law enforcement actions require us to respond to subpoenas, or undergo search warrants, for client records, PCCU or
other financial institutions providing services to CRBs could elect to cease using our services. Until the U.S. federal government changes
the laws with respect to cannabis, which may not occur, U.S. federal authorities could more strictly enforce current federal prohibitions
and restrictions. An increase in federal enforcement against companies licensed under state cannabis laws could negatively impact the
state licensed cannabis industries and, in turn, our business, operating results, financial condition, brand and reputation.</span></p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>SHF,
its financial institution clients and their CRB customers are subject to a variety of laws regarding financial transactions related to
cannabis, which could subject their CRB customers to legal claims or otherwise adversely affect our business.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SHF,
its financial institution clients and their CRB customers are subject to a variety of laws and regulations in the United States regarding
financial transactions, including the Bank Secrecy Act, as amended by Title III of the USA Patriot Act. The penalties for violation of
these laws and regulations include imprisonment, substantial fines and forfeiture. In complying with these laws and regulations, SHF
complies with the FinCEN Guidance. This compliance includes, among other things, extensive due diligence reviews of potential and existing
CRB customers of the financial institutions. These reviews may be time-consuming and costly, potentially creating additional barriers
to providing financial services and imposing additional compliance requirements on us and our CRB customers. In addition, SHF is, on
behalf of its financial institution clients, required to make various filings with FinCEN and the IRS to report certain suspicious transactions
or cash transactions of over $10,000. If the filings are not made accurately or promptly, substantial penalties may be imposed that could
have a material adverse effect on our business, results of operations and financial condition. In addition, we cannot assure that SHF&#8217;s
strategies and techniques for designing our services and solutions for our clients and CRB customers will operate effectively and efficiently
and not be adversely impacted by cannabis regulations. Further, a change in financial services regulations or a change in the position
of the financial services industry that permits more financial institutions to directly serve businesses that grow and sell cannabis
products may increase competition for us, facilitate new entrants into the industry offering services similar to those that we offer,
or otherwise adversely affect our results of operations.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may have difficulty using bankruptcy courts due to our involvement in the regulated cannabis industry.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
currently have no need or plans to seek bankruptcy protection. U.S. courts have held that debtors whose income is derived from cannabis
or cannabis assets in violation of the CSA cannot seek federal bankruptcy protections. Although we are not in the business of growing
or processing cannabis or selling or even possessing cannabis or cannabis products, a U.S. court could determine that our revenue is
derived from cannabis or cannabis assets and prevent us from obtaining bankruptcy protections if necessary.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
conduct of third parties may jeopardize our business and regulatory compliance.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">While
the post-consummation company will not be a cannabis licensee or directly involved in the cannabis industry, and as such, will not subject
to commercial cannabis regulations that apply to cannabis operators, we cannot guarantee that our systems, protocols, and practices associated
with our onboarding and monitoring services will prevent all unauthorized or illegal activities by the CRBs receiving banking services
through our financial institution clients. Our success depends in part on our financial institution clients&#8217; ability to operate
consistently with the regulatory and licensing requirements of each state, local, and regional jurisdiction in which they operate. We
cannot ensure that the conduct of our financial institution clients and the CRBs that have deposits with them, who are third parties,
will not expose them to legal sanctions and costs, which could in turn, adversely affect our business, results of operations, financial
condition, brand and reputation.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may be subject to constraints on marketing our services, which could adversely impact our results of operations and our growth opportunities.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
of the states in which the Company may operate have strict regulations regarding marketing and sales activities ancillary to cannabis
products, which could affect our ability to market our services and the development of our business. If we are unable to effectively
market our services and compete for market share, or if the costs of compliance with government legislation and regulation cannot be
absorbed through increased fees for our services, this could hamper demand for our services, which could result in a loss of revenue.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Service
providers to cannabis businesses may be subject to unfavorable U.S. tax treatment.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
Section 280E of the Internal Revenue Code, no deduction or credit is allowed for any amount paid or incurred during the taxable year
in carrying on business, other than costs of goods sold, if the business (or the activities which comprise the trade or business) consists
of trafficking in controlled substances (within the meaning of Schedules I and II of the CSA). The IRS has applied this provision to
cannabis operations, prohibiting them from deducting expenses associated with cannabis businesses and asserting assessments and penalties
for additional taxes owed. While we do believe that Section 280E does not apply to our business, or ancillary service providers that
work with state-licensed CRBs, if the IRS interprets the section to apply, it would significantly and materially affect our profitability
and financial condition.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
MORE Act would remove marijuana from the CSA, which would effectively carve out state-legal cannabis businesses from Section 280E of
the Code. The MORE Act would impose two new taxes on cannabis businesses: an excise tax measured by the value of certain cannabis products
and an occupational tax assessed on the enterprises engaging in cannabis production and sales. Although these novel tax provisions are
included in the current version of the MORE Act, which has been passed by the U.S. House of Representatives but has not yet been passed
by the U.S. Senate, it is challenging to predict whether, when, and in what form the MORE Act could be enacted into law and how any such
legislation would affect the activities of the Company.</span></p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Cannabis
businesses may be subject to civil asset forfeiture</i>.</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property
owned by participants in the cannabis industry used in the course of conducting such business, or that represents proceeds of such business
or is traceable to proceeds of such business, could be subject to seizure by law enforcement and subsequent civil asset forfeiture because
of the illegality of the cannabis industry under federal law. Even if the owner of the property is never charged with a crime, the property
in question could still be seized and subject to an administrative proceeding by which, with minimal due process, it could be subject
to forfeiture. Forfeiture of assets of our CRB customers, including if such assets are collateral for loans made or serviced by us, could
adversely affect our revenues if it impedes the borrowers&#8217; profitability or operations and our CRB customers&#8217; ability to
continue to use our services.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Because
we provide services to companies that provide services to CRBs, we may have a difficult time obtaining the various insurances that are
desired to operate our business, which may expose us to additional risk and financial liability.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Insurance
that is otherwise readily available, such as general liability and directors&#8217; and officers&#8217; insurance, may be more difficult
for us to find and could be more expensive or contains significant exclusions because our financial institution clients provide services
to CRBs. There are no guarantees that we will be able to find such insurance coverage in the future or that the cost will be affordable
to us. If appropriate coverage is not available, we may be prevented from entering into certain business sectors, our growth may be inhibited,
and we may be exposed to additional risk and financial liabilities. If we experience an uninsured loss, it may result in loss of anticipated
cash flow and could materially adversely affect our results of operations, financial condition, and business.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>There
may be difficulty enforcing certain of our commercial agreements and contracts.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Courts
may not enforce a contract deemed to involve a violation of law or public policy. Parties to contracts involving the state legal cannabis
industry have at times argued that the agreements were void as illegal federally or against public policy. Some courts have accepted
this argument in certain cases. While courts have enforced contracts related to activities by state-legal cannabis companies, and the
trend is generally to enforce contracts with state-legal cannabis companies and their vendors, there remains some doubt that we will
be able to enforce our commercial agreements with our financial institution or the CRBs to which they provide banking services in court
for this reason. Therefore, we cannot be assured that we will have a remedy for breach of contract in all instances, which could have
a material adverse effect on our business.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Certain
of our directors, officers, employees and investors who are not U.S. citizens may face constraints on cross-border travel into the United
States.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-U.S.
citizens employed at or investing in companies doing business in the state-legal cannabis industry could face detention, denial of entry
or lifetime bans from the United States for their business associations with cannabis businesses. Entry to the United States happens
at the sole discretion of the officers on duty of the U.S. Customs and Border Protection, and these officers have wide latitude to ask
questions to determine the admissibility of a foreign national. Business or financial involvement in the legal cannabis industry could
be grounds for U.S. border guards to deny entry.</span></p>

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

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

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
Related to SHF&#8217;s Organization and Structure</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Concentration
of ownership among our existing executive officers, directors and their respective affiliates may prevent new investors from influencing
significant corporate decisions.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
closing of the Business Combination and assuming no redemptions, our affiliates, executive officers, directors and their respective affiliates
as a group will beneficially own approximately 12.9% of our outstanding Class A Common Stock, as discussed elsewhere in this prospectus.
As a result, these stockholders are able to exercise a significant level of control over all matters requiring stockholder approval,
including the election of directors, amendment of our Certificate of Incorporation and approval of significant corporate transactions.
This control could have the effect of delaying or preventing a change of control of us or changes in management and will make the approval
of certain transactions difficult or impossible without the support of these stockholders.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>SHF
depends on key management personnel and other experienced employees.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SHF&#8217;s
success depends to a significant degree upon the contributions of certain key management personnel including, but not limited to, those
individuals listed in the &#8220;<i>SHF Management</i>&#8221; section included elsewhere in this prospectus. If any of SHF&#8217;s
key management personnel were to cease employment with SHF, SHF&#8217;s operating results could suffer. SHF&#8217;s ability to retain
its key management personnel or to attract suitable replacements should any member(s) of its management team leave is dependent on the
culture its leadership team fosters and on the competitive nature of the employment market. The loss of services from key management
personnel or a limitation in their availability could materially and adversely impact SHF&#8217;s business, prospects, liquidity, financial
condition and results of operations. Further, such a loss could be negatively perceived in the capital markets. SHF has not obtained
key management life insurance that would provide it with proceeds in the event of death or disability of any of its key management personnel.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Experienced
employees in the financial services and cannabis-related services industries are fundamental to SHF&#8217;s ability to generate, obtain
and manage opportunities. In particular, relevant licenses and qualifications, local knowledge and relationships are critical to SHF&#8217;s
ability to provide its services. Failure to attract and retain such personnel or to ensure that their experience and knowledge is not
lost when they leave the business through retirement, redundancy or otherwise may adversely affect the standards of SHF&#8217;s service
and may have an adverse impact on SHF&#8217;s business, prospects, liquidity, financial condition and results of operations.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Failure
by SHF&#8217;s directors, officers or employees to comply with applicable policies, regulations and rules could materially and adversely
affect us.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SHF
has adopted an employee handbook which includes policies and guidelines for its directors, officers and employees. SHF&#8217;s adoption
of these policies and guidelines is not a representation or warranty that all persons subject to such standards are or will be in complete
compliance. The failure of a director, officer or employee of SHF to comply with the applicable policies and guidelines may result in
liability or other legal consequences, adverse publicity and termination of the relationship, which could materially adversely affect
SHF.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Changes
in accounting rules, assumptions or judgments could materially and adversely affect SHF.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounting
rules and interpretations for certain aspects of SHF&#8217;s financial reporting are highly complex and involve significant assumptions
and judgment. These complexities could lead to a delay in the preparation and dissemination of SHF&#8217;s financial statements. Furthermore,
changes in accounting rules and interpretations or in SHF&#8217;s accounting assumptions or judgments, such as asset impairments and
contingencies are likely to significantly impact SHF&#8217;s financial statements. In some cases, SHF could be required to apply a new
or revised standard retroactively, resulting in restating financial statements from prior period(s). Any of these circumstances could
have a material adverse effect on SHF&#8217;s business, prospects, liquidity, financial condition and results of operations. For additional
information, see the financial statements of SHF and related footnotes included elsewhere in this prospectus.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
SHF fails to implement and maintain an effective system of internal controls, it may not be able to accurately determine its financial
results or prevent fraud. As a result, investors could lose confidence in SHF&#8217;s financial results, which could materially and adversely
affect SHF.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effective
internal controls are necessary for SHF to provide reliable financial reports and effectively prevent fraud. SHF may in the future discover
areas of its internal controls that need improvement. We cannot be certain that SHF will be successful in maintaining adequate internal
control over its financial reporting and financial processes. Furthermore, as SHF grows its business, its internal controls will become
more complex, and SHF will require significantly more resources to ensure its internal controls remain effective. Additionally, the existence
of any material weakness or significant deficiency would require management to devote significant time and incur significant expense
to remediate any such material weakness or significant deficiency and management may not be able to remediate any such material weakness
or significant deficiency in a timely manner. The existence of any material weakness in SHF&#8217;s internal control over financial reporting
could also result in errors in its financial statements that could require SHF to restate past financial statements, cause SHF to fail
to meet its reporting obligations and cause investors to lose confidence in SHF&#8217;s reported financial information, all of which
could materially and adversely affect SHF.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
Related to an Investment in Our Securities</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Resales
of the shares of Class A Common Stock could depress the market price of the Class A Common Stock of the post-combination
company.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
may be a large number of shares of Class A Common Stock of the post-combination company that could be sold in the market
following the completion of the Business Combination or shortly thereafter. Following the Business Combination, there were approximately
18,715,912 shares of Class A Common Stock of the post-combination company outstanding. Such sales of shares of Class A Common
Stock of the post-combination company or the perception of such sales may depress the market price of the Class A Common Stock,
public warrants or public units of the post-combination company. The shares held by the Company&#8217;s public stockholders will
be freely tradeable. Class A Common Stock issued to the Seller pursuant to the Business Combination will be freely tradeable following
the latter of (i) expiration of the lock-up on the earlier of (A) six months following the closing of the Business Combination and (B)
subsequent to the closing of the Business Combination, the earlier of (x) the date that the last sale price of the Class A Common
Stock equals or exceeds $12.50 per share as quoted on Nasdaq (adjusted for stock splits, stock dividends, reorganizations, recapitalizations
and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days following the closing of the Business
Combination or (y) the date on which the Company completes a liquidation, merger, capital stock exchange, reorganization or other similar
transaction that results in all of the Company&#8217;s stockholders having the right to exchange their shares of the Company for cash,
securities or other property, as set forth in the Seller Lock-up Agreement and (ii) the registration of the resale thereof pursuant to
a registration statement that we have agreed to promptly file after the completion of the Business Combination. Class A Common Stock
of the post-combination company held by the Sponsor as a result of the conversion of its Class B Stock will be freely tradeable following
the latter of (i) expiration of the lock-up period set forth in the letter agreement entered into by our Sponsor, directors, and officers
in connection with the IPO and (ii) the registration of the resale thereof pursuant to an exercise of registration rights set forth in
that certain IPO Registration Rights Agreement. Class A Common Stock of the post-combination company held by the Northern Lights
Restricted Stockholders (other than the Sponsor) as a result of the conversion of their Class B Stock will be freely tradeable upon the
registration of the resale thereof pursuant to an exercise of those certain registration rights set forth in the IPO Registration Rights
Agreement.</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>We
may not receive any proceeds from the exercise of Warrants, and if we do we may be unable to invest the portion of the net proceeds from
this offering on acceptable terms.</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: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
will receive up to an aggregate of approximately $77.9 million from the exercise of the Warrants, assuming the exercise in full of all
of the Warrants for cash. However, will only receive proceeds to the extent holders of Warrants elect to exercise. We can provide no
assurances as to the amount of proceeds we will receive from the exercise of Warrants or whether we will receive any proceeds. We will
have broad discretion in the use of any proceeds received from the exercise of Warrants. Delays in investing the net proceeds from the
exercise of the Warrants may impair our performance. We cannot assure you that we will be able to identify uses of proceeds that meet
our investment objectives or that any investment that we make will produce a positive return. We may be unable to invest the net proceeds
from the exercise of the Warrants on acceptable terms within the time period that we anticipate or at all, which could harm our financial
condition and 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"><b><i>&#160;</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>There
is no guarantee that the Warrants will be in the money, and they may expire worthless.</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: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
exercise price for the Warrants is $11.50 per share of Class A Common Stock, which exceeds the market price of the shares of Class A
Common Stock, which was $7.31 per share based on the closing price of the Class A Common Stock on October 6, 2022. There is no guarantee
that the Warrants will be in the money at any given time prior to their expiration. If the trading price of Class A Common Stock remains
below the exercise price of the Warrants, the Warrants may expire worthless. If all of the Warrants were exercised in full for cash,
we would receive an aggregate of approximately $77.9 million. We do not expect the holders of the Warrants to exercise their Warrants
and therefore, we do not expect to receive cash proceeds from any such exercise, for so long as the Warrants remain out of the money.
The Warrants will become exercisable upon the earlier of the effectiveness of the registration statement of which this prospectus forms
a part registering the shares of Class A Common Stock underlying the Public Warrants and Private Placement Warrants and April 21, 2022
(the 61st business day following the completion of the Business Combination). We intend to seek to go effective on the registration statement
of which this prospectus forms a part as soon as possible, but we will not be able to go effective on the registration statement of which
this prospectus forms a part prior to April 21, 2022. We can provide no assurances that the trading price of our Class A Common Stock
will remain at levels where it would be attractive to exercise our outstanding Warrants until the time that such warrants become exercisable.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
</i></b></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>market for our securities has been
volatile and may continue to be volatile, which would adversely affect the liquidity and price of our securities.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
price of our securities may fluctuate significantly due to the market&#8217;s reaction to the Business Combination and general market
and economic conditions. An active trading market for our securities following the Business Combination may never develop or, if developed,
it may not be sustained. In addition, the price of our securities after the Business Combination can vary due to general economic conditions
and forecasts, our general business condition and the release of our financial reports. Additionally, if our securities are not listed
on, or become delisted from, Nasdaq for any reason, and are quoted on the OTC Bulletin Board or OTC Pink, an inter-dealer automated quotation
system for equity securities that is not a national securities exchange, the liquidity and price of our securities may be more limited
than if we were quoted or listed on Nasdaq or another national securities exchange. You may be unable to sell your securities unless
a market can be established or sustained.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
the Business Combination&#8217;s benefits do not meet the expectations of investors, stockholders or financial analysts, the market price
of our securities may decline.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the benefits of the Business Combination do not meet the expectations of investors or securities analysts, the market price of the Company&#8217;s
securities prior to the closing of the Business Combination may decline. The market values of our securities at the time of the Business
Combination may vary significantly from their prices on the date of closing  the Business Combination.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, following the Business Combination, fluctuations in the price of our securities could contribute to the loss of all or part
of your investment. Immediately prior to the Business Combination, there has not been a public market for SHF stock and trading in the
shares of our Class A Common Stock, public units and public warrants has not been active. Accordingly, the valuation ascribed
to SHF and our Class A Common Stock, public units and public warrants in the Business Combination may not be indicative of the
price of the post-combination company that will prevail in the trading market following the Business Combination. If an active market
for our securities develops and continues, the trading price of our securities following the Business Combination could be volatile and
subject to wide fluctuations in response to various factors, some of which are beyond our control. Any of the factors listed below could
have a material adverse effect on your investment in our securities and our securities may trade at prices significantly below the price
you paid for them. In such circumstances, the trading price of our securities may not recover and may experience a further decline.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Factors
affecting the trading price of the post-combination company&#8217;s securities following the Business Combination may include:</span></p>

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

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actual or anticipated fluctuations in our quarterly financial results or the quarterly financial results of companies perceived to be
similar to us;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
changes in the market&#8217;s expectations about our operating results;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
the public&#8217;s reaction to our press releases, our other public announcements and our filings with the SEC;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
speculation in the press or investment community;</span></p>

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success of competitors;</span></p>

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our operating results failing to meet the expectation of securities analysts or investors in a particular period;</span></p>

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changes in financial estimates and recommendations by securities analysts concerning the post-combination company or the market in general;</span></p>

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operating and stock price performance of other companies that investors deem comparable to the post-combination company;</span></p>

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our ability to market new and enhanced products on a timely basis;</span></p>

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changes in laws and regulations affecting our business;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
commencement of, or involvement in, litigation involving the post-combination company;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
changes in the post-combination company&#8217;s capital structure, such as future issuances of securities or the incurrence of additional
debt;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
the volume of shares of the Class A Common Stock, public warrants and public units of the post-combination company available for
public sale;</span></p>

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the volume of our public units or public warrants available for public sale;</span></p>

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any material change in our Board or management;</span></p>

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sales of substantial amounts of Class A Common Stock by our directors, officers or significant stockholders or the perception
that such sales could occur;</span></p>

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the realization of any of the risk factors presented in this prospectus;</span></p>

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additions or departures of key personnel;</span></p>

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failure to comply with the requirements of Nasdaq;</span></p>

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failure to comply with the Sarbanes-Oxley Act of 2002 or other laws or regulations;</span></p>

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actual, potential or perceived control, accounting or reporting problems;</span></p>

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changes in accounting principles, policies and guidelines; and</span></p>

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general economic and political conditions such as recessions, interest rates, fuel prices, international currency fluctuations and acts
of war or terrorism.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Broad
market and industry factors may materially harm the market price of our securities irrespective of our operating performance. The stock
market in general and Nasdaq have experienced price and volume fluctuations that have often been unrelated or disproportionate to the
operating performance of the particular companies affected. The trading prices and valuations of these stocks, and of our securities,
may not be predictable. A loss of investor confidence in the market for the stocks of other companies which investors perceive to be
similar to the post-combination company could depress our stock price regardless of our business, prospects, financial conditions or
results of operations. A decline in the market price of our securities also could adversely affect our ability to issue additional securities
and our ability to obtain additional financing in the future.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the past, securities class action litigation has often been initiated against companies following periods of volatility in their stock
price. This type of litigation could result in substantial costs and divert our management&#8217;s attention and resources, and could
also require us to make substantial payments to satisfy judgments or to settle litigation.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
Company&#8217;s stockholders may not realize a benefit from the Business Combination commensurate with the ownership dilution they will
experience in connection with the Business Combination and the PIPE.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 24.5pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the Company is unable to realize the full strategic and financial benefits currently anticipated from the Business Combination, the Company&#8217;s
stockholders will have experienced substantial dilution of their ownership interests in their respective companies without receiving
any commensurate benefit, or only receiving part of the commensurate benefit to the extent the Company is able to realize only part of
the strategic and financial benefits currently anticipated from the Business Combination and the PIPE.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
only significant asset will be our ownership interest in SHF and such ownership may not be sufficient to pay dividends or make distributions
or loans to enable us to pay any dividends on our Class A Common Stock or satisfy our other financial obligations.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Following
the closing of the Business Combination, we will have no direct operations and no significant assets other than our ownership of SHF.
We and certain investors, the Sponsor, and directors and officers of the Sponsor and its affiliates will become stockholders of the post-combination
company at that time. We will depend on SHF for distributions, loans and other payments to generate the funds necessary to meet our financial
obligations, including our expenses as a publicly traded company and to pay any dividends with respect to our Class A Common Stock.
The financial condition and operating requirements of SHF may limit our ability to obtain cash from SHF. The earnings from, or other
available assets of, SHF may not be sufficient to pay dividends or make distributions or loans to enable us to pay any dividends on our
Class A Common Stock or satisfy our other financial obligations.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
Company may be a &#8220;controlled company&#8221; within the meaning of the applicable rules of Nasdaq and, as a result, may qualify
for exemptions from certain corporate governance requirements. If the Company relies on these exemptions, its stockholders will not have
the same protections afforded to stockholders of companies that are subject to such requirements.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
the closing of the Business Combination, depending on the number of shares of Class A Common Stock redeemed by the Company&#8217;s
public stockholders, the Seller may control a majority of the voting power of the Company&#8217;s Class A Common Stock, and the
Company may then be a &#8220;controlled company&#8221; within the meaning of applicable rules of Nasdaq. Under these rules, a company
of which more than 50% of the voting power for the election of directors is held by an individual, group or another company is a &#8220;controlled
company&#8221; and may elect not to comply with certain corporate governance requirements, including the requirements:</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">While
the Company does not intend to rely on these exemptions, the Company may use these exemptions now or in the future. As a result, the
Company&#8217;s stockholders may not have the same protections afforded to stockholders of companies that are subject to all of the Nasdaq
corporate governance requirements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 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; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may be required to take write-downs or write-offs, restructuring and impairment or other charges that could have a significant negative
effect on our financial condition, results of operations and our stock price, which could cause you to lose some or all of your investment.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
we have conducted due diligence on SHF, we cannot assure you that this diligence will surface all material issues that may be present
in SHF&#8217;s business, that it would be possible to uncover all material issues through a customary amount of due diligence, or that
factors outside of SHF&#8217;s business and outside of our and SHF&#8217;s control will not later arise. As a result of these factors,
we may be forced to later write down or write off assets, restructure operations, or incur impairment or other charges that could result
in losses. Even if our due diligence successfully identifies certain risks, unexpected risks may arise and previously known risks may
materialize in a manner not consistent with our preliminary risk analysis. Even though these charges may be non-cash items and not have
an immediate impact on our liquidity, the fact that we report charges of this nature could contribute to negative market perceptions
about the post-combination company or its securities. Accordingly, any of our stockholders who choose to remain stockholders following
the Business Combination could suffer a reduction in the value of their shares. Such stockholders are unlikely to have a remedy for such
reduction in value.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
Company&#8217;s ability to be successful following the Business Combination will depend upon the efforts of the Company&#8217;s Board
and key personnel and the loss of such persons could negatively impact the operations and profitability of the Company&#8217;s post-Business
Combination business.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 24.5pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s ability to be successful following the Business Combination will be dependent upon the efforts of the Company&#8217;s
board of directors and key personnel. We cannot assure you that the Company&#8217;s Board and key personnel will be effective or successful
or remain with the Company. In addition to the other challenges they will face, such individuals may be unfamiliar with the requirements
of operating a public company, which could cause the Company to have to expend time and resources helping them become familiar with such
requirements.</span></p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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; text-align: justify; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
unaudited pro forma financial information included in the section entitled </i>&#8220;<i>Unaudited Pro Forma Condensed Combined Financial
Statements</i>&#8221; <i>may not be representative of the Company&#8217;s financial condition or results of operations if the Business
Combination is consummated and accordingly, you will have limited financial information on which to evaluate the financial performance
of the Company and your investment decision.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 24.5pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company and SHF previously operated as separate companies. The Company and SHF have had no prior history as a combined company and their
respective operations have not previously been managed on a combined basis. The pro forma financial information is presented for informational
purposes only and is not necessarily indicative of the financial position or results of operations that would have actually occurred
had the Business Combination been completed at or as of the dates indicated, nor is it indicative of the future operating results or
financial position of the Company. The pro forma statement of earnings does not reflect future nonrecurring charges resulting from the
Business Combination. The unaudited pro forma financial information does not reflect future events that may occur after the Business
Combination and does not consider potential impacts of current market conditions on revenues or expenses. The pro forma financial information
included in the section entitled &#8220;<i>Unaudited Pro Forma Condensed Combined Financial Statements</i>&#8221; has been derived from
the Company&#8217;s and SHF&#8217;s historical financial statements and certain adjustments and assumptions have been made regarding
the <span style="background-color: white">post-combination company </span>after giving effect to the Business Combination. Differences
between preliminary estimates in the pro forma financial information and the final acquisition accounting will occur and could have an
adverse impact on the pro forma financial information and the Company&#8217;s financial position and future results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; 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; text-align: justify; margin: 0pt 0; text-indent: 24.5pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, the assumptions used in preparing the pro forma financial information may not prove to be accurate and other factors may affect
the Company&#8217;s financial condition or results of operations following the Closing. Any potential decline in the Company&#8217;s
financial condition or results of operations may cause significant variations in the Company&#8217;s stock price.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; 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; text-align: justify; margin: 0pt 0"><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 near
future. This could cause the market price of our Class A Common Stock, public warrants or public units or the Class A Common
Stock, public warrants or public units of the post-combination company to drop significantly, even if SHF&#8217;s business is doing
well.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sales
of a substantial number of shares of our Class A Common Stock, public warrants or public units in the public market could occur
at any time prior to the Business Combination and sales of a substantial number of shares of the Class A Common Stock, public
warrants or public units of the post-combination company could occur at any time following the Business Combination. These sales, or
the perception in the market that the holders of a large number of shares intend to sell shares, could reduce the market price of our
Class A Common Stock, public warrants or public units or the Class A Common Stock, public warrants or public units of the
post-combination company, as applicable. Following the Business Combination, our Sponsor and the initial officers and directors (&#8220;Northern
Lights Restricted Stockholders&#8221;), including our Sponsor, hold approximately 18.2% of the Class A Common Stock of the post-combination
company. Pursuant to the IPO Registration Rights Agreement, the Northern Lights Restricted Stockholders are entitled to registration
of the shares of Class A Common Stock into which the Founder Shares will automatically convert at the time of the consummation
of the Business Combination. In addition, holders of our Private Placement Warrants and their permitted transferees can demand that we
register the Private Placement Warrants and the shares of Class A Common Stock issuable upon exercise of the Private Placement
Warrants and holders of warrants that may be issued upon conversion of the Working Capital Loan may demand that we register such warrants
or the Class A Common Stock issuable upon exercise of such warrants. The holders of these securities are entitled to make up to
three demands, excluding short form demands, that the Company register such securities. These holders also have certain &#8220;piggy-back&#8221;
registration rights with respect to registration statements filed subsequent to the consummation of the initial business combination.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Northern Lights Restricted Stockholders entered into letter agreements pursuant to which, they agreed that, with certain limited exceptions,
the Founder Shares (which were converted into shares of Class A Common Stock of the post-combination company at the closing of
the Business Combination) may not be transferred until 150 days after the closing of the Business Combination. We also entered into the
Lock-Up Agreement at the closing of the Business Combination, with each of the Seller and PCCU, substantially in the form attached as
<span style="text-decoration: underline">Annex C</span>. In addition, given that the lock-up period on the Founder Shares is potentially shorter than most other blank check companies,
these shares may become registered and available for sale sooner than Founder Shares in such other companies.</span></p>

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

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

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
terms of our proposed PIPE financing to be completed in conjunction with our proposed business combination could have an adverse impact
of the trading prices of the Class A Common Stock.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Concurrently
with entering into the Purchase Agreement, the Company entered into the PIPE Securities Purchase Agreements with the PIPE Investors,
pursuant to which, among other things, the PIPE Investors agreed to subscribe for and purchase, and the Company agreed to issue and sell
to the PIPE Investors, the PIPE Shares and the PIPE Warrants. The terms of the PIPE Shares provide for an initial conversion price of
$10.00 per share of Class A Common Stock, which conversion price is subject to downward adjustment on each of the dates that are
10 days, 55 days, 100 days, 145 days and 190 days after the effectiveness of a registration statement registering the shares of Class
A Common Stock issuable upon conversion of the PIPE Shares to the lower of the Conversion Price and the greater of (i) 80% of the volume
weighted average price of the Class A Common Stock for the prior five trading days and (ii) $2.00 (the &#8220;Floor Price&#8221;); provided
that, so long as a PIPE Investor continues to hold any PIPE Shares, such PIPE Investor will be entitled to receive the aggregate shares
of Class A Common Stock that would be issuable based upon its initial purchase of PIPE Shares at the adjusted Conversion Price. Additionally,
the Floor Price will be reduced to $1.25 if and only if the Company&#8217;s stockholders provide the approval contemplated by Nasdaq
Listing Standard Rule 5635(d) with respect to the issuance of the Conversion Shares based on a reduction of the Floor Price to $1.25
(the &#8220;Requisite Stockholder Approval&#8221;); provided, however, that no holder of Conversion Shares issued prior to obtaining
the Requisite Stockholder Approval will be allowed to vote such Conversion Shares for or against such proposal. Further, pursuant to
the Certificate of Designation, as soon as practicable, but in any event not later than one hundred and twenty days (120) days after
September 28, 2022, the Company will call a special meeting of its stockholders to obtain the Requisite Stockholder Approval for the
reduction of the Floor Price to $1.25 and (ii) the Company&#8217;s Board of Directors (the &#8220;Board&#8221;) will recommend approval
of such proposal; if the Requisite Stockholder Approval is not obtained at such a meeting, the Company will call additional meetings,
and the Board will make such recommendation, at least once every six (6) months thereafter until the Requisite Stockholder Approval is
obtained (each such meeting, a &#8220;Subsequent Stockholder Meeting&#8221;). If the Requisite Stockholder Approval is received and,
on the date that the Requisite Stockholder Approval is received, if a prior scheduled downward adjustment of the Conversion Price would
have resulted in a Conversion Price lower than the prior Floor Price (the &#8220;Theoretical Adjustment Price&#8221;), then such Conversion
Price shall be downwardly adjusted to the Theoretical Adjustment Price effective, automatically and without further action of the Company
or any PIPE Investor, on the trading day immediately following the trading day upon which the Requisite Stockholder Approval is obtained
regardless of whether a scheduled downward adjustment of the Conversion Price would have otherwise occurred on such trading day; provided,
however, in no event shall the Theoretical Adjustment Price be less than $1.25. However, so long as the PIPE Investor continues to hold
any PIPE Shares, such PIPE Investor will be entitled to receive the aggregate shares of Class A Common Stock that would be issuable
based upon its initial purchase of PIPE Shares at the adjusted conversion price. In addition, until the date that is the later of (a)
the ninetieth (90th) day following the date that is one hundred ninety (190) days following the effective date of a registration statement
filed pursuant to that certain registration rights agreement to be entered into by the Company with the PIPE Investors or (b) solely
if as of the date that is one hundred ninety (190) days following the effective date of a registration statement filed pursuant to that
certain registration rights agreement to be entered into by the Company with the PIPE Investors all the conversion shares issuable upon
conversion of the preferred stock outstanding as of such date (without regard to any limitations on conversion set forth herein) are
either not (i) registered pursuant to an effective registration statement filed pursuant to that certain registration rights agreement
to be entered into by the Company with the PIPE Investors or (ii) available to be freely resold by the holders of preferred stock (to
the extent any such holder is not an affiliate of the Company) pursuant to Rule 144 of the Securities Act (as applicable, a &#8220;Commencement
Date Free Trading Failure&#8221;), the ninetieth (90th) day following the date of the Company&#8217;s subsequent cure of such Commencement
Date Free Trading Failure, the conversion price is subject to adjustment for certain issuances of Class A Common Stock at a price
per share less than the conversion price such that the conversion price will be adjusted to equal the price at which the new shares are
issued. The conversion price is also subject to other customary adjustments for stock dividends, stock splits and similar corporate actions.</span></p>

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

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
PIPE Warrants were issued in the form attached as an exhibit to the Amended and Restated Securities Purchase Agreement. The PIPE Warrants
have an exercise price of $11.50 per share of Class A Common Stock to be paid in cash (except if the shares underlying the warrants are
not covered by an effective registration statement after the six-month anniversary of the closing date, in which case cashless exercise
is permitted), subject to adjustment to a price equal to the greater of (i) 125% of the Conversion Price if at any time there is an adjustment
to the Conversion Price and the exercise price after such adjustment is greater than 125% of the Conversion Price as adjusted and (ii)
$5.00. The PIPE Warrants are also subject to adjustment for other customary adjustments for stock dividends, stock splits and similar
corporate actions. The PIPE Warrants are exercisable for a period of five years following the Closing, or September 28, 2027. After exercise
of a PIPE Warrant, the Company may be required to pay certain penalties if it fails to deliver the Class A Common Stock within a specified
period of time.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
effect of the adjustments to the conversion price and the exercise price of the PIPE Warrants could have an adverse effect on the market
trading price of our Class A Common Stock.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
grant of registration rights to PCCU and the Seller in connection with the proposed business combination pursuant to the Purchase Agreement,
and to the PIPE Investors in connection with the PIPE Securities Purchase Agreements, may adversely affect the market price of our Class
A Common Stock.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">In connection with the closing
of the Business Combination contemplated by the Purchase Agreement, we will enter into a registration rights agreement with PCCU and
the Seller in which we will agree to file a registration statement to register the resale of the Class A Common Stock to be issued
to the Seller. In addition, we entered into a registration rights agreement with the PIPE Investors, pursuant to which, among other things,
we are obligated to file a registration statement to register the resale of the shares of Class A Common Stock issuable upon conversion
of the PIPE Shares and the shares of Class A Common Stock issuable upon exercise of the PIPE Warrants. The existence of these
shares available for resale pursuant to one or more registration statements could also have an adverse impact on the market prices of
our Class A Common Stock.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
underwriters of the Company&#8217;s initial public offering may waive or release parties to the lock-up agreements entered into in connection
with this Business Combination, which could adversely affect the price of the Company&#8217;s securities, including its common stock.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 24.5pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Northern Lights Restricted Stockholders have entered into lock-up agreements pursuant to which they will be subject to certain restrictions
with respect to the sale or other disposition of the Company&#8217;s common stock for a period begin at Closing and end the earliest
of: (i) the six-month anniversary of the Closing, (ii) on the date on which the closing stock price for the Company&#8217;s common stock
equals or exceeds $12.00 per share for any 20 trading days within any 30-trading day period commencing at least 150 days after the Closing,
and (iii) such date on which the Company completes a liquidation, merger, stock exchange, reorganization or other similar transaction
that results in all of the Company&#8217;s stockholders having the right to exchange their shares of the Company&#8217;s common stock
for cash, securities or other property. The underwriters, at any time and without notice, may release all or any portion of the common
stock subject to the foregoing lock-up agreements. If the restrictions under the lock-up agreements are waived, then the common stock,
subject to compliance with the Securities Act or exceptions therefrom, will be available for sale into the public markets, which could
cause the market price of the Class A Common Stock to decline and impair the Company&#8217;s ability to raise capital. Sales of
a substantial number of shares upon expiration of the lock-up and market stand-off agreements, the perception that such sales may occur,
or early release of these agreements, could cause the market price of Class A Common Stock to fall or make it more difficult for
you to sell your common stock at a time and price that you deem appropriate.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; 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; text-align: justify; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
Company may issue additional shares of common or preferred stock under the Equity Incentive Plan or otherwise after completion of the
Business Combination, any one of which would dilute the interest of the Company&#8217;s stockholders and likely present other risks.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 24.5pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s Second Amended and Restated Certificate of Incorporation authorizes the issuance of up to 130,000,000 shares of Class
A Common Stock and 1,250,000 shares of preferred stock, par value $0.0001 per share. There are currently 111,249,088 authorized but
unissued shares of Class A Common Stock available for issuance, which amount does not take into account shares reserved for issuance
upon exercise of outstanding warrants. There are currently 20,450 shares of preferred stock issued and outstanding. The Company
may issue additional shares of common or preferred stock to under the Equity Incentive Plan or as needed after completion of the Business
Combination for working capital or other purposes.</span></p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 24.5pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
issuance of additional shares of common or preferred stock:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 24.5pt; 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; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top; width: 0.25in">&#9679;</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">may
    significantly dilute the equity interest of existing investors;</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif">
    <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; vertical-align: top">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top">&#9679;</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">may
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    common stock;</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif">
    <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; vertical-align: top">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top">&#160;</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: justify; vertical-align: top">&#9679;</td>
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    ability to use its net operating loss carry forwards, if any, and could result in the resignation or removal of the Company&#8217;s
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<tr style="font: 10pt Times New Roman, Times, Serif">
    <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; vertical-align: top">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top">&#160;</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: justify; vertical-align: top">&#9679;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
quarterly operating results may fluctuate significantly and could fall below the expectations of securities analysts and investors due
to seasonality and other factors, some of which are beyond our control, resulting in a decline in our stock price.</i></b></span></p>

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

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

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<tr style="vertical-align: top">
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  <td style="text-align: justify">&#160;</td></tr>
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<tr style="vertical-align: top">
    <td>&#160;</td>
  <td style="text-align: justify">&#160;</td>
  <td style="text-align: justify">&#160;</td></tr>
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<tr style="vertical-align: top">
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  <td style="text-align: justify">&#160;</td></tr>
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<tr style="vertical-align: top">
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<tr style="vertical-align: top">
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  <td style="text-align: justify">&#160;</td></tr>
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<tr style="vertical-align: top">
    <td>&#160;</td>
  <td style="text-align: justify">&#160;</td>
  <td style="text-align: justify">&#160;</td></tr>
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<tr style="vertical-align: top">
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  <td style="text-align: justify">&#160;</td>
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<tr style="vertical-align: top">
    <td>&#160;</td>
  <td style="text-align: justify">&#160;</td>
  <td style="text-align: justify">&#160;</td></tr>
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</table>


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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If,
following the Business Combination, securities or industry analysts do not publish or cease publishing research or reports about the
post-combination company, its business, or its market, or if they change their recommendations regarding the Class A Common Stock
of the post-combination company adversely, then the price and trading volume of the Class A Common Stock of the post-combination
company could decline.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
trading market for our Class A Common Stock, public warrants or public units will be influenced by the research and reports that
industry or securities analysts may publish about us, our business, our market, or our competitors. Securities and industry analysts
do not currently, and may never, publish research on the Company or the post-combination company. If no securities or industry analysts
commence coverage of the post-combination company, the stock price and trading volume of the Class A Common Stock, public warrants
and public units of the post-combination company would likely be negatively impacted. If any of the analysts who may cover the post-combination
company change their recommendation regarding our stock adversely, or provide more favorable relative recommendations about our competitors,
the price of the Class A Common Stock, public warrants and public units of the post-combination company would likely decline.
If any analyst who may cover the Company were to cease coverage of the post-combination company or fail to regularly publish reports
on it, we could lose visibility in the financial markets, which could cause the stock price or trading volume of the Class A Common
Stock, public warrants and public units of the post-combination company to decline.</span></p>

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

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may be unable to obtain additional financing to fund the operations and growth of the post-combination company.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may require additional financing to fund the operations or growth of the post-combination company. The failure to secure additional financing
could have a material adverse effect on the continued development or growth of the post-combination company. None of our officers, directors
or stockholders is required to provide any financing to us in connection with or after the Business Combination.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Changes
in laws, regulations or rules, or a failure to comply with any laws, regulations or rules, may adversely affect our business, investments
and results of operations.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are subject to laws, regulations and rules enacted by national, regional and local governments and Nasdaq. In particular, we are required
to comply with certain SEC, Nasdaq and other legal or regulatory requirements of businesses providing financial services. Compliance
with, and monitoring of, applicable laws, regulations and rules may be difficult, time consuming and costly. These laws, regulations,
and rules include, without limitation, the following:</span></p>

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

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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">&#160;</td>
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<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; 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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<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    to, among other things, the timing and content of annual, quarterly and current reports, the process to register additional shares
    for sale to the public or for resale by existing investors, and disclosures in connection with meetings of our stockholders. Changes
    in these rules and regulations can have a significant impact on us, such as the rules proposed by the SEC on March 30, 2022 regarding
    the disclosure requirements in connection with business combination transactions involving SPACs. These rules, if adopted as proposed,
    would, among other things, limit the use of projections in SEC filings in connection with proposed business combination transactions
    by amending the scope of a safe harbor for the use of financial projections; increasing the potential liability of certain participants
    in proposed business combination transactions. While the public comment period for these rules is still ongoing, if adopted, these
    rules may materially adversely affect our ability to complete the Business Combination and may increase the costs and our potential
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
our business expands to additional states, we will be required to review and comply with those states&#8217; laws that apply to our services
and business activities. We will also be required to determine whether we will become subject to additional areas of regulation if we
expand the types of activities in which we engage. For example, because we do not hold customer deposits or offer loans for consumer
or personal purposes, we are not currently required have a financial institution charter or lending license in the states in which we
currently provide services or loans. If we do not identify activities that would require a regulatory application, license or other approval,
or if the interpretation and application of the laws to which we are currently subject change, those additional laws, rules, and regulations
or changes therein could have a material adverse effect on our business, investments and results of operations. A failure to comply with
any applicable laws, regulations or rules, as interpreted and applied, could have a material adverse effect on our business and results
of operations.</span></p>

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

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
have not registered the shares of Class A Common Stock issuable upon exercise of the warrants under the Securities Act or any
state securities laws at this time, and such registration may not be in place when an investor desires to exercise warrants, thus precluding
such investor from being able to exercise its warrants except on a cashless basis and potentially causing such warrants to expire worthless.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have not registered the shares of Class A Common Stock issuable upon exercise of the warrants under the Securities Act or any
state securities laws at this time. While under the terms of the warrant agreement we have agreed to use our best efforts to file a registration
statement under the Securities Act covering such shares and maintain a current prospectus relating to the Class A Common Stock
issuable upon exercise of the warrants, until the expiration of the warrants in accordance with the provisions of the warrant agreement,
we cannot assure you that we will be able to do so. For example, if any facts or events arise which represent a fundamental change in
the information set forth in such registration statement or prospectus, the financial statements contained or incorporated by reference
therein are not current or correct or the SEC issues a stop order, such registration will likely not be available. If the shares issuable
upon exercise of the warrants are not registered under the Securities Act, holders have the right to exercise their warrants on a cashless
basis for unregistered shares of Class A Common Stock in accordance with Section 3(a)(9) of the Securities Act or another exemption.
However, no such warrant will be exercisable and we will not be obligated to issue any shares to holders seeking to exercise their warrants,
unless the issuance of the shares upon such exercise is registered or qualified under the securities laws of the state of the exercising
holder or an exemption from state registration is available. Notwithstanding the above, if our Class A Common Stock is at the
time of any exercise of a warrant not listed on a national securities exchange such that it satisfies the definition of a &#8220;covered
security&#8221; under Section 18(b)(1) of the Securities Act, we may, at our option, require holders of warrants who exercise their warrants
to do so on a &#8220;cashless basis&#8221; in accordance with Section 3(a)(9) of the Securities Act and, in the event we so elect, we
will not be required to file or maintain in effect a registration statement, but we will be required to use our best efforts to register
the shares under applicable blue sky laws to the extent an exemption is not available. We will not be required to settle any warrant
in cash or issue securities or other compensation in exchange for the warrants if we are unable to register or qualify the shares underlying
the warrants under applicable state securities laws and there is no exemption available. If the issuance of the shares upon exercise
of the warrants is not so registered or qualified or exempt from registration or qualification, the holder of such warrant shall not
be entitled to exercise such warrant and such warrant may have no value and expire worthless. In such event, holders who acquired their
warrants as part of a purchase of units will have paid the full unit purchase price solely for the shares of Class A Common Stock
included in the units. If and when the warrants become redeemable by us, we may exercise our redemption right even if we are unable
to register or qualify the underlying shares of Class A Common Stock for sale under all applicable state securities laws.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may seek warrant holder approval to amend the terms of the warrants in a manner that may be adverse to holders. As a result, the exercise
price of your warrants could be increased, the exercise period could be shortened and the number of shares of our Class A Common
Stock purchasable upon exercise of a warrant could be decreased, all without your approval.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
public warrants were issued in registered form under a warrant agreement between Continental Stock Transfer &amp; Trust Company, as warrant
agent, and us. The warrant agreement provides that the terms of the warrants may be amended without the consent of any holder to cure
any ambiguity or correct any defective provision, but requires the approval by the holders of at least 65% of the then-outstanding public
warrants to make any change that adversely affects the interests of the registered holders. Accordingly, we may amend the terms of the
warrants in a manner adverse to a holder if holders of at least 65% of the then-outstanding public warrants approve of such amendment.
Although our ability to amend the terms of the warrants with the consent of at least 65% of the then-outstanding public warrants is unlimited,
examples of such amendments could be amendments to, among other things, increase the exercise price of the warrants, shorten the exercise
period or decrease the number of shares of Class A Common Stock purchasable upon exercise of a warrant.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may redeem unexpired warrants prior to their exercise at a time that is disadvantageous to warrant holders, thereby making their warrants
worthless.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have the ability to redeem outstanding warrants at any time after they become exercisable and prior to their expiration, at a price of
$0.01 per warrant, provided that the last reported sales price of our Class A Common Stock equals or exceeds $18.00 per share
(as adjusted for stock splits, stock dividends, reorganizations, recapitalization and the like) for any 20 trading days within a 30 trading-day
period ending on the third trading day prior to the date on which we give proper notice of such redemption to the warrant holders and
provided certain other conditions are met. If and when the warrants become redeemable by us, we may exercise our redemption right even
if we are unable to register or qualify the underlying securities for sale under all applicable state securities laws. Redemption of
the outstanding warrants could force the warrant holders (i) to exercise their warrants and pay the exercise price therefor at a time
when it may be disadvantageous for them to do so, (ii) to sell their warrants at the then-current market price when they might otherwise
wish to hold their warrants or (iii) to accept the nominal redemption price which, at the time the outstanding warrants are called for
redemption, is likely to be substantially less than the market value of their warrants. None of the Private Placement Warrants will be
redeemable by us so long as they are held by our Sponsor or its permitted transferees.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Warrants
will become exercisable for Class A Common Stock, which would increase the number of shares eligible for future resale in the
public market and result in dilution to our stockholders.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
issued warrants to purchase 5,750,000 shares of Class A Common Stock as part of our IPO and, on the IPO closing date, we issued
Private Placement Warrants to our Sponsor to purchase 264,088 shares of Class A Common Stock at $11.50 per share. In addition,
prior to consummating an initial business combination, nothing prevents us from issuing additional securities in a private placement
so long as they do not participate in any manner in the Trust Account or vote as a class with the Class A Common Stock on a business
combination. The shares of Class A Common Stock issued upon exercise of our warrants will result in dilution to the then existing
holders of Class A Common Stock and increase the number of shares eligible for resale in the public market. Sales of substantial
numbers of such shares in the public market could adversely affect the market price of our Class A Common Stock, public warrants
or public units or the Class A Common Stock, public units or public warrants of the post-combination company.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Private Placement Warrants are identical to the warrants sold as part of the units issued in our IPO except that, so long as they are
held by our Sponsor or its permitted transferees, (i) they will not be redeemable by us, (ii) they (including the Class A Common Stock
issuable upon exercise of these warrants) may not, subject to certain limited exceptions, be transferred, assigned or sold by our
Sponsor until 30 days after the completion of an initial business combination, (iii) they may be exercised by the holders on a cashless
basis and (iv) are subject to registration rights.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Anti-takeover
provisions contained in our Second Amended and Restated Certificate of Incorporation and bylaws, as well as provisions of Delaware law,
could impair a takeover attempt, which could limit the price investors might be willing to pay in the future for our common stock.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Second Amended and Restated Certificate of Incorporation contains provisions that may discourage unsolicited takeover proposals that
stockholders may consider to be in their best interests. We are also subject to anti-takeover provisions under Delaware law, which could
delay or prevent a change of control. Together, these provisions may make more difficult the removal of management and may discourage
transactions that otherwise could involve payment of a premium over prevailing market prices for our securities. These provisions include:</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
a prohibition on stockholder action by written consent, which forces stockholder action to be taken at an annual or special meeting of
our stockholders;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
a denial of the right of stockholders to call a special meeting;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
a vote of 66 2/3% required to approve certain amendments to the Second Amended and Restated Certificate of Incorporation and the bylaws;
and</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
the designation of Delaware as the exclusive forum for certain disputes.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
Second Amended and Restated Certificate of Incorporation provides that the Court of Chancery of the State of Delaware will be the sole
and exclusive forum for certain stockholder litigation matters, which could limit our stockholder&#8217;s ability to obtain a favorable
judicial forum for disputes with us or our directors, officers, employees or stockholders.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Second Amended and Restated Certificate of Incorporation provides, to the fullest extent permitted by law, that internal corporate claims
may be brought only in the Court of Chancery in the State of Delaware (or, if the Court of Chancery does not have, or declines to accept,
jurisdiction, another state court or a federal court located within the State of Delaware). In addition, our Second Amended and Restated
Certificate of Incorporation provides that the federal district courts of the United States will be the exclusive forum for resolving
any complaint asserting a cause of action arising under the Securities Act. This forum selection provision does not apply to claims brought
to enforce a duty or liability created by the Exchange Act. Any person or entity purchasing or otherwise acquiring or holding any interest
in our stock shall be deemed to have notice of and consented to the forum provision in our Second Amended and Restated Certificate of
Incorporation.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
choice of forum provision may limit a stockholder&#8217;s ability to bring a claim in a judicial forum that it finds favorable for disputes
with us or any of our directors, officers, other employees or stockholders, which may discourage lawsuits with respect to such claims.
Alternatively, if a court were to find the choice of forum provision contained in our Second Amended and Restated Certificate of Incorporation
to be inapplicable or unenforceable in an action, we may incur additional costs associated with resolving such action in other jurisdictions,
which could harm our business, operating results and financial condition. For example, under the Securities Act, federal courts have
concurrent jurisdiction over all suits brought to enforce any duty or liability created by the Securities Act, and investors cannot waive
compliance with the federal securities laws and the rules and regulations thereunder. Accordingly, there is uncertainty as to whether
a court would enforce such a forum selection provision as written in connection with claims arising under the Securities Act.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
JOBS Act permits &#8220;emerging growth companies&#8221; like us to take advantage of certain exemptions from various reporting requirements
applicable to other public companies that are not emerging growth companies.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
qualify as an &#8220;emerging growth company&#8221; as defined in Section 2(a)(19) of the Securities Act, as modified by the Jumpstart
Our Business Startups Act of 2012, which we refer to as the &#8220;JOBS Act.&#8221; As such, we take advantage of certain exemptions
from various reporting requirements applicable to other public companies that are not emerging growth companies for as long as we continue
to be an emerging growth company, including (i) the exemption from the auditor attestation requirements with respect to internal control
over financial reporting under Section 404 of the Sarbanes-Oxley Act of 2002 (<i>&#8220;SOX&#8221;</i>), (ii) the exemptions from say-on-pay,
say-on-frequency and say-on-golden parachute voting requirements and (iii) reduced disclosure obligations regarding executive compensation
in our periodic reports and proxy statements. As a result, our stockholders may not have access to certain information they deem important.
We will remain an emerging growth company until the earliest of (i) the last day of the fiscal year (a) following July 28, 2026, the
fifth anniversary of our IPO, (b) in which we have total annual gross revenue of at least $1.07 billion or (c) in which we are deemed
to be a large accelerated filer, which means the market value of our Class A Common Stock, public warrants and public units that
is held by non-affiliates exceeds $700 million as of the last business day of our prior second fiscal quarter, and (ii) the date on which
we have issued more than $1.0 billion in non-convertible debt during the prior three-year period. We cannot predict if investors will
find our common stock less attractive if we choose to rely on these exemptions. If some investors find our common stock less attractive
as a result of any choices to reduce future disclosure, there may be a less active trading market for our common stock and the price
of our common stock may be more volatile. SHF had total revenues during calendar year 2021 of approximately $7.0 million. If the post-combination
company continues to expand its business through acquisitions and/or continues to grow revenues organically post-Business Combination,
we may cease to be an emerging growth company prior to December 31, 2026.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, Section 107 of the JOBS Act also provides that an emerging growth company can take advantage of the exemption from complying
with new or revised accounting standards provided in Section 7(a)(2)(B) of the Securities Act as long as we are an emerging growth company.
An emerging growth company can therefore delay the adoption of certain accounting standards until those standards would otherwise apply
to private companies. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the
requirements that apply to non-emerging growth companies, but any such election to opt out is irrevocable. We have elected to avail ourselves
of such extended transition period, which means that when a standard is issued or revised and it has different application dates for
public or private companies, we, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt
the new or revised standard. This may make comparison of our financial statements with another public company that is neither an emerging
growth company nor an emerging growth company that has opted out of using the extended transition period difficult or impossible because
of the potential differences in accounting standards used.</span></p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
cannot predict if investors will find our Class A Common Stock, public warrants or public units or the Class A Common Stock,
public warrants or public units of the post-combination company less attractive because we will rely on these exemptions. If some investors
find our Class A Common Stock, public warrants or public units or the Class A Common Stock of the post-combination company
less attractive as a result, there may be a less active trading market for our Class A Common Stock, public warrants or public
units or the Class A Common Stock, public warrants or public units of the post-combination company and more stock price volatility.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
internal controls over financial reporting may not be effective and our independent registered public accounting firm may not be able
to certify as to their effectiveness, which could have a significant and adverse effect on our business and reputation.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a public company, we are required to comply with the SEC&#8217;s rules implementing Sections 302 and 404 of SOX, which require management
to certify financial and other information in our quarterly and annual reports and provide an annual management report on the effectiveness
of internal control over financial reporting. To comply with the requirements of being a public company, and we may need to undertake
various actions, such as implementing additional internal controls and procedures and hiring additional accounting or internal audit
staff. The standards required for a public company under Section 404 of SOX are significantly more stringent than those required of SHF
as a privately-held company. Further, as an emerging growth company, our independent registered public accounting firm is not required
to formally attest to the effectiveness of our internal controls over financial reporting pursuant to Section 404 until the date we are
no longer an emerging growth company. At such time, our independent registered public accounting firm may issue a report that is adverse
in the event that it is not satisfied with the level at which the controls of the post-combination company are documented, designed or
operating.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Testing
and maintaining these controls can divert our management&#8217;s attention from other matters that are important to the operation of
our business. If we identify material weaknesses in the internal control over financial reporting of the post-combination company or
are unable to comply with the requirements of Section 404 or assert that our internal control over financial reporting is effective,
or if our independent registered public accounting firm is unable to express an opinion as to the effectiveness of our internal controls
over financial reporting when we no longer qualify as an emerging growth company, investors may lose confidence in the accuracy and completeness
of our financial reports and the market price of our common stock could be negatively affected, and we could become subject to investigations
by the SEC or other regulatory authorities, which could require additional financial and management resources.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
have identified a material weakness in our internal control over financial reporting. This material weakness could continue to adversely
affect our ability to report our results of operations and financial condition accurately and in a timely manner.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
management is responsible for establishing and maintaining adequate internal control over financial reporting designed to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance
with GAAP. Our management is likewise required, on a quarterly basis, to evaluate the effectiveness of our internal controls and to disclose
any changes and material weaknesses identified through such evaluation in those internal controls. A material weakness is a deficiency,
or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material
misstatement of our annual or interim financial statements will not be prevented or detected on a timely basis.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
described elsewhere in this prospectus, we identified a material weakness in our internal control over financial reporting related
to the accounting for our public shares. As a result of this material weakness, our management concluded that our internal control over
financial reporting was not effective as of September 30, 2021. We restated our June 28, 2021 audited balance sheet included in the Company&#8217;s
Current Report on Form 8-K filed on July 2, 2021 and June 30, 2021 Financial Statements on Form 10-Q filed on August 13, 2021 to reclassify
11,500,000 shares of Class A Common Stock in temporary equity.</span></p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
respond to this material weakness, we have devoted, and plan to continue to devote, significant effort and resources to the remediation
and improvement of our internal control over financial reporting. While we have processes to identify and appropriately apply applicable
accounting requirements, we plan to enhance these processes to better evaluate our research and understanding of the nuances of the complex
accounting standards that apply to our financial statements. Our plans at this time include providing enhanced access to accounting literature,
research materials and documents and increased communication among our personnel and third-party professionals with whom we consult regarding
complex accounting applications. The elements of our remediation plan can only be accomplished over time, and we can offer no assurance
that these initiatives will ultimately have the intended effects.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">As
required by Rules 13a-15 and 15d-15 under the Exchange Act, our Chief Executive Officer and Chief Financial Officer carried out an evaluation
of the effectiveness of the design and operation of our disclosure controls and procedures. Based upon their evaluation, our Chief Executive
Officer and Chief Financial Officer concluded that our disclosure controls and procedures were not effective as of December 31, 2021
or June 30, 2022 due to the material weakness in accounting for complex financial instruments.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
failure to maintain such internal control could adversely impact our ability to report our financial position and results from operations
on a timely and accurate basis, which could result a material adverse effect on our business. If our financial statements are not accurate,
investors may not have a complete understanding of our operations. Likewise, if our financial statements are not filed on a timely basis,
we could be subject to sanctions or investigations by the stock exchange on which our ordinary shares are listed, the SEC or other regulatory
authorities. In addition, we would likely incur additional accounting, legal and other costs in connection with any remediation steps.
Failure to timely file will cause us to be ineligible to utilize short form registration statements on Form S-3 in the future, which
may impair our ability to obtain capital in a timely fashion to execute our business strategies or issue shares to effect an acquisition.
Ineffective internal controls could also cause investors to lose confidence in our reported financial information, which could have a
negative effect on the trading price of our stock.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
can give no assurance that the measures we have taken and plan to take in the future will remediate the material weakness identified
or that any additional material weaknesses or restatements of financial results will not arise in the future due to a failure to implement
and maintain adequate internal control over financial reporting or circumvention of these controls. In addition, even if we are successful
in strengthening our controls and procedures, in the future those controls and procedures may not be adequate to prevent or identify
irregularities or errors or to facilitate the fair presentation of our financial statements.</span></p>

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


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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span id="ba_005"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>USE
OF PROCEEDS</b></span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
will receive up to an aggregate of approximately $66.1 million from the exercise of the Public Warrants, assuming the exercise in full
of all of the Public Warrants for cash. We will receive up to an aggregate of approximately $11.8 million from the exercise of the
PIPE Warrants, assuming the exercise in full of all of the PIPE Warrants for cash. We expect to use the net proceeds from the exercise
of the Warrants for general corporate purposes. We will have broad discretion over the use of proceeds from the exercise of the Warrants. There is no assurance that the holders of the Warrants will elect to exercise any or all of such Warrants. To
the extent that the Warrants are exercised on a &#8220;cashless basis,&#8221; the amount of cash we would receive from the exercise
of the Warrants will decrease.</span></p>

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


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span id="ba_006"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>DETERMINATION
OF OFFERING PRICE</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
offering price of the shares of Class A Common Stock underlying the Warrants is determined by reference to the
exercise price of the Warrants of $11.50 per share. The Public Warrants are listed on the NASDAQ under the symbol &#8220;SHFSW.&#8221;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
cannot currently determine the price or prices at which shares of our Class A Common Stock may be sold by the Selling Stockholders
under this prospectus.</span></p>

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


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span id="ba_007"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>MARKET
INFORMATION FOR COMMON STOCK AND DIVIDEND POLICY</b></span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Class A Common Stock and Public Warrants are currently listed on the NASDAQ under the symbols &#8220;SHFS&#8221; and &#8220;SHFS,&#8221;
respectively. Prior to the consummation of the Business Combination, the Company&#8217;s units, common stock and warrants were listed
on the NASDAQ under the symbols &#8220;NLITU,&#8221; &#8220;NLIT,&#8221; and &#8220;NLITW.&#8221; As of September 28, 2022, following
the completion of the Business Combination, there were seven holders of record of our Class A Common Stock, which amount does
not include participants of The Depository Trust Company or beneficial owners holding shares through nominee names. We currently do not
intend to list the PIPE Shares or PIPE Warrants offered hereby on any stock exchange or stock market.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have not paid any cash dividends on our Class A Common Stock to date. We may retain future earnings, if any, for future operations,
expansion and debt repayment and has no current plans to pay cash dividends for the foreseeable future. Any decision to declare and pay
dividends in the future will be made at the discretion of the Board and will depend on, among other things, our results of operations,
financial condition, cash requirements, contractual restrictions and other factors that the Board may deem relevant. In addition, our
ability to pay dividends may be limited by covenants of any existing and future outstanding indebtedness we or our subsidiaries incur.
We do not anticipate declaring any cash dividends to holders of the Class A Common Stock in the foreseeable future.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Securities
Authorized for Issuance under Equity Compensation Plan</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of September 28, 2022, there were up to approximately 4,037,147 shares of Class A Common Stock initially authorized for issuance
under our 2022 Stock Incentive Plan (the &#8220;Incentive Plan&#8221;) , which our stockholders approved on June 28, 2022 in connection
with the Business Combination. The Incentive Plan became effective immediately upon the Closing.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
intend to file a registration statement on Form S-8 under the Securities Act to register the shares of Class A Common Stock issued
or issuable under the Incentive Plan. Any such Form S-8 registration statement will become effective automatically upon filing. Once
these shares are registered, they can be sold in the public market upon issuance, subject to applicable restrictions.</span></p>

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

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

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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="ET_001"></span>UNAUDITED
PRO FORMA CONDENSED COMBINED FINANCIAL STATEMENTS</b></span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
following unaudited pro forma condensed combined financial information presents the combination of the financial information of NLIT
and SHF, adjusted to give effect to the Business Combination and related transactions. The following unaudited pro forma condensed combined
financial information has been prepared in accordance with Article 11 of Regulation S-X as amended by the final rule, Release No. 33-10786
&#8220;Amendments to Financial Disclosures about Acquired and Disposed Businesses.&#8221;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
unaudited pro forma condensed combined balance sheet as of June 30, 2022 combines the historical balance sheet of NLIT and the historical
balance sheet of SHF on a pro forma basis as if the Business Combination and related transactions, summarized below, had been consummated
on June 30, 2022. The unaudited pro forma condensed combined statement of operations for the year ended December 31, 2021 combines the
historical statements of operations of NLIT and SHF for such periods on a pro forma basis as if the Business Combination and related
transactions, summarized below, had been consummated on January 1, 2021, the beginning of the earliest period presented. The unaudited
pro forma condensed combined statement of operations for the six months ended June 30, 2022 combines the historical statements of operations
of NLIT and SHF for such periods on a pro forma basis as if the Business Combination and related transactions, summarized below, had
been consummated on January 1, 2021.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Description
of the Business Combination and Related Transactions</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
February 11, 2022, the Company entered into the Purchase Agreement with SHF, the Seller and PCCU, pursuant to which, among other things
and subject to the terms and conditions contained in the Purchase Agreement, the Company will acquire 100% of the issued and outstanding
membership interests of SHF. After giving effect to the Business Combination, SHF will continue as a subsidiary of the Company, and the
Seller, PCCU, or both will hold a portion of the Company&#8217;s Class A Common Stock. The transaction closed September 28, 2022.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the terms of the Purchase Agreement set forth therein, the aggregate consideration paid in connection with the Business Combination
was $185.0 million, paid in $115.0 million worth of newly-issued Class A Common Stock and $70.0 million in cash consideration.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
related events in connection with the Business Combination are summarized below:</span></p>

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

<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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
    2,875,000 of Founder Class B Stock converted at the Closing to an equal number of shares of Class A Common Stock.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
    Closing of the Business Combination, 11,386,139 shares of Class A Common Stock were issued to the Seller as set forth in and
    pursuant to the terms of the Purchase 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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
    Seller was due to receive a cash payment of $3.1 million at the consummation of the Business Combination, which represented the amount
    of SHF&#8217;s cash on hand at July 31, 2021 less accrued but unpaid liabilities. In addition, pursuant to the terms of the purchase
    agreement, the Company is responsible for reimbursing the Seller for its transaction expenses.</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#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="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Approximately
    $56.9 million of the $70.0 million of cash proceeds due to PCCU was deferred and is due to the Seller. Approximately $21.9 million
    of the amount is payable to PCCU beginning December 15, 2022. The residual $35.0 million is due in six quarterly installments of
    $6.4 million thereafter. Interest accrues at an effective annual rate of approximately 7.7%. 1,200,000 Founder shares were escrowed
    until the amount is paid in full. </span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Immediately
    prior to the Closing, 20,450 shares of Series A Convertible Preferred were purchased by the PIPE Investors pursuant to the PIPE Securities
    Purchase Agreements for an aggregate value of $20,450,000. The shares of Series A Convertible Preferred are convertible into 2,045,000
    shares of Class A Common Stock assuming a purchase price of $10.00 per share of Class A Common Stock. 20% of the aggregate
    value was deposited into a third party escrow account for purposes of paying the PIPE Investors any required Registration Delay Payments.
    Upon the filing of a registration statement 10 calendar days subsequent to closing, 17.5% of the escrow amount will be released with
    the remaining amount released once all securities are included in an effective registration statement. </span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">&#9679;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><i>Forward
    Purchase Agreement. </i>On June 16, 2022, NLIT entered into a Forward Purchase Agreement with Midtown East Management NL, LLC (&#8220;Midtown
    East&#8221;). </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subsequent to entering into the Forward
    Purchase Agreement, the Company, the Target, and Midtown East entered into assignment and novation agreements with Verdun Investments
    LLC (&#8220;<span style="text-decoration: underline">Verdun</span>&#8221;) and Vellar Opportunity Fund SPV LLC &#8211; Series 1 (&#8220;<span style="text-decoration: underline">Vellar</span>&#8221;), pursuant to
    which Midtown East assigned its obligations as to 1,666,666 shares of the shares of Class A Common Stock to be purchased under
    the Forward Purchase Agreement to each of Verdun and Vellar. <span style="background-color: white">In accordance with and as contemplated
    by the Forward Purchase Agreement, Midtown East, Verdun and Vellar collectively purchased approximately 3.8 million shares of NLIT
    Class A common stock from stockholders prior to the Closing. As contemplated by the Forward Purchase Agreement:</span></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">&#9676;</td>
    <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 the Closing, Midtown East, Verdun and Vellar purchased approximately 3.8 million shares of NLIT Class A common stock directly
    from investors at market price in the public market. Midtown East and other counterparties waived their redemption rights with respect
    to the acquired shares;</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; 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="font: 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">&#9676;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">One
    business day following the Closing, NLIT paid approximately $39.3 million from the cash held in its trust account to Midtown East;
    Verdun and Vellar for the shares purchased and approximately $0.3 million in related expense amounts. </span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9676;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
    any time prior to the Maturity Date (defined as the earlier of i) the third anniversary of the Closing of the Business Combination,
    ii) the shares are delisted from The Nasdaq Stock Market or (iii) during any 30 consecutive Scheduled Trading Day-period following
    the closing of the Business Combination, the VWAP Price for 20 Scheduled Trading Days during such period shall be less than $3.00
    per share), Midtown East, Verdun and Vellar may elect an optional early termination to sell some or all of the shares (the &#8220;Terminated
    Shares&#8221;) of Class A Common Stock in the open market. If Midtown East, Verdun and Vellar sell any shares prior to the
    Maturity Date, the pro-rata portion of the Reset Price will be released from the escrow account and paid to SHF. Midtown East, Verdun
    and Vellar shall retain any proceeds in excess of the Reset Price that is paid to SHF.</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9676;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
    the Maturity Date, Midtown East, Verdun and Vellar shall be entitled to (1) the product of the shares then held by them multiplied
    by the Forward Price, and (2) an amount, in cash or shares at the sole discretion of NLIT, equal to (a) in the case of cash, the
    product of (i)(x) 3.8 million shares less (y) the number of Terminated Shares and (ii) $2.00 (the &#8220;Maturity Cash Consideration&#8221;)
    and (b) in the case of shares, (i) the Maturity Cash Consideration divided by (ii) the VWAP Price for the 30 Scheduled Trading Days
    prior to the Maturity Date.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
unaudited pro forma condensed combined balance sheet does not purport to represent, and is not necessarily indicative of, what the actual
financial condition of the combined company would have been had the Business Combination taken place on June 30, 2022, nor is it indicative
of the financial condition of the combined company as of any future date. The unaudited pro forma condensed combined statements of operations
do not purport to represent, and are not necessarily indicative of, what the actual results of operations of the combined company would
have been had the Business Combination taken place on January 1, 2021, nor are they indicative of the results of operations of the combined
company for any future period. The unaudited pro forma condensed combined financial information should be read in conjunction with:</span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <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: 0.25in; text-align: justify">&#9679;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    accompanying notes to the unaudited pro forma condensed combined financial statements;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    historical audited financial statements of NLIT as of December 31, 2021 and for the period from February 26, 2021 (inception) through
    December 31, 2021, included in NLIT&#8217;s Annual Report on Form 10-K filed on March 25, 2022. </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    historical unaudited financial statements of NLIT as of, and for the three months ended, March 31, 2022, included in NLIT&#8217;s
    Quarterly Report on Form 10-Q filed on May 16, 2022;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><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">&#9679;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    historical unaudited financial statements of NLIT as of, and for the three and six months ended, June 30, 2022, included in NLIT&#8217;s
    Quarterly Report on Form 10-Q filed on August 22, 2022;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; 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
    historical audited financial statements of SHF as of, and for the year ended, December 31, 2021, included in this prospectus;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    historical unaudited financial statements of SHF as of, and for the three months ended, March 31, 2022, included in NLIT&#8217;s
    definitive proxy statement filed with the SEC on June 10, 2022; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    historical unaudited financial statements of SHF as of, and for the three and six months ended, June 30, 2022, included in this
    prospectus; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    section of this prospectus titled</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> &#8220;Management&#8217;s
    Discussion and Analysis of Financial Condition and Results of Operations&#8221;.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
unaudited pro forma condensed combined financial information has been prepared to illustrate the effect of the Business Combination and
related transactions. It has been prepared in accordance with Article 11 of Regulation S-X and is for informational purposes only and
is subject to a number of uncertainties and assumptions as described in the accompanying notes. The pro forma financial information reflects
transaction related adjustments management believes are necessary to present fairly SHF&#8217;s pro forma results of operations and financial
position following the closing of the Business Combination and related transactions as of and for the periods indicated. The related
transaction accounting adjustments are based on currently available information and assumptions management believes are, under the circumstances
and given the information available at this time, reasonable, and reflective of adjustments necessary to report SHF&#8217;s financial
condition and results of operations. One-time direct and incremental transaction costs associated with the PIPE offering and incurred
prior to, or concurrent with, the Closing are reflected in the unaudited pro forma condensed combined balance sheet as a direct reduction
to SHF&#8217;s additional capital. The final accounting of the Business Combination, including transaction costs, will be finalized by
SHF and reported in the first reporting period following the Closing. Therefore, it is likely that the actual adjustments will differ
from the pro forma adjustments and it is possible the difference may be material. SHF believes that its assumptions and methodologies
provide a reasonable basis for presenting all of the significant effects of the Business Combination and related transactions contemplated
based on information available to management at the time and that the pro forma adjustments give appropriate effect to those assumptions
and are properly applied in the unaudited pro forma condensed combined financial information.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Business Combination will be accounted for as a reverse recapitalization, with no goodwill or other intangible assets recorded, in accordance
with accounting principles generally accepted in the United States of America. Under this method of accounting, NLIT is treated as the
acquired company for financial reporting purposes. Accordingly, for accounting purposes, the Business Combination is treated as the equivalent
of SHF issuing shares for the net assets of NLIT, accompanied by a recapitalization. The net assets of NLIT are recognized at fair value
(which is expected to be consistent with carrying value), with no goodwill or other intangible assets recorded.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SHF
has been determined to be the accounting acquirer based on evaluation of the following facts and circumstances:</span></p>

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

<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; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">&#9679;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Old
    SHF&#8217;s owner has the largest single voting power position in the post-Business Combination company;</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; 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="font: 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">Old
    SHF management constitutes the majority of management of the post-Business Combination company;</span></td></tr>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following summarizes the pro forma shares of Class A Common Stock issued and outstanding immediately after the Closing, taking
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 70%; margin-right: auto">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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%">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin-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>UNAUDITED
PRO FORMA CONDENSED COMBINED BALANCE SHEET</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>As
of June 30, 2022</b></span></p>

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

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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">201,405</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">900,000</td><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)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">1,867</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">45,573,626</td><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: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <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 style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: center">&#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)">
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    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">&#160;</td><td style="font-weight: bold; text-align: left">&#160;</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">&#160;</td><td style="font-weight: bold; text-align: left">&#160;</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">&#160;</td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: center">&#160;</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">&#160;</td><td style="font-weight: bold; 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">&#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 style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: center">&#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)">
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    <td style="text-align: left">$</td><td style="text-align: right">383,499</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">2,187,553</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">4,295,245</td><td style="text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
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    <td style="text-align: left">$</td><td style="text-align: right">6,866,297</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">32,476,743</td><td style="text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: center">(9)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">32,476,743</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Note payable - underwriting fees</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2,166,250</td><td style="text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: center">(10)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2,166,250</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left">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">-</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">-</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">-</td><td style="text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: center">&#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">-</td><td style="text-align: left">&#160;</td></tr>
  <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">383,499</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2,187,553</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">38,938,237</td><td style="text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">41,509,289</td><td style="text-align: left">&#160;</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><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 style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: center">&#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: left">Warrant liabilities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,394,453</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,394,453</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">795,942</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="font-weight: bold; text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">795,942</td><td style="text-align: left">&#160;</td></tr>
  <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">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,150,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="font-weight: bold; text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,150,000</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">288,505</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><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="text-align: right">288,505</td><td style="text-align: left">&#160;</td></tr>
  <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">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">118,116</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">24,473,058</td><td style="text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: center">(9)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">24,473,058</td><td style="text-align: left">&#160;</td></tr>
  <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><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: center">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">79,259,819</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: 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 style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: center">&#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><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: center">&#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>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">288</td><td style="text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: center">(12)</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">(288</td><td style="text-align: left">)</td><td style="font-weight: bold">&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">38,039,801</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><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td>&#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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    <td style="font-weight: bold; text-align: center">(13)</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: 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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    <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: 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">44,997,742</td><td style="text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: center">(7)</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: 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">(201,405</td><td style="text-align: left">)</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: center">(6)</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>
    <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">801,000</td><td style="text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: center">(14)</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">8,312,043</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(7,824,443</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(1,642,066</td><td style="text-align: left">)</td><td style="font-weight: bold">&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">6,444,861</td><td style="text-align: left">&#160;</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><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">7,824,443</td><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="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: 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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    <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: 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">&#160;</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">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#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>UNAUDITED
PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Six
Months Ended June 30, 2022</b></span></p>

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

<table 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">&#160;</td><td style="text-align: center; font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">(A)</td><td style="text-align: center; font-weight: bold">&#160;</td><td style="text-align: center; font-weight: bold">&#160;</td>
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    <td colspan="2" style="font-weight: bold; text-align: center">Transaction</td><td style="text-align: center; font-weight: bold">&#160;</td><td style="text-align: center; font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: center">&#160;</td><td style="text-align: center; font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">&#160;</td><td style="text-align: center; font-weight: bold">&#160;</td></tr>
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    <td style="text-align: center">&#160;</td><td style="text-align: center; font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">SHF</td><td style="text-align: center; font-weight: bold">&#160;</td><td style="text-align: center; font-weight: bold">&#160;</td>
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    <td style="text-align: center">&#160;</td><td style="text-align: center; font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 39%; font-weight: bold; text-align: justify">Revenue</td><td style="width: 1%; font-weight: bold">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; width: 1%; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; width: 9%; font-weight: bold; text-align: right">3,523,899</td><td style="width: 1%; font-weight: bold; text-align: left">&#160;</td><td style="width: 1%; font-weight: bold">&#160;</td>
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    <td style="width: 12%; font-weight: bold; text-align: center">&#160;</td><td style="width: 1%; font-weight: bold">&#160;</td>
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    <td style="text-align: justify">&#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)">
    <td style="font-weight: bold; text-align: justify">Operating Expenses</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">&#160;</td><td style="font-weight: bold; text-align: left">&#160;</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">&#160;</td><td style="font-weight: bold; text-align: left">&#160;</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">&#160;</td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#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">1,517,522</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><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="text-align: right">1,517,522</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: justify">Professional services</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">319,030</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">319,030</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: justify">Rent expense</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">51,328</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">51,328</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: justify">Corporate allocations</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><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="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: justify">Provision for loan losses</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">306,065</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">306,065</td><td style="text-align: left">&#160;</td></tr>
  <tr 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">2,593,830</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">-</td><td style="text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">3,085,840</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 20pt; text-align: justify">Total operating expenses</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">2,685,955</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">2,593,830</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">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">5,279,785</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; font-weight: bold; text-align: justify">Operating income (loss)</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 style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">837,944</td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">-</td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
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    <td style="text-align: justify">&#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 style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Interest expense</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(598,435</td><td style="text-align: left">)</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: center">(1)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(598,435</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Interest earned on marketable securities held in trust account</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">147,108</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(147,108</td><td style="text-align: left">)</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: center">(2)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Change in fair value of warrant liability</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">1,432,423</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">1,432,423</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Change in fair value of forward purchase option derivative liability</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(14,872</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(14,872</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Offering costs allocated to warrants</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Unrealized gain from marketable securities held in Trust Account</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">-</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">-</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">-</td><td style="text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: center">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 45; Value: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT
OF OPERATIONS</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Year Ended December 31, 2021</b></p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">-</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">(261,838</td><td style="text-align: left">)</td><td>&#160;</td>
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    <td style="font-weight: bold; text-align: center">&#160;</td><td style="font-weight: bold; text-align: center">&#160;</td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
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    <td style="font-weight: bold; text-align: center">&#160;</td><td style="font-weight: bold; text-align: center">(3)</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">&#160;</td><td style="font-weight: bold; text-align: left">&#160;</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">&#160;</td><td style="font-weight: bold; text-align: left">&#160;</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">&#160;</td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: center">&#160;</td><td style="font-weight: bold; text-align: center">&#160;</td><td style="font-weight: bold; text-align: left">&#160;</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">&#160;</td><td style="font-weight: bold; text-align: left">&#160;</td></tr>
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    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right">10,138,768</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
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    <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: right">&#160;</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 2.5pt">&#160;</td>
    <td style="font-weight: bold; text-align: center">&#160;</td><td style="font-weight: bold; text-align: center">&#160;</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 2.5pt">&#160;</td>
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    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right">10,138,768</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">-</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&#160;</td></tr>
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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>NOTES TO UNAUDITED PRO FORMA CONDENSED COMBINED
FINANCIAL STATEMENTS</b></p>

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

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.25in"><span style="font-size: 10pt"><b>1.</b></span></td>
    <td><span style="font-size: 10pt"><b>Basis of Presentation</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The unaudited pro forma condensed combined financial
information has been adjusted to give effect to transaction accounting adjustments related to the Business Combination linking the effects
of the Business Combination to the historical financial information.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Business Combination will be accounted for as
a reverse recapitalization in accordance with the Financial Accounting Standards Board&#8217;s Accounting Standards Codification Topic
805, Business Combinations. SHF has been determined to be the accounting acquirer. Under the reverse recapitalization model, the Business
Combination will be treated as SHF issuing equity for the net assets of the Company, with no goodwill or intangible assets recorded.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The pro forma adjustments have been prepared as if
the Business Combination had been consummated on June 30, 2022, in the case of the unaudited pro forma condensed combined balance sheet,
and on January 1, 2021, the beginning of the earliest period presented, in the case of the unaudited pro forma condensed combined statements
of operations.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The pro forma combined balance sheet as of June 30,
2022 has been prepared using the following:</p>

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

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.25in"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 0.25in"><span style="font-size: 10pt">&#9679;</span></td>
    <td><span style="font-size: 10pt">SHF&#8217;s historical combined balance sheet as of June 30, 2022. </span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td><span style="font-size: 10pt">&#9679;</span></td>
    <td><span style="font-size: 10pt">The Company&#8217;s historical balance sheet as of June 30, 2022.</span></td></tr></table>


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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The pro forma combined statement of operations for
the six months ended June 30, 2022 has been prepared using the following:</p>

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

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.25in"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 0.25in"><span style="font-size: 10pt">&#9679;</span></td>
    <td><span style="font-size: 10pt">SHF&#8217;s historical and Carved-Out combined statement of operations for the six months ended June 30, 2022.</span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td><span style="font-size: 10pt">&#9679;</span></td>
    <td><span style="font-size: 10pt">The Company&#8217;s historical statement of operations for the six months ended June 30, 2022.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The pro forma combined statement of operations for
the year ended December 31, 2021 has been prepared using the following:</p>

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

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 24px"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
    <td><span style="font-size: 10pt">SHF&#8217;s historical and Carved-Out combined statement of operations for the years ended December 31, 2021 and 2020.</span></td></tr>

<tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
<tr style="vertical-align: top">
    <td style="width: 24px"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
    <td><span style="font-size: 10pt">The Company&#8217;s historical statement of operations for the period from February 26, 2021 (inception) through December 31, 2021.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The adjustments presented in the unaudited pro forma
condensed combined financial information have been identified and presented to provide relevant information necessary for an accurate
understanding of the <span style="background-color: white">post-combination </span>company after giving effect to the Business Combination.
Management has made significant estimates and assumptions in its determination of the pro forma adjustments. As the unaudited pro forma
condensed combined financial information has been prepared based on these preliminary estimates, the final amounts recorded may differ
materially from the information presented.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The pro forma adjustments reflecting the consummation
of the Business Combination are based on certain currently available information and certain assumptions and methodologies that management
believes are reasonable under the circumstances. The unaudited condensed pro forma adjustments, which are described in the accompanying
notes, may be revised as additional information becomes available and is evaluated. Therefore, it is likely that the actual adjustments
will differ from the pro forma adjustments and it is possible the difference may be material. Management believes that its assumptions
and methodologies provide a reasonable basis for presenting all of the significant effects of the Business Combination based on information
available to management at this time and that the pro forma adjustments give appropriate effect to those assumptions and are properly
applied in the unaudited pro forma condensed combined financial information.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The unaudited pro forma condensed combined financial
information is not necessarily indicative of what the actual results of operations and financial position would have been had the Business
Combination taken place on the dates indicated, nor are they indicative of the future consolidated results of operations or financial
position of the post-combination company. They should be read in conjunction with the historical financial statements and notes thereto
of SHF and the Company.</p>

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

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.25in; text-align: justify"><span style="font-size: 10pt"><b>2.</b></span></td>
    <td style="text-align: justify"><span style="font-size: 10pt"><b>Adjustments to Unaudited Pro Forma Condensed Combined Balance Sheet as of June 30, 2022</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following unaudited pro forma condensed combined
financial information has been prepared in accordance with Article 11 of Regulation S-X.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Transaction Accounting Adjustments included in
the unaudited pro forma condensed combined balance sheet as of June 30, 2022 are as follows:</p>

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

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.25in; text-align: justify"><span style="font-size: 10pt">(A)</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">Derived from the unaudited combined balance sheet of SHF as of June 30, 2022.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">(B)</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">Derived from the unaudited balance sheet of the Company as of June 30, 2022.</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.25in; text-align: justify"><span style="font-size: 10pt">(1)</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">To reflect the release of cash from marketable securities held in the Trust Account less the redemption amount associated with 7,573,402 redeemed shares at the redemption price of $10.30 per share. </span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">(2)</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">Represents the reduction of cash for the Prepayment Amount relating to the Forward Purchase Agreement and the recognition of the corresponding receivable, pursuant to the Forward Purchase Agreement. Reflects shares purchased under the forward purchase agreement equal to 3,804,872 shares at a redemption price of approximately $10.33 per share. </span></td></tr>
</table>

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

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

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

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 0.25in"><span style="font-size: 10pt">(3)</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">Reflects proceeds received of $20,450,000 from the PIPE Investors in exchange for the issuance of 20,450 PIPE Shares at a price of $1,000 per share less $4,090,000 in amounts placed in escrow. 20% of the aggregate value was deposited into a third-party escrow account for purposes of paying the PIPE Investors any required Registration Delay Payments. Upon the filing of a registration statement 10 calendar days subsequent to closing, 17.5% of the escrow amount will be released with the remaining amount released once all relevant securities are included in an effective registration statement.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">(4)</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">To reflect the payment of an aggregate of approximately $4.6 million of estimated legal, financial advisory, prepaid insurance, and other professional fees related to the Business Combination including the payment of $0.5 million of accounts payable and accrued expenses, $3.0 million of deferred underwriting fees, the prepayment of $0.9 million of a Directors&#8217; and Officers&#8217; liability insurance policy and $0.1 million in direct incremental costs of the Business Combination and $0.1 million of direct costs associated with the PIPE Shares. Direct, incremental costs of the Business Combination related to the legal, financial advisory, accounting and other professional fees of approximately $1.6 million is reflected as an adjustment to accumulated deficit assuming the transaction occurred on January 1, 2021.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">(5)</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">To reflect the recapitalization of SHF through (a) the contribution
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    (c) the elimination of the historical accumulated deficit of the Company of $7.8 million, the accounting acquiree, the legal acquiror,
    (d) the cash payment of $13.1 million to the Seller representing the $70 million cash payment less $56.9 million due to seller, and
    (e) the accrual for the payment of $3.1 million to PCCU (included in the accounts payable and accrued expenses line item), at the
    consummation of the Business Combination, which represents the amount of cash on hand at July 31, 2021 less accrued but unpaid liabilities.
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  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 24px; text-align: justify"><span style="font-size: 10pt">(6)</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">Deferred offering costs associated with the PIPE capital raise is reclassified to additional paid in capital upon transaction closing.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top">
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    <td style="text-align: justify"><span style="font-size: 10pt">The blended statutory rate for the entity post business combination would be 21%, the consolidated combined pro forma information results in a higher effective tax rate of approximately 62% primarily due to permanent differences associated with the change in the fair value of the Company&#8217;s warrants. Refer to footnote (3) below for a reconciliation of the federal statutory rate to the effective tax rate. Deferred income taxes reflect: i) temporary differences in the recognition of revenue and expenses between financial statement and income tax reporting, ii) goodwill amortization for tax purposes and iii) a net operating loss carryforward with no expiration. Deferred income taxes as of June 30, 2022 consisted of the following:</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Deferred Tax Assets:</td><td>&#160;</td>
    <td colspan="2" style="text-align: justify">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="width: 78%; text-align: justify; padding-left: 10pt">Transaction costs</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 18%; text-align: right">851,798</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; padding-left: 10pt">Start-up costs</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">18,756</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify; padding-left: 10pt">Share offer</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">196,440</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; padding-left: 10pt">Amortization &#8211; Goodwill</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">39,921,858</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify; padding-left: 10pt">Net operating loss</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">3,907,735</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; padding-left: 10pt">Loan loss reserve</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">78,553</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify; padding-left: 10pt">Interest expense disallowance</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">595,895</td><td style="text-align: left">&#160;</td></tr>
  <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">2,046</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; padding-left: 10pt">Depreciation</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">545</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">Total deferred tax assets</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">45,573,626</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  </table>

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

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.25in; text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">For tax purposes, the transaction will be treated as a taxable asset acquisition, resulting in an estimated tax basis Goodwill balance of approximately $180.6 million, creating a deferred tax asset reported as Additional Paid-in Capital in the equity section of the balance sheet as of the date of the business combination</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">(8)</span></td>
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  <tr style="vertical-align: top">
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    <td style="text-align: justify"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">(9)</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">Reflects the hold back of $56.9 million in cash proceeds due to the Seller. $21.9 million is payable to PCCU on or before December 15, 2022. The remaining amount is payable to PCCU beginning April 1, 2023 and is due in six quarterly installments thereafter. Interest accrues at an effective rate of approximately 7.7%. 1,200,000 Founder shares were escrowed until the amount is paid in full.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">(10)</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">Deferred underwriting payable of $4,025,000 related to the IPO in addition to $1,141,250 in underwriting fees associated with the PIPE Shares. Of the total, $3,000,000 was paid in cash at closing (see Note (4)) with $2,166,250 due pursuant to a note payable with $715,750 due on October 14, 2022 and $362,625 on each of October 31, 2022, November 30, 2022, December 31, 2022 and January 31, 2023. </span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top">
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  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top">
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    <td style="text-align: justify"><span style="font-size: 10pt">Reflects the conversion of the 2,875,000 Class B Common Stock to Class
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  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">(13)</span></td>
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  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: top">
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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Unaudited Condensed Combined Pro Forma Adjustments
to the Statements of Operations</b></p>

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

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 24px"><span style="font-size: 10pt"><b>3.</b></span></td>
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">The transaction accounting
adjustments included in the unaudited pro forma condensed combined statements of operations for the six months ended June 30, 2022 and
year ended December 31, 2021 are as follows:</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; background-color: white">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.25in"><span style="font-size: 10pt">(A)</span></td>
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  <tr style="vertical-align: top">
    <td><span style="font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: top">
    <td><span style="font-size: 10pt">(B)</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">Derived from the unaudited statement of operations of the Company for the six months ended June 30, 2022.</span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: top">
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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.25in; text-align: justify"><span style="font-size: 10pt">(D)</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">Derived from the audited statement of operations of the Company for the period from February 26, 2021 (inception) through December 31, 2021.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top">
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  <tr style="vertical-align: top">
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  <tr style="vertical-align: top">
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<tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
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<tr style="vertical-align: top">
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<p style="margin-top: 0; margin-bottom: 0">&#160;</p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%; margin-left: 0.25in">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt; font-size: 11pt">&#160;</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td>
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    <td style="font-size: 11pt">&#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">(492,509</td><td style="text-align: left">)</td><td>&#160;</td>
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    <td style="font-size: 11pt; padding-left: 5.4pt">&#160;</td><td style="font-size: 11pt">&#160;</td>
    <td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt; text-align: right">&#160;</td><td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt">&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="padding-bottom: 1.5pt; padding-left: 5.4pt">Deferred</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">(83,375</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="font-size: 11pt; padding-left: 5.4pt">&#160;</td><td>&#160;</td>
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    <td style="padding-bottom: 1.5pt; text-align: left; padding-left: 0pt">Change in valuation allowance</td><td style="padding-bottom: 1.5pt">&#160;</td>
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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%; margin-left: 0.25in">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold">Tax rate:</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 60%; text-align: left">Tax benefit at federal statutory rate</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 16%; text-align: right">21.0</td><td style="width: 1%; text-align: left">%</td><td style="width: 2%">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">Warrants &#8211; fair market value change</td><td>&#160;</td>
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    <td style="text-align: left; padding-bottom: 2.5pt">Effective income tax rate</td><td style="padding-bottom: 2.5pt">&#160;</td>
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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

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

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"></p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 24px; text-align: justify"><span style="font-size: 10pt">(4)</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">The calculation of weighted average shares outstanding for basic and diluted net income per share assumes that the Company&#8217;s IPO occurred as of the beginning of the earliest period presented. In addition, as the Business Combination is being reflected as if it had occurred at the beginning of the period presented, the calculation of weighted average shares outstanding for basic and diluted net income per share assumes that the shares have been outstanding for the entire period presented. This calculation is retroactively adjusted to eliminate the number of shares redeemed for the entire period. Assuming a conversion price of $10 per share, excludes 2,045,000 in converted PIPE Shares as this amount is considered anti-dilutive. </span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">(5)</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">Represents the estimated expense associated with the Chief Financial Officer&#8217;s right to acquire 90,000 Founder Shares at the original per share cost. This right was exercised in conjunction with the closing. See footnote #14 in the above balance sheet section. </span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">(6)</span></td>
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  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <tr style="vertical-align: top">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Represents the net income per share calculated using
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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%; margin-left: 0.25in">
  <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 style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold">Six Months Ended June 30, 2022</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="width: 80%; text-align: left">Net loss</td><td style="width: 2%">&#160;</td>
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    <td>Weighted average shares outstanding &#8211; basic</td><td>&#160;</td>
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    <td>Weighted average shares outstanding &#8211; diluted (1)</td><td>&#160;</td>
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    <td>Diluted net loss per share</td><td>&#160;</td>
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    <td>Weighted average shares outstanding &#8211; diluted (1)</td><td>&#160;</td>
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    <td>Diluted net loss per share</td><td>&#160;</td>
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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

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    <td>&#160;</td><td>&#160;</td>
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    <td style="width: 80%">Company public shares</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 16%; text-align: right">3,926,598</td><td style="width: 1%; text-align: left">&#160;</td></tr>
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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%; margin-left: 0.25in">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 80%">Company public shares</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 16%; text-align: right">3,926,598</td><td style="width: 1%; text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">3,403,175</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">PIPE Investors (1)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left; padding-bottom: 1.5pt">SHF stockholders</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">11,386,139</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
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    <td style="padding-bottom: 2.5pt">Weighted average shares outstanding &#8211; diluted</td><td style="padding-bottom: 2.5pt">&#160;</td>
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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">(1)</span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>&#160;</b></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b><span id="ET_002"></span>MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><i>References in this section
to &#8220;we,&#8221; &#8220;us,&#8221; or &#8220;our&#8221; refer to SHF. References to &#8220;management&#8221; refer to our officers
and board of managers. The following discussion and analysis of our financial performance and results of operations should be read in
conjunction with our condensed consolidated financial statements.</i></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><b>Forward Looking Statements</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><i>All statements other than
statements of historical facts contained in this report, including statements regarding future operations, are forward-looking statements.
In some cases, forward-looking statements may be identified by words such as &#8220;believe,&#8221; &#8220;may,&#8221; &#8220;will,&#8221;
&#8220;estimate,&#8221; &#8220;continue,&#8221; &#8220;anticipate,&#8221; &#8220;intend,&#8221; &#8220;could,&#8221; &#8220;would,&#8221;
&#8220;expect,&#8221; &#8220;objective,&#8221; &#8220;plan,&#8221; &#8220;potential,&#8221; &#8220;seek,&#8221; &#8220;grow,&#8221; &#8220;target,&#8221;
&#8220;if,&#8221; and similar expressions intended to identify forward-looking statements. We have based these forward-looking statements
largely on our current expectations and projections about future events and trends that we believe may affect our financial condition,
results of operations, business strategy, short-term and long-term business operations, objectives, and financial needs.</i></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">Founded in 2015 by PCCU (please
see &#8220;Business Reorganization&#8221; below for a description of SHF&#8217;s organization), SHF&#8217;s mission is to provide access
to reliable and compliant financial services for the legal cannabis industry. Through that mission and as an early leader with over seven
years of experience, SHF is a leading provider of access to reliable and compliance driven banking, lending and other financial services
to financial institutions desiring to provide those services to the cannabis industry.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">Through our proprietary platform
and on a multi-state level, SHF provides access to the following banking related services through PCCU and other financial institutions:</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; background-color: white">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
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    <td style="width: 0.5in"><span style="font-size: 10pt">&#160;</span></td>
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<tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
<tr style="vertical-align: top">
    <td><span style="font-size: 10pt">&#160;</span></td>
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    <td><span style="font-size: 10pt">Cash management accounts</span></td></tr>

<tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
<tr style="vertical-align: top">
    <td><span style="font-size: 10pt">&#160;</span></td>
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<tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
<tr style="vertical-align: top">
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<tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
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    <td><span style="font-size: 10pt">&#160;</span></td>
    <td><span style="font-size: 10pt">&#9679;</span></td>
    <td><span style="font-size: 10pt">Courier services (via third party relationships)</span></td></tr>

<tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
<tr style="vertical-align: top">
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td><span style="font-size: 10pt">&#9679;</span></td>
    <td><span style="font-size: 10pt">Remote deposit services</span></td></tr>

<tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
<tr style="vertical-align: top">
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td><span style="font-size: 10pt">&#9679;</span></td>
    <td><span style="font-size: 10pt">Automated Clearing House (ACH) payments and origination</span></td></tr>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">Our services allow Cannabis
Related Businesses (herein referred to as &#8220;CRBs&#8221;) to obtain services from financial institutions that allow them to run their
business more efficiently and effectively with improved financial insight into their business and access to resources to help them grow.
Due to limited availability of payment and other banking solutions for the cannabis industry, most businesses transact with high volumes
of cash. Our fintech platform benefits CRBs and financial institutions by providing CRBs with access to financial institutions and financial
institutions access to increased deposits with the comfort of knowing that those deposits have been compliantly monitored and validated.
By facilitating the daily deposits of cash receipts between CRBs and financial institutions, the risks associated with high cash on hand
are mitigated, creating a safer atmosphere for the CRB&#8217;s employees and the financial institutions at which the deposit accounts
are held. Because SHF is not a financial institution, SHF does not hold customer deposits. All deposit accounts are held by SHF&#8217;s
financial institution clients and all transmissions of funds to and from deposit accounts are handled directly by the financial institutions.
In an industry with limited capital and financing options, we offer access to loan options at what we believe to be competitive rates
often with less punitive terms than the current industry average. Our financial institution clients offer loan options including senior
secured debt and operating lines of debt. Collateral types include real estate, equipment, and other business assets. We also provide
access to lending options for ancillary service providers serving the cannabis industry as these businesses also can have difficulty finding
reliable financial services.</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; background-color: white">&#160;</p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">To ensure access to consistent
and dependable banking access to CRBs, we provide our compliance, validation and monitoring services to financial institutions in a compliance
driven environment ensuring strict adherence to the Bank Secrecy Act/FinCEN guidance and related anti money laundering provisions. Since
inception, SHF has assisted PCCU in processing more than $12 billion in cannabis related funds and, through its relationship with PCCU
and other financial institutions, SHF has successfully navigated 16 state and federal banking exams.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">In strategically selected
geographic areas, SHF licenses to other financial institutions its proprietary software and Safe Harbor Program (the &#8220;Program&#8221;)
to provide compliance-related services to CRBs. As part of the Program, we provide the following to financial institutions interested
in licensing the Program to assist in compliant cannabis banking:</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; background-color: white">&#160;</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SHF is the result of Carved-Out Operations (as defined
below) of PCCU, a Colorado based credit union. The predecessor to SHF, Eagle Legacy Services, PLLC d/b/a Safe Harbor Services (&#8220;SHS&#8221;
or &#8220;Oldco&#8221;), was established as a limited liability company, acting as a credit union service organization in accordance with
applicable laws, in order to provide financial, lending and operational services primarily to the cannabis industry and cannabis related
businesses (&#8220;CRBs&#8221;). SHS was a wholly owned subsidiary of PCCU. In addition to SHS, the Carved-Out Operations consist of certain
Credit Union branches (the &#8220;Branches&#8221;) of PCCU and SHF. As the business began to scale in 2020, PCCU created two new entities:
SHF Holding Co, LLC (&#8220;Holdco&#8221;), an interim holding company that is directly wholly owned by PCCU, and SHF, an operating entity
wholly owned by Holdco. PCCU&#8217;s Board of Directors approved the contribution of certain assets and operating activities associated
with operations from both the Branches and Oldco to Holdco. Holdco then contributed the same assets and related operations to SHF with
PCCU&#8217;s investment in SHF maintained at the Holdco level (the &#8220;reorganization&#8221;). The reorganization effectively occurred
July 1, 2021. In conjunction with the reorganization, all Branches&#8217; employees and certain PCCU employees were terminated from PCCU
and hired as SHF employees. Collectively, SHS, the Branches and SHF represent the &#8220;Carved-Out Operations.&#8221; After the reorganization,
SHF contains the entirety of the Carved-Out Operations and Oldco was dissolved. SHF does business as Safe Harbor Financial.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Effective July 1, 2021, SHF entered into an Account
Servicing Agreement with PCCU, which governed the fees paid by PCCU to SHF for the services provided by SHF until this agreement was amended
as described below. Through the Account Servicing Agreement, SHF provided compliance, validation and monitoring services, and facilitated
other financial services offered by PCCU to its CRB deposit accounts held and controlled by PCCU. SHF assumed the responsibility for the
expenses associated with the services it provided. These costs include employees to manage customer onboarding and compliance, rent and
office expense, insurance and other operating expenses necessary to service these accounts. Under the agreement, PCCU paid to SHF all
revenue generated from these accounts. Amounts due to SHF were due monthly in arrears and upon receipt of invoice. The agreement was for
an initial term of 3 years from the effective date and renewed thereafter for 1-year terms until either SHF or PCCU provided sixty days
prior written notice. Pursuant to this agreement as amended and restated (as described below), SHF reported revenue of $1,808,640 and
$3,436,731 for the three and six months ended June 30, 2022, $0 for the three and six month periods ended June 30, 2021, and $3,168,243
for the period July 1, 2021 to December 31, 2021.</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Effective July 1, 2021, SHF entered into a Support
Services Agreement with PCCU, which governed the fees paid by SHF to PCCU for the services provided by PCCU until this agreement was amended
as described below. In connection with PCCU hosting the deposit accounts and the related loans and providing certain infrastructure support,
PCCU received from SHF a monthly fee per deposit account. In addition, 25% of any investment income associated with CRB deposits was paid
to PCCU. The respective duties and obligations as per the agreement commenced on the effective date and continued unless terminated by
either SHF or PCCU upon giving sixty days prior written notice. Pursuant to this agreement as amended and restated (as described below),
SHF reported expense of $131,742 and $215,550 for the three months and six months ended June 30, 2022, $0 for the three-month and six-month
periods ended June 30, 2021, and $190,908 for the period July 1, 2021 to December 31, 2021.</p>

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

<p style="font: 12pt 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">Pursuant to the Purchase Agreement, SHF entered
into amended agreements with PCCU under similar terms as the July 2021 agreements. In addition, and in conjunction with the Purchase
Agreement, SHF and PCCU entered into a Loan Servicing Agreement. These agreements are intended to reflect that SHF now bears the substantial
expenses (i.e., employees, training and technology) resulting from taking on the account onboarding, validation and monitoring functions
that PCCU would otherwise have borne directly.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Significant terms of the Amended and Restated Account
Servicing Agreement and Amended and Restated Support Services Agreement are as follows:</p>

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

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
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    <td style="width: 0.25in; text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">Pursuant to the Amended and Restated Account Servicing Agreement, SHF&#8217;s fees for such services will equal all cannabis-related income, including all lending-related income (such as loan origination fees, interest income on CRB-related loans, participation fees and servicing fees), investment income, interest income, account activity fees, processing fees, flat fees, and other revenue generated from cannabis and multi-state hemp accounts that are hosted on PCCU&#8217;s core system. The Amended and Restated Account Servicing Agreement is for an initial term of three years and will renew for additional one-year terms unless a party provides 120 days&#8217; notice of non-renewal, provided that PCCU may not provide notice of non-renewal until 30 months following the signing date. The Amended and Restated Account Servicing Agreement initially provided that the agreement would terminate within 60 days of SHF no longer qualifying as a &#8220;credit union service organization&#8221; (a &#8220;CUSO&#8221;) or within 60 days of the assumption by a third party of all CRB-related accounts; however, on May 23, 2022, SHF and PCCU entered into the Second Amended and Restated Account Servicing Agreement, which removed the provision providing for the termination of the agreement within 60 days of SHF no longer qualifying as CUSO, as SHF will cease to qualify as a CUSO following the closing of the Business Combination.</span></td></tr>

<tr style="vertical-align: top">
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td>
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<tr style="vertical-align: top">
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">Pursuant to the Amended and Restated Support Services Agreement, PCCU will continue to provide to SHF certain operational and administrative services relating to, among other things, human resources, employee benefits, IT and systems, accounting and marketing and capacity for CRB depository accounts for a monthly fee equal to $30.96 per account in 2022 and $25.32 per account in 2023 and 2024. In addition, as it pertains to CRB deposits held at PCCU, investment and interest income earned on these deposits (excluding interest income on loans funded by PCCU) will be shared 25% to PCCU and 75% to SHF. SHF will also reimburse PCCU for any of its out-of-pocket expenses relating to the services provided to SHF. Finally, under the Amended and Restated Support Services Agreement, PCCU will continue to allow its ratio of CRB-related deposits to total assets to equal at least 65% unless otherwise dictated by regulatory, regulator or policy requirements. The Amended and Restated Support Services Agreement has the same term and termination provisions as the Amended and Restated Account Servicing Agreement, including a provision providing for the termination of the agreement within 60 days of SHF no longer qualifying as a &#8220;credit union service organization.&#8221; On May 23, 2022, SHF and PCCU entered into the Second Amended and Restated Support Services Agreement, which removed the provision providing for the termination of the agreement within 60 days of SHF no longer qualifying as a CUSO, as SHF will cease to qualify as a CUSO following the closing of the Business Combination. </span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Effective February 11, 2022, SHF entered into a Loan
Servicing Agreement with PCCU. The agreement sets forth the application, underwriting and approval process for loans from PCCU to CRB
customers and the loan servicing and monitoring responsibilities provided by both PCCU and SHF. For the loans subject to this agreement,
SHF originates the loans and performs all compliance analysis, credit analysis of the potential borrower, due diligence and underwriting
and all administration, including hiring and incurring the costs of all related personnel or third-party vendors necessary to perform
these services. PCCU receives a monthly servicing fee at an annual rate of 0.25% of the then-outstanding principal balance of each loan
funded by PCCU. Under the Loan Servicing Agreement, SHF has agreed to indemnify PCCU from all claims related to default-related loan losses
as defined in the Loan Servicing Agreement. The agreement is for an initial term of three years and will renew for additional one-year
terms unless a party provides 120 days&#8217; notice of non-renewal or there is a termination for cause, provided that PCCU may not provide
notice of non-renewal until 30 months following the signing date. Pursuant to this agreement, the Company reported expenses of $3,731
and $5,104 for the three-month and six-month periods ended June 30, 2022 and $0 for the three-month and six-month periods ended June 30,
2021.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The SHF lending services program currently depends
on PCCU as its largest funding source for new loans to CRBs. Under PCCU&#8217;s loan policy for loans to CRBs, PCCU&#8217;s board of directors
has approved aggregate lending limits at the lessor of 1.3125 times PCCU&#8217;s net worth or 65% of total CRB deposits. Concentration
limits for the deployment of loans are further categorized as (i) real estate secured, (ii) construction, (iii) unsecured and (iv) mixed
collateral with each category limited to a percentage of PCCU&#8217;s net worth. In addition, loans to any one borrower or group of associated
borrowers are limited by applicable National Credit Union Association regulations to the greater of $100,000 or 15% of PCCU&#8217;s net
worth.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Purchase Agreement and Public Company Costs</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">On February 11, 2021, SHF
entered into the Purchase Agreement with the Company, and assuming a favorable vote of the Company&#8217;s stockholders and SHF&#8217;s
managers and satisfaction or waiver of all other closing conditions, the Company will purchase all of the i<span style="background-color: white">ssued
</span>and outstanding membership interests of SHF in exchange for an aggregate of $185,000,000, consisting of (i) 11,386,139 shares
of the Company&#8217;s Class A Common Stock with an aggregate value equal to $115,000,000 and (ii) $70,000,000 in cash paid to
the Seller. At the closing, the Company will deposit 1,831,683 shares of the Class A Common Stock with an escrow agent to be held
in escrow for a period of 12 months following the closing to satisfy potential indemnification claims of the parties.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">On September 19, 2022, the
parties entered into an amendment to the Purchase Agreement to extend the Outside Date from August 31, 2022 until September 28, 2022 and
provide for the deferral of $30,000,000 of the $70,000,000 in cash due to the Seller at the Closing, and on September 22, 2022, the parties
agreed to a second amendment to the Purchase Agreement providing for the deferral of a total of $50,000,000 of the $70,000,000 due to
the Seller at the Closing.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">On September 28, 2022, the
parties agreed to a Third Amendment to Unit Purchase Agreement (the &#8220;Third Amendment&#8221;) providing for the deferral of a total
of $56,949,800.66 (the &#8220;Deferred Cash Consideration&#8221;) of the $70,000,000 due to the Seller at the closing. The purpose of
deferral is to provide the Company with additional cash to support its post-closing activities. Pursuant to the Third Amendment, the Company
will pay the Deferred Cash Consideration in one payment of $21,949,800.66 on or before December 15, 2022, and the $35,000,000 balance
in six equal installments of $6,416,667, payable beginning on the first business day following April 1, 2023 and on the first business
day of each of the following five fiscal quarters, for a total of $38,500,002. Further, PCCU agreed to defer $3,143,388, representing
certain excess cash of SHF due to PCCU under the Purchase Agreement, and the reimbursement of certain reimbursable expenses under the
Purchase Agreement. The Deferred Cash Consideration may be prepaid by the Company, in whole or in part, at any time. The purpose of deferral
is to provide the Company with additional cash to support its post-closing activities.</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">In consideration of the agreement
to the foregoing amendments to the Purchase Agreement, and to secure the Company&#8217;s payment thereof, Luminous Capital USA Inc., an
affiliate of the Sponsor (&#8220;<span style="text-decoration: underline">Luminous</span>&#8221;), has agreed to escrow 1,200,000 of the shares of the Company&#8217;s Class A
Common Stock (the &#8220;<span style="text-decoration: underline">Escrowed Shares</span>&#8221;) to be received by Luminous at the closing of the Business Combination, such escrow
to be evidenced by an escrow agreement with a third-party escrow agent reasonably acceptable to the parties and Luminous. The Escrowed
Shares will be released to Luminous upon payment in full of the Deferred Cash Consideration. Luminous will meanwhile be entitled to vote
all such Escrowed Shares.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">The Company will amend and
restate its Amended and Restated Certificate of Incorporation in the form of the Second Amended and Restated Certificate of Incorporation
included in this prospectus as Annex B to, among other matters: (a) change its name to &#8220;SHF Holdings Inc.,&#8221; or such
other name as mutually agreed to by the parties to the Purchase Agreement; (b) expand the board of directors to seven individuals divided
into three classes; and (c) remove and change certain provisions in the existing Amended and Restated Certificate of Incorporation related
to the Company&#8217;s status as a blank check company. Additionally, each then-outstanding share of Class B Stock of the Company will
be converted into one share of Class A Common Stock.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">SHF will be deemed the accounting
predecessor and the post-combination company will be the successor SEC registrant, which means that SHF&#8217;s financial statements for
previous periods will be disclosed in the post-combination company&#8217;s future periodic reports filed with the SEC.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">While the legal acquirer
in the Purchase Agreement is the Company, for financial accounting and reporting purposes under U.S. GAAP, the Company will be the accounting
acquirer and the transaction will be accounted for as a &#8220;reverse recapitalization.&#8221; A reverse recapitalization does not result
in a new basis of accounting, and the financial statements of the <span style="background-color: white">post-combination company </span>represent
the continuation of the financial statements of SHF in many respects. Under this method of accounting, the Company will be treated as
the &#8220;acquired&#8221; company for financial reporting purposes. For accounting purposes, SHF will be deemed to be the accounting
acquirer in the Business Combination and, consequently, the Business Combination will be treated as a recapitalization of SHF (i.e., a
capital transaction involving the issuance of stock by the Company for the stock of SHF). Accordingly, the consolidated assets, liabilities,
and results of operations of SHF will become the historical financial statements of the post-combination company, and the Company&#8217;s
assets, liabilities and results of operations will be consolidated with SHF&#8217;s beginning on the acquisition date. Operations prior
to the closing of the merger will be presented as those of SHF&#8217;s in future reports. The net assets of the Company will be recognized
at historical cost (which is expected to be consistent with carrying value), with no goodwill or other intangible assets recorded. The
most significant change in the post-combination company&#8217;s future reported financial position and results are expected to be an estimated
decrease in cash (as compared to SHF&#8217;s consolidated balance sheet at March 31, 2022) of approximately $6.1 million assuming 85.7%
of the Company&#8217;s public stockholders elect to have their shares redeemed, or an estimated increase in cash of approximately $94.4
million, assuming no stockholder redemptions.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">As a consequence of the Business
Combination, SHF will become the successor to an SEC-registered and Nasdaq-listed company which requires SHF to hire additional personnel
and implement procedures and processes to address public company regulatory requirements and customary practices. SHF expects to incur
additional annual expenses as a public company for, among other things, directors&#8217; and officers&#8217; liability insurance, director
fees and additional internal and external accounting and legal and administrative resources, including increased audit and legal fees.
See the section entitled <i>&#8220;Unaudited Pro Forma Condensed Combined Financial Information</i>&#8221; for the estimated impact of
these additional expenses following closing of the Business Combination. We incurred approximately $0.1 million to $0.2 million in additional
costs prior to closing of the Business Combination, which were not direct costs of the transaction but rather public company readiness
costs and thus were expensed to operating expense during the first and second quarters of 2022.</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; background-color: white">&#160;</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; background-color: white"></p>

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">In addition to the measures
presented in our consolidated financial statements, our management regularly monitors certain measures in the operation of our business.
These key metrics are discussed below.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><b><i>Earnings Before Interest
Taxes Depreciation and Amortization (EBITDA) and Adjusted EBITDA</i></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">To provide investors with
additional information regarding our financial results, we have disclosed EBITDA and Adjusted EBITDA, both of which are non-GAAP financial
measures that we calculate as net income before taxes and depreciation and amortization expense in the case of EBITDA and further adjusted
to exclude non-cash, unusual and/or infrequent costs in the case of Adjusted EBITDA. Below we have provided a reconciliation of net income
(the most directly comparable GAAP financial measure) to EBITDA and from EBITDA to Adjusted EBITDA.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">We present EBITDA and Adjusted
EBITDA because these metrics are a key measure used by our management to evaluate our operating performance, generate future operating
plans, and make strategic decisions regarding the allocation of investment capacity. Accordingly, we believe that EBITDA and Adjusted
EBITDA provide useful information to investors and others in understanding and evaluating our operating results in the same manner as
our management.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">EBITDA and Adjusted EBITDA
have limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our results as
reported under GAAP. Some of these limitations are as follows:</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; background-color: white">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 0.25in"><span style="font-size: 10pt">&#160;</span></td>
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<tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
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<tr style="vertical-align: top">
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<tr style="vertical-align: top">
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<tr style="vertical-align: top">
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">Because of these limitations,
you should consider EBITDA and Adjusted EBITDA alongside other financial performance measures, including net loss and our other GAAP results.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">A reconciliation of net income
to non-GAAP EBITDA and Adjusted EBITDA is as follows:</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; background-color: white">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">717,171</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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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><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">$</td><td style="text-align: right">306,065</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">11,927</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">118,116</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,264,077</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
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  </table>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">The decrease in our income
on an EBITDA and Adjusted EBITDA basis for the six months ended June 30, 2022 is due to decreased revenue and increased operating expenses,
as discussed under &#8220;&#8212; <i>Discussion of our Results of Operations</i>&#8221; below. Other adjustments include estimated future
loan losses not yet realized including amounts indemnified to PCCU for loans funded by them. Effective February 2022, SHF entered into
a Loan Servicing Agreement with PCCU, pursuant to which SHF has agreed to indemnify PCCU for claims associated with CRB activities including
any loan default related losses for loans funded by PCCU. Deferred loan origination fees represents the change in net deferred loan origination
fees. When included with a new loan origination, we receive an upfront loan origination fee in conjunction with new loans funded by our
financial institution partners. For accounting purposes, the cash received for loan origination fees is initially deferred and recognized
as interest income utilizing the interest method.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><b><i>Other Metrics</i></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">For our business operations,
we monitor the following key metrics.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="text-decoration: underline">Total account balances,
number of accounts and average account balances</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">Our lending capacity is dependent
on the size of our managed deposit base and number of active accounts. In addition, fees are generated based on open accounts and account
activity. We monitor account activity including deposits, withdrawals and ending account balance daily. Total account balances represent
the balance of onboarded and monitored deposits on hand at financial institution clients at period end. Average account balance represents
the total account balance divided by the number of accounts at the period end.</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="text-decoration: underline">Account fees per average active accounts managed</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">Currently a significant amount
of our fees is generated from account openings, active accounts and account activity. As a result, we monitor account openings and closings
on a daily, weekly and monthly basis. We strive to meet the appropriate balance between depository balances and fees and therefore review
account fees per average number of active accounts managed.</p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">$</td><td style="text-align: right">2,809,764</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">(3</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">615</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <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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  <tr style="vertical-align: bottom; background-color: White">
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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><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">(4</td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; background-color: white">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
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    <td style="width: 0.25in"><span style="font-size: 10pt">(1)</span></td>
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  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

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

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"></p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.25in"><span style="font-size: 10pt">(2)</span></td>
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<tr style="vertical-align: top">
    <td>&#160;</td>
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<tr style="vertical-align: top">
    <td><span style="font-size: 10pt">(3)</span></td>
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<tr style="vertical-align: top">
    <td>&#160;</td>
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<tr style="vertical-align: top">
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">While the average number
of accounts increased for the three and six months ended June 30, 2022 as compared to the three months ended June 30, 2021, the average
account size and account fees decreased as we experienced some churn of larger clients replaced by smaller businesses. We expect this
trend to shift as we lead with our lending program typically requiring borrowers to place deposits with financial institutions with which
we have relationships. This may be partially offset by expected decreases in deposits pursuant to inflation and the state of the US economy
for the remainder of 2022 and beyond.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">SHF&#8217;s lending operations
are considered early stage, as it began its focused efforts on expanding its lending in 2021. We are focused on enhancing and growing
our lending platform. Incremental lending key metrics will be monitored as this portion of our business grows in volume. Metrics will
include average loan balance, average life to repayment, average effective interest rate and loan status, amongst others.</p>

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">SHF generates interest and
fee income through providing a variety of services to PCCU to facilitate its banking services to CRBs including, among other things, Bank
Secrecy Act and other regulatory compliance and reporting, onboarding, responding to account inquiries, responding to customer service
inquiries relating to CRB deposit accounts held at financial institution clients, and sourcing and originating loans. In addition, SHF
provides these similar services and outsourced support to other financial institutions providing banking to the cannabis industry. These
services are provided under the Safe Harbor Master Program Agreement.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><b><i>Operating expenses</i></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">Operating expenses consist
of compensation and benefits, professional services, rent expense, parent allocations, provisions for loan losses and other general and
administrative expenses.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">Compensation and benefits
consist of employee wages and associated benefits while professional services consist of legal, general consulting and accounting fees.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">PCCU allocations include
corporate allocations such as information technology, customer support, marketing, executive compensation and other general and administrative
expenses attributed to the Carved-Out Operations based on the size of the specifically identifiable CRB&#8217;s deposit balances, deposit
activity and accounts relative to the totals of consolidated PCCU. These allocations were discontinued effective July 1, 2021 in conjunction
with the business reorganization.</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">SHF reports a provision for
loan losses both as it relates to loans funded internally and those carried by PCCU or other financial institutions. SHF indemnifies PCCU
for losses on loans to borrowers sourced by SHF and funded by PCCU. SHF anticipates comparable arrangements with other financial institutions
that fund loans to borrowers sourced by SHF.</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">Other general and administrative
expenses consist of various miscellaneous items including account hosting fees, insurance expense, travel meals and entertainment and
other office and operating expense.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><b>Discussion of our Results
of Operations &#8212;2022 Compared to 2021 (Three Months Ended June 30)</b></p>

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

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

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; background-color: white">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">44,149</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">120,855</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(76,706</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(63.5</td><td style="text-align: left">)%</td></tr>
  <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">283,147</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">82,050</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">201,097</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,830,314</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: 0; text-align: justify; background-color: white"><b><i>&#160;</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">Account fee income consists
of deposit account fees, activity fees and onboarding income. Historically, SHF has received from PCCU fees based on cannabis related
deposit account activity. During 2021, we reduced our fee percentage for cannabis specific accounts in order to ensure we were competitive
with the market. During January 2022, we implemented a flat fee for certain CRB accounts based on historical and anticipated deposit levels.
In addition, we receive a flat fee and lower rates for ancillary accounts, which are accounts are provided to businesses servicing the
cannabis industry in general but that do not manufacture, possess, distribute or transport cannabis. The ratio of ancillary accounts to
cannabis specific accounts increased during 2021.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">SHF licenses similar account
services and outsourced support to other financial institutions providing banking to the cannabis industry. These services are provided
under the Safe Harbor Master Program Agreement. Revenue from the licensing of this program has intentionally decreased as we strategically
narrow the financial institutions permitted to license the program.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">Investment income increased
as a result of recent Federal Reserve interest rate increases.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">Loan interest income has
increased as SHF increases its focus on providing lending services. At the end of 2020, SHF serviced two loans as compared to four at
the end of 2021. In addition, for the period ending June 30, 2022, SHF sourced six incremental loans funded by PCCU under the Loan Servicing
Agreement. SHF anticipates significantly increasing its loan services during 2022 with approximately $26.8 million of SHF sourced loans
in underwriting as of September 30, 2022.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><b><i>Operating expenses</i></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">As discussed in the <i>Business
Reorganization</i> section above, PCCU allocations were discontinued effective July 1, 2021 and SHF entered into both an account servicing
agreement and support service agreement. There is no impact on revenue as a result of implementing these agreements.</p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">Compensation and employee
benefits increased primarily as a result of Sundie Seefried, our CEO, and one of our Vice Presidents resigning from PCCU effective July
1, 2021 and beginning employment at SHF the same date. Prior to the July 1, 2021 reorganization a portion of their costs would have been
included in the Parent allocations. Amounts also increased as SHF increased head count in conjunction with anticipated growth.</p>

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

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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">Professional services expense
increased primarily due to audit fees incurred and increased consulting fees as we increase our lending activity and prepare for the Business
Combination and to become a public company.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">Parent allocations decreased
to zero as they were discontinued in conjunction with the reorganization discussed in the <i>Business Reorganization </i>section above.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">Provision for loan losses
has increased as SHF focuses on increasing lending activity.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">General and administrative
expenses increased across various categories including: i) approximately $131,742 in account and investment fees hosting fees as a result
of the reorganization, ii) approximately $61,010 in increased advertising and marketing as we focus on growth, iii) $10,718 in travel,
meals, and entertainment, iv) $6,181 in dues and subscriptions, and v) $3,731 in loan servicing fees, offset by a decrease of $155,469
in other operating expenses due to a legal settlement during the three months ending June 30, 2021.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><b><i>Proforma Summary Financial
Statements</i></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">As discussed in the <i>Business
Reorganization</i> section above, parent allocations were discontinued effective July 1, 2021 and SHF entered into both an account servicing
agreement and support service agreement with PCCU. Had the effect of these agreements been applied to period prior to July 1, 2021, we
estimate the following impact to the summary financial statements</p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%">
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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; background-color: white">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <tr style="vertical-align: top">
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<tr style="vertical-align: top">
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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

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

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

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; background-color: white">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><b><i>&#160;</i></b></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">Account fee income consists
of deposit account fees, activity fees and onboarding income. Historically, SHF has charged fees based on cannabis related deposit account
activity. During 2022, we reduced our fee percentage for cannabis specific accounts in order to ensure we were competitive with the market
and for many accounts implemented a flat fee structure for certain CRB accounts based on historical and anticipated deposit levels. In
addition, we receive a flat fee and lower rates for ancillary accounts, which are accounts provided to businesses servicing the cannabis
industry in general but do not manufacture, possess, distribute or transport cannabis. The ratio of ancillary accounts to cannabis specific
accounts increased during 2022.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">SHF provides similar account
services and outsourced support to other financial institutions providing banking to the cannabis industry. These services are provided
under the Safe Harbor Master Program Agreement. Revenue has decreased as we narrow the financial institutions and states we allow under
this program and instead focus on servicing CRBs directly.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">Investment income increased
as a result of recent Federal Reserve interest rate increases.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">Loan interest income has
increased as SHF increases its focus on lending. For the six months ended June 30, 2021, SHF serviced 4 loans as compared to 10 loans
for the six months ended June 30, 2022.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><b><i>Operating expenses</i></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">As discussed in the <i>Business
Reorganization</i> section above, PCCU allocations were discontinued effective July 1, 2022 and SHF entered into both an account servicing
agreement and support service agreement. There is no impact on revenue as a result of implementing these agreements.</p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 2.5pt">Total Operating Expenses</td><td style="padding-bottom: 2.5pt">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">Compensation and employee
benefits increased partially as a result of Sundie Seefried, our CEO, and one of our Vice President&#8217;s resigning from PCCU effective
July 1, 2021 and beginning employment at SHF the same date. Prior to the July 1, 2021 reorganization a portion of their costs would have
been included in the Parent allocations. Amounts also increased as SHF increased head count in conjunction with anticipated growth.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">Professional services expense
increased primarily due to audit fees incurred and increased consulting fees as we increase our lending activity and prepare to become
a public company.</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; background-color: white"></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">Parent allocations decreased
to zero as they were discontinued in conjunction with the reorganization discussed in the <i>Business Reorganization </i>section above.
Provision for loan losses increased in conjunction with increased lending activity.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">Provision for loan losses
has increased as SHF focuses on increasing lending activity.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">General and administrative
expenses increased across various categories including: i) approximately $215,550 in account and hosting fees as a result of the reorganization,
ii) approximately $143,436 in increased advertising and marketing as we focus on growth, iii) $27,697 in travel, meals, and entertainment,
iv) $9,836 in dues and subscriptions, v) $5,104 in loan servicing fees, and vi) $4,343 in business insurance, offset by a decrease of
$155,312 in other operating expenses.</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><b><i>Proforma Summary Financial
Statements</i></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">As discussed in the <i>Business
Reorganization</i> section above, parent allocations were discontinued effective July 1, 2021 and SHF entered into both an account servicing
agreement and support service agreement with PCCU. Had the effect of these agreements been applied to period prior to July 1, 2021, we
estimate the following impact to the summary financial statements:</p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold">Six Months Ended June 30,</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 2.5pt">Net income</td><td style="padding-bottom: 2.5pt">&#160;</td>
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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.25in"><span style="font-size: 10pt">(1)</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">The reported financial statements include all CRB account related revenue. As a result, no adjustment is necessary for revenue</span></td></tr>

<tr style="vertical-align: top">
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
<tr style="vertical-align: top">
    <td><span style="font-size: 10pt">(2)</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">Adjustments to operating expense include the removal of corporate allocations and the inclusion of fees under the new Services Agreements including (i) per account hosting fee, (ii) 25% shared investment income fee and (iii) loan servicing fee equal to 25 basis points of the average outstanding loan principal balance. In the audited financial statements, no loans were held at PCCU subject to the loan servicing fee. In addition, as corporate allocations were removed we included an adjustment for the PCCU CEO base salary prior to July 1, 2021 plus a 30% benefit charge as this individual became the SHF CEO effective July 1, 2021. The 30% benefit charge is consistent with the historical experience of SHF.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><b>&#160;</b></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><b><i>Cash, cash equivalents,
and restricted cash</i></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">Cash, cash equivalents, and
restricted cash totaled $6,382,448 and $5,495,905 as of June 30, 2022, December 31, 2021, respectively.</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><b><i>Cash flows</i></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">As compared to the six months
ended June 30, 2021, cash provided by operations decreased $523,801 to $1,235,414 for the six months ended June 30, 2022, mainly due to
reduced net income from operations with an additional amount resulting from changes across operating assets and liabilities. See discussion
under &#8220;&#8212; <i>Discussion of our Results of Operations</i>&#8221; above for more information.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><b><i>Contract assets and
liabilities</i></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Deferred revenue is primarily related to contract
liabilities associated with Safe Harbor agreements. As of December 31, 2021, SHF reported a contract asset and liability of $18,317 and
$8,333, respectively. As of June 30, 2022, SHF reported a contract asset of $27,710 with no contract liability.</p>

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">SHF has reported working
capital of $6,838,239 at June 30, 2022 and $5,922,023 at December 31, 2021.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">Pursuant to the Purchase
Agreement, as long as the post combination business includes at least $5,000,000 in net tangible assets, PCCU is entitled to retain all
cash on hand less current liabilities prior to July 31, 2021, which is approximately $3.1 million. The business combination assumes $70,000,000
cash payment to PCCU funded by $60,000,000 in PIPE capital with the residual assumed to be funded with non-redemptions of the existing
public stockholders of the Company. Depending on redemptions, SHF will have access to additional funding at closing through the cash released,
in excess of amounts necessary fund the cash portion of the transaction, from the Company&#8217;s trust account in accordance with the
terms of the business combination. At this time, SHF is focused on completing the contemplated business combination which is subject to
satisfaction of the remaining conditions to closing. Regardless, we believe our cash on hand and other capital sources including cash
flow from operations will be sufficient to fund our operations for at least the following 12 months.</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">Our consolidated financial
statements and accompanying notes are prepared in accordance with GAAP. Preparing consolidated financial statements requires management
to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, and expenses, as well as disclosure
of contingent assets and liabilities. An appreciation of our critical accounting policies is necessary to understand our financial results.
In some cases, we could reasonably use different accounting policies and estimates, and changes in our estimates are reasonably likely
to occur from period to period. Accordingly, actual results could differ materially from our estimates, and our financial condition or
results of operations could be affected. We base our estimates on our experience and other assumptions that we believe are reasonable,
and we evaluate these estimates on an ongoing basis. We refer to accounting estimates of this type as critical accounting policies and
estimates, which we discuss further below.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><b><i>Revenue recognition</i></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SHF adopted Accounting Standards Codification (&#8220;ASC&#8221;)
Topic 606, Revenue from Contracts with Customers (&#8220;ASC 606&#8221;). The core principle of ASC 606 requires that an entity recognize
revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which SHF expects
to be entitled in exchange for those goods or services. ASC 606 defines a five-step process to achieve this core principle and, in doing
so, it is possible more judgment and estimates may be required within the revenue recognition process than required under existing accounting
principles generally accepted in the United States of America (&#8220;U.S. GAAP&#8221;) including identifying performance obligations
in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price
to each separate performance obligation. SHF adopted ASC 606 for all applicable contracts using the modified retrospective method, which
would have required a cumulative-effect adjustment, if any, as of the date of adoption. The adoption of ASC 606 did not have a material
impact on SHF&#8217;s financial statements as of the date of adoption. As a result, a cumulative-effect adjustment was not required.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Revenue is recorded at a point in time when the performance
obligation is satisfied, and no contingencies exist. Revenue consists primarily of fees earned on deposit accounts held at PCCU but serviced
by SHF such as bank account charges, onboarding income, account activity fee income and other miscellaneous fees.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition, SHF recognizes revenue from the Master
Program Agreement. The Master Program Agreement is a non-exclusive and non-transferable right to implement and utilize the Safe Harbor
Program. The Safe Harbor Program has two performance obligations; an implementation fee recognized when the contract is effective and
a service fee recognized ratable over the contract term as the compliance program is executed.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Lastly, SHF also records revenue for interest on loans
and investment income allocated by PCCU based on specific customer balances.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Amounts received in advance of the service being provided
is recorded as a liability under deferred revenue on the combined balance sheets. Typical Safe Harbor Program contracts are three-year
contracts with amounts due monthly, quarterly or annually based on contract terms.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Customers consist of financial institutions providing
services to CRBs. Revenues are concentrated in the United States.</p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Allowance for loan losses</i></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The allowance for loan losses is a valuation allowance
for probable incurred credit losses, increased by the provision for loan losses and decreased by charge-offs less recoveries. Management
estimates the required allowance for loan losses balance using past loan loss experience, known and inherent risks in the nature and volume
of the portfolio, information about specific borrower situations and estimated collateral values, economic conditions, and other factors.
Allocations of the allowance for loan losses may be made for specific loans, but the entire allowance is available for any loan that,
in management&#8217;s judgment, should be charged-off. Loan losses are charged against the allowance for loan losses when management believes
the uncollectibility of a loan balance is confirmed.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The allowance for loan losses consists of specific
and general components. The specific component relates to loans that are individually classified as impaired or loans otherwise classified
as substandard or doubtful. The general component covers non-classified loans and is based on historical loss experience adjusted for
current factors.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Due to the nature of uncertainties related to any
estimation process, Management&#8217;s estimate of loan losses inherent in the loan portfolio may change in the near term. However, the
amount of the change that is reasonably possible cannot be estimated.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A loan is considered impaired when, based on current
information and events, full payment under the loan terms is not expected. Impairment is generally evaluated in total for smaller-balance
loans of similar nature such as a commercial loan and commercial lines of credit, but may be evaluated on an individual loan basis if
deemed necessary. If a loan is impaired, a portion of the allowance is allocated so that the loan is reported, net, at the present value
of estimated future cash flows using the loan&#8217;s existing rate or at the fair value of collateral if repayment is expected solely
from the collateral.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The loans SHF intends to originate will be secured
by various types of assets of the borrowers, including real property and certain personal property, including value associated with other
assets to the extent permitted by applicable laws and the regulations governing the borrowers. The documents governing the loans also
include a variety of provisions intended to provide remedies against the value associated with licenses. Collection procedures are designed
to ensure that neither SHF nor its financial institution clients who provide funding for a loan, nor a third-party agent engaged to assist
with the liquidation or foreclosure process, will take possession of cannabis inventory, cannabis paraphernalia, or other cannabis-related
assets, nor will they take title to real estate used in cannabis-related businesses. Upon default of a loan, a third-party agent will
be engaged to work with the borrower to have the borrower sell collateral securing the loan to a third party or to institute a foreclosure
proceeding to have such collateral sold to generate funds towards the payoff of the loan. Applicable regulations under state law that
govern CRBs generally do not permit the taking of title to real estate involved in commercial sales of cannabis, whether through foreclosure
or otherwise, without prior regulatory approval. The sale of a license or other realization of the value of licenses also requires the
approval of state and local regulatory authorities. A defaulted loan may also be sold if such a sale would yield higher proceeds or that
a sale could be accomplished more quickly than a foreclosure proceeding while yielding proceeds comparable to what would be expected from
a foreclosure sale. Such sale of the loan would be conducted through a third-party administrative agent. However, SHF can provide no assurances
that a sale of such loans would be possible or that the sales price of such loans would be sufficient to recover the outstanding principal
balance, accrued interest, and fees.</p>

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

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

<p style="font: 12pt 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"><b><i>Indemnity liability</i></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The indemnification component of the Loan Servicing
Agreement is accounted for in accordance with <i>ASC 450-20 Loss Contingencies</i>. In determining the applicability of ASC 450-20, we
considered that the agreement outlines a broad indemnification of all claims related to the cannabis-related business. The most immediate
and potentially significant of these are potential default-related loan losses. In the lending industry, it is inherently anticipated
future loan losses will result from currently issued debt. SHF&#8217;s indemnity obligation is subordinate to PCCU&#8217;s and other financial
institution clients&#8217; other means of collecting on the loans including foreclosure of the collateral, recourse against personal and/or
corporate guarantors and other default remedies available in the loan agreements. Since borrowers are not party to the agreement between
SHF and PCCU, any indemnity payments do not relieve borrowers of their obligation to PCCU nor would such payments preclude PCCU&#8217;s
right to future recoveries from the debtor. Therefore, as defined in ASC 450-20, the indemnification clause represents a general loss
contingency in that it is an existing condition, situation or set of circumstances involving uncertainty as to possible loss to the Company
that will ultimately be resolved when one or more future events occur or fail to occur. SHF&#8217;s indemnity liability reflects SHF management&#8217;s
estimate of probable loan losses inherent under the agreement at the balance sheet date. Management uses a disciplined process and methodology
to establish the liability, and the estimates are sensitive to risk ratings assigned to individual loans covered by the agreement as well
as economic assumptions driving the estimation model. Individual loan risk ratings are evaluated quarterly by SHF management based on
each situation.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition to default-related loan losses, SHF continuously
monitors all other circumstances pursuant to the agreement and identifies events that may necessitate a loss contingency under the Loan
Servicing Agreement. A loss contingency is reported when it is both probable that a future event will confirm that a loss had been incurred
on or before the related balance sheet date and the loss is reasonably estimable.</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SHF is an emerging growth company (&#8220;<i>EGC</i>&#8221;),
as defined in the JOBS Act. Under the JOBS Act, EGCs can delay adopting new or revised accounting standards issued until such time as
those standards apply to private companies. In electing this relief, the JOBS Act does not preclude an EGC from adopting a new or revised
accounting standard earlier than the time that such standard applies to private companies. SHF has elected to use this relief and will
do so until the earlier of the date that it (a) is no longer an emerging growth company or (b) affirmatively and irrevocably opts out
of the extended transition period provided in the JOBS Act. As a result of the elected JOBS Act relief, these combined and consolidated
financial statements may not be comparable to companies that do not elect JOBS Act relief or choose to early adopt different accounting
pronouncements than SHF.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Internal Control Over Financial Reporting</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In connection with the audit of our financial statements
for the year ended December 31, 2020, two material weaknesses were identified in our internal controls over financial reporting. A material
weakness is a deficiency, or a combination of deficiencies, in internal controls over financial reporting such that there is a reasonable
possibility that a material misstatement of SHF&#8217;s annual or interim consolidated financial statements will not be prevented or detected
on a timely basis.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">One material weakness was identified related to a
failure to complete an analysis of the accounting impact of ASC Topic 606, Revenue from Contracts with Customers particularly as it related
to revenue recognition associated with our Safe Harbor Program revenue, and one material weakness was identified associated with our application
of carve out accounting guidance and our failure to exclude certain specifically identifiable expenses from corporate allocations. We
have implemented a plan to remediate these material weaknesses, through measures that include the following:</p>

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

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.25in"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 0.25in; text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">we are in process of hiring a Chief Financial Officer with public accounting and previous experience as a public company executive.</span></td></tr>

<tr style="vertical-align: top">
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
<tr style="vertical-align: top">
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">we are utilizing third-party consultants and specialists, to supplement our internal resources.</span></td></tr>

<tr style="vertical-align: top">
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
<tr style="vertical-align: top">
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">we have enhanced our reconciliation and review controls including review by our parent CFO.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">With the implementation of this plan, the material
weaknesses have been remediated for the year ended December 31, 2021. SHF&#8217;s principal financial and accounting officer has concluded
that during the period covered by this report, our disclosure controls and procedures were effective at a reasonable assurance level and,
accordingly, provided reasonable assurance that the information required to be disclosed by us in reports filed under the Exchange Act
is recorded, processed, summarized and reported within the time periods specified in the SEC&#8217;s rules and forms.</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We have begun our implementation of Sarbanes-Oxley
and we plan to continue to assess our internal controls and procedures and to take further action as necessary or appropriate to address
any other matters we identify. See also the section titled &#8220;<i>Risk Factors &#8212; Risks Related to New Safe Harbor&#8217;s Business
Following the Business Combination</i>.&#8221;</p>

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Corporate allocations include overhead expenses such
as information technology, customer support, marketing, executive compensation and other general and administrative expenses that are
attributed to the Branches proportionately based on the relative size of the specific identifiable customer deposits to the consolidated
PCCU.</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Effective July 1, 2021, SHF entered into an Account
Servicing Agreement with PCCU. SHF provides services as per the agreement to CRB accounts at PCCU. In addition to providing the services,
SHF assumes the costs associated with the CRB accounts. These costs include employees to manage account onboarding, monitoring and compliance,
rent and office expense, insurance and other operating expenses necessary to service these accounts. Under the agreement, PCCU agrees
to pay SHF all revenue generated from CRB accounts. Amounts due to SHF are due monthly in arrears and upon receipt of invoice. The agreement
is for an initial term of 3 years from the effective date. It shall renew thereafter for 1-year terms until either SHF or PCCU provide
sixty days prior written notice. Pursuant to this agreement, SHF reported revenue of $1,808,640 and $3,436,731 for the three month and
six month periods ended June 30, 2022 and $0 for the three and six month periods ended June 30, 2022.</p>

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

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As described elsewhere in this prospectus,
on February 11, 2022, SHF and PCCU entered into the Amended and Restated Account Servicing Agreement, pursuant to which SHF provides
services including, among other things, Bank Secrecy Act compliance and reporting, onboarding, responding to account inquiries, and responding
to customer service inquiries relating to accounts at PCCU held for cannabis-related businesses (&#8220;CRBs&#8221;). Pursuant to the
Amended and Restated Account Servicing Agreement, SHF&#8217;s fees for such services will equal all cannabis-related income, including
all lending-related income (such as loan origination fees, interest income on CRB-related loans, participation fees and servicing fees),
investment income, interest income, account activity fees, processing fees, flat fees, and other revenue generated from cannabis and
multi-state hemp accounts that are hosted on PCCU&#8217;s core system. The Amended and Restated Account Servicing Agreement is for an
initial term of three years and will renew for additional one-year terms unless a party provides 120 days&#8217; notice of non-renewal,
provided that PCCU may not provide notice of non-renewal until 30 months following the signing date. The Amended and Restated Account
Servicing Agreement initially provided that the agreement would terminate within 60 days of SHF no longer qualifying as a &#8220;credit
union service organization&#8221; or within 60 days of the assumption by a third party of all CRB-related accounts; however, on May 23,
2022, SHF and PCCU entered into the Second Amended and Restated Account Servicing Agreement, which agreement amended and restated the
Amended and Restated Account Servicing Agreement to remove the provision providing for the termination of the agreement within 60 days
of SHF no longer qualifying as a &#8220;credit union service organization,&#8221; as SHF will cease to qualify as a CUSO following the
closing of the Business Combination.</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Effective July 1, 2021, SHF entered into a Support
Services Agreement with PCCU. In connection with PCCU hosting the depository accounts and the related loans and providing certain infrastructure
support, PCCU receives (and SHF pays) a monthly fee per depository account. In addition, 25% of any investment income associated with
CRB deposits is paid to PCCU. The respective duties and obligations as per the agreement commenced on the effective date and continue
unless terminated by either SHF or PCCU upon giving sixty days prior written notice. Pursuant to these agreements and as amended and restated
on February 11, 2022, the Company reported expenses of $131,742 and $215,550 for the three and six month periods ended June 30, 2022 and
$0 for the three and six month periods ended June 30, 2021.</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As described elsewhere in this prospectus,
on February 11, 2022, SHF and PCCU entered into the Amended and Restated Support Services Agreement, pursuant to which PCCU will continue
to provide to SHF certain operational and administrative services relating to, among other things, human resources, employee benefits,
IT and systems, accounting and marketing for a monthly fee equal to $30.96 per account in 2022 and $25.32 per account in 2023 and 2024.
In addition, as it pertains to CRB deposits held at PCCU, investment and interest income earned on these deposits (excluding interest
income on loans funded by PCCU) will be shared 25% to PCCU and 75% to SHF. SHF will also reimburse PCCU for any of its out-of-pocket
expenses relating to the services provided to SHF. The Amended and Restated Support Services Agreement also sets forth certain agreements
of PCCU to limit bonus distributions to its members to $30,000,000 during any 12-month period following the effective date of the agreement
and to allow its ratio of CRB-related deposits to total assets to equal at least 65% unless otherwise dictated by regulatory, regulator
or policy requirements. The Amended and Restated Support Services Agreement has the same term and termination provisions as the Amended
and Restated Account Servicing Agreement, including a provision providing for the termination of the agreement within 60 days of SHF
no longer qualifying as a &#8220;credit union service organization.&#8221; On May 23, 2022, SHF and PCCU entered into the Second Amended
and Restated Support Services Agreement, which agreement amended and restated the Amended and Restated Support Services Agreement to
remove the provision providing for the termination of the agreement within 60 days of SHF no longer qualifying as a &#8220;credit union
service organization,&#8221; as SHF will cease to qualify as a CUSO following the closing of the Business Combination.</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Effective February 11, 2022, SHF entered into a Loan
Servicing Agreement with PCCU. The agreement sets forth the application, underwriting and approval process for loans from PCCU to CRB
customers and the loan servicing and monitoring responsibilities provided by both PCCU and SHF. PCCU will receive a monthly servicing
fee at the annual rate of 0.25% of the then-outstanding principal balance of each loan funded by PCCU. For the loans that are subject
to this agreement, SHF originates the loans and performs all compliance analysis, credit analysis of the potential borrower, due diligence
and underwriting and all administration, including hiring and incurring the costs of all related personnel or third-party vendors necessary
to perform these services. Under the Loan Servicing Agreement, SHF has agreed to indemnify PCCU from all claims related to default-related
loan losses as defined in the Loan Servicing Agreement. The agreement is for an initial term of three years and will renew for additional
one-year terms unless a party provides 120 days&#8217; notice of non-renewal or there is a termination for cause, provided that PCCU may
not provide notice of non-renewal until 30 months following the signing date.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Pursuant to this agreement, the Company reported expenses
of $3,731 and $5,104 for the three and six month periods ended June 30, 2022 and $0 for the three and six month periods ended June 30,
2021.</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Effective July 1, 2021, SHF entered into a one-year
gross lease with the Parent to lease space in its existing office at a monthly rent of $5,400. Effective July 1, 2022, the Company amended
its existing lease to a month-to-month lease and therefore no asset or liability amounts are reported pursuant to ASC 842.</p>

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


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b><span id="ET_003"></span>BUSINESS</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><i>Unless otherwise indicated
or the context otherwise requires, references in this section to &#8220;Safe Harbor,&#8221; &#8220;we,&#8221; &#8220;us,&#8221; &#8220;our&#8221;
and other similar terms refer to SHF prior to the Business Combination and to the Company and SHF, on a consolidated basis, after giving
effect to the Business Combination. The description of Safe Harbor&#8217;s operations included herein also refers, as appliable, to the
operations of its predecessor, as described in more detail in the Combined Financial Statements for SHF, LLC included elsewhere in this
prospectus.</i></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"><b>Summary of Safe Harbor&#8217;s Business</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Safe Harbor is a market-leading
service provider to financial institutions for the legal U.S. cannabis marketplace and has been successful in doing so since its inception
in 2015. We believe Safe Harbor is a marketplace leader in:</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 0.25in; text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">Onboarding, verification and monitoring of customer accounts maintained at our client financial institutions; </span></td></tr>

<tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
<tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">building a national presence by providing services to financial institutions who have CRB customers in 20 states, with the foundation to scale and expand our services to financial institutions in all state-legal cannabis markets across the United States and its territories;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">developing proprietary onboarding and compliance software maintaining the highest standard of &#8220;Know Your Customer&#8221; (&#8220;KYC&#8221;) and Bank Secrecy Act (&#8220;BSA&#8221;) compliance;</span></td></tr>

<tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
<tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">compliant lending services and assisting in underwriting for loans to CRBs and ancillary service providers to CRBs; and</span></td></tr>

<tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
<tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">successfully navigating the high scrutiny that comes with 16 state and federal examinations in its more than seven-year operating history.</span></td></tr>
  </table>
<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">Safe Harbor was conceived in 2015
as a solution to a major problem that plagued the nascent legalized cannabis industry in Colorado - access to reliable and compliant financial
services. Cannabis related funds were already finding their way into the financial system, including via hidden, misrepresented accounts
and unlawful banking practices. Based upon our research we determined that the appropriate step was to protect the financial system from
criminal activity and provide legitimacy to the legal state CRBs. From decades of regulatory and banking experience, we created a detailed
compliance program to assist financial institutions desiring to provide safe and sound financial services that would accomplish industry
accountability and protect the financial system. The compliance program provides onboarding, validation and monitoring services to financial
institutions desiring to provide traditional banking services to all types of marijuana, hemp, and CBD businesses, and to ancillary businesses
that provide services to the cannabis industry. These ancillary businesses include payroll companies, payment processors, and professionals
providing services to and receiving payment from CRBs. As the lawful cannabis industry grew beyond Colorado, Safe Harbor evolved its business
practices to build a national footprint and currently provides services to financial institutions that provide banking services in 20
states where cannabis is either legal medicinally or for full adult use. The below schedule demonstrates states where CRBs are located
for which SHF has provided onboarding and monitoring services and those where some form of cannabis use is legal, representing immediate
opportunity for expansion.</p>

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

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<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-size: 10pt"><img src="forms-1_001.jpg" alt="" style="height: 496px; width: 560px" /></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: center"><sup>1</sup>Includes medical and/or adult use cannabis.
Does not include states that have legalized CBD-only.</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">Source: Wall Street analysis and
industry reports</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">Safe Harbor has capitalized on
the opportunity to do what financial institutions would not do directly &#8211; provide access to financial services to the underserved
cannabis industry. Among the factors preventing most financial institutions from providing similar services are:</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
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    <td style="width: 0.25in; text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">conflicting state and federal laws regarding legalization;</span></td></tr>

<tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
<tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">the high-risk nature of cannabis due to its black market history and undocumented, illegally earned legacy funds;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">FinCEN guidance issued in 2014 (the &#8220;2014 FinCen Guidance&#8221;) explaining how financial institutions might serve the cannabis industry, creating potential for differing interpretations and inconsistent standards;</span></td></tr>

<tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
<tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">under-the-radar operations of CRBs and the complex nature of the corporate structures created to separate and protect assets, which creates steep learning curves necessitating the specialized cannabis sector training, onboarding, monitoring and funds validation;</span></td></tr>

<tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
<tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">BSA obligations to which few financial institutions are willing to dedicate the significant necessary resources, and fear of non-compliance, which can result in millions of dollars in fines assessed against the financial institution.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The lack of a &#8220;safe harbor&#8221;
regulatory provision that would protect officers and directors from prosecution for providing financial services to companies that produce
and sell cannabis products provides the business opportunity that we have sought to fulfill.</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">During April 2021, the United
States House of Representatives passed the SAFE Banking Act of 2021 (the &#8220;SAFE Act&#8221;). The SAFE Act would prohibit federal
regulators from fining and penalizing financial institutions and their management/executive team who service legitimate businesses including
those in the cannabis industry (i.e. those legal operating in states that have approved cannabis for medicinal and/or adult use). The
SAFE Act has not been brought to or passed by the Senate and therefore is not law. Even with the passage of the SAFE Act, we do not believe
the above barriers to entry would be significantly reduced. We feel due to the high cash nature of the business, which we believe will
persist in the near and mid term, and the illicit history of cannabis, many potential competitors will remain hesitant to serve the industry
resulting in an outsized opportunity for SHF.</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">Since inception (including its
predecessor, Eagle Legacy Services, LLC, a subsidiary of PCCU), Safe Harbor has onboarded over $12 billion in cannabis related funds into
the financial system with what we believe to be the highest level of monitoring and validation. In conjunction with its financial institution
clients, Safe Harbor has successfully completed 16 state and federal exams without interruption resulting in reliable financial services.
Safe Harbor&#8217;s onboarded deposits currently consist of nearly 600 accounts that were onboarded and validated in a methodical manner
to ensure continuity of service while under significant regulator scrutiny. Safe Harbor&#8217;s services started with only 10 test CRBs
resulting in current onboarded accounts representing approximately 60 times growth since Safe Harbor began operations. Safe Harbor has
successfully grown its onboarded deposits at a rapid pace, with a compound annual growth rate (&#8220;CAGR&#8221;) of 69% from 2015 to
2021. Onboarded deposits processed in 2021 were approximately $3.6 billion.</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">Safe Harbor&#8217;s onboarding
process for CRBs desiring banking services through PCCU or another financial institution is a multi-step process that is designed to fulfill
the financial institution&#8217;s &#8220;know your customer&#8221; requirements and the diligence expectations set forth in the 2014 FinCEN
Guidance related to providing services to CRBs, particularly developing an understanding of the normal and expected activity for the business.</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">The account opening process begins with an application and supporting documentation provided by the CRB, which are uploaded and logged so that, following a quality control review, open items and questions are flagged for follow up. All account-related documentation is stored in a secure database that allows Safe Harbor&#8217;s oversight, audit and exam functions to have access to all of the CRB&#8217;s documents.</span></td></tr>

<tr style="vertical-align: top">
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
    <td style="text-align: justify">&#9679;</td>
    <td style="text-align: justify"><span style="font-size: 10pt">As part of Safe Harbor&#8217;s diligence process, background checks are performed on all business owners, with the need for additional background checks of indirect owners or investors determined in the application review stage.</span></td></tr>

<tr style="vertical-align: top">
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
    <td style="text-align: justify">&#9679;</td>
    <td style="text-align: justify"><span style="font-size: 10pt">Other diligence includes, among other things, as applicable, confirmation of licensure, on-site visits to review business processes and inspect business locations, verification of sources of funds, review of business and inventory records, and review of other information necessary for a full understanding of the prospective customer&#8217;s business and historical operations.</span></td></tr>

<tr style="vertical-align: top">
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
<tr style="vertical-align: top">
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    <td style="text-align: justify">&#9679;</td>
    <td style="text-align: justify"><span style="font-size: 10pt">The account opening process is completed with the assistance of a financial institution staff member.</span></td></tr>
  </table>

<p style="margin-top: 0; margin-bottom: 0">&#160;</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: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-size: 10pt"><img src="forms-1_002.jpg" alt="" style="height: 176px; width: 579px" /></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">Currently, substantially all deposits
are maintained by PCCU, Safe Harbor&#8217;s parent, and all transmissions of funds to or from these deposit accounts are handled directly
by PCCU. We have expanded, and intend to continue to expand, our relationships with other financial institutions that similarly hold the
CRB deposit accounts and handle transmissions of funds to and from the accounts. Although we do not hold the deposit accounts, we believe
that account retention is a measure of our ability to efficiently and compliantly onboard, validate and monitor CRB accounts. For the
year ended December 31, 2021, our account retention rate, representing onboarded accounts active at the end of the year as compared to
onboarded accounts open at January 1, 2021, is 83.4%. For the three months ended March 31, 2022, our account retention rate, representing
onboarded accounts active at the end of March 31, 2022 as compared to onboarded accounts open at January 1, 2022, is 94.2%. The largest
10 CRB accounts held at PCCU for the period ended December 31, 2021 represented less than 12% of fee income from onboarded deposits, which
is currently our largest source of revenue. For the three months ended March 31, 2022 and March 31, 2021, the largest 10 CRB accounts
based on fee income from onboarded deposits represented approximately 10.3% and 13.1%, respectively, of fee income from onboarded deposits.
Building upon the existing foundation, we believe SHF has the ability to continue to grow the financial institution clients for which
it onboards deposits and related fee income at a strong pace. In addition, we plan to add access to additional financial services to the
Safe Harbor platform, such as merchant processing, custodial relationships, insurance products, broker/dealer services, payment processing
services and investment services, although in each case these services would be provided by a third party holding necessary licenses.</p>

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

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-size: 10pt; color: red"><img src="forms-1_003.jpg" alt="" style="height: 337px; width: 599px" /></span></p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We hope to leverage our current
operational capabilities to build a &#8220;one stop shop&#8221; with reliable, proven compliance and service programs for financial institutions
under the Safe Harbor brand. Access to additional services may either be developed through contractual relationships with third parties
or acquired via our merger and acquisition strategy as described below. We feel Safe Harbor is well positioned to become a leading provider
of access to financial services to cannabis, hemp and CBD businesses and ancillary businesses providing services to CRBs across the U.S.</p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Safe Harbor has developed and
commercialized a fully compliant financial services platform for financial institutions providing banking services to CRBs to access and
maintain reliable financial services as long as both the financial institution client and the CRB meet regulatory requirements. Our platform
has been streamlined and finetuned for the past 7 years which enables Safe Harbor staff to efficiently guide financial institution clients
and the CRBs desiring banking services through the onboarding, validation and monitoring process. Our automated platform provides for
an efficient and effective management tool allowing our employees to provide continuity of service while enabling compliance staff to
monitor BSA activities.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Through the Safe Harbor platform,
our financial institution clients have the ability to provide CRBs with access to traditional financial services including wires, debit,
ACH, remote deposit capture, business checking and savings accounts, courier and vaulting services, cash management accounts and commercial
lending. We believe our services have been implemented consistent with applicable law and regulations, ensuring our financial institution
clients will be able to provide CRBs with reliable access to these services. We feel our history of developing processes that satisfy
regulatory standards has resulted in a solid reputation with related authorities and solidifies our ability to continue to grow existing
services and reduces barriers in expanding into new service offerings.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Safe Harbor maintains relationships
with PCCU, its current parent, and other financial institutions in which the CRB funds are deposited and monetary transactions are performed.
SHF&#8217;s agreements with the financial institution allow the Safe Harbor platform to interface with the financial institution&#8217;s
core banking systems and extract data necessary to monitor the deposit accounts onboarded by Safe Harbor. Financial transactions, such
as funds transmissions to or from the accounts, occur through PCCU&#8217;s and other financial institution client&#8217;s infrastructure.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">When a CRB or ancillary service
provider approaches PCCU or other financial institution for which Safe Harbor provides its onboarding services, an initial onboarding
fee is assessed based on the type and complexity of the business. Onboarding is an important part of the KYC requirements set forth in
federal guidance. The onboarding process can require a great deal of time depending on the business complexity and the fee we assess is
based upon the complexity and required time to complete the process. Additionally, Safe Harbor assesses monthly deposit and activity fees,
which have historically been the majority of our revenue. These fees are also based on business type and size. Monitoring and validating
deposit activity is paramount to the success of the Safe Harbor platform. We believe our compliance-first focus reassures regulators and
law enforcement that Safe Harbor continues to focus on the safety and soundness of the financial system.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Investment income is also generated
when PCCU or other financial institution clients invest CRB deposits. Under the Account Servicing Agreement with PCCU, PCCU retains 25%
of this related investment income. Through its relationship with PCCU, depository amounts invested are typically restricted to low-risk
assets with high liquidity and low returns. Amounts invested are regulatorily restricted depending on the regulating authorities of the
financial institutions with whom we contract.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The level of CRB deposits onboarded
by Safe Harbor and held at PCCU allows for robust lending capacity. During 2020, Safe Harbor implemented a commercial lending program,
which will be a strong pillar for future revenue and profit growth. The focus will primarily include senior secured lending with smaller
loans considered for unsecured lending. Collateral types would include real estate, equipment, and other business assets. The commercial
lending program is built on:</p>

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<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 0.25in; text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">stringent collateral package requirements with ample loan to value coverage; </span></td></tr>

<tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
<tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">strong underwriting of collateral and creditworthiness of borrower; and </span></td></tr>

<tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
<tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">a deep knowledge and understanding of the industry, borrowers&#8217; operations and the cannabis industry business cycle. </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">Currently, lending is primarily
funded through PCCU using the funds from CRB deposit accounts onboarded by Safe Harbor. Safe Harbor is currently seeking relationships
with additional financial institutions that would fund Safe Harbor&#8217;s loans and other sources of working capital with which Safe
Harbor could fund the loans directly. Safe Harbor has created a lending program tailored specifically to the unique needs of CRBs while
also achieving strong returns on quality loans. We believe lending-related income will represent the most significant portion of our revenue
by 2023. While third parties are presently used to provide loan underwriting and servicing, Safe Harbor plans on building out a full-service
internal lending function to improve the efficiency of our lending process and to increase future profitability.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We feel we have taken a creative
and methodical approach in building the Safe Harbor platform, which has allowed us to nationally scale our business. The platform&#8217;s
policies, training, monitoring and other processes are well established with talented and expert level knowledge. We also plan to further
expand the officer level suite with talent that we believe will further our success. We anticipate this combination will provide a competitive
advantage for us as we focus on continued growth.</p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Safe Harbor operates as a fintech
within the financial services sector of the large and quickly expanding United States (&#8220;U.S.&#8221;) cannabis industry. The cannabis
industry is one of the fastest emerging consumer end markets in the U.S. According to the 2021 Annual Marijuana Business Factbook, the
industry is expected to grow from a $20 billion market in 2020 to $46 billion by 2025, representing a 14%% and 20% CAGR in medicinal and
adult use respectively<b>. </b>As of March 2022, 38 states plus the District of Columbia have legalized medical cannabis, and 18 states
plus the District of Columbia have legalized adult-use cannabis. Additional states that have recently enacted efforts to legalize, such
as New York and New Jersey, are expected to contribute significantly to the 2025 market size, which is when they are expected to be fully
operational and supported by proper infrastructure</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Safe Harbor management is well
positioned to assist growing markets; having created a reliable reputation and network over the past seven years. The team is often called
upon to work with state and federal officials, regulators, law enforcement and financial service providers to share experience and knowledge
on navigating access to financial services. We believe this expertise will allow us to enter new markets with greater ease.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Further momentum with pending
legislative and regulatory changes is expected to drive expansion of the total addressable market as more states continue to legalize
cannabis for adult-use and medical use. According to a 2022 report from New Frontier Data, an expected 52 million U.S. adults will consume
cannabis at least once in 2022 across both legal and unregulated markets. That number is projected to grow by roughly 4% per year over
the next eight years, reaching an estimated 71 million U.S. consumers by 2030.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Over 89 million Americans (26%
of the U.S. population) live in states where possession and use of cannabis remain illegal. Currently, approximately 91% of U.S. adults
say marijuana should be legal for medical use only or medical and adult-use. This would greatly increase potential end users and we believe
reduce stigma around the use of cannabis and cannabis related products.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Safe Harbor strategy is to
be a first-mover in future new legal markets through its platform offering access to financial services, which already allows financial
institutions to offer their services to CRBs in multiple states.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We believe there is currently
a very small subset of the financial services industry willing to provide a full suite of financial services to CRBs and these providers
are extremely fragmented. Safe Harbor has been a front runner in assisting financial institutions that desire to provide reliable financial
services to the industry and is well known amongst the leaders in the cannabis financial services arena. Going forward, we feel this positions
Safe Harbor well to further optimize market position and become the leading provider of access to financial services focused on the cannabis
industry.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The below charts demonstrate the
historical and projected U.S. cannabis retail market size and the current state of legalization bifurcated between legalized for medicinal
purposes and full adult use legalization including recreational.</p>

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<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-size: 10pt"><img src="forms-1_004.jpg" alt="Chart, bar chart&#10;&#10;Description automatically generated" style="height: 190px; width: 315px" /></span></p>

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

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Cannabis remains a controlled
substance under the CSA. The conflict between federal and state laws allows for prosecution at the federal level, assets remain subject
to seizure, and there are potential punitive actions by third parties (including regulated) against financial institutions and financial
services providers for entering the business. The only quasi-protective measure in place is the Rohrabacher-Blumenauer Amendment to the
Appropriations Budget. However, this amendment is not specifically for financial institutions and is only for the general purpose of prohibiting
the use of federal funds to prosecute CRBs in states that have created a regulatory framework for medical cannabis only. The uncertainty
of the legal landscape has increased with the previous Attorney General&#8217;s January 2018 rescission of the Cole Memorandum, which
was guidance issued in August 2013 from then Deputy Attorney General James M. Cole to federal prosecutors that de-prioritized the enforcement
of federal marijuana prohibitions. Although, in our opinion, the authority to prosecute cannabis related violations appears to remain
vested in each state&#8217;s Attorney General, we believe that the 2014 FinCEN Guidance provide an important framework for compliance
to parties providing services to CRBs. We also believe that the successful completion of 16 regulatory examinations of our financial institution
clients for which we provide onboarding services demonstrates that it is possible to structure onboarding, validation and monitoring services
in a compliant manner.</p>

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<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"><i>Pending Legislation</i></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Legislation pending at the federal
level such as the SAFE Banking Act described above will provide limited protection to financial institutions banking the industry and
other financial services providers in as much as the companies and their officers will not be prosecuted or fined simply for servicing
the cannabis industry. However, legislation will not protect financial institutions from breaches of Bank Secrecy Act (&#8220;BSA&#8221;)
regulations, which may lead to significant penalties, often resulting in substantial fines assessed by FinCEN. Given inherent risks associated
with the cannabis industry such as the remaining illicit market and illegal past, the need to bank the industry at an elevated level of
compliance will not change if the legislation passes at the federal level unless BSA changes, which is unlikely.</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"><i>Complexity of Business</i></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The nature of the cannabis business
is such that businesses utilize sophisticated business structures for asset protection and to create ways to maximize tax efficiencies.
This makes for very complex business structures with some companies having twenty plus related entities that financial institutions must
monitor for adherence to anti-money laundering (&#8220;AML&#8221;)/BSA regulations. This understanding, diligence and underwriting is
labor-intensive work requiring significant hands-on resources.</p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Due to the divergence between
cannabis-related state and federal law, we believe venturing into providing access to banking and financial services for CRBs remains
&#8220;cutting edge.&#8221; We feel that the scrutiny and pressure under which financial institutions and financial services providers
must operate to maintain compliant while servicing CRBs, coupled with the pending status of further federal legislation, causes most financial
institutions and financial services providers to shy away from the industry. We, however, view this as an opportunity.</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">While post-Business Combination
SHF will not be regulated as a subsidiary of a regulated financial institution, our agreements with our financial institution partners
and the nature of our services typically require we provide these services in a compliant manner. This primarily relates to offering services
that are compliant with the 2014 FinCEN Guidance and the BSA. In addition, given our history of being born from a credit union, our services
historically have been subject to regulatory oversight from the National Credit Union Administration (&#8220;NCUA&#8221;). As we will
no longer be a credit union service organization post-Business Combination, this will no longer be the case. SHF will nevertheless continue
to be subject to a range of laws, rules, and regulations, including those applicable to SHF as a wholly owned subsidiary of an SEC registrant.</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">In order to ensure we provide
our services in an appropriate manner, we maintain policies and procedures we believe to be aligned with the requirements of 2014 FinCEN
Guidance and the BSA. These policies and procedures are continuously assessed by management and formally reviewed at least annually. All
employees are provided ongoing and annual training to ensure our services are delivered in an appropriate manner. An external audit firm
is engaged to audit our compliance with certain policies on a quarterly and annual basis.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>BSA/AML Regulations and Ramifications</i></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">BSA penalties for non-compliance
are significant. For example, during March 2022, FinCEN issued a consent order issuing a $140 million civil penalty to a financial institution
for failing to address previously identified AML program issues and other BSA compliance issues. This fine was unrelated to CRBs, which
we believe provides a higher risk industry. We believe that most institutions cannot withstand such a penalty and will not take that risk.
BSA talent is difficult to find and delegating such legal risk to BSA staff takes a great deal of trust, training, and additional resources
to monitor activities and protect the financial institution. We believe our history and experience of providing compliant financial services
and in conjunction with our financial institution clients successfully completing 16 regulatory examinations reduces our risk in this
area and provides us with a competitive advantage. We are committed to providing services in a compliance first fashion.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</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"><i>Certification Program for Financial Institutions</i></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Standardization between financial
service providers and various regulating agencies (FDIC/OCC/NCUA) has created a difficult situation for law enforcement when determining
which entities are protecting the financial system. Safe Harbor has worked with state attorneys general to build comfort and understanding
on what constitutes a safe and sound program, ensuring no illicit funds enter the financial system. An example of this collaboration led
to the development of a New Mexico cannabis banking certification program upon which financial institutions can obtain certification and
law enforcement can rely on these certifications to make better assumptions with regards to those financial service providers truly assisting
with their priorities. Safe Harbor&#8217;s test certifications for Hemp/Cannabis/Testing and financial institutions have been successfully
completed and presented to law enforcement for their review. At this point, they have supported the efforts and the program will move
forward to include annual certification requirements with minimum standards. Safe Harbor will continue to work with law enforcement to
complete a certification program for cannabis banking financial institutions; setting a standard upon which law enforcement can rely.</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"><i>Cannabis Focused Fintech Competition</i></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Financial regulators have created
a real or perceived barrier to entry for most financial institutions. This has created the utilization of fintech models to provided financial
services to the cannabis industry. Unregulated fintechs, i.e., those not formally regulated by federal agencies, are not subject to the
same restrictions as chartered financial institutions (i.e., concentration limits on the percentage of balance sheet composed of higher
risk cannabis deposits). Fintechs may enjoy this less restricted environment for a period of time but we anticipate these companies will
become subject to increasing regulatory requirements. We believe competition at the fintech level remains limited, as the emerging cannabis
market requires the creation of sustainable fintech models that understand the regulatory environment, combining technology and regulation.
While not fully regulated, fintech models are responsible for moving funds through the financial system via banking partners and must
therefore be aware of regulations surrounding the movement of funds and implement BSA programs themselves.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>How Safe Harbor Addresses These Challenges</b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Safe Harbor&#8217;s solutions
are designed to address the key challenges faced by financial institutions desiring to provide banking services to CRBs. Today&#8217;s
industry participants lack sufficient and reliable access to traditional financial services. We believe our solutions offer valuable services
making communities safer, drive growth in local economies and foster long-term partnerships.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Safe Harbor serves financial institutions
desiring to provide banking services to the regulated cannabis industry and maintains a high standard of accountability, transparency,
monitoring, reporting and risk mitigation measures while meeting BSA obligations in-line with the 2014 FinCEN Guidance relating to CRBs.
BSA obligations vary depending on the growth and complexity of the CRB banking customers&#8217; business, resulting in financial service
providers constantly adjusting activities to meet expectations. Safe Harbor&#8217;s program has actual &#8220;hands-on&#8221; experience
in the market since January 2015. We have increased BSA activities every year to manage to the emerging market risks and growth of the
portfolio. This experience has allowed for the formulation of best practices and standardized processes that provide for a better understanding
of these risks in order to mitigate them. We believe that the Safe Harbor brand has been optimized on a national level to include sound
and recognized exposure with financial institutions, legislators, governing officials, attorneys&#8217; generals, regulators and the overall
cannabis industry.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We have developed proprietary
software built specifically for the cannabis industry from input gathered from our experience handling the onboarding of CRB accounts
for PCCU. Our software enables our financial institution clients to manage the customer onboarding process, including applications and
intake, &#8220;know your customer&#8221; diligence, and ongoing compliance monitoring, coupled with financial services relationship monitoring.
Our software is continuously improved based on our experience and is updated to include new options and functions associated with the
emerging cannabis market. Our software is able to run on different core banking systems, so as a result we are able to offer this software
to financial institution clients who desire to use our software for diligence and monitoring purposes for their own CRB customers without
our assistance. Ultimately, we believe that our software can be updated to accommodate new industries and to enhance existing processes
for increased efficiencies.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Financial institutions
continue to shy away from banking the cannabis market due to cannabis remaining a Schedule 1 drug, thus illegal under federal law.
Because there is no &#8220;safe harbor&#8221; for financial institutions seeking to provide banking services to CRBs, it provides us
the opportunity to capitalize on our knowledge and position as a market leader. We believe most financial institutions will not
enter the market until federal legalization occurs -- especially the large, multi-state financial institutions. Even then, the
industry will still be considered a higher-risk banking sector needing strong experience and vetted programs. The 2014 FinCEN
Guidance issued in February 2014 detailed the regulatory agency&#8217;s compliance and monitoring expectations for financial
institutions servicing the cannabis industry. In our opinion, this created a window of opportunity allowing for the ability to serve
the cannabis industry. We believe this window of opportunity, along with our proven track record, reduces the risk of any negative
consequences as a result of servicing the cannabis industry.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">It is our opinion that many competitors
will attempt to enter the financial services market without understanding the complexity or regulatory demands and we believe many will
quit once they assess required resources to maintain a compliant program. We have seen several financial institutions divest their balance
sheet of cannabis risk in the last year due to regulatory pressures and demands on BSA dedicated resources.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Banking, or the lack of banking
provided to the cannabis industry, remains a national issue due to the conflict in federal and state laws, reputational risk, and AML/BSA
regulatory requirements. CRBs have been unbanked or even banked secretly. Many financial institutions start serving the industry only
to quickly close down their cannabis focused operations due to i) lack of industry knowledge, ii) regulatory pressure, iii) cash management
volume, and iv) the labor-intensive monitoring and reporting requirements.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Traditional fintech operations
typically have difficulty obtaining banking relationships in which to conduct business as the financial institution still remains liable
for BSA obligations and yet the fintech retains control of all safety and soundness processes - a high and potentially expensive financial
institution risk without direct control. Safe Harbor, under the umbrella of our parent financial institution, PCCU, methodically built
its platform in a regulated manner under the supervision of financial regulators. This allows Safe Harbor to continue to operate with
attention and activities based upon required regulations and provide financial institution partners with whom we work confidence in our
ability to manage the higher-risk cannabis industry. Going forward, Safe Harbor will continue to operate in a manner to ensure a smooth
transition once regulations are standardized for businesses providing financial services under a fintech model.</p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We believe that we are a leading
service provider to financial institutions desiring to provide banking services for the U.S. cannabis industry, and our key competitive
strengths are the following:</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>We are a leading provider of services to financial
institutions desiring to provide banking services to CRBs in the U.S.</i></b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We are one of the largest providers
of access to financial service solutions to U.S. cannabis operators with nearly 600 accounts that were onboarded using our services, over
$12 billion in funds monitored since inception (including our predecessor, Eagle Legacy Services, LLC, which was a subsidiary of PCCU)
and approximately $3.6 billion in cannabis-related business deposits sourced by us in 2021. Since 2015, the accounts onboarded by us has
grown from 10 accounts in Colorado to nearly 600 accounts across 20 states with compounded annual growth rate of deposit activity of approximately
69%. These accounts represent a diverse base of multi-state operators, single-state operators, and ancillary businesses that provide services
to CRBs. As the number of CRBs continues to grow and future new markets are created, we believe that our reliable suite of financial compliance,
onboarding and monitoring service offerings, coupled with our established position in the industry, will enable us to continue to grow
the number of financial institutions to which we provide our services in new markets and deepen our existing leadership position. We believe
that our experience to date in onboarding CRB accounts, growing geographic footprint, and established position as a leading provider of
access to financial services all support our efforts as a first mover in new markets and make it more difficult for incumbents and new
entrants to replicate our success.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>We have a currently unique cost of capital advantage,
robust pipeline of lending opportunities, and underwriting expertise.</i></b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Access to capital is a critical
need for CRBs to expand their existing operations, build out facilities in new markets, and to fund acquisition opportunities. Our relationships
allow us to provide lending services from the CRB account balances held at our financial institution clients to their existing and new
customers, providing a cost of capital advantage that we believe is currently unique as compared to specialty lenders or other competitors
in the space reliant on outside capital to finance loans. As of December 31, 2021, our lending capacity from existing deposits alone was
approximately $95 million. Since December 2021, our lending capacity has increased due to the increase in PCCU&#8217;s net worth and applicable
lending capacity ratio. As part of this transaction, we anticipate PCCU&#8217;s net worth to increase substantially as SHF&#8217;s largest
shareholder. Additionally, as these deposits continue to grow through new customers or expansion of existing operations, we will expand
our lending capacity through our own business growth. Due to this lower cost of capital advantage, we target senior secured loans with
competitive interest rates which we believe are significantly lower than competitors while allowing us similar or greater net interest
spreads. Our cost-of-capital advantage may be eroded, however, as other financial institutions that have a similarly low cost of capital
increasingly enter the CRB lending space.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Since launching our commercial
lending program in 2020, we have grown our actionable pipeline of qualified lending opportunities to approximately $500 million, representing
established public and private CRBs across 10 different states. Our pipeline consists of existing CRBs whose accounts Safe Harbor onboarded,
including both single and multi state operators. We believe that as our lending program expands and additional marketing efforts are deployed,
our pipeline of opportunities will continue to grow.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We believe our proprietary onboarding
platform and experience with CRBs have developed differentiated knowledge of CRBs and insights into underwriting loans. While third parties
are currently used to provide loan underwriting and servicing services, Safe Harbor plans on building out a full-service internal lending
function to improve the efficiency of our lending process and to increase future profitability. Through our third-party loan underwriting
and servicing providers, we utilize various forms of collateral in underwriting including real estate, equipment, license values, receivables,
and other business assets to determine collateral packages. Our internal team is led by experienced cannabis investors and supported by
a rigorous loan committee process and external underwriting resources.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Our collection procedures are
designed to ensure that neither we nor our financial institution clients who provide funding for a loan, nor a third-party agent engaged
to assist with the liquidation or foreclosure process, will take possession of cannabis inventory, cannabis paraphernalia, or other cannabis-related
assets, nor will they take title to real estate used in cannabis-related businesses. Upon default of a loan, a third-party agent will
be engaged to work with the borrower to have the borrower sell collateral securing the loan to a third party or to institute a foreclosure
proceeding to have such collateral sold to generate funds towards the payoff of the loan. Applicable regulations under state law that
govern CRBs generally do not permit the taking of title to real estate involved in commercial sales of cannabis, whether through foreclosure
or otherwise, without prior regulatory approval. The sale of a license or other realization of the value of licenses also requires the
approval of state and local regulatory authorities. A defaulted loan may also be sold if such sale would yield higher proceeds or that
a sale could be accomplished more quickly than a foreclosure proceeding while yielding proceeds comparable to what would be expected from
a foreclosure sale. Such sale of the loan would be conducted through a third-party administrative agent. However, we can provide no assurances
that a sale of such loans would be possible or that the sales price of such loans would be sufficient to recover the outstanding principal
balance, accrued interest, and fees.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">As the industry continues to expand,
we believe our existing client relationships and industry expertise will continue what we believe to be our competitive advantage as a
commercial lending solution for CRBs.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>We have deep expertise in financial services
and regulations and the unique challenges faced by financial institutions.</i></b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We entered the cannabis market
in 2015 and have leveraged management&#8217;s expertise in financial regulation and compliance to solve the issues faced by financial
institutions seeking to serve the cannabis industry, as well as cannabis customers seeking financial service solutions. We have designed
specific onboarding practices and compliance monitoring procedures that we believe are difficult to replicate without expertise and experience
to support internal operations.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Safe Harbor was sought out by
financial institutions wanting to enter the cannabis banking market. Consequently, we created a program to train, support and license
our processes and procedures while providing onboarding services to financial institutions; helping them build their own cannabis portfolios.
We selectively choose financial institutions that will further our model at this point to leverage balance sheets and to create a network
of financial institutions with whom to syndicate large cannabis loans; sharing the risk and expanding our access to balance sheets with
trusted partners.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In 2016, due to incoming inquiries
from other financial service providers, Safe Harbor&#8217;s CEO wrote a book outlining the process to start a cannabis banking program
to assist others with providing financial services to the cannabis market. The book assisted many financial service providers navigate
their way through the risks associated with serving the cannabis industry.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>We are uniquely positioned to consolidate the
highly fragmented cannabis financial services providers.</i></b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">As a leading service provider
to financial institutions desiring to provide banking services to CRBs and a recognized leader in compliance services for financial institutions,
we are well positioned to consolidate offerings across the cannabis financial services value chain. Our deep customer knowledge drives
our growth strategy and allows us to target additional services with an existing customer base and add customers through new offerings.
We plan to create significant value, attract additional financial institution clients, and deepen our relationship with existing financial
institution clients through leveraging our account data and insight to develop or acquire additional financial service offerings.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>We have assembled a highly experienced and complementary
senior management team to execute our strategy.</i></b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Our Chief Executive Officer, Sundie
Seefried, has over 35 years of financial services experience, over 30 years as a financial institution executive, with 20 of those as
the CEO, and is a nationally recognized CEO and industry thought leader in cannabis financial services. Our Chief Strategic Business Development
Officer, Tyler Beuerlein, has over eight years&#8217; experience in cannabis financial services and developing bank and credit union relationships.
We continue to build out a team that we believe can execute on a national strategy and already well versed on the intricacies of the cannabis
market. The existing expertise, requiring no steep learning curve, will provide us the competitive advantage to lead the market while
others are learning and building expertise.</p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Our goal is to become the leading
cannabis focused fintech and provider of access to financial services, providing one-stop shop for financial institution clients desiring
to provide services across all verticals in the cannabis space. In order to achieve our goal, we plan to implement organic and M&amp;A
growth strategies along with expanding in keeping with the changing regulatory landscape in the U.S. and abroad.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">As of March 31, 2022, we had onboarded
and were monitoring approximately 600 accounts spanning various CRB sectors, including but not limited to cultivators, manufactures, retailers,
technology providers, and point of sale providers, including small single state operators to some of the largest multi-state cannabis
companies. Deposits processed through our platform for our financial institution clients have steadily increased since our inception.
Refer to the below chart for onboarded deposit activity by year.</p>

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<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-size: 10pt"><img src="forms-1_006.jpg" alt="" style="height: 177px; width: 557px" /></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We believe our reputation in the
cannabis industry and the financial solutions we provide to financial institutions desiring to provide banking services to CRBs provide
us with the opportunity to expand our operational footprint and grow revenue through selling additional services and providing incremental
value to CRBs through lending services. The revenue growth of the accounts monitored by us will lead to larger deposit driven fees along
with an expanding &#8220;sticky&#8221; deposit base, which will in turn allows us to provide loan services that further assist the CRBs
in their growth. This creates a &#8220;flywheel&#8221; effect that will benefit us. Through being one of the first providers of access
to financial services focused on cannabis, we have created the go-to name for access to compliant cannabis financial services and, through
our value-added services relating to time-consuming and intensive onboarding, validation and monitoring processes, we continue to see
year over year revenue and profit growth.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>New Medical and Recreational Cannabis Markets</i></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Across the U.S., legalization
efforts have continued at a swift pace. Generally, states begin with smaller medical cannabis use programs before transitioning to full
adult-use recreational markets. As new markets open, CRBs in new states typically have trouble with access to financial services and do
not understand how to properly deal with the unique nuances that come with compliantly banking cannabis companies. We plan on leveraging
our positioning from a regulatory perspective to be a responsive first-mover by offering our services to financial institutions in new
recreational and medical cannabis markets as they become legal, which will give us an ability to expand operations into these new states.
We believe our extensive understanding of how to handle this cash intensive business puts us in a unique position to not only assist through
providing our compliance services to financial institutions, and participating in the educational process to ensure a properly banked
cannabis industry in each new state. Furthermore, our lending services will enable us to assist in providing sources of capital to early
entrants into these newly legalized states and further build a moat around our business model. We have also begun to look at new markets
outside the U.S. that are at the beginning stages of legalization efforts. We will leverage our compliance first expertise as we work
with regulators to build out compliant financial service solutions for these jurisdictions.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Further Penetrate Existing Legal Markets</i></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We plan to leverage our existing
position in the market as a reputable solution along with our additional value-added services to grow within the legal cannabis markets
in which we currently operate. While we believe that we are currently one of the larger firms focused on providing access to financial
services for cannabis, we are geographically concentrated in the state of Colorado and believe through increased marketing, we are in
a strong position to grow the deposits onboarded and monitored by us and the resulting revenue driven by fees from these deposits and
lending services through expansion into new markets in states where cannabis is legal and into existing states where cannabis is legal
and in which we have onboarded fewer accounts. It is important to note that, historically, our growth has been driven primarily through
word of mouth surrounding our compliant solution and value-added services. We believe that without past constraints as a result of being
wholly owned by PCCU, we will be able to increase our account onboarding capacity and capture meaningful business in all currently legal
cannabis markets. These constraints have included the following:</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&#9679; We have been expanding our management
team in anticipation of the closing beyond our prior senior staffing levels, such as adding Tyler Beuerlein as our Chief Strategic Business
Development Officer, and engaging other consultants and advisors to assist in the development of our lending program and to expand our
business development efforts.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&#9679; As a wholly owned subsidiary of
a credit union, the capacity for our lending services and our ability to onboard additional CRB accounts needing access to deposit services
are limited by regulations and PCCU policies that limit, for example, the types and amounts of loans offered to our CRB customers and
the aggregate amount of deposits held by PCCU for CRBs. To the extent that we continue to work with PCCU to provide loans to CRBs and
host CRB deposits, those regulatory limitations and PCCU policies will continue to apply to loans made and deposits hosted by PCCU. We
are not restricted from seeking arrangements with other financial institutions following the closing and therefore our business plan includes
a focus on expanding the funding sources for our loan services and expanding the number of financial institutions to whom we will provide
our account onboarding, validation and monitoring services.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&#9679; We have depended on PCCU for various
services, including operational, financial, marketing, IT and human resources. PCCU will continue to provide many of these services for
us following the closing under our Amended and Restated Support Services Agreement. We currently intend to bring certain functions in
house, such as financial reporting and marketing, following the closing. Our ability to bring operational functions in house will enable
us to focus our resources in the manner we determine will best serve our needs.</p>

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Through the introduction of our
lending services program in 2020, we have begun to add new revenue streams to the business reflecting our recent focus on ramping up our
lending services business. Our lending services program is among the first commercial cannabis lending services programs in the United
States. We believe that the rates offered by our financial institution clients are extremely competitive relative to the specialty asset
lenders, private investment funds and public REITs that have been most active in the CRB lending space, as well as with financial institutions
that have begun lending to CRBs. We believe that our advantage associated with our lending services is the materially lower cost of capital
relative to the other non-financial-institution lenders because our loans to date have been, and we anticipate in the future will be,
made from funding provided by deposits held at PCCU and other financial institutions with which we may have future deposit custody relationships.
Deposits are traditionally a low cost of funds for financial institutions. By comparison, specialty lenders and other non-financial-institution
lenders typically obtain funds for lending activities through debt or equity capital raises or warehouse lines of credit, both of which
are generally more costly sources of capital. We believe that the current cost of capital advantage associated with our lending services
will allow us to lend at lower rates while obtaining similar gross yields. Furthermore, our lending services program can allow for further
deposit growth of deposit accounts we onboard due to our more recent strategy of adding depository accounts for businesses who obtain
a loan through our services. As we increase lending services, we may also increase the deposits held by our financial institution clients,
which then in turn may increase our lending services. Our cost-of-capital advantage may be eroded, however, as other financial institutions
that have a similarly low cost of capital increasingly enter the CRB lending space.</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">On June 7, 2022, we announced
the closing of a $5.0 million senior secured loan to Solar Cannabis Co. (&#8220;Solar&#8221;), headquartered in Somerset, Massachusetts
(the &#8220;Solar Loan&#8221;) by PCCU. Solar was referred to us by Luminous Capital Inc., an affiliate of the Sponsor. The Solar Loan
was underwritten and closed in accordance with PCCU&#8217;s customary underwriting standards and closing procedures and funded by PCCU.
Pursuant to a consulting agreement dated January 5, 2022 by and between Luminous Capital Inc. and Solar, Luminous Capital Inc. received
a fee of $50,000 from Solar in connection with the closing of the Solar Loan. The payment of this fee to Luminous Capital Inc. was disclosed
to, and reviewed and approved by, the boards of directors of the Company and PCCU and the board of managers of SHF.</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"><i>Growth Through Potential Acquisitions</i></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Initially, our M&amp;A strategy
will focus on opportunities that expand the services we can offer, increase our lending capacity and complement our technology platform.
We also intend to focus on growing depository account compliance services and lending services market share through direct acquisitions
by our financial institution clients of accounts that we will then service. In the long run, a sound M&amp;A strategy will be important
to the end goal of Safe Harbor being the one stop shop for access to cannabis focused financial services. We believe approaching potential
candidates in a disciplined manner will enhance our reputation as a trustworthy partner and encourage others to come to the table. Our
objective is to attract the best of the best with proven track records. Targets will be assessed, amongst other things, based on various
attributes including:</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 0.5in; text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">existing proven models,</span></td></tr>

<tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">enhanced and incremental revenue and service offerings,</span></td></tr>

<tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">accretive internal talent and expertise to grow the cannabis business and</span></td></tr>

<tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">technological and other competitive differentiation.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For each transaction, potential synergies and efficiencies
resulting in increased profitability will be analyzed in conjunction with thorough due diligence.</p>

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



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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We have added a very high level,
well networked individuals to continue to expand our national presence. Tyler Beuerlein has networked at multiple levels, establishing
a high level of credibility with financial institutions, regulators and the cannabis industry. He has personally assisted numerous cannabis
entities with securing banking across the country and will now bring that talent and network to Safe Harbor.</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"></p>

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<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"><b>Marketing</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Historically, Safe Harbor has
grown almost entirely through word of mouth and organic growth. While still robust, growth was constrained by our present owner, PCCU,
due to cannabis client concentration limits and other balance sheet constraints. Thus, marketing was not necessary. As the market has
evolved and with increased competition, marketing will be leveraged at a higher level than in the past. We have accomplished great success
without marketing, and we are confident that allocating marketing dollars to our activities in conjunction with our business development
activities will prove fruitful.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In 2022, we formally produced
our first marketing plan for the next level of success and will be focusing on the following activities to ensure greater exposure and
brand awareness:</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 0.5in; text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">utilization of a well-known public relations and investor relations firm, </span></td></tr>

<tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">new website to optimize search engine optimization,</span></td></tr>

<tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">referral relationships and success fees,</span></td></tr>

<tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">multiple conference participation and speaking engagements,</span></td></tr>

<tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">customer retention promotions, and</span></td></tr>

<tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">email and e-blast campaigns along with more traditional direct mail marketing activities.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We are constantly looking to enhance
our proprietary software solution built specifically for the cannabis industry. As the market changes or Safe Harbor expands its lines
of businesses, we intend to continue to build out our software to ensure efficiencies and fulfilment of necessary BSA obligations and
incremental services. Likewise, our proprietary onboarding software will be updated to accommodate new industries as well as enhance present
processes for increased efficiencies. We anticipate further expanding our technology to enhance how we work with our financial institution
clients and ultimately, consistent with applicable laws and regulations, to allow for greater ability to onboard, validate and monitor
CRB deposit accounts and provide our lending services to our financial institution clients.</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"><b>Revenue Concentration</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">As previously discussed, we provide
BSA and other compliance onboarding, validation and monitoring services for PCCU and other financial institutions, which hold the deposit
accounts for CRBs and ancillary businesses. We provided these services in connection with approximately 572 account holders, which were
composed of 291 CRBs and 281 ancillary businesses at December 31, 2021 and approximately 590 account holders composed of 307 CRBs and
283 ancillary businesses at March 31, 2022. The fees for accounts we onboarded are generated at the account holder level. Currently, fee
income from onboarded accounts represents our largest revenue stream. No single account holder was responsible for more than 2% of deposit
fee income for the year ended December 31, 2020 and 2021, respectively. No single account holder was responsible for more than 2% and
3% of deposit fee income for the three months ended March 31, 2021 and 2022, respectively. No single account holder accounted for more
than 6.4% and 7.6% of account balances onboarded at December 31, 2020 and 2021, respectively. No single account holder accounted for more
than 12.0% and 7.2% of account balances at March 31, 2021 and 2022, respectively. The 10 largest accounts onboarded by us resulted in
approximately 9.4% and 11.9% of fee income for onboarded accounts for the years ended December 31, 2020 and 2021, respectively, and resulted
in approximately 13.1% and 10.3% of fee income for onboarded accounts for the three months ended March 31, 2021 and 2022, respectively.
Currently, we do have a higher concentration of revenue from accounts for CRBs in Colorado but that has begun to shift throughout 2021
and will continue into the future as we execute a national marketing program.</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"></p>

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<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">All fees and related revenue for
the ongoing monitoring and validation services are collected by Safe Harbor&#8217;s financial institution clients or their third party
agents and subsequently paid to SHF. Depository and account activity fees are debited from the CRB deposit accounts held at the financial
institution clients. Amounts are remitted to Safe Harbor typically one month in arrears. When providing lending services, typically the
full loan amount is funded by the financial institution client to a third party processor prior to payment to the borrower. Any loan origination
fees due to Safe Harbor are remitted to Safe Harbor from the processor at the time of loan closing. Loan interest is currently collected
by either a third party servicer or the financial institution client. Related loan interest due to Safe Harbor is typically paid one to
two months in arears. Interest income is generated from depository cash held at the financial institution. Safe Harbor&#8217;s portion
of interest income is paid to Safe Harbor by the financial institution client.</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"><b>Regulation</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In the conduct of its business,
Safe Harbor is subject to various laws, regulations and rules enacted by national, regional and local governments relating to, among other
things, laws and regulations associated with lending and the cannabis industry. As a subsidiary of a credit union and a credit union service
organization (a &#8220;CUSO&#8221;), Safe Harbor&#8217;s services historically have been subject to regulatory oversight from the NCUA.
Following the closing of the Business Combination, Safe Harbor will no longer be a CUSO. Nevertheless, to ensure we provide our services
in a manner compliant with our financial institution partners&#8217; regulatory requirements, Safe Harbor maintains policies and procedures
consistent with the requirements of the 2014 FinCen Guidance and the BSA.</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.5in; text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
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<tr style="vertical-align: top">
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
    <td style="text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">The Currency and Foreign Transactions Reporting Act of 1970, which is commonly referred to as the &#8220;Bank Secrecy Act,&#8221; or BSA, requires U.S. financial institutions to assist U.S. government agencies to detect and prevent money laundering. Specifically, the BSA requires financial institutions to keep records of cash purchases of negotiable instruments, file currency transaction reports, and to report suspicious activity that might signify money laundering, tax evasion, or other criminal activities. </span></td></tr>
  </table>
<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">To the extent that Safe Harbor
provides the funding for a loan, its commercial lending activities are subject to various state laws relating to usury that govern or
limit interest rates and other fees charged on loans, permitted contractual loan terms, collection practices and creditor remedies.</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">As Safe Harbor&#8217;s business
expands to additional states, we will be required to review and comply with those states&#8217; laws that apply to our services and business
activities. We will also be required to determine whether we will become subject to additional areas of regulation if we expand the types
of activities in which we engage. For example, because we do not hold customer deposits or offer loans for consumer or personal purposes,
we are not currently required to have a financial institution charter or lending license in the states in which we currently provide services
or loans. If we do not identify activities that would require a regulatory application, license or other approval, or if the interpretation
and application of the laws to which we are currently subject change, those additional laws, rules and regulations or changes therein
could have a material adverse effect on our business, investments and results of operations. A failure to comply with any applicable laws,
regulations or rules, as interpreted and applied, could have a material adverse effect on our business and results of operations.</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We operate in an increasingly
competitive market for compliance, customer intake and management, and lending services. Our competitors for our compliance and customer-focused
services include both traditional financial institutions and fintech companies. Some of our competitors are substantially larger and more
established and have considerably greater financial, technical and marketing resources than we do. Although we believe that some of our
competition is fragmented, with competitors offering technology that enhances customer banking experiences or offers compliance-focused
solutions directly to the financial institution but not a combined suite of offerings consisting of compliance focused software and monitoring
coupled with personalized financial services relationship management and lending capabilities, there can be no assurances that our services
will enable us to successfully compete against our competitors. In addition, lending competitors include both private investment funds
and public REITS focused on the cannabis industry as well as specialty asset lenders. More recently, traditional financial institutions
have begun offering loans to CRBs. Because they have a cost of funds more comparable to ours, we may face greater competition in providing
loans to CRBs.</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"><b>Intellectual Property</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We have filed an application to
register the mark &#8220;Safe Harbor Financial&#8221; in the United States. We also rely on non-disclosure agreements, invention assignment
agreements, intellectual property assignment agreements, or license agreements with employees, independent contractors, consumers, software
providers and other third parties, which protect and limit access to and use of our proprietary intellectual property.</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">Circumstances outside our control
could pose a threat to our intellectual property rights. For more information, see the section entitled &#8220;Risk Factors&#8212;Risks
Related to Safe Harbor&#8217;s Intellectual Property.&#8221;</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"><b>Facilities</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Our corporate headquarters is
located in Arvada, Colorado pursuant to a month-to-month lease from PCCU. Safe Harbor is currently looking at moving to a space that is
better suited for growth and to attract and retain top-tier talent. We believe we can obtain this required space on commercially reasonable
terms.</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"><b>Available Information</b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">SHF&#8217;s Internet address is
https://shfinancial.org/. The information contained on SHF&#8217;s website is not incorporated by reference into this filing and should
not be considered part of this filing. SHF&#8217;s principal executive offices are located at 5269 W. 62nd Avenue, Arvada, Colorado 80003
and its telephone number is (303) 431-3435. SHF was organized in the State of Colorado on May 1, 2020.</p>

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</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b><span id="ET_004"></span>MANAGEMENT</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Management and Board of Directors</b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Our directors and executive officers (as of October
7, 2022) are as follows:</p>

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

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="border-bottom: Black 1.5pt solid; width: 49%"><span style="font-size: 10pt"><b>Name</b></span></td>
    <td style="padding-bottom: 1pt; width: 2%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; width: 49%"><span style="font-size: 10pt"><b>Position</b></span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-size: 10pt">Sundie Seefried</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td><span style="font-size: 10pt">Chief Executive Officer</span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-size: 10pt">Chris Fameree</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td><span style="font-size: 10pt">Chief Financial Officer</span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-size: 10pt">Donald T. Emmi </span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td><span style="font-size: 10pt">Chief Legal Officer</span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-size: 10pt">Tyler Beuerlein</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td><span style="font-size: 10pt">Chief Strategic Business Development Officer</span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-size: 10pt">John Darwin</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td><span style="font-size: 10pt">Director</span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-size: 10pt">Joshua Mann</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td><span style="font-size: 10pt">Director</span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-size: 10pt">Jonathan Summers</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td><span style="font-size: 10pt">Independent Director </span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-size: 10pt">Karl Racine</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td><span style="font-size: 10pt">Independent Director</span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-size: 10pt">Jonathon F. Niehaus</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td><span style="font-size: 10pt">Independent Director</span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-size: 10pt">Jennifer Meyers</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td><span style="font-size: 10pt">Independent Director</span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-size: 10pt">Richard Carleton</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td><span style="font-size: 10pt">Independent Director </span></td></tr>
  </table>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Information about Executive Officers and Directors</b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Certain information about the
anticipated executive officers and directors of the Company is provided below:</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"><b>Sundie Seefried.</b> Ms. Seefried
currently serves as the Chief Executive Officer of the Company, a position she has held since July 2021. Prior to joining the Company,
Ms. Seefried served as the Chief Executive Officer of PCCU from 2001 until June 2021 and as the Chief Executive Officer of Eagle Legacy
Services, LLC from January 2020 until March 2021. Ms. Seefried previously served as a board member of the Colorado Division of Financial
Services from 2019 until 2021, and as a board member of the Credit Union Association from 2007 until 2015. Ms. Seefried received her Bachelor
of Science in Business Management from the University of Maryland and her Master of Business Administration from Regis University, Colorado.</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"><b>Donald T. Emmi. </b>Mr. Emmi
currently serves as Chief Legal Officer for the Company. Before this role, Mr. Emmi was Managing Partner of Hunsaker | Emmi, P.C., a position
he has held since December 2004. Mr. Emmi was a partner of Hoban Law Group, P.C. from September 2019 until July 2021 when it was merged
with Clark Hill, PLC. Following the merger, Mr. Emmi serves in an of counsel capacity to Clark Hill, PLC. Mr. Emmi previously served as
an officer and director of Test Kitchen, Inc., a product manufacturer, from December 2020 until April 2021; and as a director of Pure
Harvest Corporate Group, Inc. from December 2020 until December 2021. Mr. Emmi is also the former Chair of the National Cannabis Industry
Association Banking and Financial Services Committee 2020 (Vice Chair 2019). Mr. Emmi received his undergraduate degree from East Stroudsburg
University of Pennsylvania and his Juris Doctor from the University of Denver Sturm College of Law. Prior to practicing law, Mr. Emmi
was a licensed Series 7 and 63 securities dealer and served in the United States Air Force from 1999 until 2007.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><b>Chris Fameree</b>. Mr. Fameree
serves as the Chief Financial Officer of the Company. Before this role, Mr. Fameree was the Managing Director of Diligence Solutions Group,
a comprehensive due diligence and quality of earnings firm. Previously, Mr. Fameree served as a Senior Manager in the Transaction Advisory
Services Group and Audit Group of a large regional CPA firm. During this time, Mr. Fameree participated in numerous business combinations
and due diligence assignments. These transactions ranged from $10.0 million to over $100.0 million in value. Mr. Fameree also worked at
PricewaterhouseCoopers, where he served lead roles on engagements from international Fortune 500 companies to closely held private manufacturers.
Mr. Fameree has over 15 years of combined public accounting and industry experience and has led and participated in numerous engagements,
including due diligence engagements, financial statement audits, and other advisory projects. Mr. Fameree received his BBA in Accounting
from the University of Wisconsin and is a licensed Certified Public Accountant in North Carolina and Wisconsin.</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"><b>Tyler Beuerlein. </b>Mr. Beuerlein
currently serves as the Chief Strategic Business Development Officer of the Company, a position he has held since April 2022. Prior to
his employment with the Company, from February 2015 to April 2022, he served as the Chief Revenue Officer and Chief Business Development
Officer for Hypur Ventures, a venture capital fund dedicated strategic investments in businesses that operate in the legal cannabis industry.
Mr. Beuerlein was the former Chairman of the National Cannabis Industry Association Banking and Financial Services Committee (2020). Additionally,
he has been appointed to be on both the Marijuana Business Daily&#8217;s Advisory Board and ATACH Cannabis Beverage Council. He is also
a member of the Forbes Business Development Council. Formerly, Mr. Beuerlein founded and managed a large beverage company and was a Professional
athlete in the New York Mets Organization.</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"><b>Jonathan Summers</b>. Mr. Summers
has served as the chairman of 3 Billion Pairs Genetic Corporation, an artificial intelligence company, since January 2022. Mr. Summers
has also been serving as the chairman of EXMceuticals Inc., a Canadian-listed medical cannabis company since May 2019. Mr. Summers has
also served as a director of Pathfinder Minerals, a mineral exploration company, since March 2021 and also serves as a member of the audit
committee thereof. He also serves on the advisory board for Mocha Holdings LLC, a data privacy company. From May 1996 until May 2011,
Mr. Summers served in various roles at Goldman Sachs, most recently serving as a Managing Director. Mr. Summers served as the Founding
Partner and the Head of Business Development for Everett Capital Advisors, a $700.0 million London-based investment fund from October
2015 to October 2019, and served as the Founding Principal and Head of Business Development for Myriad Asset Management, a $5.0 billion
Hong Kong-based multi-strategy asset management firm, from September 2011 to December 2014. Mr. Summers holds a Master in Modern History
(1st class) from Oxford University. We believe Mr. Summers is well-qualified to serve as a member of our board of directors due to his
experience in investment banking and in strategically growing businesses, and his contacts and relationships.</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"><b>Jonathon F. Niehaus. </b>Mr.
Niehaus currently serves as the Managing Partner of Interactive Global Solutions, a consulting company, a position he has held since January
2011. Mr. Niehaus also currently serves as a manager of SHF, a position he has held since February 2022. From 2003 until 2011, Mr. Niehaus
serves as a Global SVP for First Data Corporation and the Western Union Company. Mr. Niehaus received his Bachelor of Science in Journalism
and Communications from the University of Iowa.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><b>Jennifer Meyers. </b>Ms. Meyers
currently serves as the Chief Financial Officer of PCCU, a position she has held since October 2021. Ms. Meyers previously served as the
Chief Financial Officer of Clean Energy Credit Union from July 2020 until October 2021. Prior to joining Clean Energy Credit Union, Ms.
Meyers served as a Finance Executive and Strategist for DaLand LLC, a credit union service organization, from May 2019 until May 2020.
Ms. Meyers also previously served as the Chief Financial Officer of Westerra Credit Union from April 2009 until February 2019. Ms. Meyers
received her Bachelor of Science in Accounting and her Master of Accountancy from the University of Denver.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><b>Richard Carleton.</b> Mr. Carleton
currently serves as the Chief Executive Officer of the Canadian Securities Exchange, a position he has held since July 2011. Mr. Carleton
also currently serves as a director of Tetra Trust, a licensed trust company, and of Blue Oceans ATS, a U.S. registered alternative trading
system, positions he has held since June 2021 and April 2021, respectively. Mr. Carleton also serves as a board member of the Empire Club
of Canada and of the Private Capital Markets Association of Canada, positions he has held since 2018 and 2017, respectively. Mr. Carleton
received his Bachelor of Arts in History from the University of Ottawa and his LLB from the University of Toronto.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><b>John Darwin.</b> Mr. Darwin
served as the Co-Chief Executive Officer of Northern Lights Acquisition Corp. Mr. Darwin is a co-founder and Managing Partner of Luminous
Capital Inc., where he identifies engagements, guides debt and equity investment strategy, and manages operations of private and public
portfolio companies. Previously, Mr. Darwin was co-founder and President of OCG, Inc. (ONE Cannabis), a United States-based cannabis dispensary
franchisor. While at OCG, Inc., Mr. Darwin grew the franchise business from inception to operations across multiple states and negotiated
a sale to Item 9 Labs Corp. (OTCQX: INLB), a publicly traded cannabis company. Mr. Darwin has over eight years of vertically integrated
cannabis operational and venture capital experience, with experience managing large scale cultivation, vertically integrated operations,
and multi-national brand strategies. Prior to the cannabis industry, Mr. Darwin held various roles in private equity and corporate finance
and has a decade of professional finance and transaction experience. Mr. Darwin received his BBA in Finance from Southern Methodist University
Cox School of Business.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><b>Joshua Mann</b>. Mr. Mann served
as the Co-Chief Executive Officer of Northern Lights Acquisition Corp. Mr. Mann is a co-founder and a Managing Partner of Luminous Capital
Inc., where he helps guide the firm&#8217;s public company engagements, equity financing relationships, and cross border portfolio operations.
Previously, Mr. Mann served as interim CEO of INDVR Brands (CSE: IDVR), a Colorado-based, Canada-listed company focused on the creation
and distribution of unique and high-growth brands in the legal United States cannabis market. Mr. Mann led the restructuring of INDVR
Brands and negotiated multi-state transactions, management overhaul, and streamlined operations for future expansion. Mr. Mann has over
five years of cannabis brand and Canadian operational experience and over 13 years of structured finance and investment banking experience,
with prior experience at Wildhorse Capital Partners, Blackbird Energy Inc, and Stifel Nicolaus Weisel. Mr. Mann has assisted cannabis
companies in structuring multiple reverse takeovers, go-public transactions, and raising over $70.0 million in capital. Mr. Mann received
his BA in Economics from the University of Calgary.</p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Our Board directs our business
and affairs, as provided by Delaware law, and conducts its business through meetings of the Board and its standing committees.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In accordance with our Second
Amended and Restated Certificate of Incorporation, our Board consists of three classes of directors, with the first class consisting of
two directors with an initial term that expires at the annual meeting of stockholders held in 2025; the second class consisting of three
directors with an initial term that expires at the annual meeting of stockholders held in 202; and the third class consisting of two directors
with an initial term that expires at the annual meeting of stockholders held in 2024. At each annual meeting of stockholders, directors
elected to succeed those directors whose terms expire shall be elected for a term of office to expire at the third succeeding annual meeting
of stockholders after their election.</p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Board has three standing committees:
Audit Committee, Compensation Committee, and Nominating and Corporate Governance Committee. While the Audit Committee has primary responsibility
for risk oversight, both the Audit Committee and the entire board of directors are actively involved in risk oversight on behalf of the
Company and both receive reports on the Company&#8217;s risk management activities from the Company&#8217;s executive management team
on a regular basis. The members of both the Audit Committee and the board of directors also engage in periodic discussions with the Company&#8217;s
Chief Executive Officer, Chief Financial Officer, Chief Legal Officer, and other senior officers as they deem appropriate to ensure that
risk is being properly managed at the Company. In addition, it is expected that each committee of the board of directors will consider
risks associated with its respective area of responsibility.</p>

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<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"><i>Audit Committee</i></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Our audit committee consists of
Mr. Summers, Mr. Niehaus, and Mr. Carleton. Under Nasdaq Global Market listing standards and applicable SEC rules, we are required to
have at least three members of the audit committee, all of whom must be independent. Mr. Summers, Mr. Niehaus, and Mr. Carleton each meet
the independent director standard under the Nasdaq Global Market listing standards and under Rule 10A-3(b)(1) of the Exchange Act, and
Mr. Summers will serve as chairperson of the audit committee</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Audit Committee has established
a procedure whereby complaints or concerns regarding accounting, internal controls or auditing matters may be submitted anonymously to
the Audit Committee by email.</p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Mr. Carleton, Mr. Niehaus, and
Ms. Meyers serve as members of our compensation committee. Under the Nasdaq Global Market listing standards and applicable SEC rules,
our compensation committee must consist of all independent members. Mr. Carleton, Mr. Niehaus, and Ms. Meyers meet the independent director
standard under the Nasdaq Global Market listing standards, and Mr. Carleton will serve as chairperson of the compensation committee.</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">The Compensation Committee acts
on behalf of and in conjunction with the Board to establish or recommend the compensation of executive officers of the Company and to
provide oversight of the Company&#8217;s overall compensation programs and philosophy.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Nominating and Corporate Governance Committee</i></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Our nominating and corporate governance
committee consists of Messrs. Racine, Summers, Niehaus, Carleton and Ms. Meyers. Under the Nasdaq Global Market listing standards and
applicable SEC rules, our nominating and corporate governance committee must consist of all independent members. Messrs. Racine, Summers,
Niehaus, Carleton and Ms. Meyers meet the independent director standard under the Nasdaq Global Market listing standards, and Mr. Racine
will serve as chairperson of the nominating and corporate governance committee.</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">The Nominating and Corporate Governance
Committee is responsible for evaluating the composition, size and governance of the board and its committees and making recommendations
regarding future planning and the appointment of directors to the committees, establishing a policy for considering stockholder nominees
to the board, reviewing the corporate governance principles and making recommendations to the board regarding possible changes; and reviewing
and monitoring compliance with the Company&#8217;s Code of Business Conduct and Ethics.</p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We have adopted a Code of Ethics
applicable to our directors, executive officers and employees that complies with the rules and regulations of the Nasdaq. The Code of
Ethics codifies the business and ethical principles that govern all aspects of our business. We have previously filed a copy of our form
Code of Ethics as Exhibit 14 to our registration statement on Form S-1 in connection with our IPO, filed on June 1, 2021. You may review
this document by accessing our public filings at the SEC&#8217;s web site at www.sec.gov. In addition, a copy of the Code of Ethics will
be provided without charge upon request to us in writing at 10 East 53rd Street, Suite 3001, New York City, New York 10022 or by telephone
at (510) 323-2526. We intend to disclose any amendments to or waivers of certain provisions of our Code of Ethics in a Current Report
on Form 8-K.</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">The Company has adopted an amended
and restated Code of Business Conduct and Ethics that applies to its officers and employees, including its principal executive officer,
principal financial officer, and principal accounting officer.</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"><b>Company Executive Compensation</b></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Our compensation committee determines
the annual compensation to be paid to the members of our board of directors, if any. Directors&#8217; fees after the have yet to be determined,
but are expected to consist of two components: a cash payment and the issuance of restricted stock units. The directors who also serve
as an employee of the Company do not receive additional compensation for their service as a director.</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"></p>

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company has developed an executive
compensation program which is designed to align compensation with the Company&#8217;s business objectives and the creation of stockholder
value, while enabling the Company to attract, motivate and retain individuals who contribute to the long-term success of the Company.</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">Decisions on the executive compensation
program, as described below, are determined and/or ratified by the Board with recommendations given by the Compensation Committee, which
will be established at the closing of the Business Combination. The following discussion is based on the present expectations as to the
executive compensation program adopted by the Board.</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">The decisions regarding executive
compensation reflect our belief that the executive compensation program must be competitive in order to attract and retain our executive
officers. The Compensation Committee will seek to implement our compensation policies and philosophies by linking a significant portion
of our executive officers&#8217; cash compensation to performance objectives and by providing a portion of their compensation as long-term
incentive compensation in the form of equity awards.</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">The compensation for our executive
officers has three primary components: base salary, an annual cash incentive bonus and long-term incentive compensation in the form of
equity awards.</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"><i>Base Salary</i></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">It has been SHF&#8217;s historical
practice to assure that base salary is fair to the executive officers, competitive within the industry and reasonable in light of SHF&#8217;s
cost structure. Our Compensation Committee will determine base salaries and manage the base salary review process, subject to existing
employment agreements.</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"><i>Annual Bonuses</i></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company uses annual cash incentive
bonuses for the executive officers to tie a portion of their compensation to financial and operational objectives achievable within the
applicable fiscal year. The Company expects that, near the beginning of each year, the Compensation Committee will select the performance
targets, target amounts, target award opportunities and other term and conditions of annual cash bonuses for the executive officers, subject
to the terms of any employment agreement. Following the end of each year, the Compensation Committee will determine the extent to which
the performance targets were achieved and the amount of the award that is payable to the executive officers.</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"><i>Equity Awards</i></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company uses equity awards
to reward long-term performance of the executive officers. The Company believes that providing a meaningful portion of the total compensation
package in the form of equity awards will align the incentives of its executive officers with the interests of its stockholders and serve
to motivate and retain the individual executive officers. Equity awards are awarded under the Incentive Plan, which has been adopted by
the Board and is being submitted to our stockholders for approval at the special meeting.</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">In connection with the Company&#8217;s
executive compensation program, the Company has granted equity awards to its executives.</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"><i>Other Compensation</i></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company maintains various
employee benefit plans, including medical, dental, life insurance and 401(k) plans, in which the executive officers participate.</p>

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The following table summarizes
the compensation of the executive officers of the Company:</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</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">Name</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid">Title</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 22%; text-align: left">Sundie Seefried</td><td style="width: 2%">&#160;</td>
    <td style="width: 22%; text-align: left">Chief Executive Officer</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">350,000</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Chris Fameree</td><td>&#160;</td>
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    <td style="text-align: left">$</td><td style="text-align: right">150,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">350,000</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Donald T. Emmi</td><td>&#160;</td>
    <td style="text-align: left">Chief Legal Officer</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">285,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">22,500</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">350,000</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="vertical-align: top; text-align: left">Tyler Beuerlein</td><td>&#160;</td>
    <td style="text-align: left">Chief Strategic Business Development Officer</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">300,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">350,000</td><td style="text-align: left">&#160;</td></tr>
  </table>



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

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in"><span style="font-size: 10pt">(1)</span></td>
    <td><span style="font-size: 10pt">Represents an initial signing bonus.</span></td></tr>

<tr style="vertical-align: top">
    <td><span style="font-size: 10pt">(2)</span></td>
    <td><span style="font-size: 10pt">Represents an incentive stock option to purchase the number of shares of Class A Common Stock
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On February 11, 2022, concurrently
with the execution of the Purchase Agreement, the Company entered into the Executive Employment Agreement with Sundie Seefried which
became effective September 28.2022, pursuant to which Ms. Seefried serves as the Chief Executive Officer of the Company. The Executive
Employment Agreement provides for an annual base salary of $350,000, an initial incentive equity grant of options exercisable for 550,000
shares of the Company&#8217;s Class A Common Stock that will vest over two years, a long-term equity incentive to be approved
by the Board following the closing, and other customary benefits. The Executive Employment Agreement, which is for a two-year term, also
provides for severance in the event of a termination by the Company without cause or by Ms. Seefried for good reason of one year&#8217;s
base salary.</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">Additionally, in connection with
the Company&#8217;s executive compensation program, the Company has entered into employment agreements with each of Messrs. Fameree, Emmi,
and Beuerlein.</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: center"><b><span id="ET_005"></span>EXECUTIVE COMPENSATION</b></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The following disclosure concerns
the compensation of the Company&#8217;s officers and directors for the fiscal year ended December 31, 2021 (i.e., pre-Business Combination).</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">None of our officers or directors
have received any cash compensation for services rendered to us. We have agreed to pay our Sponsor or an affiliate of our Sponsor a total
of $10,000 per month for office space, utilities and secretarial and administrative support. After September 28, 2022, we ceased paying
these monthly fees. No compensation of any kind, including finder&#8217;s and consulting fees, have been paid to our Sponsor, officers
and directors, or any of their respective affiliates, for services rendered prior to or in connection with the completion of our initial
business combination. However, these individuals will be reimbursed for any out-of-pocket expenses incurred in connection with activities
on our behalf such as identifying potential target businesses and performing due diligence on suitable business combinations. Our audit
committee will review on a quarterly basis all payments that were made to our Sponsor, officers or directors, or our or their affiliates.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Directors or members of our management team who remained
with us after our initial business combination may be paid consulting or management fees from the Company.</p>

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The following discussion and
analysis of compensation arrangements of the named executive officers of SHF for the fiscal year ended December 31, 2021 (i.e., pre-Business
Combination) should be read together with the compensation tables and related disclosures provided below and in conjunction with SHF&#8217;s
financial statements and related notes appearing elsewhere in this prospectus. This discussion may contain forward-looking statements
that are based on SHF&#8217;s and the Company&#8217;s current plans, considerations, expectations and determinations regarding future
compensation programs. Actual compensation programs that adopted following the completion of the business combination may differ materially
from the currently planned programs summarized in this discussion. Compensation information included in the following discussion is presented
in actual dollar amounts.</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">Because the Company is an emerging
growth company, we have opted to comply with the executive compensation rules applicable to &#8220;smaller reporting companies,&#8221;
when detailing the executive compensation of SHF&#8217;s executives, as such term is defined under the Securities Exchange Act. This section
discusses the material elements of compensation awarded to, earned by or paid to the principal executive officer of SHF and the two next
most highly compensated executive officers of SHF. These individuals are referred to as SHF&#8217;s &#8220;Named Executive Officers&#8221;
or SHF&#8217;s &#8220;NEOs.&#8221;</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: center"><b>Summary Compensation Table</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The following table presents information
regarding the compensation of SHF&#8217;s sole executive officer for services rendered during the fiscal year ended December 31, 2021
(the &#8220;<i>2021 Fiscal Year</i>&#8221;):</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid">Name</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid">Title</td><td style="padding-bottom: 1.5pt">&#160;</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">Base</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Salary<sup>(1)</sup></p></td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 39%; text-align: left; padding-left: 0pt">Sundie Seefried</td><td style="width: 2%">&#160;</td>
    <td style="width: 39%; text-align: left; padding-left: 5pt">Chief Executive Officer</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">350,000</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  </table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(1) Represents base salary for the period from July
1, 2021 through December 31, 2021. Prior to July 1, 2021, Ms. Seefried was not compensated by SHF.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Base salary is a fixed element
within a total compensation package intended to attract and retain the talent necessary to successfully manage the business of SHF and
execute its business strategies. The base salary for SHF&#8217;s sole executive officer was established based on the scope of her responsibilities,
taking into account relevant experience, internal pay equity, tenure, and other factors deemed relevant.</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"><b>Outstanding Equity Awards at Fiscal Year-End</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Ms. Seefried, SHF&#8217;s sole
executive officer, did not hold any equity awards as of December 31, 2021.</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"><b>Additional Narrative Disclosure</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><b><i>Retirement Benefits</i></b></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">Other than benefits under SHF&#8217;s
401(k) plan, SHF has not provided the Ms. Seefried with any retirement benefits. Under SHF&#8217;s 401(k) plan, employees, including Ms.
Seefried, are allowed to contribute portions of their eligible compensation to a tax-qualified retirement account. Currently, SHF provides
discretionary matching contributions equal to 100% of the first 5% of employees&#8217; eligible compensation contributed to the plan.
Employees are always vested in 100% of the matching contributions made to their tax-qualified retirement account per year.</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"><b><i>Potential Payments Upon
Termination or Change in Control</i></b></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">Ms. Seefried is entitled
to a success fee bonus of 10.0% of the aggregate purchase price for the sale, spin-off, or similar transaction of SHF. Ms. Seefried will
be entitled to such bonus in connection with the Business Combination, with such bonus equaling approximately $18.5 million, which will
be paid in equal parts cash and stock in the Company.</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"></p>

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<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"><b>New Employment Agreement</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On February 11, 2022, concurrently
with the execution of the Purchase Agreement, the Company entered into the Executive Employment Agreement with Sundie Seefried to be
effective as of the closing of the Business Combination, pursuant to which Ms. Seefried will serve as the Chief Executive Officer of
SHF and the Company. The Executive Employment Agreement provides for an annual base salary of $350,000, an initial incentive equity grant
of options exercisable for 550,000 shares of the Company&#8217;s Class A Common Stock that will vest over two years, a long-term
equity incentive to be approved by the Board following the closing, and other customary benefits. The Executive Employment Agreement,
which is for a two-year term, also provides for severance in the event of a termination by the Company without cause or by Ms. Seefried
for good reason of one year&#8217;s base salary.</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"><b>Quantification of Potential Payments and Benefits
to the Sole Executive Officer of SHF in Connection with the Business Combination</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The information set forth in the
table below is intended to comply with Item 402(t) of the SEC&#8217;s Regulation S-K, which requires disclosure of information about certain
compensation for the sole executive officer of SHF that is based on, or otherwise relates to, the transactions contemplated by the Purchase
Agreement which is referred to as the purchase-related compensation. The table below excludes any amounts attributed to the employment
agreements described above under &#8220;<i>Additional Narrative Disclosure&#8212;New Employment Agreement</i>,&#8221; as the severance
payable under that employment agreement is not subject to increase as a result of the Business Combination.</p>

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

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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table>


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

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in"><span style="font-size: 10pt">(1)</span></td>
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b><span id="ET_006"></span>CERTAIN RELATIONSHIPS AND RELATED PERSON TRANSACTIONS</b></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><i>Business Combination Registration Rights
Agreement</i></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Seller, PCCU, and the Company
have entered into a Business Combination Registration Rights Agreement in connection with the closing of the Business Combination. Pursuant
to the Business Combination Registration Rights Agreement, among other things, the Company is obligated to file a registration statement
to register the resale of certain securities of the Company held by the Seller and PCCU, as applicable.</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 0 0 0.5in; text-align: justify"><i>Lock-Up Agreement</i></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Concurrently with entering into
the Purchase Agreement, the Company, the Seller, and PCCU will enter into the Lock-Up Agreement, pursuant to which, among other things,
and subject to certain exceptions, the Company securities held by the Seller and PCCU, as applicable, are to be locked-up for a period
of six months from the date of the closing of the Business Combination, and to be subject to certain restrictions on sale thereafter,
in accordance with the terms set forth therein.</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"></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">SHF, LLC and PCCU were party to
that certain loan servicing agreement dated February 11, 2022 (the &#8220;Original Loan Servicing Agreement&#8221;), which sets forth
the application, underwriting, and approval process for loans from PCCU to borrowers that are cannabis-related businesses and the loan
servicing and monitoring responsibilities provided by SHF and PCCU. On September 21, 2022, SHF and PCCU entered into an amended and restated
loan servicing agreement (the &#8220;Amended and Restated Loan Servicing Agreement&#8221;) to clarify certain provisions of the Original
Loan Servicing Agreement. In particular, the Amended and Restated Loan Servicing Agreement was updated to include the procedures to be
followed upon the default of a loan to ensure that neither SHF nor PCCU will take title to or possession of any cannabis-related assets,
including real property, that may be collateral for a loan funded by PCCU pursuant to the Amended and Restated Loan Servicing Agreement.
The parties agreed to certain other non-substantive updates to the Amended and Restated Loan Servicing Agreement. PCCU&#8217;s servicing
fee at the annual rate of 0.25% of the then-outstanding principal balance of each loan funded by PCCUremains unchanged. In addition, SHF&#8217;s
obligations in the Amended and Restated Loan Servicing Agreement to indemnify PCCU from all default-related loan losses (as defined in
the Amended and Restated Loan Servicing Agreement) remain unchanged.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Policies and Procedures for the Company&#8217;s
Related Party Transactions</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Our Audit Committee charter provides
that our Audit Committee must review and approve all transactions to which the Company is a participant and in which our executive officers,
directors, director nominees or principal stockholders or other related persons have a material interest, to the extent that disclosure
would be required under Item 404 of Regulation S-K. We believe that this policy requiring that any material transaction between us and
such related parties be approved by our Audit Committee ensures that such transactions are on terms no less favorable to us than reasonably
could have been obtained in arm&#8217;s-length transactions with independent third parties. Our related party transactions entered into
between January 1, 2021 and the date of this prospectus, all of which were previously approved by our Audit Committee, are described
above.</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"><b>Description of our Board and Board Committees</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Number and Terms of Office of Officers and Directors</i></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Our Board directs our business
and affairs, as provided by Delaware law, and conducts its business through meetings of the Board and its standing committees.</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">In accordance with our Second
Amended and Restated Certificate of Incorporation, our Board consists of three classes of directors, with the first class consisting of
two directors with an initial term that expires at the annual meeting of stockholders held in 2025; the second class consisting of three
directors with an initial term that expires at the annual meeting of stockholders held in 202; and the third class consisting of two directors
with an initial term that expires at the annual meeting of stockholders held in 2024. At each annual meeting of stockholders, directors
elected to succeed those directors whose terms expire shall be elected for a term of office to expire at the third succeeding annual meeting
of stockholders after their election.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Committees of the Board of Directors</i></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Our board of directors has two
standing committees: an audit committee and a compensation committee. Subject to phase-in rules and a limited exception, the rules of
Nasdaq and Rule 10A-3 of the Exchange Act require that the audit committee of a listed company be comprised solely of independent directors,
and the rules of Nasdaq require that the compensation committee of a listed company be comprised solely of independent directors.</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"><i>Audit Committee</i></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We established an audit committee
of the board of directors. Jonathan Summers and Peter Torres serve as members of our audit committee, and Mr. Summers chairs the audit
committee. Under the Nasdaq listing standards and applicable SEC rules, we are required to have at least three members of the audit committee,
all of whom must be independent. Each of Messrs. Summers and Torres meet the independent director standard under Nasdaq listing standards
and under Rule 10-A-3(b)(1) of the Exchange Act. As noted above, John Burdiga, one of our independent directors, resigned on November
10, 2021, leaving a vacancy on the audit committee. Pursuant to applicable Nasdaq listing standards, we are afforded a grace period to
fill the vacancy resulting from Mr. Burdiga&#8217;s resignation, which grace period is still in effect. In connection with the Business
Combination, we are in the process of identifying additional independent directors to fill the vacancy caused by Mr. Burdiga&#8217;s resignation.</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"></p>

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<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">Each member of the audit committee
is financially literate. Our board of directors has determined that Jonathan Summers qualifies as an &#8220;audit committee financial
expert&#8221; as defined in applicable SEC rules, and he currently serves as audit committee chair. We have adopted an audit committee
charter, which details the principal functions of the audit committee, including:</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We have adopted an audit committee
charter, which details the principal functions of the audit committee, including:</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">&#9679; the appointment, compensation,
retention, replacement, and oversight of the work of the independent auditors and any other independent registered public accounting firm
engaged by us;</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">&#9679; pre-approving all audit
and permitted non-audit services to be provided by the independent auditors or any other registered public accounting firm engaged by
us, and establishing pre-approval policies and procedures;</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">&#9679; reviewing and discussing
with the independent auditors all relationships the auditors have with us in order to evaluate their continued independence;</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">&#9679; setting clear hiring policies
for employees or former employees of the independent auditors;</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">&#9679; setting clear policies
for audit partner rotation in compliance with applicable laws and regulations;</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">&#9679; obtaining and reviewing
a report, at least annually, from the independent auditors describing (i) the independent auditors&#8217; internal quality-control procedures
and (ii) any material issues raised by the most recent internal quality-control review, or peer review, of the audit firm, or by any inquiry
or investigation by governmental or professional authorities within the preceding five years respecting one or more independent audits
carried out by the firm and any steps taken to deal with such issues;</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">&#9679; reviewing and approving
any related party transaction required to be disclosed pursuant to Item 404 of Regulation S-K promulgated by the SEC prior to us entering
into such transaction; and</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">&#9679; reviewing with management,
the independent auditors, and our legal advisors, as appropriate, any legal, regulatory or compliance matters, including any correspondence
with regulators or government agencies and any employee complaints or published reports that raise material issues regarding our financial
statements or accounting policies and any significant changes in accounting standards or rules promulgated by the Financial Accounting
Standards Board, the SEC or other regulatory authorities.</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"><i>Compensation Committee</i></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We have established a compensation
committee of the board of directors. Jonathan Summers and Peter Torres serve as members of our compensation committee. Under the NASDAQ
listing standards and applicable SEC rules, we are required to have at least two members of the compensation committee, all of whom must
be independent.</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">We have adopted a compensation
committee charter, which details the principal functions of the compensation committee, including:</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">&#9679; reviewing and approving
on an annual basis the corporate goals and objectives relevant to our Co-Chief Executive Officers&#8217; compensation, evaluating our
Co-Chief Executive Officers&#8217; performance in light of such goals and objectives and determining and approving the remuneration (if
any) of our Co-Chief Executive Officer based on such evaluation;</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">&#9679; reviewing and approving
on an annual basis the compensation of all of our other officers;</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"></p>

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<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: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
reviewing on an annual basis our executive compensation policies and plans;</span></p>

<p style="font: 10pt Times New 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">&#9679;
implementing and administering our incentive compensation equity-based remuneration plans;</span></p>

<p style="font: 10pt Times New 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">&#9679;
assisting management in complying with our proxy statement and annual report disclosure requirements;</span></p>

<p style="font: 10pt Times New 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">&#9679;
approving all special perquisites, special cash payments and other special compensation and benefit arrangements for our officers and
employees;</span></p>

<p style="font: 10pt Times New 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">&#9679;
if required, producing a report on executive compensation to be included in our annual proxy statement; and</span></p>

<p style="font: 10pt Times New 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">&#9679;
reviewing, evaluating and recommending changes, if appropriate, to the remuneration for directors.</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">Notwithstanding
the foregoing, as indicated above, other than the $10,000 per month administrative fee payable to our Sponsor or an affiliate of our
Sponsor and reimbursement of expenses, no compensation of any kind, including finders, consulting or other similar fees, will be paid
by us to any of our existing stockholders, officers, directors or any of their respective affiliates, prior to, or for any services they
render in order to effectuate the consummation of a business combination.</span></p>

<p style="font: 10pt Times New 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
charter provides that the compensation committee may, in its sole discretion, retain or obtain the advice of a compensation consultant,
legal counsel or other adviser and will be directly responsible for the appointment, compensation and oversight of the work of any such
adviser. However, before engaging or receiving advice from a compensation consultant, external legal counsel or any other adviser, the
compensation committee will consider the independence of each such adviser, including the factors required by NASDAQ and the SEC.</span></p>

<p style="font: 10pt Times New 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><i>Director
Nominations</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
do not have a standing nominating committee. In accordance with Rule 5605(e)(2) of the NASDAQ Rules, a majority of the independent directors
may recommend a director nominee for selection by the board of directors. The board of directors believes that the independent directors
can satisfactorily carry out the responsibility of properly selecting or approving director nominees without the formation of a standing
nominating committee. As there is no standing nominating committee, we do not have a nominating committee charter in place.</span></p>

<p style="font: 10pt Times New 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 of directors will also consider director candidates recommended for nomination by our stockholders during such times as they are
seeking proposed nominees to stand for election at the next annual meeting of stockholders (or, if applicable, a special meeting of stockholders).
Our stockholders that wish to nominate a director for election to our board of directors should follow the procedures set forth in our
bylaws.</span></p>

<p style="font: 10pt Times New 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 not formally established any specific, minimum qualifications that must be met or skills that are necessary for directors to possess.
In general, in identifying and evaluating nominees for director, our board of directors considers educational background, diversity of
professional experience, knowledge of our business, integrity, professional reputation, independence, wisdom, and the ability to represent
the best interests of our stockholders.</span></p>

<p style="font: 10pt Times New 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><i>Compensation
Committee Interlocks and Insider Participation</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">None
of our officers currently serves, or in the past year has served, as a member of the board of directors or compensation committee of
any entity that has one or more officers serving on our board of 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><i>Code
of Ethics</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
have adopted a Code of Ethics applicable to our directors, officers and employees. We have filed a copy of our Code of Ethics as an exhibit
to our registration statement in connection with our IPO. You may review our Code of Ethics by accessing our public filings at the SEC&#8217;s
website at www.sec.gov. In addition, a copy of the Code of Ethics will be provided without charge upon request from 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-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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Limitation
on Liability and Indemnification of Officers and Directors</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
Amended and Restated Certificate of Incorporation and the Second Amended and Restated Certificate of Incorporation provides that our
officers and directors will be indemnified by us to the fullest extent authorized by Delaware law, as it now exists or may in the future
be amended. In addition, our Amended and Restated Certificate of Incorporation provides that our directors will not be personally liable
for monetary damages to us or our stockholders for breaches of their fiduciary duty as directors, unless they violated their duty of
loyalty to us or our stockholders, acted in bad faith, knowingly or intentionally violated the law, authorized unlawful payments of dividends,
unlawful stock purchases or unlawful redemptions, or derived an improper personal benefit from their actions as 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have entered into agreements with our officers and directors to provide contractual indemnification in addition to the indemnification
provided for in our Amended and Restated Certificate of Incorporation. Our bylaws also will permit us to secure insurance on behalf of
any officer, director or employee for any liability arising out of his or her actions, regardless of whether Delaware law would permit
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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have purchased a policy of directors&#8217; and officers&#8217; liability insurance that insures our officers and directors against the
cost of defense, settlement or payment of a judgment in some circumstances and insures us against our obligations to indemnify our officers
and 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
provisions may discourage stockholders from bringing a lawsuit against our directors for breach of their fiduciary duty. These provisions
also may have the effect of reducing the likelihood of derivative litigation against officers and directors, even though such an action,
if successful, might otherwise benefit us and our stockholders. Furthermore, a stockholder&#8217;s investment may be adversely affected
to the extent we pay the costs of settlement and damage awards against officers and directors pursuant to these indemnification provisions.</span></p>

<p style="font: 10pt Times New 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 that these provisions, the directors&#8217; and officers&#8217; liability insurance and the indemnity agreements are necessary
to attract and retain talented and experienced officers and 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>


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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"><span id="Hz_001"></span><span style="font-size: 10pt"><b>PRINCIPAL
STOCKHOLDERS</b></span></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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth information regarding the beneficial ownership of the Company&#8217;s Class A Common Stock immediately following
the consummation of the Business Combination on September 28, 2022 by:</span></p>

<p style="font: 10pt Times New 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%">
  <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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">each
    person who is known by us to be the beneficial owner of more than five percent of our issued and outstanding ordinary shares,</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#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"><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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">each
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<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#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"><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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">all
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  </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">&#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">Beneficial
ownership is determined in accordance with SEC rules and includes voting or investment power with respect to securities. Except as indicated
by the footnotes below, we believe, based on the information furnished to us, that the persons and entities named in the table below
will have sole voting and investment power with respect to all 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"><span style="font-family: Times New Roman, Times, Serif; 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">Subject
to the paragraph above, the percentage ownership of issued shares is based on <span style="background-color: white">18,715,912 </span>shares
of Class A Common Stock issued and outstanding as of September 28, 2022.</span></p>

<p style="font: 10pt Times New 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
beneficial ownership information below excludes the shares underlying the Company&#8217;s warrants, the PIPE Shares, and the shares expected
to be issued or reserved under the Company&#8217;s 2022 Stock Incentive Plan (as defined below).</span></p>

<p style="font: 10pt Times New 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">Unless
otherwise indicated, we believe that all persons named in the table have sole voting and investment power with respect to all shares
beneficially owned by them. Unless otherwise noted, the business address of each of the following entities or individuals is 10 East
53rd Street, Suite 3001, New York, New York 10022.</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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  <tr style="vertical-align: bottom">
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    of Class A Common Stock</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"><sup>&#160;</sup></span></td><td style="font-weight: bold"><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: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1.0</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: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Chris Fameree</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">10,000</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"><sup>&#160;</sup></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="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Donald Emmi</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">116,667</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"><sup>(2)</sup></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></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Tyler Beuerlein</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">116,667</span></td><td style="text-align: left"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><sup>(2)</sup></p><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"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">*</p></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="text-align: left"><span style="font-family: Times New Roman, Times, Serif">John Darwin</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">3,627,263</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"><sup>(3)</sup></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">19.1</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="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Joshua Mann</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">3,627,263</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"><sup>(3)</sup></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">19.1</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: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Jonathan Summers</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">10,000</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"><sup>&#160;</sup></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"></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">Karl Racine</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"><sup>&#160;</sup></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></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">Jonathon F. Niehaus</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"><sup>&#160;</sup></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></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Richard Carleton</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"><sup>&#160;</sup></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></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">Jennifer Meyers</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"><sup>&#160;</sup></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></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"><sup>&#160;</sup></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="font-weight: bold; font-style: italic; text-align: left"><span style="font-family: Times New Roman, Times, Serif">(All
    Executive Officers and Directors as a Group (11 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">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"><sup>&#160;</sup></span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><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"><sup>&#160;</sup></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="font-weight: bold; font-style: italic; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Greater
    than Five Percent Holders:</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"><sup>&#160;</sup></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="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Partner Colorado Credit Union</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">11,386,139</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"><sup>&#160;</sup></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">60.8</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="text-align: left"><span style="font-family: Times New Roman, Times, Serif">5AK, LLC</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">3,627,263</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"><sup>&#160;</sup></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">19.1</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="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Midtown East Management NL LLC</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">1,599,496</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"><sup>(4)</sup></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="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Verdun Investments LLC</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">1,180,376</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"><sup>(5)</sup></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">6.3</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="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Vellar Opportunities Fund Master, Ltd.</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">1,025,000</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"><sup>(6)</sup></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">5.5</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; text-align: center; margin-top: 0; margin-bottom: 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"><p style="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">*</span></p></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"></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></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%; 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: 0.35in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    percentage of beneficial ownership of the Company is calculated based on 18,715,912 shares of Class A Common Stock outstanding as
    of September 28, 2022. Where applicable, the percentage of beneficial ownership for each individual or entity post-Business Combination
    also reflects Class A Common Stock issuable upon exercise of the Sponsor&#8217;s 264,088 private warrants held by the Sponsor, which
    have an exercise price of $11.50 per share, and upon exercise of stock awards that will be exercisable within 60 days after the consummation
    of the Business Combination.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Represents
    vested incentive stock options to purchase shares of the Issuer&#8217;s Class A Common Stock, which options expire ten
    years from the grant date and have an exercise price per share equal to $6.67. </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5AK,
    LLC is the record holder of the securities reported herein. John Darwin and Joshua Mann, the Company&#8217;s directors, are each
    a control person of the member and manager of the Sponsor, Luminous Capital USA Inc. By virtue of this relationship, Messrs. Darwin
    and Mann may be deemed to share beneficial ownership of the securities held of record by the Sponsor. Messrs. Darwin and Mann each
    disclaims any such beneficial ownership except to the extent of his respective pecuniary interest.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">According
    to Schedule 13G filed on July 1, 2022. The business address of Midtown East Management NL LLC is One Rockefeller Plaza, 32nd Floor,
    New York, NY 10020.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">According
    to Schedule 13G filed on July 7, 2022. The business address of Verdun Investments LLC is 55 Post Rd West, 2nd Floor, Westport, CT
    06880.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">According
    to Schedule 13G filed on August 11, 2022. The business address of Vellar Opportunities Fund Master, Ltd. is Solaris Avenue, Camana
    Bay, PO Box 1348 Grand Cayman KY1-1108, Cayman Islands.</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>


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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"><span id="Hz_002"></span><span style="font-size: 10pt"><b>SELLING
STOCKHOLDERS</b></span></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-top: 0; margin-bottom: 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: justify; text-indent: 0.5in">The shares of Class A Common
Stock being offered by the selling stockholders are those issuable to the selling stockholders upon conversion of the preferred shares
and exercise of the warrants. For additional information regarding the issuance of the preferred shares and the warrants, see &#8220;Private
Placement of Preferred Shares&#8221; above. We are registering the shares of Class A Common Stock in order to permit the selling
stockholders to offer the shares for resale from time to time. Except for the ownership of the preferred shares and the warrants issued
pursuant to the Securities Purchase Agreement, the selling stockholders have not had any material relationship with us within the past
three years.</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">The table below lists the selling
stockholders and other information regarding the beneficial ownership (as determined under Section 13(d) of the Securities Exchange Act
of 1934, as amended, and the rules and regulations thereunder) of the shares of Class A Common Stock held by each of the selling
stockholders. The second column lists the number of shares of Class A Common Stock beneficially owned by the selling stockholders,
based on their respective ownership of shares of Class A Common Stock, preferred shares and warrants, as of October 7, 2022, assuming
conversion of the preferred shares and exercise of the warrants held by each such selling stockholder on that date but taking account
of any limitations on conversion and exercise set forth therein.</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">The third column lists the shares
of Class A Common Stock being offered by this prospectus by the selling stockholders and does not take in account any limitations
on (i) conversion of the preferred shares set forth therein or (ii) exercise of the warrants set forth therein.</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">In accordance with the terms
of a registration rights agreement with the holders of the preferred shares and the warrants, this prospectus generally covers the resale
of 150% of the sum of (i) the maximum number of shares of Class A Common Stock issued or issuable pursuant to Certificate of Designation
(assuming a conversion price equal to a floor price of $1.25), and (ii) the maximum number of shares of Class A Common
Stock issued or issuable upon exercise of the warrants, in each case, determined as if the outstanding preferred shares and warrants
were converted or exercised (as the case may be) in full, in each case, without regard to any limitations on conversion or exercise contained
therein solely for the purpose of such calculation. Because the conversion price of the preferred shares and the exercise price of the
warrants may be adjusted, the number of shares that will actually be issued may be more or less than the number of shares being offered
by this prospectus. The fourth column assumes the sale of all of the shares offered by the selling stockholders pursuant to this prospectus.</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">Under the terms of the preferred shares and the warrants,
a selling stockholder may not convert the preferred shares or exercise the warrants to the extent (but only to the extent) such selling
stockholder or any of its affiliates would beneficially own a number of shares of our Class A Common Stock which would exceed
4.99% of the outstanding shares of the Company. The number of shares in the second column reflects these limitations. The selling stockholders
may sell all, some or none of their shares in this offering. See &#8220;Plan of Distribution.&#8221;&#160;</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">&#160;</span></p>


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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td colspan="33" style="border-bottom: Black 1.5pt solid; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Selling
    Stockholders</span></td></tr>
  <tr style="vertical-align: bottom">
    <td><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="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Securities
    Beneficially Owned Prior to this Offering</span></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>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Securities
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    <td colspan="14" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Securities
    to be Beneficially Owned After this Offering</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">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Selling
    Stockholder</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; font-size: 10pt"><b>Common
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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; font-size: 10pt"><b>Warrants<sup>(3)</sup></b></span></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>
    <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; font-size: 10pt"><b>Common
    Stock<sup>(2)</sup></b></span></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">Common
    Stock<sup>(2)</sup></span></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>
    <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">%</span></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>
    <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; font-size: 10pt"><b>Warrants<sup>(3)(4)</sup></b></span></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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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 28%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sabby Volatility
    Warrant Master Fund, Ltd.<sup>(5)</sup></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: 5%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">4,250,000</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: 5%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">250,000</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: 5%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">4,250,000</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: 5%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</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: 5%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</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: 5%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</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: 5%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</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: 5%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</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 style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Anson Investment Master Fund
    LP<sup>(6)</sup></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">3,400,000</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>
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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">&#8212;</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">&#8212;</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">&#8212;</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">&#8212;</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="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ionic Ventures LLC<sup>(7)</sup></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">125,000</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">2,125,000</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">&#8212;</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">&#8212;</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">&#8212;</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">&#8212;</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">
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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">&#8212;</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">&#8212;</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="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Thomas E. Bernard<sup>(9)</sup></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">1,591,925</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">791,925</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">1,591,925</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">&#8212;</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">741,925</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"><sup>(10)</sup></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">1.8</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">&#8212;</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">&#8212;</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">Anson East Master Fund
    LP<sup>(11)</sup></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">850,000</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">50,000</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">850,000</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">&#8212;</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">&#8212;</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">&#8212;</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">&#8212;</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">&#8212;</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="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hudson Bay Master Fund
    Ltd.<sup>(12)</sup></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">850,000</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">50,000</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">850,000</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">&#8212;</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">&#8212;</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">&#8212;</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">&#8212;</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">&#8212;</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">Leviston Resources LLC<sup>(13)</sup></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">850,000</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">50,000</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">850,000</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">&#8212;</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">&#8212;</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">&#8212;</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">&#8212;</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">&#8212;</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="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">M Hausman Inc.<sup>(14)</sup></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">637,500</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">37,500</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">637,500</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">&#8212;</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">&#8212;</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">&#8212;</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">&#8212;</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">&#8212;</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">Great Point Capital LLC<sup>(15)</sup></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">425,000</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">25,000</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">425,000</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">&#8212;</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">&#8212;</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">&#8212;</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">&#8212;</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">&#8212;</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; font-size: 10pt">Adam Gefvert<sup>(16)</sup></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">340,000</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">20,000</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">340,000</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">&#8212;</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">&#8212;</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">&#8212;</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">&#8212;</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">&#8212;</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">FirstFire Global Opportunities
    Fund, LLC<sup>(17)</sup></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">212,500</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">12,500</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">212,500</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">&#8212;</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">&#8212;</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">&#8212;</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">&#8212;</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">&#8212;</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="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Watson Family Trust<sup>(18)</sup></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">212,500</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">12,500</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">212,500</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">&#8212;</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">&#8212;</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">&#8212;</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">&#8212;</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">&#8212;</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">Tiger Trout Capital Puerto
    Rico LLC<sup>(19)</sup></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">212,500</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">12,500</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">212,500</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">&#8212;</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">&#8212;</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">&#8212;</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">&#8212;</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">&#8212;</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; font-size: 10pt">Roland Brusco<sup>(20)</sup></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">170,000</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">10,000</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">170,000</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">&#8212;</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">&#8212;</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">&#8212;</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">&#8212;</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">&#8212;</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">Econn 2004 Community Property
    Trust<sup>(21)</sup></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">85,000</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">5,000</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">85,000</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">&#8212;</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">&#8212;</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">&#8212;</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">&#8212;</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">&#8212;</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="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TT&amp;J Holdings, LLC<sup>(22)</sup></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">85,000</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">5,000</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">85,000</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">&#8212;</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">&#8212;</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">&#8212;</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">&#8212;</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">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leonite Fund I, LP<sup>(23)</sup></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">85,000</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">5,000</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">85,000</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">&#8212;</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">&#8212;</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">&#8212;</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">&#8212;</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">&#8212;</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="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stephen J. Brownell<sup>(24)</sup></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">42,500</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">2,500</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">42,500</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">&#8212;</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">&#8212;</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">&#8212;</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">&#8212;</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">&#8212;</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"></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: 0.4in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    amounts set forth in this column are the number of Class A Common Stock that may be offered for sale from time to time by each Selling
    Stockholder using this prospectus. These amounts do not represent any other shares of our Class A Common Stock, warrants, or other
    securities that the Selling Stockholder may own beneficially or otherwise.</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><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">Represents
    shares of Class A Common Stock, including the shares of Class A Common Stock to be issued upon (i) the conversion of shares of Series
    A Convertible Preferred Stock held by the Selling Stockholder assuming a conversion price of $1.25 and (ii) the exercise of warrants
    held by the Selling Stockholder, which shares of Series A Convertible Preferred Stock and warrants are not being registered for sale
    under this Registration Statement.</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(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">Represents
    certain warrants held by the Selling Stockholder, which warrants are not being registered for sale under this Registration Statement.</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"></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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    <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: 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%">
<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: 0.4in"><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">Assumes
    that each warrant held by the Selling Stockholder is exercised in full for shares of Class A 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">(5)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sabby
    Management, LLC is the investment manager of Sabby Volatility Warrant Master Fund, Ltd. (&#8220;<span style="text-decoration: underline">Sabby</span>&#8221;) and holds voting
    and investment power with respect to these securities in this capacity. As manager of Sabby Management, LLC, Hal Mintz also shares
    voting and investment power on behalf of Sabby. Each of Sabby Management, LLC and Mr. Mintz disclaims beneficial ownership over the
    securities listed except to the extent of their pecuniary interest therein.</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Anson
    Advisors Inc. and Anson Funds Management LP are the co-investment advisers of Anson Investments Master Fund LP (&#8220;<span style="text-decoration: underline">AIMF</span>&#8221;)
    and hold voting and dispositive power over the securities held by Anson in this capacity. Bruce Winson is the managing member of
    Anson Management GP LLC, which is the General Partner of Anson Funds Management LP. Moez Kassam and Amin Nathoo are Directors of
    Anson Advisors Inc. Mr. Winson, Mr. Kassam and Mr. Nathoo each disclaim beneficial ownership of these securities, except to the extent
    of their pecuniary interest therein. The principal business address of Anson is Maples Corporate Services Limited, PO Box 309, Ugland
    House, Grand Cayman, KY1-1004, Cayman Islands.</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(7)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Brendan
    O&#8217;Neil and Keith Coulston are the managers of Ionic Ventures, LLC and in such capacity have joint voting and dispositive power
    over shares held by Ionic Ventures, LLC. Mr. O&#8217;Neil and Mr. Coulston each disclaim beneficial ownership of the reported securities
    except to the extent of their pecuniary interest therein. Ionic Ventures, LLC is not a licensed broker dealer or an affiliate of
    a licensed broker dealer. The address of Ionic Ventures, LLC is&#160;3053 Fillmore Street, Ste. 256, San Francisco, CA 94123.</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(8)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Walleye
    Capital LLC is the investment manager of Walleye Opportunities Master Fund Ltd. Andrew Carney is the Chief Executive Officer of Walleye
    Capital LLC and William England is the Chief Investment Officer of Walleye Capital LLC. As a result, Walleye Capital LLC, Mr. Carney,
    and Mr. England may be deemed to have shared voting and dispositive power with respect to the securities held by Walleye Opportunities
    Master Fund Ltd. The address for Walleye Capital LLC and U.S. address for Walleye Opportunities Master Fund Ltd. is 2800 Niagara
    Lane North, Plymouth, MN 55447.</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">(9)</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Mr. Bernard&#8217;s business address is 281 Northstar
    Drive, Aspen, CO 81611.</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">(10)</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Represents 741,925 shares of Class A Common Stock issuable
    upon exercise of 741,925 Public Warrants held by Mr. Bernard, which Public Warrants were purchased on the open market.</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(11)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Anson
    Advisors Inc. and Anson Funds Management LP are the co-investment advisers of Anson East Master Fund LP (&#8220;<span style="text-decoration: underline">AEMF</span>&#8221;)
    and hold voting and dispositive power over the securities held by Anson in this capacity. Bruce Winson is the managing member of
    Anson Management GP LLC, which is the General Partner of Anson Funds Management LP. Moez Kassam and Amin Nathoo are Directors of
    Anson Advisors Inc. Mr. Winson, Mr. Kassam and Mr. Nathoo each disclaim beneficial ownership of these securities, except to the extent
    of their pecuniary interest therein. The principal business address of Anson is Maples Corporate Services Limited, PO Box 309, Ugland
    House, Grand Cayman, KY1-1004, Cayman Islands.</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(12)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hudson
    Bay Capital Management LP, the investment manager of Hudson Bay Master Fund Ltd., has voting and investment power over these securities.
    Sander Gerber is the managing member of Hudson Bay Capital GP LLC, which is the general partner of Hudson Bay Capital Management
    LP. Each of Hudson Bay Master Fund Ltd. and Sander Gerber disclaims&#160;beneficial&#160;ownership&#160;over&#160;these&#160;securities.&#160;The
    principal business address of Hudson Bay Master Fund Ltd. is 28 Havemeyer Place, 2nd Floor, Greenwich, CT 06830.</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(13)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Roman
    Rogol has sole voting and dispositive control over the securities held by Leviston Resources LLC. The principal business address
    of Leviston Resources LLC is 1225 Ave. Ponce de Leon, San Juan, PR 00907.</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(14)</span></td>
    <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 business address of M Hausman Inc. is 711 West 17th Street, Suite F-2, Costa Mesa, CA 92627. Stephen Brownell is the President
    of M Hausman Inc. As disclosed above, Mr. Brownell owns securities in an individual capacity.</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(15)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gabriel
    Mengin and Dan Dimiero, as principals of Great Point Capital, LLC, hold voting and dispositive power over the securities held by
    Great Point Capital, LLC. Great Point Capital, LLC is a broker-dealer. The principal business address of Great Point Capital, LLC
    is 200 West Jackson Blvd., Suite 1000, Chicago, IL 60606.</span></td></tr>


<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(16)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
    Gefvert&#8217;s business address is 103 Ave. de Diego, Apt. 811, San Juan, PR 00911.</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(17)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Eli
    Fireman has sole voting and dispositive control over the securities held by FirstFire Global Opportunities Fund, LLC. The principal
    business address of FirstFire Global Opportunities Fund, LLC is 1040 First Avenue, Suite 190, New York, NY 10022.</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(18)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">James
    C. Watson is the trustee of the Watson Family Trust and has sole voting and dispositive control over the securities held by the
    Watson Family Trust. The principal business address of the Watson Family Trust is 5345 W. University Blvd., Dallas, TX 75209.</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(19)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alan
    Masley is the managing member of Tiger Trout Capital Puerto Rico LLC and has sole voting and dispositive control over the securities
    held by Tiger Trout Capital Puerto Rico LLC. The principal business address of Tiger Trout Capital Puerto Rico LLC is 1357 Ashford
    Ave., Suite 2-267, San Juan, PR 00907.</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(20)</span></td>
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    Brusco&#8217;s business address is 2405 Corman Road, Longview, WA 98632.</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(21)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gregory
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    by the Econn 2004 Community Property Trust. The principal business address of the Econn 2004 Community Property Trust is 113 Fremont
    Place, Los Angeles, CA 90005.</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(22)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Teresa
    Hausman is the manager of TT&amp;J Holdings, LLC and has sole voting and dispositive control over the securities held by TT&amp;J
    Holdings, LLC. The principal business address of TT&amp;J Holdings, LLC is 18 Linda Isle, Newport Beach, CA 92660.</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(23)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leonite
    Advisors LLC is the investment manager of Leonite Fund I, LP. Avi Geller is the Managing Member of Leonite Advisors LLC and may be
    deemed to be the beneficial owner of securities held by it. As a result, each of Leonite Advisors LLC and Mr. Geller may be deemed
    to be an indirect beneficial owner of the shares held directly by Leonite Fund I, LP. Mr. Geller disclaims beneficial ownership in
    such shares, except to the extent of his pecuniary interest therein. The address for Leonite Fund I, LP is 1 Hillcrest Center Drive,
    Suite 232, Spring Valley, NY 10977.</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(24)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
    Brownell&#8217;s business address is 4225 Executive Square, Suite 1150, La Jolla, CA 92037.</span></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"><b>&#160;</b></span></p>


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    <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: 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"><span id="Hz_003"></span><span style="font-size: 10pt"><b>PLAN
OF DISTRIBUTION</b></span></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">We
are registering the shares of Class A Common Stock issuable upon conversion of the preferred shares and exercise of the warrants
to permit the resale of these shares of Class A Common Stock by the holders of the preferred shares and warrants from time to
time after the date of this prospectus. We will not receive any of the proceeds from the sale by the selling stockholders of the shares
of Class A Common Stock, although we will receive the exercise price of any Warrants not exercised by the selling stockholders
on a cashless exercise basis. We will bear all fees and expenses incident to our obligation to register the shares of Class A 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: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
selling stockholders may sell all or a portion of the shares of Class A Common Stock held by them and offered hereby from time
to time directly or through one or more underwriters, broker-dealers or agents. If the shares of Class A Common Stock are sold
through underwriters or broker-dealers, the selling stockholders will be responsible for underwriting discounts or commissions or agent&#8217;s
commissions. The shares of Class A Common Stock may be sold in one or more transactions at fixed prices, at prevailing market
prices at the time of the sale, at varying prices determined at the time of sale or at negotiated prices. These sales may be effected
in transactions, which may involve crosses or block transactions, pursuant to one or more of the following methods:</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; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td>
    <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
    any national securities exchange or quotation service on which the securities may be listed or quoted at the time of sale;</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">in
    the over-the-counter 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">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">in
    transactions otherwise than on these exchanges or systems or in the over-the-counter 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">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">through
    the writing or settlement of options, whether such options are listed on an options exchange or otherwise;</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ordinary
    brokerage transactions and transactions in which the broker-dealer solicits purchasers;</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">block
    trades in which the broker-dealer will attempt to sell the shares as agent but may position and resell a portion of the block as
    principal to facilitate the transaction;</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">purchases
    by a broker-dealer as principal and resale by the broker-dealer for its account;</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
    exchange distribution in accordance with the rules of the applicable exchange;</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">privately
    negotiated transactions;</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">short
    sales made after the date the Registration Statement is declared effective by the SEC;</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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">broker-dealers
    may agree with a selling security holder to sell a specified number of such shares at a stipulated price per share;</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    combination of any such methods of sale; 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">any
    other method permitted pursuant to applicable law.</span></td></tr>
  </table>
<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">The
selling stockholders may also sell shares of Class A Common Stock under Rule 144 promulgated under the Securities Act of 1933,
as amended, if available, rather than under this prospectus. In addition, the selling stockholders may transfer the shares of Class
A Common Stock by other means not described in this prospectus. If the selling stockholders effect such transactions by selling shares
of Class A Common Stock to or through underwriters, broker-dealers or agents, such underwriters, broker-dealers or agents may
receive commissions in the form of discounts, concessions or commissions from the selling stockholders or commissions from purchasers
of the shares of Class A Common Stock for whom they may act as agent or to whom they may sell as principal (which discounts, concessions
or commissions as to particular underwriters, broker-dealers or agents may be in excess of those customary in the types of transactions
involved). In connection with sales of the shares of Class A Common Stock or otherwise, the selling stockholders may enter into
hedging transactions with broker-dealers, which may in turn engage in short sales of the shares of Class A Common Stock in the
course of hedging in positions they assume. The selling stockholders may also sell shares of Class A Common Stock short and deliver
shares of Class A Common Stock covered by this prospectus to close out short positions and to return borrowed shares in connection
with such short sales. The selling stockholders may also loan or pledge shares of Class A Common Stock to broker-dealers that
in turn may sell such shares.</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>


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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">The
selling stockholders may pledge or grant a security interest in some or all of the preferred shares, warrants or shares of Class A
Common Stock owned by them and, if they default in the performance of their secured obligations, the pledgees or secured parties
may offer and sell the shares of Class A Common Stock from time to time pursuant to this prospectus or any amendment to this prospectus
under Rule 424(b)(3) or other applicable provision of the Securities Act amending, if necessary, the list of selling stockholders to
include the pledgee, transferee or other successors in interest as selling stockholders under this prospectus. The selling stockholders
also may transfer and donate the shares of Class A Common Stock in other circumstances in which case the transferees, donees,
pledgees or other successors in interest will be the selling beneficial owners for purposes of this prospectus.</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">To
the extent required by the Securities Act and the rules and regulations thereunder, the selling stockholders and any broker-dealer participating
in the distribution of the shares of Class A Common Stock may be deemed to be &#8220;underwriters&#8221; within the meaning of
the Securities Act, and any commission paid, or any discounts or concessions allowed to, any such broker-dealer may be deemed to be underwriting
commissions or discounts under the Securities Act. At the time a particular offering of the shares of Class A Common Stock is
made, a prospectus supplement, if required, will be distributed, which will set forth the aggregate amount of shares of Class A Common
Stock being offered and the terms of the offering, including the name or names of any broker-dealers or agents, any discounts, commissions
and other terms constituting compensation from the selling stockholders and any discounts, commissions or concessions allowed or re-allowed
or paid to broker-dealers.</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">Under
the securities laws of some states, the shares of Class A Common Stock may be sold in such states only through registered or licensed
brokers or dealers. In addition, in some states the shares of Class A Common Stock may not be sold unless such shares have been
registered or qualified for sale in such state or an exemption from registration or qualification is available and is complied with.</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">There
can be no assurance that any selling stockholder will sell any or all of the shares of Class A Common Stock registered pursuant
to the registration statement, of which this prospectus forms a part.</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">The
selling stockholders and any other person participating in such distribution will be subject to applicable provisions of the Securities
Exchange Act of 1934, as amended, and the rules and regulations thereunder, including, without limitation, to the extent applicable,
Regulation M of the Exchange Act, which may limit the timing of purchases and sales of any of the shares of Class A Common Stock
by the selling stockholders and any other participating person. To the extent applicable, Regulation M may also restrict the ability
of any person engaged in the distribution of the shares of Class A Common Stock to engage in market-making activities with respect
to the shares of Class A Common Stock. All of the foregoing may affect the marketability of the shares of Class A Common Stock
and the ability of any person or entity to engage in market-making activities with respect to the shares of Class A Common Stock.</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">We
will pay all expenses of the registration of the shares of Class A Common Stock pursuant to the registration rights agreement,
estimated to be $17,592.65 in total, including, without limitation, Securities and Exchange Commission filing fees and expenses
of compliance with state securities or &#8220;blue sky&#8221; laws; provided, however, a selling stockholder will pay all underwriting
discounts and selling commissions, if any. We will indemnify the selling stockholders against liabilities, including some liabilities
under the Securities Act in accordance with the registration rights agreements or the selling stockholders will be entitled to contribution.
We may be indemnified by the selling stockholders against civil liabilities, including liabilities under the Securities Act that may
arise from any written information furnished to us by the selling stockholder specifically for use in this prospectus, in accordance
with the related registration rights agreements or we may be entitled to contribution.</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">Once
sold under the registration statement, of which this prospectus forms a part, the shares of Class A Common Stock will be freely
tradable in the hands of persons other than our affiliates.</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>


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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: center"><span style="font-family: Times New Roman, Times, Serif"><span id="Hz_004"></span><span style="font-size: 10pt"><b>UNITED
STATES FEDERAL INCOME TAX CONSIDERATIONS</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">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following discussion is a summary of certain material U.S. federal income tax considerations generally applicable to the ownership and
disposition of our Common Stock and Warrants, which we refer to collectively as our securities. This summary is based upon U.S. federal
income tax law as of the date of this prospectus, which is subject to change or differing interpretations, possibly with retroactive
effect. This summary does not discuss all aspects of U.S. federal income taxation that may be important to particular investors in light
of their individual circumstances, including investors subject to special tax rules (<i>e.g.</i>, financial institutions, insurance companies,
broker-dealers, dealers or traders in securities, tax-exempt organizations, taxpayers that have elected mark-to-market accounting, S
corporations, regulated investment companies, real estate investment trusts, passive foreign investment companies, controlled foreign
corporations, U.S. Holders (as defined below) that will hold Common Stock or Warrants as part of a straddle, hedge, conversion, or other
integrated transaction for U.S. federal income tax purposes, expatriates or former long-term residents of the United States, or investors
that have a functional currency other than the U.S. dollar), all of whom may be subject to tax rules that differ materially from those
summarized below. This summary does not discuss other U.S. federal tax consequences (<i>e.g.</i>, estate or gift tax), any state, local,
or non-U.S. tax considerations, or the Medicare tax or alternative minimum tax. In addition, this summary is limited to investors that
will hold our securities as &#8220;capital assets&#8221; (generally, property held for investment) under the Internal Revenue Code of
1986, as amended (the &#8220;Code&#8221;) and that acquire our Common Stock and Warrants for cash pursuant to this prospectus. No ruling
from the Internal Revenue Service, (the &#8220;IRS&#8221;) has been or will be sought regarding any matter discussed herein. No assurance
can be given that the IRS would not assert, or that a court would not sustain a position contrary to, any of the tax aspects set forth
below.</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">For
purposes of this summary, a &#8220;U.S. Holder&#8221; is a beneficial holder of securities who or that, for U.S. federal income tax purposes
is:</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">
    <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">&#9679;</span></td>
    <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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
                                            individual who is a United States citizen or resident of the United States;</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">
    <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; vertical-align: top"><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: top"><span style="font-family: Times New Roman, Times, Serif">&#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"><p style="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
                                            corporation (or other entity taxable as a corporation) created in, or organized under the
                                            law of, the United States or any state or political subdivision thereof;</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">
    <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; vertical-align: top"><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: top"><span style="font-family: Times New Roman, Times, Serif">&#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">&#9679;</span></td>
    <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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
                                            estate the income of which is includible in gross income for United States federal income
                                            tax purposes regardless of its source; or</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">
    <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; vertical-align: top"><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: top"><span style="font-family: Times New Roman, Times, Serif">&#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"><p style="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
                                            trust (A) the administration of which is subject to the primary supervision of a United States
                                            court and which has one or more United States persons (within the meaning of the Code) who
                                            have the authority to control all substantial decisions of the trust or (B) that has in effect
                                            a valid election under applicable Treasury regulations to be treated as a United States person.</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"></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>

<p style="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
&#8220;Non-U.S. Holder&#8221; is a beneficial holder of securities who or that is neither a U.S. Holder nor a partnership for U.S. federal
income tax purposes.</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
a partnership (including an entity or arrangement treated as a partnership for U.S. federal income tax purposes) holds our securities,
the tax treatment of a partner, member, or other beneficial owner in such partnership will generally depend upon the status of the partner,
member, or other beneficial owner, the activities of the partnership, and certain determinations made at the partner, member, or other
beneficial owner level. If you are a partner, member, or other beneficial owner of a partnership holding our securities, you are urged
to consult your tax advisor regarding the tax consequences of the ownership and disposition of our 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>


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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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">THIS
DISCUSSION OF U.S. FEDERAL INCOME TAX CONSIDERATIONS IS FOR GENERAL INFORMATION PURPOSES ONLY AND IS NOT TAX ADVICE. PROSPECTIVE HOLDERS
SHOULD CONSULT THEIR TAX ADVISORS CONCERNING THE U.S. FEDERAL INCOME TAX CONSEQUENCES TO THEM OF OWNING AND DISPOSING OF OUR SECURITIES,
AS WELL AS THE APPLICATION OF ANY, STATE, LOCAL AND NON-U.S. INCOME, ESTATE, AND OTHER TAX CONSIDERATIONS.</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>U.S.
Holders</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><i>Taxation
of Distributions</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we pay distributions or make constructive distributions (other than certain distributions of our stock or rights to acquire our stock)
to U.S. Holders of shares of our Common Stock, such distributions generally will constitute dividends for U.S. federal income tax purposes
to the extent paid from our current or accumulated earnings and profits, as determined under U.S. federal income tax principles. Distributions
in excess of our current and accumulated earnings and profits will constitute a return of capital that will be applied against and reduce
(but not below zero) the U.S. Holder&#8217;s adjusted tax basis in our Common Stock. Any remaining excess will be treated as gain realized
on the sale or other disposition of the Common Stock and will be treated as described under &#8220;<i>U.S. Holders-Gain or Loss on Sale,
Taxable Exchange or Other Taxable Disposition of Common Stock</i>&#8221; below.</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">Dividends
we pay to a U.S. Holder that is a taxable corporation will generally qualify for the dividends received deduction if the requisite holding
period is satisfied. With certain exceptions (including dividends treated as investment income for purposes of investment interest deduction
limitations), and provided certain holding period requirements are met, dividends we pay to a non-corporate U.S. Holder will generally
constitute &#8220;qualified dividends&#8221; that will be subject to tax at the preferential tax rate accorded to long-term capital gains.
If the holding period requirements are not satisfied, a corporation may not be able to qualify for the dividends received deduction and
would have taxable income equal to the entire dividend amount, and non-corporate holders may be subject to tax on such dividend at ordinary
income tax rates instead of the preferential rates that apply to qualified dividend income.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Gain
or Loss on Sale, Taxable Exchange or Other Taxable Disposition of Common Stock</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
U.S. Holder generally will recognize gain or loss on the sale, taxable exchange or other taxable disposition of our Common Stock. Any
such gain or loss will be capital gain or loss, and will be long-term capital gain or loss if the U.S. Holder&#8217;s holding period
for the Common Stock so disposed of exceeds one year. The amount of gain or loss recognized will generally be equal to the difference
between (1) the sum of the amount of cash and the fair market value of any property received in such disposition and (2) the U.S. Holder&#8217;s
adjusted tax basis in its Common Stock so disposed of. A U.S. Holder&#8217;s adjusted tax basis in its Common Stock will generally equal
the U.S. Holder&#8217;s acquisition cost for such Common Stock (or, in the case of Common Stock received upon exercise of a Warrant,
the U.S. Holder&#8217;s initial basis for such Common Stock, as discussed below), less any prior distributions treated as a return of
capital. The deductibility of capital losses is subject to limitations. Long-term capital gains recognized by non-corporate U.S. Holders
are generally eligible for reduced rates of tax. If the U.S. Holder&#8217;s holding period for the Common Stock so disposed of is one
year or less, any gain on a sale or other taxable disposition of the shares would be subject to short-term capital gain treatment and
would be taxed at ordinary income tax rates. The deductibility of capital losses is subject to limitations.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Exercise
of a Warrant</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
as discussed below with respect to the cashless exercise of a Warrant, a U.S. Holder generally will not recognize taxable gain or loss
upon the exercise of a Warrant for cash. The U.S. Holder&#8217;s initial tax basis in the share of our Common Stock received upon exercise
of the Warrant will generally be an amount equal to the sum of the U.S. Holder&#8217;s acquisition cost of the Warrant and the exercise
price of such Warrant. It is unclear whether a U.S. Holder&#8217;s holding period for the Common Stock received upon exercise of the
Warrant would commence on the date of exercise of the Warrant or the day following the date of exercise of the Warrant; however, in either
case the holding period will not include the period during which the U.S. Holder held 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>


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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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
tax consequences of a cashless exercise of a Warrant are not clear under current tax law. A cashless exercise may be nontaxable, either
because the exercise is not a realization event or because the exercise is treated as a recapitalization for U.S. federal income tax
purposes. In either situation, a U.S. Holder&#8217;s initial tax basis in the Common Stock received generally should equal the holder&#8217;s
adjusted tax basis in the Warrant. If the cashless exercise were treated as not being a realization event, it is unclear whether a U.S.
Holder&#8217;s holding period for the Common Stock would commence on the date of exercise of the Warrant or the day following the date
of exercise of the Warrant; in either case, the holding period would not include the period during which the U.S. Holder held the Warrant.
If, instead, the cashless exercise were treated as a recapitalization, the holding period of the Common Stock generally would include
the holding period of the 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">It
is also possible that a cashless exercise of a Warrant could be treated in part as a taxable exchange in which gain or loss is recognized.
In such event, a U.S. Holder could be deemed to have surrendered a portion of the Warrants being exercised having a value equal to the
exercise price of such Warrants in satisfaction of such exercise price. Although not free from doubt, such U.S. Holder generally should
recognize capital gain or loss in an amount equal to the difference between the fair market value of the Warrants deemed surrendered
to satisfy the exercise price and the U.S. Holder&#8217;s adjusted tax basis in such Warrants. In this case, a U.S. Holder&#8217;s initial
tax basis in the Common Stock received would equal the sum of the exercise price and the U.S. holder&#8217;s adjusted tax basis in the
Warrants exercised. It is unclear whether a U.S. Holder&#8217;s holding period for the Common Stock would commence on the date of exercise
of the Warrant or the day following the date of exercise of the Warrant; in either case, the holding period would not include the period
during which the U.S. Holder held the Warrant. Due to the uncertainty and absence of authority on the U.S. federal income tax treatment
of a cashless exercise, including when a U.S. Holder&#8217;s holding period would commence with respect to the Common Stock received,
U.S. Holders are urged to consult their tax advisors regarding the tax consequences of a cashless exercise.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Sale,
Exchange, Redemption or Expiration of a Warrant</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
a sale, exchange (other than by exercise), redemption (other than a redemption for Common Stock), or expiration of a Warrant, a U.S.
Holder will recognize taxable gain or loss in an amount equal to the difference between (1) the amount realized upon such disposition
or expiration and (2) the U.S. Holder&#8217;s adjusted tax basis in the Warrant. A U.S. Holder&#8217;s adjusted tax basis in its Warrants
will generally equal the U.S. Holder&#8217;s acquisition cost, increased by the amount of any constructive distributions included in
income by such U.S. Holder (as described below under &#8220;<i>U.S. Holders-Possible Constructive Distributions</i>&#8221;). Such gain
or loss generally will be treated as long-term capital gain or loss if the Warrant is held by the U.S. Holder for more than one year
at the time of such disposition or expiration. If a Warrant is allowed to lapse unexercised, a U.S. Holder will generally recognize a
capital loss equal to such holder&#8217;s adjusted tax basis in the Warrant. The deductibility of capital losses is subject to certain
limitations.</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">A
redemption of Warrants for Common Stock described in this prospectus under &#8220;<i>Description of Securities-Warrants</i>&#8221; should
be treated as a &#8220;recapitalization&#8221; for U.S. federal income tax purposes. Accordingly, you should not recognize any gain or
loss on the redemption of Warrants for shares of our Common Stock. Your aggregate initial tax basis in the shares of Common Stock received
in the redemption should equal your aggregate adjusted tax basis in your Warrants redeemed and your holding period for the shares of
Common Stock received in redemption of your Warrants should include your holding period for your surrendered Warrants. However, there
is some uncertainty regarding this tax treatment and, accordingly, U.S. Holders should consult their tax advisors regarding the tax consequences
of a redemption of Warrants for Common Stock.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Possible
Constructive Distributions</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
terms of each Warrant provide for an adjustment to the number of shares of Common Stock for which the Warrant may be exercised or to
the exercise price of the Warrant in certain events, as discussed in the section of this prospectus captioned &#8220;<i>Description of
Securities-Warrants</i>.&#8221; An adjustment which has the effect of preventing dilution generally should not be a taxable event. Nevertheless,
a U.S. Holder of Warrants would be treated as receiving a constructive distribution from us if, for example, the adjustment increases
the holder&#8217;s proportionate interest in our assets or earnings and profits (e.g., through an increase in the number of shares of
Common Stock that would be obtained upon exercise) as a result of a distribution of cash to the holders of shares of our Common Stock
which is taxable to such holders as a distribution. Such constructive distribution would be subject to tax as described above under &#8220;<i>U.S.
Holders-Taxation of Distributions</i>&#8221; in the same manner as if such U.S. Holder received a cash distribution from us on Common
Stock equal to the fair market value of such increased interest.</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><i>&#160;</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>Information
Reporting and Backup Withholding.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
general, information reporting requirements may apply to dividends paid to a U.S. Holder and to the proceeds of the sale or other disposition
of our shares of Common Stock and Warrants, unless the U.S. Holder is an exempt recipient. Backup withholding may apply to such payments
if the U.S. Holder fails to provide a taxpayer identification number, a certification of exempt status or has been notified by the IRS
that it is subject to backup withholding (and such notification has not been withdrawn).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times 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">Backup
withholding is not an additional tax. Any amounts withheld under the backup withholding rules will be allowed as a credit against a U.S.
Holder&#8217;s U.S. federal income tax liability and may entitle such holder to a refund, provided the required information is timely
furnished to the IRS.</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>Non-U.S.
Holders</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><i>Taxation
of Distributions</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
general, any distributions (including constructive distributions) we make to a Non-U.S. Holder of shares of our Common Stock, to the
extent paid out of our current or accumulated earnings and profits (as determined under U.S. federal income tax principles), will constitute
dividends for U.S. federal income tax purposes and, provided such dividends are not effectively connected with the Non-U.S. Holder&#8217;s
conduct of a trade or business within the United States, we will be required to withhold tax from the gross amount of the dividend at
a rate of 30%, unless such Non-U.S. Holder is eligible for a reduced rate of withholding tax under an applicable income tax treaty and
provides proper certification of its eligibility for such reduced rate (usually on an IRS Form W-8BEN or W-8BEN-E, as applicable). In
the case of any constructive dividend (as described below under &#8220;<i>Non-U.S. Holders-Possible Constructive Distributions</i>&#8221;),
it is possible that this tax would be withheld from any amount owed to a Non-U.S. Holder by the applicable withholding agent, including
cash distributions on other property or sale proceeds from Warrants or other property subsequently paid or credited to such holder. Any
distribution not constituting a dividend will be treated first as reducing (but not below zero) the Non-U.S. Holder&#8217;s adjusted
tax basis in its shares of our Common Stock and, to the extent such distribution exceeds the Non-U.S. Holder&#8217;s adjusted tax basis,
as gain realized from the sale or other disposition of the Common Stock, which will be treated as described under &#8220;<i>Non-U.S.
Holders-Gain on Sale, Taxable Exchange or Other Taxable Disposition of Common Stock and Warrants</i>&#8221; below. In addition, if we
determine that we are likely to be classified as a &#8220;United States real property holding corporation&#8221; (see &#8220;<i>Non-U.S.
Holders-Gain on Sale, Exchange or Other Taxable Disposition of Common Stock and Warrants</i>&#8221; below), we will withhold 15% of any
distribution that exceeds our current and accumulated earnings and profits</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">Dividends
we pay to a Non-U.S. Holder that are effectively connected with such Non-U.S. Holder&#8217;s conduct of a trade or business within the
United States (or if a tax treaty applies are attributable to a U.S. permanent establishment or fixed base maintained by the Non-U.S.
Holder) will generally not be subject to U.S. withholding tax, provided such Non-U.S. Holder complies with certain certification and
disclosure requirements (generally by providing an IRS Form W-8ECI). Instead, such dividends generally will be subject to U.S. federal
income tax, net of certain deductions, at the same graduated individual or corporate rates applicable to U.S. Holders. If the Non-U.S.
Holder is a corporation, dividends that are effectively connected income may also be subject to a &#8220;branch profits tax&#8221; at
a rate of 30% (or such lower rate as may be specified by an applicable income tax treaty).</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Exercise
of a Warrant</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
U.S. federal income tax treatment of a Non-U.S. Holder&#8217;s exercise of a Warrant will generally correspond to the U.S. federal income
tax treatment of the exercise of a Warrant by a U.S. Holder, as described under &#8220;<i>U.S. Holders-Exercise of a Warrant</i>&#8221;
above, although to the extent a cashless exercise results in a taxable exchange, the tax consequences to the Non-U.S. Holder would be
the same as those described below in &#8220;<i>Non-U.S. Holders-Gain on Sale, Exchange or Other Taxable Disposition of Common Stock and
Warrants</i>.&#8221;</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><i>&#160;</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>Redemption
of Warrants for Common Stock</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
redemption of Warrants for Common Stock described in this prospectus under &#8220;<i>Description of Securities-Warrants</i>&#8221; should
be treated as a &#8220;recapitalization&#8221; for U.S. federal income tax purposes. Accordingly, you should not recognize any gain or
loss on the redemption of Warrants for shares of our Common Stock. Your aggregate initial tax basis in the shares of Common Stock received
in the redemption should equal your aggregate adjusted tax basis in your Warrants redeemed and your holding period for the shares of
Common Stock received in redemption of your Warrants should include your holding period for your surrendered Warrants. However, there
is some uncertainty regarding this tax treatment and, accordingly, Non-U.S. Holders should consult their tax advisors regarding the tax
consequences of a redemption of Warrants for Common Stock.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Gain
on Sale, Exchange or Other Taxable Disposition of Common Stock and Warrants</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
Non-U.S. Holder generally will not be subject to U.S. federal income or withholding tax in respect of gain recognized on a sale, taxable
exchange or other taxable disposition of our Common Stock or Warrants or an expiration or redemption of our Warrants, unless:</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">
    <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">&#9679;</span></td>
    <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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            gain is effectively connected with the conduct of a trade or business by the Non-U.S. Holder
                                            within the United States (and, if an applicable tax treaty so requires, is attributable to
                                            a U.S. permanent establishment or fixed base maintained by the Non-U.S. Holder);</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">
    <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; vertical-align: top"><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: top"><span style="font-family: Times New Roman, Times, Serif">&#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"><p style="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
                                            Non-U.S. Holder is an individual who is present in the United States for 183 days or more
                                            in the taxable year of disposition and certain other conditions are met; or</span></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">
    <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; vertical-align: top"><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: top"><span style="font-family: Times New Roman, Times, Serif">&#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">we
    are or have been a &#8220;United States real property holding corporation&#8221; for U.S. federal income tax purposes at any time
    during the shorter of the five-year period ending on the date of disposition or the period that the Non-U.S. Holder held our Common
    Stock or Warrants and, in the case where shares of our Common Stock are regularly traded on an established securities market, the
    Non-U.S. Holder has owned, directly or constructively, more than 5% of our common stock at any time within the shorter of the five-year
    period preceding the disposition or such Non-U.S. Holder&#8217;s holding period for the shares of our common stock. There can be
    no assurance that our Common Stock will be treated as regularly traded on an established securities market for this purpose.</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">Gain
described in the first bullet point above will be subject to tax at generally applicable U.S. federal income tax rates as if the Non-U.S.
Holder were a U.S. resident. Any gains described in the first bullet point above of a Non-U.S. Holder that is a foreign corporation may
also be subject to an additional &#8220;branch profits tax&#8221; at a 30% rate (or lower applicable treaty rate). Gain described in
the second bullet point above will generally be subject to a flat 30% U.S. federal income tax. Non-U.S. Holders are urged to consult
their tax advisors regarding possible eligibility for benefits under income tax treaties.</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
the third bullet point above applies to a Non-U.S. Holder and applicable exceptions are not available, gain recognized by such holder
on the sale, exchange or other disposition of our Common Stock or Warrants will be subject to tax at generally applicable U.S. federal
income tax rates. In addition, a buyer of our Common Stock or Warrants from such holder may be required to withhold U.S. income tax at
a rate of 15% of the amount realized upon such disposition. Non-U.S. Holders are urged to consult their tax advisors regarding the application
of these rules.</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><i>&#160;</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>Possible
Constructive Distributions</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
terms of each Warrant provide for an adjustment to the number of shares of Common Stock for which the Warrant may be exercised or to
the exercise price of the Warrant in certain events, as discussed in the section of this prospectus captioned &#8220;<i>Description of
Securities-Warrants</i>.&#8221; An adjustment which has the effect of preventing dilution generally should not be a taxable event. Nevertheless,
a Non-U.S. Holder of Warrants would be treated as receiving a constructive distribution from us if, for example, the adjustment increases
the holder&#8217;s proportionate interest in our assets or earnings and profits (e.g., through an increase in the number of shares of
Common Stock that would be obtained upon exercise) as a result of a distribution of cash to the holders of shares of our Common Stock
which is taxable to such holders as a distribution. A Non-U.S. Holder would be subject to U.S. federal income tax withholding as described
above under &#8220;<i>Non-U.S. Holders-Taxation of Distributions</i>&#8221; under that section in the same manner as if such Non-U.S.
Holder received a cash distribution from us on Common Stock equal to the fair market value of such increased interest.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Foreign
Account Tax Compliance Act</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Provisions
of the Code and Treasury Regulations and administrative guidance promulgated thereunder commonly referred as the &#8220;Foreign Account
Tax Compliance Act&#8221; (&#8220;FATCA&#8221;) generally impose withholding at a rate of 30% in certain circumstances on dividends (including
constructive dividends) in respect of our securities which are held by or through certain foreign financial institutions (including investment
funds), unless any such institution (1) enters into, and complies with, an agreement with the IRS to report, on an annual basis, information
with respect to interests in, and accounts maintained by, the institution that are owned by certain U.S. persons and by certain non-U.S.
entities that are wholly or partially owned by U.S. persons and to withhold on certain payments, or (2) if required under an intergovernmental
agreement between the United States and an applicable foreign country, reports such information to its local tax authority, which will
exchange such information with the U.S. authorities. An intergovernmental agreement between the United States and an applicable foreign
country may modify these requirements. Accordingly, the entity through which our securities are held will affect the determination of
whether such withholding is required. Similarly, dividends in respect of our securities held by an investor that is a non-financial non-U.S.
entity that does not qualify under certain exceptions will generally be subject to withholding at a rate of 30%, unless such entity either
(1) certifies to us or the applicable withholding agent that such entity does not have any &#8220;substantial United States owners&#8221;
or (2) provides certain information regarding the entity&#8217;s &#8220;substantial United States owners,&#8221; which will in turn be
provided to the U.S. Department of Treasury. Withholding under FATCA was scheduled to apply to payments of gross proceeds from the sale
or other disposition of property that produces U.S.-source interest or dividends, however, the IRS released proposed regulations that,
if finalized in their proposed form, would eliminate the obligation to withhold on such gross proceeds. Although these proposed Treasury
Regulations are not final, taxpayers generally may rely on them until final Treasury Regulations are issued. Prospective investors should
consult their tax advisors regarding the possible implications of FATCA on their investment in our 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><i>Information
Reporting and Backup Withholding</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Information
returns will be filed with the IRS in connection with payments of dividends and the proceeds from a sale or other disposition of our
units, shares of Common Stock and Warrants. A Non-U.S. Holder may have to comply with certification procedures to establish that it is
not a United States person in order to avoid information reporting and backup withholding requirements. The certification procedures
required to claim a reduced rate of withholding under a treaty generally will satisfy the certification requirements necessary to avoid
the backup withholding as well. Backup withholding is not an additional tax. The amount of any backup withholding from a payment to a
Non-U.S. Holder will be allowed as a credit against such holder&#8217;s U.S. federal income tax liability and may entitle such holder
to a refund, provided that the required information is timely furnished to the IRS.</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>THE
DISCUSSION ABOVE IS A GENERAL SUMMARY. IT DOES NOT COVER ALL TAX MATTERS THAT MAY BE IMPORTANT TO YOU. EACH PROSPECTIVE PURCHASER SHOULD
CONSULT ITS TAX ADVISOR ABOUT THE TAX CONSEQUENCES OF AN INVESTMENT IN OUR COMMON STOCK AND WARRANTS BASED ON THE INVESTOR&#8217;S CIRCUMSTANCES.</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>


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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"><span id="Hz_005"></span><span style="font-size: 10pt"><b>DESCRIPTION
OF SECURITIES</b></span></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following summary of the material terms of our securities is not intended to be a complete summary of the rights and preferences of such
securities, and is qualified by reference to our Second Amended and Restated Certificate of Incorporation, our Bylaws and the
Warrant-related documents described herein, which are exhibits to the registration statement of which this prospectus is a part. We urge
you to read each of our Second Amended and Restated Certificate of Incorporation, the Bylaws and the Warrant-related documents
described herein in their entirety for a complete description of the rights and preferences of our 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>Authorized
and Outstanding Stock</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
Second Amended and Restated Certificate of Incorporation authorizes the issuance of 131,250,000 shares of capital stock, consisting
of (i) 130,000,000 shares of Class A Common Stock and (ii) 1,250,000 shares of preferred stock, par value $0.0001 per share. The outstanding
shares of our Class A Common Stock are duly authorized, validly issued, fully paid and non-assessable. As of the date of this
prospectus, there were 18,715,912 shares of Class A Common Stock outstanding, 20,450 shares of preferred stock outstanding
and 7,036,588 warrants outstanding.</span></p>

<p style="font: 10pt Times New 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><i>Common
Stock</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
Class A Common Stock has such rights as are provided in the Second Amended and Restated Certificate of Incorporation.</span></p>

<p style="font: 10pt Times New 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><i>Voting
Power</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">Except
as otherwise required by law or as otherwise provided in any certificate of designation for any series of preferred stock, under the
Second Amended and Restated Certificate of Incorporation, the holders of Class A Common Stock possess or will possess, as applicable,
all voting power for the election of our directors and all other matters requiring stockholder action and are entitled or will be entitled,
as applicable, to one vote per share on matters to be voted on by stockholders. Subject to certain limited exceptions, the holders of
Class A Common Stock shall at all times vote together as one class on all matters submitted to a vote of the holders of Class
A Common Stock under the Second Amended and Restated Certificate
of Incorporation.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Preemptive
or Other Rights</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
Second Amended and Restated Certificate of Incorporation does not provide for any preemptive or other similar rights.</span></p>

<p style="font: 10pt Times New 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><i>Election
of Directors</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
Board currently consists of seven directors. The Board is divided into three classes, with the first class consisting of two directors
with an initial term that expires in 2025, the second class consisting of three directors with an initial term that expires in 2023,
and the third class consisting of two directors with an initial term that expires in 2024. The directors shall serve until their respective
successors are duly elected and qualified, or until their earlier resignation, removal, or death. Under the terms of the Second Amended
and Restated Certificate of Incorporation, upon the effectiveness thereof, the term of a class of Directors in place at such time will
expire at the annual meeting of the stockholder until 2024.</span></p>

<p style="font: 10pt Times New 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">Under
our Second Amended and Restated Certificate of Incorporation, directors are elected by a plurality voting standard, whereby each of our
stockholders may not give more than one vote per share towards any one director nominee.</span></p>

<p style="font: 10pt Times New 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Preferred
Stock</i></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">Prior
to the issuance of the PIPE Shares, the Company filed a Certificate of Designation of Preferences, Rights and Limitations of the Series
A Convertible Preferred Stock (the &#8220;Certificate of Designation&#8221;) with the Secretary of State of the State of Delaware. Pursuant
to the Certificate of Designation, the Series A Convertible Preferred Stock has a stated value of $1,000 per share and will convert into
shares of Class A Common Stock at a price of $10.00 per share of Class A Common Stock (the &#8220;Conversion Price&#8221;). The Conversion
Price is subject to downward adjustment on each of the dates that are 10 days, 55 days, 100 days, 145 days and 190 days after the effectiveness
of a registration statement registering the shares of Class A Common Stock issuable upon conversion of the PIPE Shares to the lower of
the Conversion Price and the greater of (i) 80% of the volume weighted average price of the Class A Common Stock for the prior five trading
days and (ii) $2.00 (the &#8220;Floor Price&#8221;); provided that, so long as a PIPE Investor continues to hold any PIPE Shares, such
PIPE Investor will be entitled to receive the aggregate shares of Class A Common Stock that would be issuable based upon its initial
purchase of PIPE Shares at the adjusted Conversion Price. Additionally, the Floor Price will be reduced to $1.25 if and only if the Company&#8217;s
stockholders provide the approval contemplated by Nasdaq Listing Standard Rule 5635(d) with respect to the issuance of the Conversion
Shares based on a reduction of the Floor Price to $1.25 (the &#8220;Requisite Stockholder Approval&#8221;); provided, however, that no
holder of Conversion Shares issued prior to obtaining the Requisite Stockholder Approval will be allowed to vote such Conversion Shares
for or against such proposal. Further, pursuant to the Certificate of Designation, as soon as practicable, but in any event not later
than one hundred and twenty days (120) days after September 28, 2022, the Company will call a special meeting of its stockholders to
obtain the Requisite Stockholder Approval for the reduction of the Floor Price to $1.25 and (ii) the Company&#8217;s Board of Directors
(the &#8220;Board&#8221;) will recommend approval of such proposal; if the Requisite Stockholder Approval is not obtained at such a meeting,
the Company will call additional meetings, and the Board will make such recommendation, at least once every six (6) months thereafter
until the Requisite Stockholder Approval is obtained (each such meeting, a &#8220;Subsequent Stockholder Meeting&#8221;). If the Requisite
Stockholder Approval is received and, on the date that the Requisite Stockholder Approval is received, if a prior scheduled downward
adjustment of the Conversion Price would have resulted in a Conversion Price lower than the prior Floor Price (the &#8220;Theoretical
Adjustment Price&#8221;), then such Conversion Price shall be downwardly adjusted to the Theoretical Adjustment Price effective, automatically
and without further action of the Company or any PIPE Investor, on the trading day immediately following the trading day upon which the
Requisite Stockholder Approval is obtained regardless of whether a scheduled downward adjustment of the Conversion Price would have otherwise
occurred on such trading day; provided, however, in no event shall the Theoretical Adjustment Price be less than $1.25.</span></p>

<p style="font: 10pt Times New 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
addition, until the Price Protection Expiration Date (as such term is defined in the Certificate of Designation), the Conversion Price
is subject to adjustment for certain issuances of Class A Common Stock at a price per share less than the Conversion Price such that
the Conversion Price will be adjusted to equal the price at which the new shares are issued. The Conversion Price is also subject to
other customary adjustments for stock dividends, stock splits and similar corporate actions.</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>


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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>Warrants</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"><b><i>Public
Stockholders&#8217; Warrants</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">Each
warrant entitles the registered holder to purchase one share of our Class A Common Stock at a price of $11.50 per
share. The warrants will expire on September 28, 2027, at 5:00 p.m., New York City time, or earlier upon redemption or liquidation.</span></p>

<p style="font: 10pt Times New 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 not be obligated to deliver any shares of Class A Common Stock pursuant to the exercise of a warrant and have no obligation
to settle such warrant exercise unless a registration statement under the Securities Act with respect to the shares of Class A Common
Stock underlying the warrants is then effective and a prospectus relating thereto is current, subject to our satisfying our obligations
described below with respect to registration. No warrant is exercisable and we are not obligated to issue shares of Class A Common
Stock upon exercise of a warrant unless Class A Common Stock issuable upon such warrant exercise has been registered, qualified
or deemed to be exempt under the securities laws of the state of residence of the registered holder of the warrants. In the event that
the conditions in the two immediately preceding sentences are not satisfied with respect to a warrant, the holder of such warrant is
not be entitled to exercise such warrant and such warrant may have no value and expire worthless. In the event that a registration statement
is not effective for the exercised warrants, the purchaser of a unit containing such warrant will have paid the full purchase price for
the unit solely for the share of Class A Common Stock underlying such unit.</span></p>

<p style="font: 10pt Times New 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 agreed that as soon as practicable, but in no event later than 15 business days, after the closing of our initial business combination,
we will use our best efforts to file with the SEC a registration statement for the registration, under the Securities Act, of the shares
of Class A Common Stock issuable upon exercise of the warrants. We will use our best efforts to cause the same to become effective
and to maintain the effectiveness of such registration statement, and a current prospectus relating thereto, until the expiration of
the warrants in accordance with the provisions of the warrant agreement. Notwithstanding the above, if our Class A Common Stock
is at the time of any exercise of a warrant not listed on a national securities exchange such that it satisfies the definition of a &#8220;covered
security&#8221; under Section 18(b)(1) of the Securities Act, we may, at our option, require holders of public warrants who exercise
their warrants to do so on a &#8220;cashless basis&#8221; in accordance with Section 3(a)(9) of the Securities Act and, in the event
we so elect, we will not be required to file or maintain in effect a registration statement, but we will be required to use our best
efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available.</span></p>

<p style="font: 10pt Times New 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">Once
the warrants become exercisable, we may call the warrants for redemption:</span></p>

<p style="font: 10pt Times New 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">&#9679;
in whole and not in part;</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">&#9679;
at a price of $0.01 per warrant;</span></p>

<p style="font: 10pt Times New 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">&#9679;
upon not less than 30 days&#8217; prior written notice of redemption (the &#8220;<i>30-day redemption period</i>&#8221;) to each warrant
holder; and</span></p>

<p style="font: 10pt Times New 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">&#9679;
if, and only if, the reported last sale price of the Class A Common Stock equals or exceeds $18.00 per share (as adjusted for
stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading day period
ending three business days before we send the notice of redemption to the warrant holders.</span></p>

<p style="font: 10pt Times New 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">&#9679;
if and when the warrants become redeemable by us, we may exercise our redemption right even if we are unable to register or qualify the
underlying securities for sale under all applicable state securities laws.</span></p>

<p style="font: 10pt Times New 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 established the last of the redemption criterion discussed above to prevent a redemption call unless there is at the time of the
call a significant premium to the warrant exercise price. If the foregoing conditions are satisfied and we issue a notice of redemption
of the warrants, each warrant holder will be entitled to exercise its warrant prior to the scheduled redemption date. However, the price
of the Class A Common Stock may fall below the $18.00 redemption trigger price (as adjusted for stock splits, stock dividends,
reorganizations, recapitalizations and the like) as well as the $11.50 warrant exercise price after the redemption notice is issued.</span></p>

<p style="font: 10pt Times New 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">If
we call the warrants for redemption as described above, our management will have the option to require any holder that wishes to exercise
its warrant to do so on a &#8220;cashless basis.&#8221; In determining whether to require all holders to exercise their warrants on a
&#8220;cashless basis,&#8221; our management will consider, among other factors, our cash position, the number of warrants that are outstanding
and the dilutive effect on our stockholders of issuing the maximum number of shares of Class A Common Stock issuable upon the
exercise of our warrants. If our management takes advantage of this option, all holders of warrants would pay the exercise price by surrendering
their warrants for that number of shares of Class A Common Stock equal to the quotient obtained by dividing (x) the product of
the number of shares of Class A Common Stock underlying the warrants, multiplied by the excess of the &#8220;fair market value&#8221;
(defined below) over the exercise price of the warrants by (y) the fair market value. The &#8220;fair market value&#8221; shall mean
the average reported last sale price of the Class A Common Stock for the 10 trading days ending on the third trading day prior
to the date on which the notice of redemption is sent to the holders of warrants. If our management takes advantage of this option, the
notice of redemption will contain the information necessary to calculate the number of shares of Class A Common Stock to be received
upon exercise of the warrants, including the &#8220;fair market value&#8221; in such case. Requiring a cashless exercise in this manner
will reduce the number of shares to be issued and thereby lessen the dilutive effect of a warrant redemption. We believe this feature
is an attractive option to us if we do not need the cash from the exercise of the warrants after our initial business combination. If
we call our warrants for redemption and our management does not take advantage of this option, our Sponsor and its permitted transferees
would still be entitled to exercise their Private Placement Warrants for cash or on a cashless basis using the same formula described
above that other warrant holders would have been required to use had all warrant holders been required to exercise their warrants on
a cashless basis, as described in more detail below.</span></p>

<p style="font: 10pt Times New 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
holder of a warrant may notify us in writing in the event it elects to be subject to a requirement that such holder will not have the
right to exercise such warrant, to the extent that after giving effect to such exercise, such person (together with such person&#8217;s
affiliates), to the warrant agent&#8217;s actual knowledge, would beneficially own in excess of 9.8% (or such other amount as a holder
may specify) of the shares of Class A Common Stock outstanding immediately after giving effect to such exercise.</span></p>

<p style="font: 10pt Times New 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">If
the number of outstanding shares of Class A Common Stock is increased by a stock dividend payable in shares of Class A Common
Stock, or by a split-up of shares of Class A Common Stock or other similar event, then, on the effective date of such stock
dividend, split-up or similar event, the number of shares of Class A Common Stock issuable on exercise of each warrant will be
increased in proportion to such increase in the outstanding shares of Class A Common Stock. A rights offering to holders of Class
A Common Stock entitling holders to purchase shares of Class A Common Stock at a price less than the fair market value
will be deemed a stock dividend of a number of shares of Class A Common Stock equal to the product of&#8201; (i) the number of
shares of Class A Common Stock actually sold in such rights offering (or issuable under any other equity securities sold in such
rights offering that are convertible into or exercisable for Class A Common Stock) multiplied by (ii) one minus the quotient of&#8201;
(x) the price per share of Class A Common Stock paid in such rights offering divided by (y) the fair market value. For these purposes
(i) if the rights offering is for securities convertible into or exercisable for Class A Common Stock, in determining the price
payable for Class A Common Stock, there will be taken into account any consideration received for such rights, as well as any
additional amount payable upon exercise or conversion and (ii) fair market value means the volume weighted average price of Class A Common
Stock as reported during the ten trading day period ending on the trading day prior to the first date on which the shares of Class
A Common Stock trade on the applicable exchange or in the applicable market, regular way, without the right to receive such rights.</span></p>

<p style="font: 10pt Times New 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
addition, if we, at any time while the warrants are outstanding and unexpired, pay a dividend or make a distribution in cash, securities
or other assets to the holders of Class A Common Stock on account of such shares of Class A Common Stock (or other shares
of our capital stock into which the warrants are convertible), other than (a) as described above, (b) certain cash dividends, (c) to
satisfy the redemption rights of the holders of Class A Common Stock in connection with a proposed initial business combination,
(d) to satisfy the redemption rights of the holders of Class A Common Stock in connection with a stockholder vote to amend our
amended and restated certificate of incorporation to modify the substance or timing of our obligation to redeem 100% of our Class A Common
Stock if we do not complete our initial business combination within 24 months from the closing of our initial public offering, or
(e) in connection with the redemption of our public shares upon our failure to complete our initial business combination, then the warrant
exercise price will be decreased, effective immediately after the effective date of such event, by the amount of cash and/or the fair
market value of any securities or other assets paid on each share of Class A Common Stock in respect of such event.</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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the number of outstanding shares of our Class A Common Stock is decreased by a consolidation, combination, reverse stock split
or reclassification of shares of Class A Common Stock or other similar event, then, on the effective date of such consolidation,
combination, reverse stock split, reclassification or similar event, the number of shares of Class A Common Stock issuable on
exercise of each warrant will be decreased in proportion to such decrease in outstanding shares of Class A 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: 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"><span style="font-family: Times New Roman, Times, Serif; 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">Whenever
the number of shares of Class A Common Stock purchasable upon the exercise of the warrants is adjusted, as described above, the
warrant exercise price will be adjusted by multiplying the warrant exercise price immediately prior to such adjustment by a fraction
(x) the numerator of which will be the number of shares of Class A Common Stock purchasable upon the exercise of the warrants
immediately prior to such adjustment, and (y) the denominator of which will be the number of shares of Class A Common Stock so
purchasable immediately thereafter.</span></p>

<p style="font: 10pt Times New 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
case of any reclassification or reorganization of the outstanding shares of Class A Common Stock (other than those described above
or that solely affects the par value of such shares of Class A Common Stock), or in the case of any merger or consolidation of
us with or into another corporation (other than a consolidation or merger in which we are the continuing corporation and that does not
result in any reclassification or reorganization of our outstanding shares of Class A Common Stock), or in the case of any sale
or conveyance to another corporation or entity of the assets or other property of us as an entirety or substantially as an entirety in
connection with which we are dissolved, the holders of the warrants will thereafter have the right to purchase and receive, upon the
basis and upon the terms and conditions specified in the warrants and in lieu of the shares of our Class A Common Stock immediately
theretofore purchasable and receivable upon the exercise of the rights represented thereby, the kind and amount of shares of stock or
other securities or property (including cash) receivable upon such reclassification, reorganization, merger or consolidation, or upon
a dissolution following any such sale or transfer, that the holder of the warrants would have received if such holder had exercised their
warrants immediately prior to such event. If less than 70% of the consideration receivable by the holders of Class A Common Stock
in such a transaction is payable in the form of Class A Common Stock in the successor entity that is listed for trading on a national
securities exchange or is quoted in an established over-the-counter market, or is to be so listed for trading or quoted immediately following
such event, and if the registered holder of the warrant properly exercises the warrant within thirty days following public disclosure
of such transaction, the warrant exercise price will be reduced as specified in the warrant agreement based on the Black-Scholes value
(as defined in the warrant agreement) of the warrant.</span></p>

<p style="font: 10pt Times New 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
warrants were issued in registered form under a warrant agreement between Continental Stock Transfer &amp; Trust Company, as warrant
agent, and us. The warrant agreement provides that the terms of the warrants may be amended without the consent of any holder to cure
any ambiguity or correct any defective provision, but requires the approval by the holders of at least 65% of the then outstanding public
warrants to make any change that adversely affects the interests of the registered holders of public warrants.</span></p>

<p style="font: 10pt Times New 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
warrants may be exercised upon surrender of the warrant certificate on or prior to the expiration date at the offices of the warrant
agent, with the exercise form on the reverse side of the warrant certificate completed and executed as indicated, accompanied by full
payment of the exercise price (or on a cashless basis, if applicable), by certified or official bank check payable to us, for the number
of warrants being exercised. The warrant holders do not have the rights or privileges of holders of Class A Common Stock or any
voting rights until they exercise their warrants and receive shares of Class A Common Stock. After the issuance of shares of Class
A Common Stock upon exercise of the warrants, each holder will be entitled to one vote for each share held of record on all matters
to be voted on by stockholders.</span></p>

<p style="font: 10pt Times New 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">No
fractional shares will be issued upon exercise of the warrants. If, upon exercise of the warrants, a holder would be entitled to receive
a fractional interest in a share, we will, upon exercise, round down to the nearest whole number of shares of Class A Common Stock
to be issued to the warrant holder.</span></p>

<p style="font: 10pt Times New 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><i>Private
Placement Warrants</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
Private Placement Warrants (including the Class A Common Stock issuable upon exercise of the Private Placement Warrants) will
not be transferable, assignable or salable until 30 days after the completion of our initial business combination (except, among other
limited exceptions as described below in &#8220;<i>Restrictions on Transfers of Founder Shares and Private Placement Warrants</i>,&#8221;
to our officers and directors and other persons or entities affiliated with our Sponsor) and they will not be redeemable by us so long
as they are held by our Sponsor or its permitted transferees. Otherwise, the Private Placement Warrants have terms and provisions that
are identical to those of the public warrants, including as to exercise price, exercisability and exercise period. If the Private Placement
Warrants are held by holders other than the Sponsor or its permitted transferees, the Private Placement Warrants will be redeemable by
us and exercisable by the holders on the same basis as the public warrants included in the public units.</span></p>

<p style="font: 10pt Times New 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">If
holders of the Private Placement Warrants elect to exercise them on a cashless basis, they would pay the exercise price by surrendering
their warrants for that number of shares of Class A Common Stock equal to the quotient obtained by dividing (x) the product of
the number of shares of Class A Common Stock underlying the warrants, multiplied by the excess of the &#8220;fair market value&#8221;
(defined below) over the exercise price of the warrants by (y) the fair market value. The &#8220;fair market value&#8221; shall mean
the average reported last sale price of the Class A Common Stock for the 10 trading days ending on the third trading day prior
to the date on which the notice of warrant exercise is sent to the warrant agent. The reason that we have agreed that these warrants
will be exercisable on a cashless basis so long as they are held by the Sponsor or its permitted transferees is because at the time of
our initial public offering it was not known whether they would be affiliated with us following a business combination. If they remained
affiliated with us, their ability to sell our securities in the open market would be significantly limited. We expect to have policies
in place that prohibit insiders from selling our securities except during specific periods of time. Even during such periods of time
when insiders will be permitted to sell our securities, an insider cannot trade in our securities if he or she is in possession of material
non-public information. Accordingly, unlike public stockholders who could sell the shares of Class A Common Stock issuable upon
exercise of the warrants freely in the open market, the insiders could be significantly restricted from doing so. As a result, we believe
that allowing the holders to exercise such warrants on a cashless basis is appropriate.</span></p>

<p style="font: 10pt Times New 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
Sponsor has agreed not to transfer, assign or sell any of the Private Placement Warrants (including the Class A Common Stock issuable
upon exercise of any of these warrants) until the date that is 30 days after the date we complete our initial business combination, subject
to certain limited exceptions as set forth therein.</span></p>

<p style="font: 10pt Times New 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
PIPE Warrants were issued in the form attached as an exhibit to the Amended and Restated Securities Purchase Agreement. The PIPE Warrants
have an exercise price of $11.50 per share of Class A Common Stock to be paid in cash (except if the shares underlying the warrants are
not covered by an effective registration statement after the six-month anniversary of the closing date, in which case cashless exercise
is permitted), subject to adjustment to a price equal to the greater of (i) 125% of the Conversion Price if at any time there is an adjustment
to the Conversion Price and the exercise price after such adjustment is greater than 125% of the Conversion Price as adjusted and (ii)
$5.00. The PIPE Warrants are also subject to adjustment for other customary adjustments for stock dividends, stock splits and similar
corporate actions. The PIPE Warrants are exercisable for a period of five years following the Closing, or September 28, 2027. After exercise
of a PIPE Warrant, the Company may be required to pay certain penalties if it fails to deliver the Class A Common Stock within a specified
period of time.</span></p>

<p style="font: 10pt Times New 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>Restrictions
on Transfers of Founder Shares and Private Placement 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">The
Founder Shares, Private Placement Units, Private Placement Shares, Private Placement Warrants and shares of Class A Common Stock
underlying the Private Placement Units, and any shares of Class A Common Stock issued or issuable upon the exercise or conversion
of the Private Placement Warrants thereof are subject to transfer restrictions pursuant to lock-up provisions in a letter agreement with
us entered into by our Sponsor, officers and directors. Those lock-up provisions provide that such securities are not transferable or
salable (i) in the case of the Founder Shares, until the earlier of&#8201; (A) six months after the completion of our initial business
combination or (B) subsequent to our initial business combination, (x) if the last sale price of our Class A Common Stock equals
or exceeds $12.50 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any
20 trading days within any 30-trading day period commencing at least 150 days after our initial business combination, or (y) the date
on which we complete a liquidation, merger, capital stock exchange, reorganization or other similar transaction that results in all of
our stockholders having the right to exchange their shares of common stock for cash, securities or other property, and (ii) in the case
of the Private Placement Shares, Private Placement Units, and Private Placement Warrants and the Class A Common Stock underlying
such Private Placement Units, until 30 days after the completion of our initial business combination, except in each case (a) to our
officers or directors, any affiliates or family members of any of our officers or directors, any members of our Sponsor, or any affiliates
of our Sponsor, (b) in the case of an individual, by gift to a member of the individual&#8217;s immediate family, to a trust, the beneficiary
of which is a member of the individual&#8217;s immediate family or an affiliate of such person, or to a charitable organization; (c)
in the case of an individual, by virtue of laws of descent and distribution upon death of the individual; (d) in the case of an individual,
pursuant to a qualified domestic relations order; (e) by private sales or transfers made in connection with the consummation of a business
combination at prices no greater than the price at which the securities were originally purchased; (f) in the event of our liquidation
prior to the completion of our initial business combination; (g) by virtue of the laws of Delaware or our Sponsor&#8217;s limited liability
company agreement upon dissolution of our Sponsor; (h) in the event of our liquidation, merger, capital stock exchange, reorganization
or other similar transaction which results in all of our stockholders having the right to exchange their shares of common stock for cash,
securities or other property subsequent to the completion of our initial business combination; provided, however, that in the case of
clauses (a) through (e) and (h) these permitted transferees must enter into a written agreement agreeing to be bound by these transfer
restrictions.</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>Dividends</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
have not paid any cash dividends on our Common Stock to date and do not intend to pay cash dividends prior to the completion of a business
combination. The payment of cash dividends in the future will be dependent upon our revenues and earnings, if any, capital requirements
and general financial condition subsequent to completion of a business combination. The payment of any cash dividends subsequent to a
business combination will be within the discretion of our Board at such time. In addition, our Board is not currently contemplating and
does not anticipate declaring any stock dividends in the foreseeable future. Further, if we incur any indebtedness, our ability to declare
dividends may be limited by restrictive covenants we may agree to in connection therewith.</span></p>

<p style="font: 10pt Times New 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>Transfer
Agent and Warrant Agent</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
Transfer Agent for our Common Stock and warrant agent for our warrants is Continental Stock Transfer &amp; Trust Company. We have agreed
to indemnify Continental Stock Transfer &amp; Trust Company in its roles as transfer agent and warrant agent, its agents and each of
its stockholders, directors, officers and employees against all liabilities, including judgments, costs and reasonable counsel fees that
may arise out of acts performed or omitted for its activities in that capacity, except for any liability due to any gross negligence,
willful misconduct or bad faith of the indemnified person or entity.</span></p>

<p style="font: 10pt Times New 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>Certain
Anti-Takeover Provisions of Delaware Law, the Company&#8217;s Certificate of Incorporation and Bylaws</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
Second Amended and Restated Certificate of Incorporation and bylaws contains provisions that may discourage unsolicited takeover proposals
that stockholders may consider to be in their best interests. We are also subject to anti-takeover provisions under Delaware law, which
could delay or prevent a change of control. Together, these provisions may make more difficult the removal of management and may discourage
transactions that otherwise could involve payment of a premium over prevailing market prices for our securities. These provisions will
include:</span></p>

<p style="font: 10pt Times New 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">&#9679;
a prohibition on stockholder action by written consent, which forces stockholder action to be taken at an annual or special meeting of
our stockholders;</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">&#9679;
a denial of the right of stockholders to call a special meeting;</span></p>

<p style="font: 10pt Times New 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">&#9679;
a vote of 66 2/3% required to approve certain amendments to the Second Amended and Restated Certificate of Incorporation and the bylaws;
and</span></p>

<p style="font: 10pt Times New 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">&#9679;
the designation of Delaware as the exclusive forum for certain disputes.</span></p>

<p style="font: 10pt Times New 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>Forum
Selection Clause</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
Second Amended and Restated Certificate of Incorporation and bylaws will provide that, unless we consent in writing to the selection
of an alternative forum, the sole and exclusive forum, to the fullest extent permitted by law, for (1) any derivative action or proceeding
brought on our behalf, (2) any action asserting a breach of a fiduciary duty owed by any director, officer or other employee to us or
our stockholders, (3) any action asserting a claim against us or any director, officer or other employee arising pursuant to the DGCL,
(4) any action to interpret, apply, enforce or determine the validity of our Second Amended and Restated Certificate of Incorporation
and bylaws, or (5) any other action asserting a claim that is governed by the internal affairs doctrine, shall be the Court of Chancery
of the State of Delaware (or another state court or the federal court located within the State of Delaware if the Court of Chancery does
not have or declines to accept jurisdiction), in all cases subject to the court&#8217;s having jurisdiction over indispensable parties
named as defendants. In addition, our Second Amended and Restated Certificate of Incorporation will provide that the federal district
courts of the United States will be the exclusive forum for resolving any complaint asserting a cause of action arising under the Securities
Act but that the forum selection provision will not apply to claims brought to enforce a duty or liability created by the Exchange Act.
Although we believe these provisions benefit us by providing increased consistency in the application of Delaware law for the specified
types of actions and proceedings, the provisions may have the effect of discouraging lawsuits against us or our directors and officers.
Alternatively, if a court were to find the choice of forum provision contained in our Second Amended and Restated Certificate of Incorporation
and bylaws to be inapplicable or unenforceable in an action, we may incur additional costs associated with resolving such action in other
jurisdictions, which could harm our business, financial condition, and operating results. For example, under the Securities Act, federal
courts have concurrent jurisdiction over all suits brought to enforce any duty or liability created by the Securities Act, and investors
cannot waive compliance with the federal securities laws and the rules and regulations thereunder. Any person or entity purchasing or
otherwise acquiring any interest in our shares of capital stock shall be deemed to have notice of and consented to this exclusive forum
provision, but will not be deemed to have waived our compliance with the federal securities laws and the rules and regulations thereunder.</span></p>

<p style="font: 10pt Times New 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>Advance
Notice of Director Nominations and New Business</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
bylaws contain advance notice procedures with respect to stockholder proposals and the nomination of candidates for election as director.
In order for any matter to be &#8220;properly brought&#8221; before a meeting, a stockholder will have to comply with such advance notice
procedures and provide us with certain information. Our bylaws allow the presiding officer at a meeting of stockholders to adopt rules
and regulations for the conduct of meetings which may have the effect of precluding the conduct of certain business at a meeting if such
rules and regulations are not followed.</span></p>

<p style="font: 10pt Times New 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">These
provisions may also defer, delay or discourage a potential acquirer from conducting a solicitation of proxies to elect the acquirer&#8217;s
own slate of directors or otherwise attempting to influence or obtain control 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Rule
144</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">Rule
144 is not available for the resale of securities initially issued by shell companies (other than business combination related shell
companies) or issuers that have been at any time previously a shell company. However, Rule 144 also includes an important exception to
this prohibition if the following conditions are met:</span></p>

<p style="font: 10pt Times New 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">&#9679;
the issuer of the securities that was formerly a shell company has ceased to be a shell 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">&#9679;
the issuer of the securities is subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act;</span></p>

<p style="font: 10pt Times New 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">&#9679;
the issuer of the securities has filed all Exchange Act reports and material required to be filed, as applicable, during the preceding
12 months (or such shorter period that the issuer was required to file such reports and materials), other than Form 8-K reports; and</span></p>

<p style="font: 10pt Times New 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">&#9679;
at least one year has elapsed from the time that the issuer filed current Form 10 type information with the SEC reflecting its status
as an entity that is not a shell 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">As
a result Sponsor and any other holder of Founder Shares or Private Placement Warrants, as applicable will be able to sell their private
placement securities pursuant to Rule 144 without registration one year after the Company has completed its initial business combination,
assuming the Company otherwise complies with the conditions set forth above.</span></p>

<p style="font: 10pt Times New 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 anticipates that following the consummation of the Business Combination, it will no longer be a shell company, and so, once the
conditions set forth in the exceptions listed above are satisfied, Rule 144 will become available for the resale of the above noted restricted
securities.</span></p>

<p style="font: 10pt Times New 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>Registration
Rights</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 provided the Seller with certain customary registration rights in connection with the Stock Consideration. Please see the section
entitled &#8220;<i>Proposal No. 1&#8212;Approval of the Business Combination</i>.&#8221; Holders of Founder Shares (once converted to
Class A Common Stock upon consummation of the Business Combination) and Private Placement Warrants also have certain registration
rights. Please see the section entitled &#8220;<i>Certain Relationships and Related Transactions&#8212;Registration Rights</i>.&#8221;
In addition, under the warrant agreement, the Company has agreed to register shares of Class A Common Stock underlying its warrants.
The foregoing summary of the Seller&#8217;s registration rights is not complete and is qualified in its entirety by reference to the
complete text of the Purchase Agreement as set forth in <span style="text-decoration: underline">Annex A</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>

<p style="font: 10pt Times New 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
foregoing summary of the Northern Lights Restricted Stockholders&#8217; registration rights is not complete and is qualified in its entirety
by reference to the complete text of the Business Combination Registration Rights Agreement, as set forth in Exhibit 10.4 to the Company&#8217;s
Registration Statement on Form S-1, filed on June 1, 2021, and incorporated by reference herein. The foregoing summary of the warrant
holders&#8217; registration rights under the warrant agreement is not complete and is qualified in its entirety by reference to the complete
text of the warrant agreement, as set forth in Exhibit 4.4 to the Company&#8217;s Registration Statement on Form S-1, filed on June 1,
2021, and incorporated by reference herein.</span></p>

<p style="font: 10pt Times New 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>Listing
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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Common Stock and Public Warrants are listed on Nasdaq under the symbols &#8220;SHFS&#8221; and &#8220;SHFSW,&#8221; respectively.</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"><span id="Hz_006"></span><span style="font-size: 10pt"><b>LEGAL
MATTERS</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">The
validity of any securities offered by this prospectus will be passed upon for us by Nelson Mullins Riley &amp; Scarborough LLP.</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: center"><span style="font-family: Times New Roman, Times, Serif"><span id="Hz_007"></span><span style="font-size: 10pt"><b>EXPERTS</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">The
financial statements of Eagle Legacy Services, PLLC d/b/a Safe Harbor Services, SHF, LLC and Branches 52 and 53 as of December 31, 2021
and 2020 and for each of the two years in the period ended December 31, 2021, included in this prospectus have been so included in reliance
on the report of Elliott Davis, PLLC, an independent registered public accounting firm, included herein, given on the authority of said
firm as experts in auditing and accounting.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
financial statements of Northern Lights Acquisition Corp. (now known as SHF Holdings, Inc.) as of December 31, 2021 , included in this
prospectus have been audited by Marcum LLP, an independent registered public accounting firm, as set forth in their report appearing
elsewhere herein, which includes an explanatory paragraph as to the Company&#8217;s ability to continue as going concern, and
are included in reliance upon such report given on the authority of such firm as experts in accounting and auditing..</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: center"><span style="font-family: Times New Roman, Times, Serif"><span id="Hz_008"></span><span style="font-size: 10pt"><b>WHERE
YOU CAN FIND MORE INFORMATION</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">We
are required to file annual, quarterly and current reports, proxy statements and other information with the SEC as required by the Exchange
Act. You can read our SEC filings, including this prospectus, over the Internet at the SEC&#8217;s website at <i>http://www.sec.gov</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
website address is <i>www.shfinancial.org.</i>. Through our website, we make available, free of charge, the following documents as soon
as reasonably practicable after they are electronically filed with, or furnished to, the SEC, including our Annual Reports on Form 10-K;
our proxy statements for our annual and special stockholder meetings; our Quarterly Reports on Form 10-Q; our Current Reports on Form
8-K; Forms 3, 4, and 5 and Schedules 13D with respect to our securities filed on behalf of our directors and our executive officers;
and amendments to those documents. The information contained on, or that may 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"><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"><span id="Hz_009"></span><span style="font-size: 10pt"><b>INDEX
TO FINANCIAL STATEMENTS</b></span></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: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font: 10pt Times New Roman, Times, Serif; width: 0.65in; vertical-align: bottom"><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; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>SHF,
    LLC d/b/a Safe Harbor Financial </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: left; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="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; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Unaudited
    Combined Financial Statements:</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: left; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#Ha_001"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Combined Balance Sheets at June 30, 2022 (Unaudited) and December 31, 2021</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="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; vertical-align: bottom"><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: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#Ha_002"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Combined Statements of Net Income and Comprehensive Income for the three and six months ended June 30, 2022 and June 30, 2021 (Unaudited)</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="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; vertical-align: bottom"><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: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#Ha_003"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Combined Statements of Parent-Entity Net Investment for the three and six months ended June 30, 2022 and June 30, 2021 (Unaudited)</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="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; vertical-align: bottom"><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: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#Ha_004"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Combined Statements of Cash Flows at June 30, 2022 and June 30, 2021 (Unaudited)</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="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; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-5</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#Ha_005"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes to Combined Financial Statements (Unaudited)</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="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; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-6</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="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; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Audited
    Combined Financial Statements:</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: left; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#Ha_006"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Report of Independent Registered Public Accounting Firm (PCAOB ID No. #149)</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="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; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-21</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"><a href="#Ha_007"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Combined Balance Sheets at December 31, 2021 and December 31, 2020</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="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; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-22</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"><a href="#Ha_008"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Combined Statements of Net Income and Comprehensive Income for the year ended December 31, 2021 and December 31, 2020</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="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; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-23</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"><a href="#Ha_009"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Combined Statements of Parent-Entity Net Investment at December 31, 2021 and December 31, 2020</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="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; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-24</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"><a href="#Ha_010"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Combined Statements of Cash Flows at December 31, 2021 and December 31, 2020</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="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; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-25</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"><a href="#Ha_011"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes to Combined Financial Statements</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="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; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-26</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="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; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>SHF,
    Holdings, Inc. (f/k/a Northern Lights Acquisition Corp.)</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: left; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="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; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Unaudited
    Condensed Financial Statements:</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: left; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_003">Condensed Balance Sheet as of June 30, 2022 and December 31, 2021 (Unaudited)</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="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; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-39</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_004">Condensed Statements of Operations for the three months ended June 30, 2022 and June 30, 2021, the six months ended June 30, 2022 and for the period from February 26, 2021 (Inception) through June 30, 2021 (Unaudited)</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="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; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-40</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_005">Condensed Statements of Changes in Stockholders&#8217; Equity (Deficit) for the three months ended June 30, 2022 and June 30, 2021, the six months ended June 30, 2022 and for the period from February 26, 2021 (Inception) through June 30, 2021 (Unaudited)</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="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; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-41</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_006">Condensed Statements of Cash Flows for the six months ended June 30, 2022 and for the period from February 26, 2021 (Inception) through June 30, 2021 (Unaudited)</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="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; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-42</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_007">Notes to Condensed Financial Statements (Unaudited)</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="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; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-43</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="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; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Audited
    Financial Statements:</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: left; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#f_001">Report of Independent Registered Public Accounting Firm</a> (PCAOB ID No. #688)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="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; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-59</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#f_003">Balance Sheet as of December 31, 2021</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="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; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-60</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#f_004">Statement of Operations for the period from February 26, 2021 (inception) through December 31, 2021</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="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; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-61</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#f_005">Statement of Changes in Stockholders&#8217; Equity for the period from February 26, 2021 (inception) through December 31, 2021</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="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; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-62</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#f_006">Statement of Cash Flows for the period from February 26, 2021 (inception) through December 31, 2021</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="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; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-63</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#f_007">Notes to Financial Statements</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="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; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-64</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>


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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">&#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="Ha_001"></span>EAGLE
LEGACY SERVICES, PLLC D/B/A SAFE HARBOR SERVICES, SHF, LLC AND<br />
BRANCHES 52 AND 53</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>CARVED
OUT OF PARTNER COLORADO CREDIT UNION</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>COMBINED
BALANCE SHEETS</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>

<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 style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">June 30,</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">December 31,</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td><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"><span style="font-family: Times New Roman, Times, Serif">2022</span></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>
    <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">2021</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">
    <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">(Unaudited)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">(Audited)</span></td><td><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"><span style="font-family: Times New Roman, Times, Serif">ASSETS</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="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Current Assets:</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; width: 64%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Cash and cash
    equivalents</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">$</span></td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">6,382,448</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">5,495,905</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 style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Accounts receivable &#8211;
    parent</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">720,417</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">522,896</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">Accounts receivable &#8211;
    other</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">1,219</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></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">Contract assets</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">27,710</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">18,317</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">Prepaid expenses</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">19,471</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">6,021</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; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Accrued interest receivable</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">14,762</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">7,556</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; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Short-term
    loans receivable</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">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">55,711</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="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">52,833</span></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: White">
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Total Current Assets</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">7,221,738</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">6,103,528</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><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; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Long-term loans receivable,
    net</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">1,865,367</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">1,410,727</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">Property and equipment,
    net</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">13,191</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">6,351</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; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Security
    deposit</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">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,867</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="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></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="font-weight: bold; text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Total
    Assets</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">9,102,163</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">7,520,606</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">LIABILITIES AND PARENT-ENTITY
    NET INVESTMENT</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="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Current Liabilities:</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: left"><span style="font-family: Times New Roman, Times, Serif">Accounts payable</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">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">119,462</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">43,626</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; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Accrued expenses</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">264,037</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">129,546</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; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Contract
    liabilities</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">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</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="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">8,333</span></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: White">
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Total Current Liabilities</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">383,499</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">181,505</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><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; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Net deferred loan origination
    fees</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">118,116</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">&#8212;</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; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Indemnity
    liability</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">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">288,505</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="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></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: White">
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Total Liabilities</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">790,120</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">181,505</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><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="font-weight: bold; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Parent-Entity
    Net Investment</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">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">8,312,043</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="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">7,339,101</span></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="font-weight: bold; text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Total
    Liabilities and Parent-Entity Net Investment</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">9,102,163</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">7,520,606</span></td><td style="padding-bottom: 2.5pt; 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-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">The
accompanying notes are an integral part of the combined 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>


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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"><span id="Ha_002"></span><span style="font-size: 10pt"><b>EAGLE
LEGACY SERVICES, PLLC D/B/A SAFE HARBOR SERVICES, SHF, LLC AND BRANCHES 52 AND 53</b></span></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>CARVED
OUT OF PARTNER COLORADO CREDIT UNION</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>COMBINED
STATEMENTS OF NET INCOME AND COMPREHENSIVE INCOME</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>(Unaudited)</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 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 style="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-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">For
                                            the three months ended</span></p>
                                                                                <p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">June
                                            30,</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>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">For
                                            the six months ended</span></p>
                                                                                <p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">June
                                            30,</span></p></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">
    <td><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">2021</span></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>
    <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">2022</span></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>
    <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">2021</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">
    <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"><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 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>
    <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>
    <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></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 36%"><span style="font-family: Times New Roman, Times, Serif">Revenue</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">$</span></td><td style="width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,830,314</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">3,523,899</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">3,580,595</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><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Operating Expenses</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 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; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Compensation and employee
    benefits</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">794,997</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">482,687</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">1,517,522</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">991,328</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">Professional services</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">188,214</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">37,612</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">319,030</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">62,269</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; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Rent expense</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">26,303</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">9,065</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">51,328</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">23,866</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">Corporate allocations</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">367,407</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">648,533</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; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Provision for loan losses</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">237,874</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">6,825</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">306,065</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">11,927</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; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">General
    and administrative expenses</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">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">269,057</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="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">209,547</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="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">492,010</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="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">237,098</span></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: White">
    <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Total operating expenses</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">1,516,445</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">1,113,143</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">2,685,955</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">1,975,021</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><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 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="text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Net income and comprehensive
    income</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">336,344</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">717,171</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">837,944</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,605,574</span></td><td style="padding-bottom: 2.5pt; 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-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">The
accompanying notes are an integral part of the combined 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>


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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: 0; text-align: justify"><span style="font-family: 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_003"></span><span style="font-size: 10pt"><b>EAGLE
LEGACY SERVICES, PLLC D/B/A SAFE HARBOR SERVICES, SHF, LLC AND BRANCHES 52 AND 53</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>CARVED
OUT OF PARTNER COLORADO CREDIT UNION</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>COMBINED
STATEMENTS OF PARENT-ENTITY NET INVESTMENT</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>(Unaudited)</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"><b>FOR
THE THREE MONTHS ENDED JUNE 30, 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">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 78%; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Balance at April 1, 2022</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: 18%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">7,900,700</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 style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Net income</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">336,344</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; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Contribution
    from Parent</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">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">74,999</span></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: White">
    <td style="font-weight: bold; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Balance at June 30,
    2022</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">8,312,043</span></td><td style="padding-bottom: 2.5pt; 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"><span style="font-family: 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>FOR
THE THREE MONTHS ENDED JUNE 30, 2021</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 cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 78%; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Balance at April 1, 2021</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: 18%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">4,831,364</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 style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Net income</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">717,171</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">Contribution of loans receivable
    from Parent</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">682,500</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; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Net
    change due to allocations and distributions to Parent</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">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(699,787</span></td><td style="padding-bottom: 1.5pt; 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="font-weight: bold; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Balance at June 30,
    2021</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">5,531,248</span></td><td style="padding-bottom: 2.5pt; 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: 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>FOR
THE SIX MONTHS ENDED JUNE 30, 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">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 78%; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Balance at January 1, 2022</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: 18%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">7,339,101</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 style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Net income</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">837,944</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; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Contribution
    from Parent</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">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">134,998</span></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: White">
    <td style="font-weight: bold; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Balance at June 30,
    2022</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">8,312,043</span></td><td style="padding-bottom: 2.5pt; 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: 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>FOR
THE SIX MONTHS ENDED JUNE 30, 2021</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>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 78%; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Balance at January 1, 2021</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: 18%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">4,354,021</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 style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Net income</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">1,605,574</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">Contribution of loans receivable
    from Parent</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">1,192,750</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; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Net
    change due to allocations and distributions to Parent</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">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(1,621,097</span></td><td style="padding-bottom: 1.5pt; 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="font-weight: bold; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Balance at June 30
    2021</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">5,531,248</span></td><td style="padding-bottom: 2.5pt; 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: 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">The
accompanying notes are an integral part of the combined financial statements</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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    <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">&#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="Ha_004"></span>EAGLE
LEGACY SERVICES, PLLC D/B/A SAFE HARBOR SERVICES, SHF, LLC AND BRANCHES 52 AND 53<br />
CARVED OUT OF PARTNER COLORADO CREDIT UNION</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>COMBINED
STATEMENTS OF CASH FLOWS</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>(Unaudited)</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>

<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 style="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-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">For
                                            the six months ended</span></p>
                                                                                <p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">June
                                            30,</span></p></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">
    <td><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"><span style="font-family: Times New Roman, Times, Serif">2022</span></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>
    <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">2021</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="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">CASH FLOWS FROM OPERATING
    ACTIVITIES:</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="width: 68%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Net income</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">$</span></td><td style="width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">837,944</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,605,574</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: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Adjustments to reconcile net income to net
    cash provided by operating activities:</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Depreciation expense</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">1,952</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">865</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">Provision for loan losses</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">306,065</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">11,927</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">Changes in operating assets and liabilities:</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: left"><span style="font-family: Times New Roman, Times, Serif">Accounts receivable and
    contract assets</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">(208,133</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">232,491</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; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Prepaid expenses</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">(13,450</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">(36,565</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: left"><span style="font-family: Times New Roman, Times, Serif">Accrued interest receivable</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">(7,206</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">&#8212;</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; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Accounts payable</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">75,836</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">(66,609</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: left"><span style="font-family: Times New Roman, Times, Serif">Accrued expenses</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">134,491</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">(28,382</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">Deferred loan origination
    fees</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">118,116</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">&#8212;</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">Contract liabilities</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">(8,333</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">39,914</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; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Security
    deposit</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">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(1,868</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></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-left: 20pt; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Net
    cash provided by operating activities</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">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,235,414</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="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,759,215</span></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: White">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">CASH FLOWS USED IN INVESTING
    ACTIVITIES:</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Purchase of property and
    equipment</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">(8,792</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">&#8212;</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">New loan issuance</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">(500,000</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">&#8212;</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; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Loans
    receivable repayment</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">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">24,923</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="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">16,689</span></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-left: 20pt; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Cash
    provided by (used in) investing activities</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">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(483,869</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">16,689</span></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: White">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">CASH FLOWS USED IN FINANCING
    ACTIVITIES:</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Net
    change in parent funding, allocations, and distributions to parent</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">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">134,998</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="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(1,621,097</span></td><td style="padding-bottom: 1.5pt; 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: 20pt; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Net
    cash provided by (used in) financing activities</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">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">134,998</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><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr 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; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Cash and cash equivalents
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    - end of period</span></td><td style="padding-bottom: 2.5pt"><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><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">SUPPLEMENTAL CASH FLOW INFORMATION:</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="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Non-Cash transactions:</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: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Contribution
    of loan receivable from Parent</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,192,750</span></td><td style="padding-bottom: 2.5pt; 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: 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">The
accompanying notes are an integral part of the combined 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>


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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"><span id="Ha_005"></span><span style="font-size: 10pt"><b>EAGLE
LEGACY SERVICES, PLLC D/B/A SAFE HARBOR SERVICES, SHF, LLC AND BRANCHES 52 AND 53</b></span></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>CARVED
OUT OF PARTNER COLORADO CREDIT UNION</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>COMBINED
NOTES TO FINANCIAL STATEMENTS</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
1. Business Description and Basis of Presentation</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>Business
Description</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Eagle
Legacy Services, PLLC d/b/a Safe Harbor Services (&#8220;SHS&#8221; or &#8220;OldCo&#8221;) was established as a limited liability company,
acting as a credit union service organization (&#8220;CUSO&#8221;) in accordance with applicable laws, in order to provide access to
reliable and compliant financial services for the legal cannabis industry and cannabis related businesses (&#8220;CRBs&#8221;). SHS was
a wholly owned subsidiary of Partner Colorado Credit Union (&#8220;PCCU&#8221;).</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">In
addition to SHS, the combined financial statements consist of the financial position, results of operations and cash flows of certain
branches (the &#8220;Branches&#8221;) of PCCU.</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">During
the fourth quarter of 2020, PCCU created two new entities: SHF Holding Co., LLC (&#8220;Holdco&#8221;), an interim holding company that
is directly wholly owned by PCCU and SHF, LLC (&#8220;NewCo&#8221; or &#8220;SHF&#8221;), an operating entity wholly owned by Holdco.
As a result, SHF is a single member limited liability company with no shareholders.</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">PCCU&#8217;s
Board of Directors approved the contribution of certain assets and operating activities associated with operations from both the Branches
and Oldco to Holdco. Holdco then contributed the same assets and related operations to SHF with PCCU&#8217;s investment in SHF maintained
at the Holdco level (the &#8220;reorganization&#8221;). The reorganization effectively occurred July 1, 2021. In conjunction with the
reorganization, all of Branches&#8217; employees and certain Parent employees were terminated from PCCU and hired as SHF employees. Collectively,
SHS, the Branches and SHF represent the &#8220;Carved-Out Operations&#8221; or the &#8220;Company&#8221;. After the reorganization, SHF
contains the entirety of the Carved-Out Operations and OldCo was dissolved. In addition, effective July 1, 2021, the Company entered
into an Account Servicing Agreement and Support Servicing Agreement which were subsequently amended and restated and are discussed in
Note 6.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Carved-Out Operations generate both interest income and fee income through providing a variety of services to financial institutions
desiring to service the cannabis industry including, among other things, Bank Secrecy Act and other regulatory compliance and reporting,
onboarding, responding to account inquiries, responding to customer service inquiries relating to CRB depository accounts held at PCCU,
and sourcing and managing loans. In addition to PCCU, the Carved-Out Operations provides these similar services and outsourced support
to other financial institutions providing banking to the cannabis industry. These services are provided to other financial institutions
under the Safe Harbor Master Program Agreement.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of and subsequent to July 1, 2021, the presented financial information represents SHF results on a stand-alone basis.</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>Definitive
Purchase Agreement</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
February 11, 2022, SHF and SHF Holding Co., LLC, the sole member of SHF, and PCCU, the sole member of SHF Holding, Co., LLC, entered
into a definitive purchase agreement (the Business Combination) with Northern Lights Acquisition Corp., a special purpose acquisition
company, and its sponsor, 5AK, LLC.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the purchase agreement, upon the closing of the contemplated transaction, Northern Lights Acquisition Corp. will purchase all of the
issued and outstanding membership interests of SHF in exchange for an aggregate of $185,000,000, consisting of (i) 11,386,139 shares
of the Company&#8217;s Class A common stock with an aggregate value equal to $115,000,000 and (ii) $70,000,000 in cash. At transaction
close, 1,831,683 shares of the Class A Common Stock will be deposited with an escrow agent to be held in escrow for a period of 12 months
following the closing date to satisfy potential indemnification claims of the parties. In addition, $3,143,388 in cash and cash equivalents
representing the amount of cash on hand at July 31, 2021 less accrued but unpaid liabilities, will be paid to PCCU at the final transaction
close. On September 19, 2022, the parties entered into the first amendment to the purchase agreement to extend the date by which the
closing had to occur from August 31, 2022 until September 28, 2022 and provide for the deferral of $30 million of the $70 million in
cash due at the closing. On September 22, 2022, the parties entered into the second amendment to the purchase agreement to provide for
the deferral of a total of $50 of the $70 million due at the closing. On September 28, 2022, the parties entered into the third amendment
to the purchase agreement to provide for the deferral of a total of $56,949,800.66 million of the $70,000,000 due at the closing.</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">Pursuant
to the purchase agreement the Company entered into amended services agreements under similar terms as the July 2021 agreements. In addition,
in conjunction with the purchase agreement, SHF and Parent entered into a Loan Servicing Agreement. Refer to Note 6 for additional information.
Refer to Note 12 for a schedule demonstrating the estimated impact these agreements would have on the combined statements of net income
and comprehensive income for the three and six months ended June 30, 2021.</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>Basis
of Presentation</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
statements have not historically been prepared for the Carved-Out Operations. For the three and six months ended June 30, 2021, the combined
financial statements, consist of the balances of SHS and SHF as prepared on a stand-alone basis and the balances of the Branches on a
&#8220;carve-out&#8221; basis. For the three and six months ended June 30, 2022, the financial statements represent SHF on a stand-alone
basis as the period is post reorganization. As a result, corporate allocations are included in the three and six months ended June 30,
2021 with no comparable amount for the three and six months ended June 30, 2022. The financial statements of the Branches were derived
from the consolidated financial statements and accounting records of PCCU using branch specific information, where available, and corporate
allocations from PCCU. All intracompany transactions have been eliminated for all periods presented. These combined financial statements
reflect the Company&#8217;s historical financial position, results of operations and cash flows as they have been historically managed
in conformity with Generally Accepted Accounting Principles in the United States (&#8220;U.S. GAAP&#8221;).</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">All
depository asset accounts and liabilities are retained by PCCU as the Carved-Out Operations is not organized as a chartered financial
institution. Accordingly, none of the cash of PCCU has been attributed to these combined financial statements. Asset and liabilities
maintained by SHS and SHF have been included in these financial statements along with any specific assets and liabilities associated
with the Branches.</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>Liquidity</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">As
of June 30, 2022, the Company had $6,382,448 in cash and net working capital of $6,838,239. This compared to $5,495,905 in cash and net
working capital of $5,922,023 at December 31, 2021.</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"><b>EAGLE
LEGACY SERVICES, PLLC D/B/A SAFE HARBOR SERVICES, SHF, LLC AND BRANCHES 52 AND 53</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>CARVED
OUT OF PARTNER COLORADO CREDIT UNION</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>COMBINED
NOTES TO FINANCIAL STATEMENTS</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue
and expenses for the Branches were included based on specific identification as they relate to customer deposits, professional services,
compensation and employee benefits, rent expense, provision for loan losses and other general and administrative expenses. Corporate
allocations such as information technology, customer support, marketing, executive compensation and other general and administrative
expenses are attributed to the Branches proportionately based on the size of the specifically identifiable CRB&#8217;s deposit balances,
deposit activity and accounts relative to the totals of the consolidated Parent. This allocation method was consistent for all periods
prior to July 2021. Allocated amounts are categorized as <i>Corporate allocations</i> on the Combined Statements of Net Income and Comprehensive
Income. Beginning in July 2021, a services agreement was entered into between Newco and PCCU (see Note 6). In exchange for services provided
to PCCU via the Carved-Out Operations, Newco receives 100% of CRB related revenue. PCCU receives (and Newco pays) a monthly per account
fee, split loan servicing fees and split investment income associated with Carved-Out Operations depository accounts. The fees are meant
to represent PCCU&#8217;s cost for hosting depository accounts and funding related loans and providing certain limited infrastructure
support.</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">Management
has considered the basis on which the expenses have been allocated to be a reasonable reflection of the utilization of services provided
to or the benefits received by the Branches during the periods presented.</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">All
revenue and expenses of SHS and SHF are specific to the entity. Corporate allocations were not attributed for any of the periods presented.</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>Note
2. Summary of Significant 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Parent-Entity
Net Investment</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Parent-Entity
Net Investment balance in the combined balance sheets represents PCCU&#8217;s historical net investment in the Carved-Out Operations.
For purposes of these combined financial statements, investing requirements have been summarized as &#8220;Parent-Entity Net Investment&#8221;
and represents equity as no cash settlement with PCCU is required. No separate equity accounts are maintained for SHS, SHF or the Branches.</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>Use
of Estimates</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect
the amounts reported in the financial statements and accompanying notes. Material estimates that are particularly subject to change in
the near term include the determination of the allowance for loan losses, and the fair value of financial instruments. Actual results
could differ from the estimates.</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>Cash
and cash equivalents</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
and cash equivalents include cash on hand, amounts due from financial institutions, and investments with maturities of three months or
less.</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>Concentrations
of Risk</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">The
Company&#8217;s financial instruments that are exposed to concentrations of credit risk consist primarily of cash. Cash balances are
maintained principally in accounts at PCCU which is insured by the National Credit Union Share Insurance Fund (&#8220;NCUSIF&#8221;)
up to regulatory limits. From time to time, cash balances may exceed the NCUSIF insurance limit. The Company has not experienced any
credit losses associated with its cash balances in the past.</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">Currently
the Company only services the cannabis industry. Cannabis remains illegal under federal law, and therefore, strict enforcement of federal
laws regarding cannabis would likely result in our inability to execute our business plan.</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">Currently
the Company substantially relies on its Parent to hold customer deposits and fund its originated loans. As of this time, substantially
all of the Company&#8217;s revenue is generated by deposits and loans hosted by its Parent pursuant to various services 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"><i>Accounts
receivable-Parent and allowance for doubtful accounts</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts
receivable are recorded based on account fee schedules. While fees are generated from individual CRB related accounts, amounts are initially
collected by the financial institutional partners and remitted in the subsequent month. As of June 31, 2022 and December 31, 2021, 99.8%
and 100% of the Accounts Receivable, respectively is due from Parent. Effective January 2021 through June 2021, PCCU elected to transfer
account servicing from SHS to the Branches. In accordance with this change, a policy was adopted wherein substantially all cash was collected
by PCCU and retained by PCCU outside of the Branches and SHS. As a result, minimal accounts receivable from Parent existed at June 30,
2021. This policy was eliminated in conjunction with the July 2021 reorganization and execution of the Account Servicing Agreement and
Support Servicing Agreement discussed at Note 6. The Company maintains allowances for doubtful accounts for estimated losses as a result
of a customers&#8217; inability to make required payments. The Company estimates anticipated losses from doubtful accounts based on days
past due as measured from the contractual due date and historical collection history. The Company also takes into consideration changes
in economic conditions that may not be reflected in historical trends, for example customers in bankruptcy, liquidation or reorganization.
Receivables are written-off against the allowance for doubtful accounts when they are determined uncollectible. Such determination includes
analysis and consideration of the particular conditions of the account, including time intervals since last collection, customer performance
against agreed upon payment plans, solvency of customer and any bankruptcy proceedings.</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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>EAGLE
LEGACY SERVICES, PLLC D/B/A SAFE HARBOR SERVICES, SHF, LLC AND BRANCHES 52 AND 53</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>CARVED
OUT OF PARTNER COLORADO CREDIT UNION</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>COMBINED
NOTES TO FINANCIAL STATEMENTS</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
June 30, 2022 and December 31, 2021, there were no recorded allowance for doubtful accounts.</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>Loans
receivable</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">PCCU
originates mortgage, commercial and consumer loans to members and other businesses. Commercial CRB loans originated by the Company and
funded by PCCU are typically managed by the Company. Certain CRB Loans were contributed to the Carved-out Operations. Such loans where
the Company has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at principal balance
outstanding, net of an allowance for loan losses and net deferred loan origination costs when applicable. Interest income on loans is
recognized over the term of the loan and is calculated using the simple-interest method on principal amounts outstanding.</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">Interest
income is not reported when full loan repayment is in doubt, typically when the loan is impaired, or payments are past due ninety days
or more. All interest accrued but not received for loans placed on nonaccrual is reversed against interest income. Interest received
on such loans is accounted for on the cash basis or cost recovery method, until qualifying for return to accrual. Loans are returned
to accrual status when all the principal and interest amounts are satisfied to where the loan is less than ninety days past due and future
payments are reasonably assured.</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">Loans
are evaluated for charge-off on a case-by-case basis and are typically charged off at the time of foreclosure.</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">Past-due
status is based on the contractual terms of the loans. In all cases, loans are placed on nonaccrual status or charged-off at an earlier
date if the collection of principal and interest is considered doubtful.</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>Allowance
for loan losses</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">The
allowance for loan losses is a valuation allowance for probable incurred credit losses, increased by the provision for loan losses and
decreased by charge-offs less recoveries. Management estimates the required allowance for loan losses balance using past loan loss experience,
known and inherent risks in the nature and volume of the portfolio, information about specific borrower situations and estimated collateral
values, economic conditions, and other factors. Allocations of the allowance for loan losses may be made for specific loans, but the
entire allowance is available for any loan that, in management&#8217;s judgment, should be charged-off.</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
allowance for loan losses consists of specific and general components. The specific component relates to loans that are individually
classified as impaired or loans otherwise classified as substandard or doubtful. The general component covers non-classified loans and
is based on historical loss experience adjusted for current factors.</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">Due
to the nature of uncertainties related to any estimation process, Management&#8217;s estimate of loan losses inherent in the loan portfolio
may change in the near term. However, the amount of the change that is reasonably possible cannot be estimated.</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">A
loan is considered impaired when, based on current information and events, full payment under the loan terms is not expected. Impairment
is generally evaluated in total for smaller-balance loans of similar nature such as commercial lines of credit, but may be evaluated
on an individual loan basis if deemed necessary. If a loan is impaired, a portion of the allowance is allocated so that the loan is reported,
net, at the present value of estimated future cash flows using the loan&#8217;s existing rate or at the fair value of collateral if repayment
is expected solely from the collateral.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
loans SHF intends to originate will be secured by various types of assets of the borrowers, including real property and certain personal
property, including value associated with other assets to the extent permitted by applicable laws and the regulations governing the borrowers.
The documents governing the loans also include a variety of provisions intended to provide remedies against the value associated with
licenses. Collection procedures are designed to ensure that neither SHF nor its financial institution clients who provide funding for
a loan, nor a third-party agent engaged to assist with the liquidation or foreclosure process, will take possession of cannabis inventory,
cannabis paraphernalia, or other cannabis-related assets, nor will they take title to real estate used in cannabis-related businesses.
Upon default of a loan, a third-party agent will be engaged to work with the borrower to have the borrower sell collateral securing the
loan to a third party or to institute a foreclosure proceeding to have such collateral sold to generate funds towards the payoff of the
loan. Applicable regulations under state law that govern CRBs generally do not permit the taking of title to real estate involved in
commercial sales of cannabis, whether through foreclosure or otherwise, without prior regulatory approval. The sale of a license or other
realization of the value of licenses also requires the approval of state and local regulatory authorities. A defaulted loan may also
be sold if such a sale would yield higher proceeds or that a sale could be accomplished more quickly than a foreclosure proceeding while
yielding proceeds comparable to what would be expected from a foreclosure sale. Such sale of the loan would be conducted through a third-party
administrative agent. However, SHF can provide no assurances that a sale of such loans would be possible or that the sales price of such
loans would be sufficient to recover the outstanding principal balance, accrued interest, and fees.</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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>EAGLE
LEGACY SERVICES, PLLC D/B/A SAFE HARBOR SERVICES, SHF, LLC AND BRANCHES 52 AND 53</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>CARVED
OUT OF PARTNER COLORADO CREDIT UNION</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>COMBINED
NOTES TO FINANCIAL STATEMENTS</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"><i>Net
deferred loan origination fees</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">When
included with a new loan origination, we receive loan origination fees in conjunction with new loans funded by our financial institution
partners. Where applicable, the loan origination fee is netted with loan origination costs associated with originating a specific loan.
These loan origination costs are typically incremental direct costs (non-reimbursed) paid to third parties. Net loan origination fees
are initially deferred and recognized as interest income utilizing the interest method.</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>Indemnity
liability</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">Effective
February 11, 2022, SHF entered into a Loan Servicing Agreement with PCCU. Under the Loan Servicing Agreement, PCCU, in exchange for a
fee at an annual rate of 0.25% of the outstanding principal balance, funds certain loans. Under the Loan Servicing Agreement, SHF has
agreed to indemnify PCCU from all claims related to SHF&#8217;s cannabis-related business, including but not limited to default-related
loan losses as defined in the Loan Servicing Agreement. The indemnification component of the Loan Servicing Agreement (refer to Note
6) is accounted for in accordance with <i>ASC 450-20 Loss Contingencies</i>. In determining the applicability of ASC 450-20, we considered
that the agreement outlines a broad indemnification of all claims related to the cannabis-related business. The most immediate and potentially
significant of these are potential default-related loan losses. In the lending industry, it is inherently anticipated future loan losses
will result from currently issued debt. SHF&#8217;s indemnity obligation is subordinate to PCCU&#8217;s and other financial institution
clients&#8217; other means of collecting on the loans including foreclosure of the collateral, recourse against personal and/or corporate
guarantors and other default remedies available in the loan agreements. Since borrowers are not party to the agreement between SHF and
PCCU, any indemnity payments do not relieve borrowers of their obligation to PCCU nor would such payments preclude PCCU&#8217;s right
to future recoveries from the debtor. Therefore, as defined in ASC 450-20, the indemnification clause represents a general loss contingency
in that it is an existing condition, situation or set of circumstances involving uncertainty as to possible loss to the Company that
will ultimately be resolved when one or more future events occur or fail to occur. SHF&#8217;s indemnity liability reflects SHF management&#8217;s
estimate of probable loan losses inherent under the agreement at the balance sheet date. Management uses a disciplined process and methodology
to establish the liability, and the estimates are sensitive to risk ratings assigned to individual loans covered by the agreement as
well as economic assumptions driving the estimation model. Individual loan risk ratings are evaluated quarterly by SHF management based
on each situation.</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">In
addition to default-related loan losses, SHF continuously monitors all other circumstances pursuant to the agreement and identifies events
that may necessitate a loss contingency under the Loan Servicing Agreement. A loss contingency is reported when it is both probable that
a future event will confirm that a loss had been incurred on or before the related balance sheet date and the loss is reasonably estimable.</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>Property
and equipment, net</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property
and equipment is recorded at historical cost, net of accumulated depreciation. Depreciation is provided over the assets&#8217; useful
lives on a straight-line basis - 4-5 years for equipment and furniture and fixtures. Repairs and maintenance costs are expensed as incurred.</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">Management
periodically assesses the estimated useful life over which assets are depreciated or amortized. If the analysis warrants a change in
the estimated useful life of property and equipment, management will reduce the estimated useful life and depreciate or amortize the
carrying value prospectively over the shorter remaining useful 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
carrying amounts of assets sold or retired and the related accumulated depreciation are eliminated in the period of disposal and the
resulting gains and losses are included in the results of operations during the same period.</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-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: 10pt"><b>EAGLE
LEGACY SERVICES, PLLC D/B/A SAFE HARBOR SERVICES, SHF, LLC AND BRANCHES 52 AND 53</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>CARVED
OUT OF PARTNER COLORADO CREDIT UNION</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>COMBINED
NOTES TO FINANCIAL STATEMENTS</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>Impairment
of long-lived assets</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company evaluates the recoverability of tangible assets periodically by taking into account events or circumstances that may warrant
revised estimates of useful lives or that indicate the asset may be impaired. There were no impairments for the three and six months
ended June 30, 2022 and the year ended December 31, 2021.</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>Federal
and State Tax Exemption</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PCCU
is exempt from most federal, state, and local taxes under the provisions of the Internal Revenue Code and state tax laws. However, PCCU
is subject to unrelated business income tax. The Carved-Out Operations are wholly owned by PCCU and therefore, are exempt from most federal
and state income taxes. The Income Taxes Topic of the FASB ASC clarifies accounting for uncertainty in income taxes reported in the financial
statements. The interpretation provides criteria for assessment of individual tax positions and a process for recognition and measurement
of uncertain tax positions. Tax positions are evaluated on whether they meet the &#8220;more likely than not&#8221; standard for sustainability
on examination by tax authorities. Management has determined there are no material uncertain tax 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Fair
value measurements</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company utilizes the fair value hierarchy to apply fair value measurements. The fair value hierarchy is based on inputs to valuation
techniques that are used to measure fair values that are either observable or unobservable. Observable inputs reflect assumptions market
participants would use in pricing an asset or liability based on market data obtained from independent sources, while unobservable inputs
reflect a reporting entity&#8217;s pricing based upon its own market assumptions. The basis for fair value measurements for each level
within the hierarchy is described below:</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">Level
1 &#8212;Quoted prices for identical assets or liabilities in active markets.</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">Level
2 &#8212;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; or model-derived valuations whose inputs are observable or whose significant value drivers are observable.</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">Level
3 &#8212;Valuations derived from valuation techniques in which one or more significant inputs to the valuation model are unobservable.</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">With
the exceptions of loans receivable, the Company considers the carrying amounts of its financial instruments (cash, accounts receivable
and accounts payable) in the balance sheet to approximate fair value because of the short-term or highly liquid nature of these financial
instruments. The fair values of loans receivables, for disclosure purposes only, are estimated using unobservable inputs, as more fully
disclosed in Note 10.</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>Revenue
recognition</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company adopted Accounting Standards Codification (&#8220;ASC&#8221;) Topic 606, Revenue from Contracts with Customers (&#8220;ASC 606&#8221;).
The core principle of ASC 606 requires that an entity recognize revenue to depict the transfer of promised goods or services to customers
in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. ASC
606 defines a five-step process to achieve this core principle and, in doing so, it is possible more judgment and estimates may be required
within the revenue recognition process than required under previous accounting principles generally accepted in the United States of
America (&#8220;U.S. GAAP&#8221;) including identifying performance obligations in the contract, estimating the amount of variable consideration
to include in the transaction price and allocating the transaction price to each separate performance obligation. The Company adopted
ASC 606 for all applicable contracts using the modified retrospective method, which would have required a cumulative-effect adjustment,
if any, as of the date of adoption. The adoption of ASC 606 did not have a material impact on the Company&#8217;s financial statements
as of the date of adoption. As a result, a cumulative- effect adjustment was not required.</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">Revenue
is recorded at a point in time when the performance obligation is satisfied, and no contingencies exist. Revenue consists primarily of
fees earned on deposit accounts held at PCCU but serviced by the Company such as bank account charges, onboarding income, account activity
fee income and other miscellaneous fees.</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">In
addition, the Company recognizes revenue from the Master Program Agreement. The Master Program Agreement is a non-exclusive and non-transferable
right to implement and utilize the Safe Harbor Program. The Safe Harbor Program has two performance obligations; an implementation fee
recognized when the contract is effective, and a service fee recognized ratable over the contract term as the compliance program is executed.</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">Lastly,
the Company also records revenue for interest on loans and investment income allocated by PCCU based on specific customer balances.</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">Amounts
received in advance of the service being provided is recorded as a liability under deferred revenue on the combined balance sheets. Typical
Safe Harbor Program contracts are three-year contracts with amounts due monthly, quarterly or annually based on contract terms.</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-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: 10pt"><b>EAGLE
LEGACY SERVICES, PLLC D/B/A SAFE HARBOR SERVICES, SHF, LLC AND BRANCHES 52 AND 53</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>CARVED
OUT OF PARTNER COLORADO CREDIT UNION</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>COMBINED
NOTES TO FINANCIAL STATEMENTS</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">Customers
consist of financial institutions providing services to CRBs. Revenues are concentrated in the United States.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of June 30, 2022, the Company reported contract assets and contract liabilities of $27,710 and $0, respectively, from contracts with
customers. As of December 31, 2021, the Company reported a contract asset and liability of $18,317 and $8,333, respectively. During the
three and six months ending June 30, 2022, the Company recognized revenue $0 and $8,333, respectively related to the contract liability
outstanding at December 31, 2021.</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>Advertising/Marketing
costs</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Advertising/Marketing
costs are expensed as incurred. For the three and six months ended June 30, 2022, advertising/marketing costs were $83,147 and $170,839
respectively. For the three and six months ended June 30, 2021, advertising/marketing costs were $22,137 and $27,403 respectively.</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>Software
development costs</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company applied agile development methodologies to their software development projects, which are characterized by a more dynamic development
process with more frequent and iterative revisions to the product features and functions as the software is being developed. Due to the
shorter development cycle and focus on rapid production associated with agile development, the costs incurred to get to, and have incurred
subsequent to the achievement of technological feasibility have been expensed as incurred.</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">Software
development costs amounted to $35,880 and $57,730 for the three and six months ended June 30, 2022, respectively. Software development
costs amounted to $30,973 and $57,526 for the three and six months ended June 30, 2021, respectively.</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>Recently
Issued Accounting Standards</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From
time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board, or FASB, or other standard setting
bodies and adopted by the Company as of the specified effective date. Unless otherwise discussed, the impact of recently issued standards
that are not yet effective and are not expected to have a material impact on the Company&#8217;s financial position or results of operations
upon adoption.</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">Financial
Instruments&#8212;Credit Losses</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">In
June 2016, the FASB issued ASU No. 2016-13, Financial Instruments &#8212; Credit Losses (Topic 326): Measurement of Credit Losses on
Financial Instruments, which introduces a model based on expected losses to estimate credit losses for most financial assets and certain
other instruments. In November 2019, the FASB issued ASU No. 2019-10 Financial Instruments &#8212; Credit Losses (Topic 326), Derivatives
and Hedging (Topic 815), and Leases (Topic 842). The update allows the extension of the initial effective date for entities which have
not yet adopted ASU No. 2016-02. The standard is effective for annual reporting periods beginning after December 15, 2022 for private
companies and SEC filers classified as smaller reporting entities, with early adoption permitted. Entities apply the standard&#8217;s
provisions by recording a cumulative effect adjustment to retained earnings. The Company has not yet adopted ASU 2016-13 and is currently
assessing the impact of this new standard on its financial statements.</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">Collaborative
Arrangements</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">In
November 2018, the FASB issued ASU 2018-18, Collaborative Arrangements (Topic 808). This update clarifies the interaction between ASC
808, Collaborative Arrangements and ASC 606, Revenue from Contracts with Customers (&#8220;ASU 2018-18&#8221;). The update clarifies
that certain transactions between participants in a collaborative arrangement should be accounted for under ASC 606 when the counterparty
is a customer. In addition, the update precludes an entity from presenting consideration from a transaction in a collaborative arrangement
as revenue if the counterparty is not a customer for that transaction. ASU 2018-18 should be applied retrospectively to the date of initial
application of ASC 606 and early adoption is permitted.</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-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"><b>EAGLE
LEGACY SERVICES, PLLC D/B/A SAFE HARBOR SERVICES, SHF, LLC AND BRANCHES 52 AND 53</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>CARVED
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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>COMBINED
NOTES TO FINANCIAL STATEMENTS</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
ASU&#8217;s amendments were effective for public business entities for fiscal years beginning after December 15, 2019, including interim
periods therein. The adoption of this standard did not have a material impact on the Company&#8217;s financial statements as the Company
does not have any collaborative agreements. However, there is a potential for the Company to enter into collaborative agreements in the
future, as it expands into additional markets.</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; background-color: white">Leases</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; background-color: white">In
February 2016, the Financial Accounting Standards Board (&#8220;FASB&#8221;) issued Accounting Standards Update (&#8220;ASU&#8221;) 2016-02,
<i>Leases (Topic 842)</i>. FASB issued ASU 2016-02 to increase transparency and comparability among organizations by recognizing lease
assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. Certain qualitative and
quantitative disclosures are required, as well as a retrospective recognition and measurement of impacted leases. In June 2020, FASB
issued ASU 2020-05, <i>Revenue from Contracts with Customers (Topic 606) and Leases (Topic 842): Deferral of the Effective Dates for
Certain Entities</i>, which deferred the effective date of ASU 2016-02 to annual reporting periods beginning after December 15, 2021,
and interim periods within fiscal years beginning after December 15, 2022. Early adoption is permitted. Management is currently evaluating
this standard but anticipates the adoption of the new lease standard to be immaterial. Effective July 1, 2022, the Company amended its
existing lease to a month-to-month lease and therefore no asset or liability amounts are reported pursuant to ASC 842.</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>Note
3. Loans Receivable</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">Unsecured
loans receivable, net consist of the following:</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="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"><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>June
                                            30,</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>2022</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>December
                                            31,</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>2021</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">
    <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">(Unaudited)</span></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="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</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: 64%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Unsecured loans receivable, gross</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">$</span></td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">500,000</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 14%; 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></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Allowance
    for loan losses</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">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(10,500</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></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-left: 20pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Unsecured loans receivable,
    net</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">489,500</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></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Current portion</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">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</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="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></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="text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Noncurrent portion</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">489,500</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;-</span></td><td style="padding-bottom: 2.5pt; 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"><span style="font-family: Times 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">Commercial
real estate loans receivable, net consist of the following:</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">
    <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"><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>June
                                            30,</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>2022</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>December
                                            31,</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>2021</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">
    <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">(Unaudited)</span></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="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</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: 64%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Commercial real estate loans receivable,
    gross</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">$</span></td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,453,379</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,478,301</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 style="padding-left: 10pt; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Allowance
    for loan losses</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">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(21,801</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(14,741</span></td><td style="padding-bottom: 1.5pt; 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: 20pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Commercial real estate
    loans receivable, net</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">1,431,578</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">1,463,560</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; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Current portion</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">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(55,711</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(52,833</span></td><td style="padding-bottom: 1.5pt; 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="text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Noncurrent portion</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,375,867</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,410,727</span></td><td style="padding-bottom: 2.5pt; 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"><span style="font-family: Times 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">At
June 30, 2022, $500,000 of the loans receivable amount represented an unsecured loan at 8.5% interest with the residual balance consisting
of commercial loans collateralized with real estate. At December 31, 2021, loans receivable represented commercial loans collateralized
with real estate. Collateralized loans bear interest rates from 6.54% to 7.50%. All loans were current and considered performing at both
June 30, 2022 and December 31, 2021.</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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>EAGLE
LEGACY SERVICES, PLLC D/B/A SAFE HARBOR SERVICES, SHF, LLC AND BRANCHES 52 AND 53</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>CARVED
OUT OF PARTNER COLORADO CREDIT UNION</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>COMBINED
NOTES TO FINANCIAL STATEMENTS</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
4. Allowance for Loan Losses</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
allowance for loan losses is maintained at a level believed to be sufficient to provide for estimated loan losses based on evaluating
known and inherent risks in the loan portfolio. The allowance is provided based upon management&#8217;s analysis of the pertinent factors
underlying the quality of the loan portfolio. These factors include changes in the amount and composition of the loan portfolio, delinquency
levels, actual loss experience, current economic conditions, and detailed analysis of individual loans for which the full collectability
may not be assured. The detailed analysis includes methods to estimate the fair value of loan collateral and the existence of potential
alternative sources of repayment.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
allowance may consist of specific and general components. While the allowance may consist of general and specific components, the allowance
is general in nature and is available for the loan portfolio in its entirety.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
allowance for loan losses consists of the following activity for the three and six months ended June 30, 2022 and 2021:</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><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"><span style="font-family: Times New Roman, Times, Serif">Unsecured
    loan</span></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>
    <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">Commercial
    real estate loans</span></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>
    <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="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Six Months ended June 30, 2022:</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Allowance for loan losses:</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 46%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Beginning balance</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">$</span></td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">14,741</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">14,741</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 style="padding-left: 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Charge-offs</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">&#8212;</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">&#8212;</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">&#8212;</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">Recoveries</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">&#8212;</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">&#8212;</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">&#8212;</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; text-align: justify; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Provision</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">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">10,500</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="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">7,060</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="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">17,560</span></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: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Ending balance</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">10,500</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">21,801</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">32,301</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Three months ended June 30, 2022:</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Allowance for loan losses:</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><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="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Beginning balance</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">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">24,545</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">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">24,545</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"><span style="font-family: Times New Roman, Times, Serif">Charge-offs</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">&#8212;</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">&#8212;</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">&#8212;</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"><span style="font-family: Times New Roman, Times, Serif">Recoveries</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">&#8212;</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">&#8212;</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">&#8212;</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; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Provision
    (benefit)</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">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">10,500</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="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(2,744</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">7,756</span></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: White">
    <td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Ending balance</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">10,500</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">21,801</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">32,301</span></td><td style="padding-bottom: 2.5pt; 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><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Loans receivable at June 30, 2022</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Individually evaluated for impairment</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">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</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">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</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; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Collectively evaluated
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">500,000</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="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,453,379</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="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,953,379</span></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: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">500,000</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,453,379</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,953,379</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Allowance for loan losses
    at June 30, 2022</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Individually evaluated for impairment</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">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</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">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</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="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Collectively evaluated
    for impairment</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">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">10,500</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="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">21,801</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="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">32,301</span></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: White">
    <td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">10,500</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">21,801</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">32,301</span></td><td style="padding-bottom: 2.5pt; 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"><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 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">Unsecured
    loan</span></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>
    <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">Commercial
    real estate loans</span></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>
    <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="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Six Months ended June 30, 2021:</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Allowance for loan losses:</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 46%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Beginning balance</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">$</span></td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">13,342</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">13,342</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 style="padding-left: 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Charge-offs</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">&#8212;</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">&#8212;</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">&#8212;</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">Recoveries</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">&#8212;</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">&#8212;</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">&#8212;</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; text-align: justify; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Provision</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">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</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="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">11,927</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="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">11,927</span></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: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Ending balance</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">25,269</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">25,269</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Three months ended June 30, 2021:</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Allowance for loan losses:</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><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="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Beginning balance</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">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">18,444</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">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">18,444</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"><span style="font-family: Times New Roman, Times, Serif">Charge-offs</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">&#8212;</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">&#8212;</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">&#8212;</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"><span style="font-family: Times New Roman, Times, Serif">Recoveries</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">&#8212;</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">&#8212;</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">&#8212;</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; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Provision</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">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</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="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">6,825</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="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">6,825</span></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: White">
    <td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Ending balance</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">25,269</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">25,269</span></td><td style="padding-bottom: 2.5pt; 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><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Loans receivable at June 30, 2021</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Individually evaluated for impairment</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">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</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">$</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></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Collectively evaluated
    for impairment</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">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</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="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">2,510,249</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="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">2,510,249</span></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: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">2,510,249</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">2,510,249</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Allowance for loan losses
    at June 30, 2021</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Individually evaluated for impairment</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">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</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">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</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="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Collectively evaluated
    for impairment</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">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</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="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">25,269</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="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">25,269</span></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: White">
    <td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#8212;</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">25,269</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">25,269</span></td><td style="padding-bottom: 2.5pt; 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"><span style="font-family: Times 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">At
June 30, 2022 and June 30, 2021, no loans were past due, classified as non-accrual or considered impaired.</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-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"><b>EAGLE
LEGACY SERVICES, PLLC D/B/A SAFE HARBOR SERVICES, SHF, LLC AND BRANCHES 52 AND 53</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>CARVED
OUT OF PARTNER COLORADO CREDIT UNION</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>COMBINED
NOTES TO FINANCIAL STATEMENTS</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"><b>Note
5. Property and equipment, net</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">Property
and equipment consist of the following:</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="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"><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>June
                                            30,</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>2022</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>December
                                            31,</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>2021</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">
    <td style="text-align: center"><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">(Unaudited)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center"><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></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%"><span style="font-family: Times New Roman, Times, Serif">Equipment</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">$</span></td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">36,872</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">28,080</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 style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Office furniture</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">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">7,070</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="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">7,070</span></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><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">43,942</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">35,150</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; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Less: accumulated depreciation</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">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(30,751</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(28,799</span></td><td style="padding-bottom: 1.5pt; 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="text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Property and equipment,
    net</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">13,191</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">6,351</span></td><td style="padding-bottom: 2.5pt; 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"><span style="font-family: Times 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">Depreciation
expense was $1,952 and $865 for the six months ended June 30, 2022 and June 30, 2021, respectively.</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>Note
6. Related party transactions</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>Corporate
allocations</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Corporate
allocations include overhead expenses such as information technology, customer support, marketing, executive compensation and other general
and administrative expenses that are attributed to the Branches proportionately based on the relative size of the specific identifiable
customer deposits to the consolidated Parent.</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>Account
Servicing Agreement</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effective
July 1, 2021, SHF, LLC (&#8220;SHF&#8221;) entered into an Account Servicing Agreement with PCCU. SHF provides services as per the agreement
to CRB accounts at PCCU. In addition to providing the services, SHF assumes the costs associated with the CRB accounts. These costs include
employees to manage account onboarding, monitoring and compliance, rent and office expense, insurance and other operating expenses necessary
to service these accounts. Under the agreement, PCCU agrees to pay SHF all revenue generated from CRB accounts. Amounts due to SHF are
due monthly in arrears and upon receipt of invoice. The agreement is for an initial term of 3 years from the effective date. It shall
renew thereafter for 1-year terms until either SHF or PCCU provide sixty days prior written notice. The agreement was amended and restated
in conjunction with the contemplated Business Combination with substantially similar terms.</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">Pursuant
to this agreement, as amended and restated, the Company reported revenue of $1,808,640 and $3,436,731 for the three-month and six-month
periods ended June 30, 2022 and $0 for the three and six month periods ended June 30, 2021.</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>Support
Services Agreement</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effective
July 1, 2021, SHF entered into a Support Services Agreement with PCCU. In connection with PCCU hosting the depository accounts and the
related loans and providing certain infrastructure support, PCCU receives (and SHF pays) a monthly fee per depository account. In addition,
25% of any investment income associated with CRB deposits is paid to PCCU. The respective duties and obligations as per the agreement
commenced on the effective date and continue unless terminated by either SHF or PCCU upon giving sixty days prior written notice. The
agreement was amended and restated in conjunction with the contemplated Business Combination with substantially similar terms.</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-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: 10pt"><b>EAGLE
LEGACY SERVICES, PLLC D/B/A SAFE HARBOR SERVICES, SHF, LLC AND BRANCHES 52 AND 53</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>CARVED
OUT OF PARTNER COLORADO CREDIT UNION</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>COMBINED
NOTES TO FINANCIAL STATEMENTS</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">Pursuant
to these agreements and as amended and restated, the Company reported expense of $131,742 and $215,550 for the three-month and six-month
periods ended June 30, 2022 and $0 for the three-month and six-month periods ended June 30, 2021.</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">Significant
terms of the Amended and Restated Accounting Servicing Agreement and Support Services Agreement are as follows:</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
    to the Account Servicing Agreement, SHF&#8217;s fees for such services will equal all cannabis-related income, including all lending-related
    income (such as loan origination fees, interest income on CRB-related loans, participation fees and servicing fees), investment income,
    interest income, account activity fees, processing fees, flat fees, and other revenue generated from cannabis and multi-state hemp
    accounts that are hosted on PCCU&#8217;s core system. The Account Servicing Agreement and Support Services Agreement are for an initial
    term of three years and will renew for additional one-year terms unless a party provides 120 days&#8217; notice of non-renewal, provided
    that PCCU may not provide notice of non-renewal until 30 months following the signing date. The Account Servicing Agreement will
    also terminate within 60 days of SHF no longer qualifying as a &#8220;credit union service organization&#8221; (a <span style="text-decoration: underline">&#8220;CUSO</span>&#8221;)
    or within 60 days of the assumption by a third party of all CRB-related accounts. On May 23, 2022, SHF and PCCU entered into the
    Second Amended and Restated Account Servicing Agreement and Support Services Agreement, which agreement amended and restated the
    Amended and Restated Account Servicing and Support Services Agreements to remove the provision providing for the termination of the
    agreements within 60 days of SHF no longer qualifying as a &#8220;credit union service organization,&#8221; as SHF will cease to
    qualify as a CUSO following the closing of the Business Combination.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">Pursuant
    to the Support Services Agreement, as amended, PCCU will continue to provide to SHF certain operational and administrative services
    relating to, among other things, human resources, employee benefits, IT and systems, accounting and marketing and capacity for CRB
    depository accounts for a monthly fee equal to $30.96 per account in 2022 and $25.32 per account in 2023 and 2024. In addition, investment
    income from CRB-related cash and investments (excluding loans) will be shared 25% to PCCU and 75% to SHF and SHF will reimburse PCCU
    for any of its out-of-pocket expenses relating to the services provided to SHF. The Amended and Restated Support Services Agreement
    also sets forth certain agreements of PCCU to limit bonus distributions to its members to $30,000,000 during any 12-month period
    following the effective date of the agreement. Finally, under the Support Services Agreement PCCU will continue to allow its ratio
    of CRB-related deposits to total assets to equal at least 65% unless otherwise dictated by regulatory, regulator or policy requirements.
    The below schedule demonstrates deposit capacity at June 30, 2022 and December 31, 2021.</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>

<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"><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>June
                                            30,</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>2022</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>December
                                            31,</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>2021</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">
    <td style="text-align: center"><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">(Unaudited)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">(Unaudited)</span></td><td><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: 64%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">PCCU total assets</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">$</span></td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">588,723,409</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">575,170,939</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 style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Capacity at 65%</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">382,670,216</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">373,861,110</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="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">CRB related deposits</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">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">142,103,552</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="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">146,267,976</span></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: White">
    <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Incremental capacity</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">$</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">240,566,664</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">227,593,134</span></td><td style="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"><span style="font-family: Times 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">PCCU
policy also requires they maintain an internal ratio of net worth to total assets of at least 10%. CRB related deposit capacity maybe
limited if PCCU ratio declines below this threshold.</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-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: 10pt"><b>EAGLE
LEGACY SERVICES, PLLC D/B/A SAFE HARBOR SERVICES, SHF, LLC AND BRANCHES 52 AND 53</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>CARVED
OUT OF PARTNER COLORADO CREDIT UNION</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>COMBINED
NOTES TO FINANCIAL STATEMENTS</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>Loan
Servicing Agreement</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effective
February 11, 2022, SHF entered into a Loan Servicing Agreement with PCCU. The agreement sets forth the application, underwriting and
approval process for loans from PCCU to CRB customers and the loan servicing and monitoring responsibilities provided by both PCCU and
SHF. PCCU will receive a monthly servicing fee at the annual rate of 0.25% of the then-outstanding principal balance of each loan funded
by PCCU. For the loans that are subject to this agreement, SHF originates the loans and performs all compliance analysis, credit analysis
of the potential borrower, due diligence and underwriting and all administration, including hiring and incurring the costs of all related
personnel or third-party vendors necessary to perform these services. Under the Loan Servicing Agreement, SHF has agreed to indemnify
PCCU from all claims related to default-related loan losses as defined in the Loan Servicing Agreement. The agreement is for an initial
term of three years and will renew for additional one-year terms unless a party provides 120 days&#8217; notice of non-renewal or there
is a termination for cause, provided that PCCU may not provide notice of non-renewal until 30 months following the signing date. The
agreement was amended and restated in conjunction with the contemplated Business Combination with substantially similar terms.</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">SHF&#8217;s
loan program currently depends on PCCU as SHF&#8217;s largest funding source for new loans to CRBs. Under PCCU&#8217;s loan policy for
loans to CRBs, PCCU&#8217;s Board of Directors has approved aggregate lending limits at the lessor of 1.3125 times PCCU&#8217;s net worth
or 65% of total CRB deposits. Concentration limits for the deployment of loans are further categorized as i) real estate secured, ii)
construction, iii) unsecured and iv) mixed collateral with each category limited to a percentage of PCCU&#8217;s net worth. In addition,
loans to any one borrower or group of associated borrowers are limited by applicable National Credit Union Association regulations to
the greater of $100,000 or 15% of PCCU&#8217;s net worth.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
below schedule demonstrates the ratio of CRB related loans funded by PCCU to the relative lending limits at June 30, 2022. No amounts
were funded prior to January 1, 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 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"><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>June
                                            30,</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>2022</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>December
                                            31,</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>2021</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">
    <td style="text-align: center"><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">(Unaudited)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">(Unaudited)</span></td><td><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: 64%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">CRB related deposits</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">$</span></td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">142,103,552</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">146,267,976</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 style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Capacity at 65%</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">92,367,309</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">95,074,184</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="text-align: left"><span style="font-family: Times New Roman, Times, Serif">PCCU net worth</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">54,239,445</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">61,925,336</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; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Capacity at 1.3125</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">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">71,189,272</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="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">81,227,003</span></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="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Limiting capacity</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">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">71,189,272</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">81,227,003</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">PCCU loans funded</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">13,628,042</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">&#8212;</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="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Amounts available under
    lines of credit</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">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">496,958</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="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">225,000</span></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: White">
    <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Incremental capacity</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">$</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">57,064,272</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">81,002,003</span></td><td style="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"><span style="font-family: Times 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">Pursuant
to this agreement, the Company reported expenses of $3,731 and $5,104 for the three-month and six-month periods ended June 30, 2022 and
$0 for the three-month and six-month periods ended June 30, 2021.</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">Collectively
the Account Servicing Agreement, Support Servicing Agreement and Loan Servicing Agreement are referred to as the &#8220;Parent Agreements&#8221;.</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>Operating
leases</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effective
July 1, 2021, SHF entered into a one-year gross lease with PCCU to lease space in its existing office at a monthly rent of $5,400. <span style="background-color: white">Effective
July 1, 2022, the Company amended its existing lease to a month-to-month lease and therefore no asset or liability amounts are reported
pursuant to ASC 842.</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>


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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"><b>EAGLE
LEGACY SERVICES, PLLC D/B/A SAFE HARBOR SERVICES, SHF, LLC AND BRANCHES 52 AND 53</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>CARVED
OUT OF PARTNER COLORADO CREDIT UNION</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>COMBINED
NOTES TO FINANCIAL STATEMENTS</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: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
7. Revenue</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>Disaggregated
revenue</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue
by type are as follows:</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"><span style="font-family: Times New Roman, Times, Serif">For the
    three-month period ended June 30,</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">2022</span></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>
    <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">2021</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">
    <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: right"><span style="font-family: Times New Roman, Times, Serif">(Unaudited)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(Unaudited)</span></td><td><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: 68%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Deposit, activity, onboarding income</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">$</span></td><td style="width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,342,895</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,598,713</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 style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Safe Harbor Program income</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">44,149</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">120,855</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="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Investment income</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">283,147</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">82,050</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; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Loan interest income</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">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">182,598</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="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">28,696</span></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-left: 10pt; text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Total
    Revenue</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,852,789</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,830,314</span></td><td style="padding-bottom: 2.5pt; 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"><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">For the
    six-month period ended June 30,</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">2022</span></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>
    <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">2021</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">
    <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: right"><span style="font-family: Times New Roman, Times, Serif">(Unaudited)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(Unaudited)</span></td><td><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: 68%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Deposit, activity, onboarding income</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">$</span></td><td style="width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">2,809,764</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">3,094,267</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 style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Safe Harbor Program income</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">87,168</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">275,850</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="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Investment income</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">377,133</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">160,061</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; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Loan interest income</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">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">249,834</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="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">50,417</span></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-left: 10pt; text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Total
    Revenue</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">3,523,899</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">3,580,595</span></td><td style="padding-bottom: 2.5pt; 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"><span style="font-family: Times 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>Note
8. Employee benefits</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">PCCU
has a qualified, contributory 401(k) plan (&#8220;Plan&#8221;) covering substantially all full-time employees. The Plan allows employees
to defer a portion of their salary into the Plan. PCCU matches a portion of employees&#8217; wage reductions. Plan costs are accrued
and funded on a current basis. The Carved-Out Operations incurred plan costs of $9,757 and $17,855 for the three-months and six-months
ended June 30, 2021. During July 2021, the Company adopted a similar 401(k) plan in conjunction with an agreement with a professional
employer organization. The Company incurred plan costs $13,640 and $25,430 for the three-months and six-months ended June 30, 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>

<p style="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>Note
9. Commitments and contingencies</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">From
time to time, the Company is subject to claims in legal proceedings arising in the normal course of business. The Company does not believe
that it is currently party to any pending legal action that could reasonably be expected to have a material adverse effect on our business
or 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"><i>Indemnity
Liability</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
discussed at Note 6, and pursuant to PCCU Agreements, PCCU funds loans originated and serviced by SHF either directly or through a third-party
vendor. SHF retains the associated interest and pays PCCU a fee at an annual rate of 0.25% of the outstanding loan principal. The below
schedule details outstanding amounts funded by PCCU and categorized as either collateralized loans or unsecured loans and lines of credit.
No loans were funded by PCCU prior to January 1, 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 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"><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>June
                                            30,</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>2022</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>December
                                            31,</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>2021</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">
    <td style="text-align: center"><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">(Unaudited)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">(Unaudited)</span></td><td><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: 64%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Secured term loans</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">$</span></td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">13,100,000</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</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 style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Unsecured loans and
    lines of credit</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">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">528,042</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="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></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-left: 10pt; text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Total
    loans funded by Parent</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">13,628,042</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#8212;</span></td><td style="padding-bottom: 2.5pt; 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"><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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>EAGLE
LEGACY SERVICES, PLLC D/B/A SAFE HARBOR SERVICES, SHF, LLC AND BRANCHES 52 AND 53</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>CARVED
OUT OF PARTNER COLORADO CREDIT UNION</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>COMBINED
NOTES TO FINANCIAL STATEMENTS</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">All
amounts were performing at June 30, 2022. Secured loans contained an interest rate ranging from 8.25% to 12.0%. Unsecured loans and lines
of credit contain variable rates ranging from Prime + 1.5% to Prime + 6%. Unsecured lines of credit had incremental availability of $496,958
and $225,000 at June 30, 2022 and December 31, 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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SHF&#8217;s
indemnity liability reflects SHF management&#8217;s estimate of probable loan losses inherent under the agreement at the balance sheet
date. Management uses a disciplined process and methodology to establish the liability, and the estimates are sensitive to risk ratings
assigned to individual loans covered by the agreement as well as economic assumptions driving the estimation model. Individual loan risk
ratings are evaluated at least a quarterly based on each situation by SHF management. Given the Company&#8217;s limited lending history,
the estimate is based on risk adjusted national charge off rates as published by the US Federal Reserve.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
indemnity liability activity is as follows:</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><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"><span style="font-family: Times New Roman, Times, Serif">June
    30,<br /> 2022</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">
    <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">(Unaudited)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <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: right"><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></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">Beginning balance</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"><span style="font-family: Times New Roman, Times, Serif">&#8212;</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Charge-offs</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">&#8212;</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">Recoveries</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">&#8212;</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: 82%; text-align: justify; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Provision</span></td><td style="width: 2%; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; 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; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">288,505</span></td><td style="width: 1%; 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><span style="font-family: Times New Roman, Times, Serif">Ending balance</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"><span style="font-family: Times New Roman, Times, Serif">288,505</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">All
loans were current and considered performing at June 30, 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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SHF
has agreed to indemnify PCCU from all claims related to SHF&#8217;s cannabis-related business. Other than potential loan losses, no other
circumstances were identified meeting the requirements of a loss contingency.</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">Expense
amounts included in the loan loss provision associated with the indemnity were $230,118 and $288,505 for the three and six months ending
June 30, 2022 and $0 for the three and six months ending June 30, 2021.</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>Note
10. Financial Instruments</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">FASB
ASC <i>825, </i>&#8220;Financial Instruments&#8221;, requires disclosure of fair value information about financial instruments, whether
or <i>not</i> recognized in the balance sheet. In cases where quoted market prices are <i>not </i>available, fair values are based on
estimates using present value of future cash flows or other valuation techniques. Those techniques are significantly affected by the
assumptions used, including the discount rate and estimates of future cash flows. In that regard, the derived fair value estimates cannot
be substantiated by comparison to independent markets and, in many cases, could <i>not</i> be realized in immediate settlement of the
instruments. FASB ASC <i>825</i> excludes certain financial instruments and all nonfinancial instruments from its disclosure requirements.</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">With
the exceptions of loans receivable, the Company considers the carrying amounts of its financial instruments (cash, accounts receivable
and accounts payable) in the balance sheet to approximate fair value because of the short-term or highly liquid nature of these financial
instruments.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company does not record loans at fair value on a recurring basis. Currently all loans are performing with no impairment. Utilizing rates
between 0% and 10%, which are considered Level 3 unobservable inputs, and a discounted cash flow model, we have estimated the fair value
of our loan portfolio as of June 30, 2022 to approximate $1,894,640 as compared to their carrying value, excluding allowances for loan
losses, of $1,953,379. The estimated fair value at December 31, 2021 was $1,417,637 as compared to a carrying value, excluding allowances
for loan losses, of $1,478,343.</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-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: 10pt"><b>EAGLE
LEGACY SERVICES, PLLC D/B/A SAFE HARBOR SERVICES, SHF, LLC AND BRANCHES 52 AND 53</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>CARVED
OUT OF PARTNER COLORADO CREDIT UNION</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>COMBINED
NOTES TO FINANCIAL STATEMENTS</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
11. Subsequent Events</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">As
previously disclosed, on February 11, 2022, SHF Holdings, Inc. (f/k/a Northern Lights Acquisition Corp.), and 5AK, LLC, the SHF Holdings,
Inc.&#8217;s sponsor, entered into a definitive unit purchase agreement SHF, LLC d/b/a Safe Harbor Financial, a Colorado limited liability
company, SHF Holding Co., LLC, the sole member of SHF, LLC, and Partner Colorado Credit Union, the sole member of the SHF Holding, LLC,
whereby SHF Holdings, Inc. will purchase all of the issued and outstanding membership interests of the SHF, LLC.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
September 28, 2022, the parties consummated the Business Combination, resulting in SHF Holdings, Inc. purchasing all of the issued and
outstanding membership interests of the SHF, LLC in exchange for an aggregate of $185,000,000, consisting of (i) 11,386,139 shares of
the Company&#8217;s Class A common stock with an aggregate value equal to $115,000,000 and (ii) $70,000,000 in cash, $56,949,800.66 of
which will be paid on a deferred basis.</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">The
purpose of deferral is to provide SHF Holdings, Inc. with additional cash to support its post-closing activities. Pursuant to the third
amendment to the unit purchase agreement, they will pay the deferred consideration in one payment of $21,949,800.66 on or before December
15, 2022, and the $35,000,000 balance in six equal installments of $6,416,667, payable beginning on the first business day following
April 1, 2023 and on the first business day of each of the following five fiscal quarters, for a total of $38,500,002. Further, Partner
Colorado Credit Union agreed to defer $3,143,388, representing certain excess cash of SHF, LLC due to the Seller under the definitive
unit purchase agreement, and the reimbursement of certain reimbursable expenses under the definitive unit purchase agreement.</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">Based
upon our review, other than the events included in the above notes, the Company did not identify any subsequent events that would have
required adjustment or disclosure in the financial statement.</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>Note
12. Proforma Basis of Presentation</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">Effective
July 1, 2021, and subsequent to the reorganization, SHF entered into an Account Servicing Agreement with PCCU. SHF shall provide services
as per the agreement to CRB accounts at PCCU. In addition to providing the services, SHF shall assume the costs associated with the CRB
accounts. Under the agreement, PCCU agrees to pay SHF all revenue generated from CRB accounts. Amounts due to SHF are due monthly in
arrears and upon receipt of invoice. The agreement is for an initial term of 3 years from the effective date. It shall renew thereafter
for 1-year terms until either SHF or PCCU provide sixty days prior written notice.</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">Effective
July 1, 2021, SHF entered into a Support Services Agreement with PCCU. In connection with PCCU hosting the depository accounts and the
related loans and providing certain infrastructure support, PCCU receives (and SHF pays) a monthly fee per depository account. The respective
duties and obligations as per the agreement commenced on the effective date and continue unless terminated by either SHF or PCCU upon
giving sixty days prior written notice.</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">On
February 11, 2022, SHF and SHF Holding Co., LLC, the sole member of SHF, and PCCU, the sole member of SHF Holding, Co., LLC entered into
a definitive purchase agreement with Northern Lights Acquisition Corp., a special purpose acquisition company and its sponsor, 5AK, LLC.
Refer to Note 6 for additional information. Pursuant to the purchase agreement the Company entered into amended services agreements under
similar terms as the July 2021 agreements.</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">The
below schedule demonstrates the estimated impact these agreements would have on the income statement for the three months and six months
ended June 30, 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>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 65%">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Three
    Months Ended</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><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="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2021
    (Unaudited)</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">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">June
    30,</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><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">Adjusted</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: 42%"><span style="font-family: Times New Roman, Times, Serif">Revenue</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 2%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(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">$</span></td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,830,314</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Operating expense</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Net income and comprehensive
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    <td style="text-align: right; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">717,171</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  </table>


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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 65%">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Six
    Months Ended</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><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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    (Unaudited)</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">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">June
    30,</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><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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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 42%"><span style="font-family: Times New Roman, Times, Serif">Revenue</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 2%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(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">$</span></td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">3,580,595</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="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Operating expense</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: right; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">(2)</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">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,975,021</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="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(13,592</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,961,429</span></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="text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Net income and comprehensive
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    <td style="text-align: right; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">13,592</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,619,166</span></td><td style="padding-bottom: 2.5pt; 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"><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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    reported financial statements include all CRB account related revenue. As a result, no adjustment is necessary for revenue.</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">(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">Adjustments
    to operating expense include the removal of corporate allocations and the inclusion of fees under the new services agreements including
    i) the per account hosting fee, (ii) 25% shared investment income fee and (iii) loan servicing fee equal to 25 basis points of the
    average outstanding loan principal balance for loans funded by PCCU. During the three-months and six-months ended June 30, 2021,
    no loans were held at PCCU subject to the loan servicing fee. In addition, as corporate allocations were removed, we included an
    adjustment for PCCU CEO base salary prior to July 1, 2021 plus a 30% benefit charge as this individual became the Safe Harbor CEO
    effective July 1, 2021. The 30% benefit charge is consistent with the historical experience of the Company. </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>


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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: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="forms-1_007.jpg" alt="" /></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"><span id="Ha_006"></span><span style="font-size: 10pt"><b>Report
of Independent Registered Public Accounting Firm</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">&#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">To
the Board of Directors of Eagle Legacy Services, PLLC D/B/A Safeharbor Services and Branches 52 and 53 Carved Out of Partner Colorado
Credit Union</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>Opinion
on the Financial Statements</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">We
have audited the accompanying combined balance sheets of Eagle Legacy Services, PLLC D/B/A Safeharbor Services and Branches 52 and 53
Carved Out of Partner Colorado Credit Union (the &#8220;Company&#8221;) as of December 31, 2021 and 2020, the related combined statements
of income and comprehensive income, parent-entity net investment, and cash flows for the years then ended, and the related notes to the
combined financial statements (collectively, the &#8220;financial statements&#8221;). In our opinion, the 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 their operations
and their cash flows for the years then ended, in conformity with accounting principles generally accepted in the United States of America.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Basis
for Opinion</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">These
financial statements are the responsibility of the Company&#8217;s management. Our responsibility is to express an opinion on the Company&#8217;s
financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board
(United States) (PCAOB) and are required to be independent with respect to the Company in accordance with U.S. federal securities laws
and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
conducted our audits in accordance with the standards of the PCAOB and in accordance with auditing standards generally accepted in the
United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were
we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an
understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the
Company&#8217;s internal control over financial reporting. Accordingly, we express no such opinion.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times 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
audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error
or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding
the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant
estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits
provide a reasonable basis for our opinion.</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have served as the Company&#8217;s auditor since 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">Franklin,
Tennessee</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">April
15, 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>

<p style="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>elliottdavis.com</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>


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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"><b><span id="Ha_007"></span>EAGLE
LEGACY SERVICES, PLLC D/B/A SAFE HARBOR SERVICES, SHF, LLC AND<br />
BRANCHES 52 AND 53</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>CARVED
OUT OF PARTNER COLORADO CREDIT UNION</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>COMBINED
BALANCE SHEETS</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 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="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">December
    31,<br /> 2021</span></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>
    <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">December
    31,<br /> 2020</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="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">ASSETS</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="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Current Assets:</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; width: 64%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Cash and cash
    equivalents</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">$</span></td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">5,495,905</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">3,001,363</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 style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Accounts receivable &#8211;
    parent</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">522,896</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">247,858</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">Contract assets</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">18,317</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">&#8212;</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; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Prepaid expenses</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">6,021</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">2,553</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">Accrued interest receivable</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">7,556</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">&#8212;</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; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Short-term
    loans receivable</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">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">52,833</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="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">35,081</span></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="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Total Current Assets</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">6,103,528</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">3,286,855</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><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: left"><span style="font-family: Times New Roman, Times, Serif">Long-term loans receivable,
    net</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">1,410,727</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">1,285,764</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; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Property
    and equipment, net</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">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">6,351</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="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">2,352</span></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="font-weight: bold; text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Total
    Assets</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">7,520,606</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">4,574,971</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">LIABILITIES AND PARENT-ENTITY
    NET INVESTMENT</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="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Current Liabilities:</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: left"><span style="font-family: Times New Roman, Times, Serif">Accounts payable</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">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">43,626</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">108,526</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; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Accrued expenses</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">91,804</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; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Contract
    liabilities</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">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">8,333</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="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">20,620</span></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: White">
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Total Current Liabilities</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">181,505</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">220,950</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><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="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">COMMITMENTS AND CONTINGENCIES</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><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="font-weight: bold; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Parent-Entity
    Net Investment</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">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">7,339,101</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="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">4,354,021</span></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="font-weight: bold; text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Total
    Liabilities and Parent-Entity Net Investment</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">7,520,606</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">4,574,971</span></td><td style="padding-bottom: 2.5pt; 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-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">The
accompanying notes are an integral part of the combined 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>


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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: center"><span style="font-family: Times New Roman, Times, Serif"><span id="Ha_008"></span><span style="font-size: 10pt"><b>EAGLE
LEGACY SERVICES, PLLC D/B/A SAFE HARBOR SERVICES, SHF, LLC AND BRANCHES 52 AND 53</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>CARVED
OUT OF PARTNER COLORADO CREDIT UNION</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>COMBINED
STATEMENTS OF NET INCOME AND COMPREHENSIVE INCOME</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>

<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 style="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-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">For
                                            the year ended</span></p>
                                                                                <p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">December
                                            31</span></p></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">
    <td style="text-align: center"><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"><span style="font-family: Times New Roman, Times, Serif">2021</span></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>
    <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">2020</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">
    <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"><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 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></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 68%"><span style="font-family: Times New Roman, Times, Serif">Revenue</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">$</span></td><td style="width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">7,005,579</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">8,038,138</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><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="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Operating Expenses</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; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Compensation and employee
    benefits</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">2,135,243</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">1,729,190</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">Professional services</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">292,143</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">124,071</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; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Rent expense</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">73,482</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">71,382</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">Corporate allocations</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">648,533</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">840,142</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; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Provision for loan losses</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">1,399</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">13,342</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; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">General
    and administrative expenses</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">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">567,892</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="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">142,194</span></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: White">
    <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Total operating expenses</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">2,920,321</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><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: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Other expenses</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: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Interest
    expense</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">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</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="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">2,511</span></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: White">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Net income and comprehensive
    income</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">3,286,887</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">5,115,306</span></td><td style="padding-bottom: 2.5pt; 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: 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">The
accompanying notes are an integral part of the combined financial statements</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: justify"><span style="font-family: 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_009"></span><span style="font-size: 10pt"><b>EAGLE
LEGACY SERVICES, PLLC D/B/A SAFE HARBOR SERVICES, SHF, LLC AND BRANCHES 52 AND 53</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>CARVED
OUT OF PARTNER COLORADO CREDIT UNION</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>COMBINED
STATEMENTS OF PARENT-ENTITY NET INVESTMENT</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>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 82%; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Balance at January 1, 2020</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">1,278,981</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 style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Net income</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">5,115,306</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">Contribution of loans receivable
    from Parent</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">1,341,000</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; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Net
    change due to allocations and distributions to Parent</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">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(3,381,266</span></td><td style="padding-bottom: 1.5pt; 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="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Balance at December
    31, 2020</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">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">4,354,021</span></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: White">
    <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Net income</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">3,286,887</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">Contribution of loans receivable
    from Parent</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">1,185,691</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; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Net
    change due to allocations and distributions to Parent</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">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(1,487,498</span></td><td style="padding-bottom: 1.5pt; 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="font-weight: bold; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Balance at December
    31, 2021</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">7,339,101</span></td><td style="padding-bottom: 2.5pt; 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: 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">The
accompanying notes are an integral part of the combined financial statements</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: justify"><span style="font-family: 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"><b><span id="Ha_010"></span>EAGLE
LEGACY SERVICES, PLLC D/B/A SAFE HARBOR SERVICES, SHF, LLC AND BRANCHES 52 AND 53<br />
CARVED OUT OF PARTNER COLORADO CREDIT UNION</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>COMBINED
STATEMENTS OF CASH FLOWS</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>

<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="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-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">Year
                                            ended</span></p>
                                                                                <p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">December
                                            31,</span></p></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">
    <td style="text-align: center"><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"><span style="font-family: Times New Roman, Times, Serif">2021</span></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>
    <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">2020</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="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">CASH FLOWS FROM OPERATING
    ACTIVITIES:</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="width: 68%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Net income</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">$</span></td><td style="width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">3,286,887</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">5,115,306</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: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Adjustments to reconcile net income to net
    cash provided by operating activities:</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Depreciation expense</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">1,921</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">5,859</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">Provision for loan losses</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">1,399</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">13,342</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">Changes in operating assets and liabilities:</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: left"><span style="font-family: Times New Roman, Times, Serif">Accounts receivable</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">(293,355</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">24,544</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; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Prepaid expenses</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">(3,468</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">26,889</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">Accrued interest receivable</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">(7,556</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">&#8212;</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; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Accounts payable</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">(64,900</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">(8,058</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: left"><span style="font-family: Times New Roman, Times, Serif">Accrued expenses</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">37,742</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">(180,938</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; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Deferred
    revenue</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">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(12,287</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(46,741</span></td><td style="padding-bottom: 1.5pt; 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: 20pt; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Net
    cash provided by operating activities</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">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">2,946,383</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="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">4,950,203</span></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: White">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">CASH FLOWS USED IN INVESTING
    ACTIVITIES:</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Purchase of property and
    equipment</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">(5,920</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">(981</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: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Change
    in loans receivable, net</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">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,041,577</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="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">6,813</span></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: White">
    <td style="padding-left: 20pt; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Cash
    provided by investing activities</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">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,035,657</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="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">5,832</span></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><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">CASH FLOWS USED IN FINANCING
    ACTIVITIES:</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Repayments bridge loan-related
    party</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">&#8212;</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">(192,832</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; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Net
    change in parent funding, allocations, and distributions to parent</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">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(1,487,498</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(3,381,266</span></td><td style="padding-bottom: 1.5pt; 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: 20pt; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Net
    cash used in financing activities</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">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(1,487,498</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(3,574,098</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Net increase in cash and cash equivalents</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">2,494,542</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">1,381,937</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; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Cash and cash equivalents
    - beginning of year</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">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">3,001,363</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="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,619,426</span></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="text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Cash and cash equivalents
    - end of year</span></td><td style="padding-bottom: 2.5pt"><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><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">SUPPLEMENTAL CASH FLOW INFORMATION:</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="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Cash paid during the year
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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>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Interest</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><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><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Non-Cash transactions:</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>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Contribution of loan
    receivable from Parent</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,341,000</span></td><td style="padding-bottom: 2.5pt; 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: 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">The
accompanying notes are an integral part of the combined financial statements</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: justify"><span style="font-family: 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_011"></span><span style="font-size: 10pt"><b>EAGLE
LEGACY SERVICES, PLLC D/B/A SAFE HARBOR SERVICES, SHF, LLC AND BRANCHES 52 AND 53</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>CARVED
OUT OF PARTNER COLORADO CREDIT UNION</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>COMBINED
NOTES TO FINANCIAL STATEMENTS</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
1. Business Description and Basis of Presentation</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>Business
Description</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Eagle
Legacy Services, PLLC d/b/a Safe Harbor Services (&#8220;SHS&#8221; or &#8220;OldCo&#8221;) was established as a limited liability company,
acting as a credit union service organization in accordance with applicable laws, in order to perform a financial, lending and operational
services primarily to the cannabis industry and cannabis related businesses (&#8220;CRBs&#8221;). SHS is a wholly owned subsidiary of
Partner Colorado Credit Union (the &#8220;Credit Union&#8221; or &#8220;Parent&#8221;).</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">In
addition to SHS, the combined financial statements consist of the financial position, results of operations and cash flows of certain
branches (the &#8220;Branches&#8221;) of the Parent and SHF, LLC.</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">During
the fourth quarter of 2020, the Parent created two new entities: Safe Harbor Financial Holding, LLC (&#8220;Holdco&#8221;), an interim
holding company that is directly wholly owned by the Parent and SHF, LLC (&#8220;NewCo&#8221; or &#8220;SHF&#8221;), an operating entity
wholly owned by Holdco. As a result, SHF is a single member limited liability company with no shareholders.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Parent&#8217;s Board of Directors approved the contribution of certain assets and operating activities associated with operations from
both the Branches and Oldco to Holdco. Holdco then contributed the same assets and related operations to SHF with the Parent&#8217;s
investment in SHF maintained at the Holdco level (the &#8220;reorganization&#8221;). The reorganization effectively occurred July 1,
2021. In conjunction with the reorganization, all of Branches&#8217; employees and certain Parent employees were terminated from the
Credit Union and hired as SHF employees. Collectively, SHS, the Branches and SHF represent the &#8220;Carved-Out Operations&#8221; or
the &#8220;Company&#8221;. After the reorganization, SHF contains the entirety of the Carved-Out Operations and OldCo was dissolved.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Carved-Out Operations generate both interest income and fee income through providing a variety of financial services to cannabis related
businesses including, among other things, Bank Secrecy Act and other regulatory compliance and reporting, onboarding, responding to account
inquiries, responding to customer service inquiries relating to CRB depository accounts held at the Parent, and sourcing and managing
loans. In addition, the Carved-Out Operations provides these similar services and outsourced support to other financial institutions
providing banking to the cannabis industry. These services are provided under the Safe Harbor Master Program Agreement.</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>Basis
of Presentation</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
statements have not historically been prepared for the Carved-Out Operations. The accompanying combined financial statements, consist
of the balances of SHS and SHF as prepared on a stand-alone basis and the balances of the Branches on a &#8220;carve-out&#8221; basis.
The financial statements of the Branches were derived from the consolidated financial statements and accounting records of the Credit
Union using branch specific information, where available, and corporate allocations from the Parent. All intracompany transactions have
been eliminated for all periods presented. These combined financial statements reflect the Company&#8217;s historical financial position,
results of operations and cash flows as they have been historically managed in conformity with Generally Accepted Accounting Principles
in the United States (&#8220;U.S. GAAP&#8221;).</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">All
depository asset accounts and liabilities are retained by the Parent as the Carved-Out Operations is not organized as a chartered financial
institution. Accordingly, none of the cash of the Credit Union has been attributed to these combined financial statements. Asset and
liabilities maintained by SHS and SHF have been included in these financial statements along with any specific assets and liabilities
associated with the Branches.</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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>EAGLE
LEGACY SERVICES, PLLC D/B/A SAFE HARBOR SERVICES, SHF, LLC AND BRANCHES 52 AND 53</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>CARVED
OUT OF PARTNER COLORADO CREDIT UNION</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>COMBINED
NOTES TO FINANCIAL STATEMENTS</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue
and expenses for the Branches were included based on specific identification as they relate to customer deposits, professional services,
compensation and employee benefits, rent expense, provision for loan losses and other general and administrative expenses. Corporate
allocations such as information technology, customer support, marketing, executive compensation and other general and administrative
expenses are attributed to the Branches proportionately based on the size of the specifically identifiable CRB&#8217;s deposit balances,
deposit activity and accounts relative to the totals of the consolidated Parent. This allocation method was consistent for all periods
prior to July 2021. Allocated amounts are categorized as <i>Corporate allocations</i> on the Combined Statements of Net Income and Comprehensive
Income. Beginning in July 2021, a services agreement was entered into between Newco and the Parent (see Note 6). In exchange for managing
the Carved-Out Operations, Newco receives 100% of related revenue. The Parent receives (and Newco pays) a monthly per account fee, split
loan servicing fees and split investment income associated with Carved-Out Operations depository accounts. The fees are meant to represent
the Parent&#8217;s cost for hosting depository accounts and related loans and providing certain limited infrastructure support.</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">Management
has considered the basis on which the expenses have been allocated to be a reasonable reflection of the utilization of services provided
to or the benefits received by the Branches during the periods presented.</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">All
revenue and expenses of SHS and SHF are specific to the entity. Corporate allocations were not attributed for any of the periods presented.</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">On
February 11, 2022, SHF and SHF Holding Co., LLC, the sole member of SHF, and the Parent, the sole member of SHF Holding, Co., LLC entered
into a definitive purchase agreement with Northern Lights Acquisition Corp., a special purpose acquisition company and its sponsor, 5AK,
LLC. Refer to Note 11 for additional information. Pursuant to the purchase agreement the Company entered into an amended services agreements
under similar terms as the July 2021 agreements. Refer to Note 12 for a schedule demonstrating the estimated impact these agreements
would have on the combined statements of net income and comprehensive income for the periods ending December 31, 2021 and December 31,
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>


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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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>EAGLE
LEGACY SERVICES, PLLC D/B/A SAFE HARBOR SERVICES, SHF, LLC AND BRANCHES 52 AND 53</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>CARVED
OUT OF PARTNER COLORADO CREDIT UNION</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>COMBINED
NOTES TO FINANCIAL STATEMENTS</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
2. Summary of Significant Accounting Policies</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"><i>Parent-Entity
Net Investment</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Parent-Entity Net Investment balance in the combined balance sheets represents the Parent&#8217;s historical net investment in the Carved-Out
Operations. For purposes of these combined financial statements, investing requirements have been summarized as &#8220;Parent-Entity
Net Investment&#8221; and represents equity as no cash settlement with the Parent is required. No separate equity accounts are maintained
for SHS, SHF or the Branches.</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>Use
of Estimates</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect
the amounts reported in the financial statements and accompanying notes. Material estimates that are particularly subject to change in
the near term include the determination of the allowance for loan losses, and the fair value of financial instruments. Actual results
could differ from the estimates.</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>Cash
and cash equivalents</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
and cash equivalents include cash on hand, amounts due from financial institutions, and investments with maturities of three months or
less.</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>Concentrations
of Risk</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s financial instruments that are exposed to concentrations of credit risk consist primarily of cash. Cash balances are
maintained principally in accounts at the Parent which is insured by the National Credit Union Share Insurance Fund (&#8220;NCUSIF&#8221;)
up to regulatory limits. From time to time, cash balances may exceed the NCUSIF insurance limit. The Company has not experienced any
credit losses associated with its cash balances in the past.</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">Currently
the Company only services the cannabis industry. Cannabis remains illegal under federal law, and therefore, strict enforcement of federal
laws regarding cannabis would likely result in our inability to execute our business plan.</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">Currently
the Company substantially relies on its Parent to hold customer deposits and fund its originated loans. As of this time, substantially
all of the Company&#8217;s revenue is generated by deposits and loans hosted by its Parent pursuant to various services 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"><i>Accounts
receivable-Parent and allowance for doubtful accounts</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts
receivable are recorded based on the customer fee schedules. Amounts are initially collected by the financial institutional partners
and remitted in the subsequent month. As of December 31, 2021 and 2020, 100% of the Accounts Receivable is due from Parent. The Company
maintains allowances for doubtful accounts for estimated losses as a result of customers&#8217; inability to make required payments.
The Company estimates anticipated losses from doubtful accounts based on days past due as measured from the contractual due date and
historical collection history. The Company also takes into consideration changes in economic conditions that may not be reflected in
historical trends, for example customers in bankruptcy, liquidation or reorganization. Receivables are written-off against the allowance
for doubtful accounts when they are determined uncollectible. Such determination includes analysis and consideration of the particular
conditions of the account, including time intervals since last collection, customer performance against agreed upon payment plans, solvency
of customer and any bankruptcy proceedings.</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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>EAGLE
LEGACY SERVICES, PLLC D/B/A SAFE HARBOR SERVICES, SHF, LLC AND BRANCHES 52 AND 53</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>CARVED
OUT OF PARTNER COLORADO CREDIT UNION</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>COMBINED
NOTES TO FINANCIAL STATEMENTS</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
December 31, 2021 and 2020, there were no recorded allowance for doubtful accounts.</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>Loans
receivable</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Parent originates mortgage, commercial and consumer loans to members and other businesses. Commercial CRB loans originated by the Parent
are managed by the Company. Certain CRB Loans to the Company&#8217;s customers were contributed to the Carved-out Operations. Such loans
where the Company has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at principal
balance outstanding, net of an allowance for loan losses and net deferred loan origination costs when applicable. Interest income on
loans is recognized over the term of the loan and is calculated using the simple-interest method on principal amounts outstanding.</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">Interest
income is not reported when full loan repayment is in doubt, typically when the loan is impaired, or payments are past due ninety days
or more. All interest accrued but not received for loans placed on nonaccrual is reversed against interest income. Interest received
on such loans is accounted for on the cash basis or cost recovery method, until qualifying for return to accrual. Loans are returned
to accrual status when all the principal and interest amounts are satisfied to where the loan is less than ninety days past due and future
payments are reasonably assured.</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">Loans
are evaluated for charge-off on a case by case basis and are typically charged off at the time of foreclosure.</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">Past-due
status is based on the contractual terms of the loans. In all cases, loans are placed on nonaccrual status or charged-off at an earlier
date if the collection of principal and interest is considered doubtful.</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>Allowance
for loan losses</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
allowance for loan losses is a valuation allowance for probable incurred credit losses, increased by the provision for loan losses and
decreased by charge-offs less recoveries. Management estimates the required allowance for loan losses balance using past loan loss experience,
known and inherent risks in the nature and volume of the portfolio, information about specific borrower situations and estimated collateral
values, economic conditions, and other factors. Allocations of the allowance for loan losses may be made for specific loans, but the
entire allowance is available for any loan that, in management&#8217;s judgment, should be charged-off.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
allowance for loan losses consists of specific and general components. The specific component relates to loans that are individually
classified as impaired or loans otherwise classified as substandard or doubtful. The general component covers non-classified loans and
is based on historical loss experience adjusted for current factors.</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">Due
to the nature of uncertainties related to any estimation process, Management&#8217;s estimate of loan losses inherent in the loan portfolio
may change in the near term. However, the amount of the change that is reasonably possible cannot be estimated.</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">A
loan is considered impaired when, based on current information and events, full payment under the loan terms is not expected. Impairment
is generally evaluated in total for smaller-balance loans of similar nature such as commercial lines of credit, but may be evaluated
on an individual loan basis if deemed necessary. If a loan is impaired, a portion of the allowance is allocated so that the loan is reported,
net, at the present value of estimated future cash flows using the loan&#8217;s existing rate or at the fair value of collateral if repayment
is expected solely from the collateral. The Company&#8217;s policy for foreclosure is that when all other collection efforts have been
exhausted, the Company enforces its first lien holder status and initiates foreclosure. Collateral normally consists of commercial real
estate and other borrower operating assets.</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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>EAGLE
LEGACY SERVICES, PLLC D/B/A SAFE HARBOR SERVICES, SHF, LLC AND BRANCHES 52 AND 53</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>CARVED
OUT OF PARTNER COLORADO CREDIT UNION</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>COMBINED
NOTES TO FINANCIAL STATEMENTS</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Property
and equipment, net</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property
and equipment is recorded at historical cost, net of accumulated depreciation. Depreciation is provided over the assets&#8217; useful
lives on a straight-line basis - 4-5 years for equipment and furniture and fixtures. Repairs and maintenance costs are expensed as incurred.</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">Management
periodically assesses the estimated useful life over which assets are depreciated or amortized. If the analysis warrants a change in
the estimated useful life of property and equipment, management will reduce the estimated useful life and depreciate or amortize the
carrying value prospectively over the shorter remaining useful 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
carrying amounts of assets sold or retired and the related accumulated depreciation are eliminated in the period of disposal and the
resulting gains and losses are included in the results of operations during the same period.</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>Impairment
of long-lived assets</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company evaluates the recoverability of tangible assets periodically by taking into account events or circumstances that may warrant
revised estimates of useful lives or that indicate the asset may be impaired. There were no impairments for the years ended December
31, 2021 and 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"><i>Federal
and State Tax Exemption</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Credit Union is exempt from most federal, state, and local taxes under the provisions of the Internal Revenue Code and state tax laws.
However, the Credit Union is subject to unrelated business income tax. The Carved-Out Operations are wholly owned by the Credit Union
and therefore, are exempt from most federal and state income taxes. The Income Taxes Topic of the FASB ASC clarifies accounting for uncertainty
in income taxes reported in the financial statements. The interpretation provides criteria for assessment of individual tax positions
and a process for recognition and measurement of uncertain tax positions. Tax positions are evaluated on whether they meet the &#8220;more
likely than not&#8221; standard for sustainability on examination by tax authorities. Management has determined there are no material
uncertain tax 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Fair
value measurements</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company utilizes the fair value hierarchy to apply fair value measurements. The fair value hierarchy is based on inputs to valuation
techniques that are used to measure fair values that are either observable or unobservable. Observable inputs reflect assumptions market
participants would use in pricing an asset or liability based on market data obtained from independent sources, while unobservable inputs
reflect a reporting entity&#8217;s pricing based upon its own market assumptions. The basis for fair value measurements for each level
within the hierarchy is described below:</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">Level
1 &#8212;Quoted prices for identical assets or liabilities in active markets.</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">Level
2 &#8212;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; or model-derived valuations whose inputs are observable or whose significant value drivers are observable.</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">Level
3 &#8212;Valuations derived from valuation techniques in which one or more significant inputs to the valuation model are unobservable.</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">With
the exceptions of loans receivable, the Company considers the carrying amounts of its financial instruments (cash, accounts receivable
and accounts payable) in the balance sheet to approximate fair value because of the short-term or highly liquid nature of these financial
instruments. The fair values of loans receivables, for disclosure purposes only, are estimated using unobservable inputs, as more fully
disclosed in Note 10.</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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>EAGLE
LEGACY SERVICES, PLLC D/B/A SAFE HARBOR SERVICES, SHF, LLC AND BRANCHES 52 AND 53</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>CARVED
OUT OF PARTNER COLORADO CREDIT UNION</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>COMBINED
NOTES TO FINANCIAL STATEMENTS</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Revenue
recognition</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company adopted Accounting Standards Codification (&#8220;ASC&#8221;) Topic 606, Revenue from Contracts with Customers (&#8220;ASC 606&#8221;).
The core principle of ASC 606 requires that an entity recognize revenue to depict the transfer of promised goods or services to customers
in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. ASC
606 defines a five-step process to achieve this core principle and, in doing so, it is possible more judgment and estimates may be required
within the revenue recognition process than required under previous accounting principles generally accepted in the United States of
America (&#8220;U.S. GAAP&#8221;) including identifying performance obligations in the contract, estimating the amount of variable consideration
to include in the transaction price and allocating the transaction price to each separate performance obligation. The Company adopted
ASC 606 for all applicable contracts using the modified retrospective method, which would have required a cumulative-effect adjustment,
if any, as of the date of adoption. The adoption of ASC 606 did not have a material impact on the Company&#8217;s financial statements
as of the date of adoption. As a result, a cumulative- effect adjustment was not required.</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">Revenue
is recorded at a point in time when the performance obligation is satisfied, and no contingencies exist. Revenue consists primarily of
fees earned on deposit accounts held at the Parent but serviced by the Company such as bank account charges, onboarding income, account
activity fee income and other miscellaneous fees.</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">In
addition, the Company recognizes revenue from the Master Program Agreement. The Master Program Agreement is a non-exclusive and non-transferable
right to implement and utilize the Safe Harbor Program. The Safe Harbor Program has two performance obligations; an implementation fee
recognized when the contract is effective and a service fee recognized ratable over the contract term as the compliance program is executed.</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">Lastly,
the Company also records revenue for interest on loans and investment income allocated by the Parent based on specific customer balances.</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">Amounts
received in advance of the service being provided is recorded as a liability under deferred revenue on the combined balance sheets. Typical
Safe Harbor Program contracts are three-year contracts with amounts due monthly, quarterly or annually based on contract terms.</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">Customers
consist of CRBs and financial institutions providing services to CRBs. Revenues are concentrated in the United States.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2020, the Company did not have any contract assets or contract liabilities from contracts with customers. As of December
31, 2021, the Company reported a contract asset and liability of $18,317 and $8,333, respectively.</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>Advertising/Marketing
costs</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Advertising/Marketing
costs are expensed as incurred. For the years ended December 31, 2021 and 2020, advertising/marketing costs were $74,282 and $9,120,
respectively.</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>Software
development costs</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company applied agile development methodologies to their software development projects, which are characterized by a more dynamic development
process with more frequent and iterative revisions to the product features and functions as the software is being developed. Due to the
shorter development cycle and focus on rapid production associated with agile development, the costs incurred to get to, and have incurred
subsequent to the achievement of technological feasibility have been expensed as incurred.</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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>EAGLE
LEGACY SERVICES, PLLC D/B/A SAFE HARBOR SERVICES, SHF, LLC AND BRANCHES 52 AND 53</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>CARVED
OUT OF PARTNER COLORADO CREDIT UNION</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>COMBINED
NOTES TO FINANCIAL STATEMENTS</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Software
development costs amounted to $137,136 and $127,311 for the years ending December 31, 2021 and 2020, respectively.</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>Recently
Issued Accounting Standards</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From
time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board, or FASB, or other standard setting
bodies and adopted by the Company as of the specified effective date. Unless otherwise discussed, the impact of recently issued standards
that are not yet effective and are not expected to have a material impact on the Company&#8217;s financial position or results of operations
upon adoption.</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">Financial
Instruments&#8212;Credit Losses</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">In
June 2016, the FASB issued ASU No. 2016-13, Financial Instruments &#8212; Credit Losses (Topic 326): Measurement of Credit Losses on
Financial Instruments, which introduces a model based on expected losses to estimate credit losses for most financial assets and certain
other instruments. In November 2019, the FASB issued ASU No. 2019-10 Financial Instruments &#8212; Credit Losses (Topic 326), Derivatives
and Hedging (Topic 815), and Leases (Topic 842). The update allows the extension of the initial effective date for entities which have
not yet adopted ASU No. 2016-02. The standard is effective for annual reporting periods beginning after December 15, 2022 for private
companies and SEC filers classified as smaller reporting entities, with early adoption permitted. Entities apply the standard&#8217;s
provisions by recording a cumulative effect adjustment to retained earnings. The Company has not yet adopted ASU 2016-13 and is currently
assessing the impact of this new standard on its financial statements.</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">Collaborative
Arrangements</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">In
November 2018, the FASB issued ASU 2018-18, Collaborative Arrangements (Topic 808). This update clarifies the interaction between ASC
808, Collaborative Arrangements and ASC 606, Revenue from Contracts with Customers (&#8220;ASU 2018-18&#8221;). The update clarifies
that certain transactions between participants in a collaborative arrangement should be accounted for under ASC 606 when the counterparty
is a customer. In addition, the update precludes an entity from presenting consideration from a transaction in a collaborative arrangement
as revenue if the counterparty is not a customer for that transaction. ASU 2018-18 should be applied retrospectively to the date of initial
application of ASC 606 and early adoption is permitted. The adoption of this standard will not have a material impact on the Company&#8217;s
financial statements as the Company does not have any collaborative agreements. However, there is a potential for the Company to enter
into collaborative agreements in the future, as it expands into consumer markets.</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>Note
3. Loans Receivable</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">Loans
receivable consist of the following:</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="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"><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>December
                                            31,</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>2021</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>December
                                            31,</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>2020</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="width: 64%; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Short-term
    loans receivable</span></td><td style="width: 2%; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 1.5pt solid; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">52,833</span></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 1.5pt solid; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">35,081</span></td><td style="width: 1%; 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: White">
    <td style="padding-left: 10pt; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Total
    short-term loans receivable</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">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">52,833</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="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">35,081</span></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><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Long-term loans receivable</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">1,425,468</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">1,299,106</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; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Less:
    Allowance for loan losses</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">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(14,741</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(13,342</span></td><td style="padding-bottom: 1.5pt; 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: 20pt; text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Total
    long-term loans receivable, net</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,410,727</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,285,764</span></td><td style="padding-bottom: 2.5pt; 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"><span style="font-family: Times 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">At
December 31, 2020 and 2021, loans receivable represented commercial loans collateralized with real estate, bearing interest rates from
6.54% to 7.50% All loans were current and considered performing at both December 31, 2020 and 2021.</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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>EAGLE
LEGACY SERVICES, PLLC D/B/A SAFE HARBOR SERVICES, SHF, LLC AND BRANCHES 52 AND 53</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>CARVED
OUT OF PARTNER COLORADO CREDIT UNION</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>COMBINED
NOTES TO FINANCIAL STATEMENTS</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
4. Allowance for loan losses</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
allowance for loan losses is maintained at a level believed to be sufficient to provide for estimated loan losses based on evaluating
known and inherent risks in the loan portfolio. The allowance is provided based upon management&#8217;s analysis of the pertinent factors
underlying the quality of the loan portfolio. These factors include changes in the amount and composition of the loan portfolio, delinquency
levels, actual loss experience, current economic conditions, and detailed analysis of individual loans for which the full collectability
may not be assured. The detailed analysis includes methods to estimate the fair value of loan collateral and the existence of potential
alternative sources of repayment.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
allowance may consist of specific and general components. While the allowance may consist of general and specific components, the allowance
is general in nature and is available for the loan portfolio in its entirety.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
allowance for loan losses consists of the following activity:</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><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"><span style="font-family: Times New Roman, Times, Serif">December
    31,<br /> 2021</span></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>
    <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">December
    31,<br /> 2020</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="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Allowance for loan losses</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="width: 64%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Beginning balance</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">$</span></td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">13,342</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</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: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Charge-offs</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">&#8212;</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">&#8212;</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Recoveries</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">&#8212;</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">&#8212;</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; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Provision</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">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,399</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="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">13,342</span></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: White">
    <td style="padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif">Ending balance</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">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">14,741</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">13,342</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><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="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Loans receivable:</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="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Individually evaluated for impairment</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">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</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; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Collectively evaluated
    for impairment</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">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,463,560</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="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,320,845</span></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: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,463,560</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,320,845</span></td><td style="padding-bottom: 2.5pt; 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="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Allowance for loan losses:</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="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Individually evaluated for impairment</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">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</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; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Collectively evaluated
    for impairment</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">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">14,741</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="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">13,342</span></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: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">14,741</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">13,342</span></td><td style="padding-bottom: 2.5pt; 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"><span style="font-family: Times 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">At
December 31, 2021 and December 31, 2020 no loans were past due, classified as non-accrual or considered impaired.</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>Note
5. Property and equipment, net</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">Property
and equipment consist of the following:</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="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"><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>December
                                            31,</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>2021</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>December
                                            31,</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>2020</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="width: 64%"><span style="font-family: Times New Roman, Times, Serif">Equipment</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">$</span></td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">28,080</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">22,160</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 style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Office furniture</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">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">7,070</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="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">7,070</span></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><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">35,150</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">29,230</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; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Less: accumulated depreciation</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">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(28,799</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(26,878</span></td><td style="padding-bottom: 1.5pt; 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="text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Property and equipment,
    net</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">6,351</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">2,352</span></td><td style="padding-bottom: 2.5pt; 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"><span style="font-family: Times 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">Depreciation
expense was $1,921 and $5,859 for the years ended December 31, 2021 and 2020, respectively.</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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>EAGLE
LEGACY SERVICES, PLLC D/B/A SAFE HARBOR SERVICES, SHF, LLC AND BRANCHES 52 AND 53</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>CARVED
OUT OF PARTNER COLORADO CREDIT UNION</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>COMBINED
NOTES TO FINANCIAL STATEMENTS</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
6. Related party transactions</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>Bridge
loan</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Credit Union provided a 24-month bridge loan of $350,000 to the Company on January 1, 2019, at an interest rate of 3.75%. Principal and
interest payments of $15,160 were due monthly in-arrears. The bridge loan was settled before its maturity date and had no outstanding
balance on December 31, 2021 and 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"><i>Corporate
allocations</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Corporate
allocations include overhead expenses such as information technology, customer support, marketing, executive compensation and other general
and administrative expenses that are attributed to the Branches proportionately based on the relative size of the specific identifiable
customer deposits to the consolidated Parent.</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>Account
Servicing Agreement</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effective
July 1, 2021, SHF, LLC (&#8220;SHF&#8221;) entered into an Account Servicing Agreement with the Credit Union. SHF shall provide services
as per the agreement to CRB accounts at the Credit Union. In addition to providing the services, SHF shall assume the costs associated
with the CRB accounts. Under the agreement, the Credit Union agrees to pay SHF all revenue generated from CRB accounts. Amounts due to
SHF are due monthly in arrears and upon receipt of invoice. The agreement is for an initial term of 3 years from the effective date.
It shall renew thereafter for 1-year terms until either SHF or the Credit Union provide sixty days prior written notice. Pursuant to
this agreement, the Company reported revenue of $3,168,243 for the period July 1, 2021 to December 31, 2021.</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>Support
Services Agreement</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effective
July 1, 2021, SHF entered into a Support Services Agreement with the Credit Union. In exchange for hosting the depository accounts and
the related loans and providing certain infrastructure support, the Credit Union receives (and SHF pays) a monthly fee per depository
account. The respective duties and obligations as per the agreement commenced on the effective date and continue unless terminated by
either SHF or the Credit Union upon giving sixty days prior written notice. Pursuant to this agreement, the Company reported expense
of $190,908 for the period July 1, 2021 to December 31, 2021.</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>Operating
leases</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effective
July 1, 2021, SHF entered into a gross lease with the Parent to lease space in its existing office at a monthly rent of $5,400. The term
of this lease is for one year with the option to renew for one-year terms. The Company currently anticipates terminating the lease.</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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>EAGLE
LEGACY SERVICES, PLLC D/B/A SAFE HARBOR SERVICES, SHF, LLC AND BRANCHES 52 AND 53</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>CARVED
OUT OF PARTNER COLORADO CREDIT UNION</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>COMBINED
NOTES TO FINANCIAL STATEMENTS</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
7. Revenue</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>Disaggregated
revenue</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue
by type are as follows:</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; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Year Ended December
    31,</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">2021</span></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>
    <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">2020</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: 68%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Deposit, activity, onboarding income</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">$</span></td><td style="width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">6,039,358</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">6,868,275</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 style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Safe Harbor Program income</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">478,041</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">573,309</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="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Investment income</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">376,918</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">559,415</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">Loan interest income</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">102,961</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">25,280</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="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Miscellaneous fee income</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">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">8,301</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="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">11,859</span></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: White">
    <td style="padding-left: 10pt; text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Total
    Revenue</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">7,005,579</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">8,038,138</span></td><td style="padding-bottom: 2.5pt; 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"><span style="font-family: Times 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>Note
8. Employee benefits</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Credit Union has a qualified, contributory 401(k) plan (&#8220;Plan&#8221;) covering substantially all full-time employees. The Plan
allows employees to defer a portion of their salary into the Plan. The Credit Union matches a portion of employees&#8217; wage reductions.
Plan costs are accrued and funded on a current basis. The Carved-Out Operations incurred plan costs of $44,158 and $27,841 for the years
ended December 31, 2021 and 2020, respectively.</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>Note
9. Commitments and contingencies</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">From
time to time, the Company is subject to claims in legal proceedings arising in the normal course of business. The Company does not believe
that it is currently party to any pending legal action that could reasonably be expected to have a material adverse effect on our business
or 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">On
June 3, 2021, the Credit Union entered into a settlement agreement associated with a CRB customer resulting in a $150,000 payment from
the Branches which resolved certain legal matters.</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>Note
10. Financial Instruments</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">FASB
ASC <i>825, </i>&#8220;Financial Instruments&#8221;, requires disclosure of fair value information about financial instruments, whether
or <i>not</i> recognized in the balance sheet. In cases where quoted market prices are <i>not </i>available, fair values are based on
estimates using present value of future cash flows or other valuation techniques. Those techniques are significantly affected by the
assumptions used, including the discount rate and estimates of future cash flows. In that regard, the derived fair value estimates cannot
be substantiated by comparison to independent markets and, in many cases, could <i>not</i> be realized in immediate settlement of the
instruments. FASB ASC <i>825</i> excludes certain financial instruments and all nonfinancial instruments from its disclosure requirements.</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">With
the exceptions of loans receivable, the Company considers the carrying amounts of its financial instruments (cash, accounts receivable
and accounts payable) in the balance sheet to approximate fair value because of the short-term or highly liquid nature of these financial
instruments.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company does not record loans at fair value on a recurring basis. Currently all loans are performing with no impairment. Utilizing rates
between 0% and 10%, which are considered Level 3 unobservable inputs, and a discounted cash flow model, we have estimated the fair value
of our loan portfolio as of December 31, 2021 to approximate $1,417,637 as compared to their carrying value, excluding allowances for
loan losses, of $1,478,343. The estimated fair value at December 31, 2020 was $1,263,029 as compared to a carrying value, excluding allowances
for loan losses, of $1,334,187.</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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>EAGLE
LEGACY SERVICES, PLLC D/B/A SAFE HARBOR SERVICES, SHF, LLC AND BRANCHES 52 AND 53</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>CARVED
OUT OF PARTNER COLORADO CREDIT UNION</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>COMBINED
NOTES TO FINANCIAL STATEMENTS</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
11. Subsequent Events</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">Management
has reviewed the events occurring through the date the combined financial statements were issued.</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">On
February 11, 2022, SHF and SHF Holding Co., LLC, the sole member of SHF, and Partner Colorado Credit Union (&#8220;Parent&#8221;), the
sole member of SHF Holding, Co., LLC entered into a definitive purchase agreement with Northern Lights Acquisition Corp., a special purpose
acquisition company and its sponsor, 5AK, LLC.</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">Pursuant
to the purchase agreement, upon the closing of the contemplated transaction, Northern Lights Acquisition Corp. will purchase all of the
issued and outstanding membership interests of SHF in exchange for an aggregate of $185,000,000, consisting of (i) 11,386,139 shares
of the Company&#8217;s Class A common stock with an aggregate value equal to $115,000,000 and (ii) $70,000,000 in cash. At transaction
close, 1,831,683 shares of the Class A Common Stock will be deposited with an escrow agent to be held in escrow for a period of 12 months
following the closing date to satisfy potential indemnification claims of the parties.</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">Also,
concurrently with entering into the purchase agreement, SHF and the Parent entered into three agreements relating to their respective
services for each other that are effective as of the signing date, as follows:</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="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">SHF
    and the Parent entered into an Amended and Restated Account Servicing Agreement (the &#8220;<span style="text-decoration: underline">Account Servicing Agreement</span>&#8221;)
    pursuant to which SHF provides services including, among other things, Bank Secrecy Act compliance and reporting, onboarding, responding
    to account inquiries, and responding to customer service inquiries relating to accounts at the Parent held for cannabis-related businesses.
    Pursuant to the Account Servicing Agreement, SHF&#8217;s fees for such services will equal all cannabis-related income, including
    all lending-related income (such as loan origination fees, interest income on CRB-related loans, participation fees and servicing
    fees), investment income, interest income, account activity fees, processing fees, flat fees, and other revenue generated from cannabis
    and multi-state hemp accounts that are hosted on the Parent&#8217;s core system. The Account Servicing Agreement is for an initial
    term of three years and will renew for additional one-year terms unless a party provides 120 days&#8217; notice of non-renewal, provided
    that the Parent may not provide notice of non-renewal until 30 months following the signing date. The Account Servicing Agreement
    will also terminate within 60 days of SHF no longer qualifying as a &#8220;credit union service organization&#8221; (a <span style="text-decoration: underline">&#8220;CUSO</span>&#8221;)
    or within 60 days of the assumption by a third party of all CRB-related accounts.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <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">In
    addition, SHF and the Parent entered into an Amended and Restated Support Services Agreement (the &#8220;<span style="text-decoration: underline">Support Services Agreement</span>&#8221;)
    pursuant to which the Parent will continue to provide to SHF certain operational and administrative services relating to, among other
    things, human resources, employee benefits, IT and systems, accounting and marketing for a monthly fee equal to $30.96 per account
    in 2022 and $25.32 per account in 2023 and 2024. In addition, investment income from CRB-related cash and investments (excluding
    loans) will be shared 25% to the Parent and 75% to SHF and SHF will reimburse the Parent for any of its out-of-pocket expenses relating
    to the services provided to SHF.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <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">SHF
    and the Parent also entered into a Loan Servicing Agreement (the <span style="text-decoration: underline">&#8220;Loan Servicing Agreement</span>&#8221;) that sets forth the
    application, underwriting and approval process for loans from the Parent to CRB customers and the loan servicing and monitoring responsibilities
    provided by the Parent. The Loan Servicing Agreement provides that the Parent will receive a monthly servicing fee at the annual
    rate of 0.25% of the then-outstanding principal balance of each loan funded by the Parent. Under the Loan Servicing Agreement, SHF
    has agreed to indemnify the Parent from all claims related to SHF&#8217;s cannabis-related business, including but not limited to
    default-related loan losses as defined in the Loan Servicing Agreement. The Loan Servicing Agreement is for an initial term of three
    years and will renew for additional one-year terms unless a party provides 120 days&#8217; notice of non-renewal or there is a termination
    for cause, provided that the Parent may not provide notice of non-renewal until 30 months following the signing date. </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; 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">Pursuant
    to the purchase agreement, $3,143,388 in cash and cash equivalents representing the amount of cash on hand at July 31, 2021 less
    accrued but unpaid liabilities, will be paid to the Parent at the final transaction close.</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>


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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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>EAGLE
LEGACY SERVICES, PLLC D/B/A SAFE HARBOR SERVICES, SHF, LLC AND BRANCHES 52 AND 53</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>CARVED
OUT OF PARTNER COLORADO CREDIT UNION</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>COMBINED
NOTES TO FINANCIAL STATEMENTS</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
12. Proforma Basis of Presentation</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">As
previously discussed, the Company&#8217;s financial statements include combined financial statements of the Carved-Out Operations as
of December 31, 2020 and for the period January 1, 2020 to June 1, 2021 and stand-alone financial statements as of December 31, 2021
and for the period July 1, 2021 to December 31, 2021.</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">Effective
July 1, 2021, and subsequent to the reorganization, SHF entered into an Account Servicing Agreement with the Credit Union. SHF shall
provide services as per the agreement to CRB accounts at the Credit Union. In addition to providing the services, SHF shall assume the
costs associated with the CRB accounts. Under the agreement, the Credit Union agrees to pay SHF all revenue generated from CRB accounts.
Amounts due to SHF are due monthly in arrears and upon receipt of invoice. The agreement is for an initial term of 3 years from the effective
date. It shall renew thereafter for 1-year terms until either SHF or the Credit Union provide sixty days prior written notice.</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">Effective
July 1, 2021, SHF entered into a Support Services Agreement with the Credit Union. In exchange for hosting the depository accounts and
the related loans and providing certain infrastructure support, the Credit Union receives (and SHF pays) a monthly fee per depository
account. The respective duties and obligations as per the agreement commenced on the effective date and continue unless terminated by
either SHF or the Credit Union upon giving sixty days prior written notice.</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">On
February 11, 2022, SHF and SHF Holding Co., LLC, the sole member of SHF, and the Parent, the sole member of SHF Holding, Co., LLC entered
into a definitive purchase agreement with Northern Lights Acquisition Corp., a special purpose acquisition company and its sponsor, 5AK,
LLC. Refer to Note 11 for additional information. Pursuant to the purchase agreement the Company entered into an amended services agreements
under similar terms as the July 2021 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; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
agreements would result in the same adjustments to the reported financial statements. The below schedule demonstrates the estimated impact
these agreements would have on the income statement for the periods ending December 31, 2021 and December 31, 2020.</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="padding-bottom: 1.5pt; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Year
    Ended</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><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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  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">December
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    <td style="text-align: center"><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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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 42%"><span style="font-family: Times New Roman, Times, Serif">Revenue</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif">(1)</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">
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  <tr 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"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</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="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</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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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</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="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">2,511</span></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: White">
    <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif">Net
    income and comprehensive income</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">13,592</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">3,300,479</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">5,115,306</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(41,240</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">5,074,066</span></td><td style="padding-bottom: 2.5pt; 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"><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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    reported financial statements include all CRB account related revenue. As a result, no adjustment is necessary for revenue.</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">(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">Adjustments
    to operating expense include the removal of corporate allocations and the inclusion of fees under the new services agreements including
    i) the per account hosting fee, (ii) 25% shared investment income fee and (iii) loan servicing fee equal to 25 basis points of the
    average outstanding loan principal balance. In the audited financial statements, no loans were held at the Parent subject to the
    loan servicing fee. In addition, as corporate allocations were removed we included an adjustment for the Credit Union CEO base salary
    prior to July 1, 2021 plus a 30% benefit charge as this individual became the Safe Harbor CEO effective July 1, 2021. The 30% benefit
    charge is consistent with the historical experience of the Company. </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>


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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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>EAGLE
LEGACY SERVICES, PLLC D/B/A SAFE HARBOR SERVICES, SHF, LLC AND BRANCHES 52 AND 53</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>CARVED
OUT OF PARTNER COLORADO CREDIT UNION</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>COMBINED
NOTES TO FINANCIAL STATEMENTS</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
below schedule demonstrates the income statement for the year ending December 31, 2021 for the period prior to and subsequent to reorganization
with the period July 1, 2021 to December 31, 2021 representing the financials post reorganization.</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="text-align: right"><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="10" 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>For
                                            the Year Ended</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>December
                                            31, 2021 </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">
    <td style="text-align: right"><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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Jan21
    to <br /> Jun21<sup>(1)</sup></b></span></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>
    <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; font-size: 10pt"><b>Jul21
    to <br /> Dec21<sup>(2)</sup></b></span></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>
    <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="width: 46%"><span style="font-family: Times New Roman, Times, Serif">Revenue</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">$</span></td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">3,580,595</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">3,424,984</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">7,005,579</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 style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Operating Expenses</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Compensation and employee
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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)">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Represents
    Carved-Out financial statements prior to reorganization</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Represents
    stand-alone financial statements post reorganization and under the July 1, 2021 services agreements.</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">Management
has concluded there is no substantial impact to the balance sheet or other financial statements as a result of the reorganization.</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-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: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>NORTHERN
LIGHTS ACQUISITION 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; text-transform: uppercase"><b><span id="a_003"></span>CONDENSED
BALANCE SHEETS</b></span></p>

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

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

<table cellpadding="0" cellspacing="0" id="xdx_302_111_ztvSdk2Hfhtl" summary="xdx: Statement - Condensed Balance Sheets (Unaudited)" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>30, 2022</b></span></p></td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>31, 2021</b></span></p></td><td style="padding-bottom: 1.5pt">&#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 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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  <tr id="xdx_401_eus-gaap--LiabilitiesCurrent_i02TI_mtLCzsHk_maLzRbz_zYbHHUvY3ugi" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_402_eus-gaap--ProductWarrantyAccrualNoncurrent_i01I_maLzRbz_zztyPPulhK7k" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_409_eus-gaap--DueToRelatedPartiesNoncurrent_i01I_maLzRbz_z60s0trMVcJ8" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_400_eus-gaap--DerivativeLiabilitiesNoncurrent_i01I_maLzRbz_zI90ti5BDhu" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_40E_ecustom--Deferredunderwriterfeepayablenoncurrent_i01I_maLzRbz_z1jLRRUXbFJ9" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_409_eus-gaap--Liabilities_i01TI_mtLzRbz_maLASEzdwv_zWGSFSWudMnh" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 20pt; font-weight: bold; text-align: left; padding-bottom: 1.5pt">Total liabilities</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></tr>
  <tr id="xdx_40E_eus-gaap--CommitmentsAndContingencies_i01I_maLASEzdwv_zdZPvDJMpI37" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_406_eus-gaap--TemporaryEquityCarryingAmountAttributableToParent_i01I_maLASEzdwv_zlCLdDabkKf6" 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><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_408_eus-gaap--StockholdersEquityAbstract_i01B_ztNHpKHb7M91" style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left">Stockholders&#8217; Deficit</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_406_eus-gaap--PreferredStockValue_i02I_maSEzKIQ_zuLMldL7CTdf" 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: xdx2ixbrl0117">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_404_eus-gaap--CommonStockValue_i02I_hus-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zgYNdRFqFb1i" style="vertical-align: bottom; background-color: White">
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</span>shares authorized; <span id="xdx_90B_eus-gaap--CommonStockSharesIssued_iI_c20220630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_z3dW9gocPsE3" title="Common stock, shares issued"><span id="xdx_90A_eus-gaap--CommonStockSharesOutstanding_iI_c20220630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_z86cG3mtbTpe" title="Common stock, shares outstanding"><ix:nonFraction name="us-gaap:CommonStockSharesIssued" contextRef="AsOf2022-06-30_us-gaap_CommonClassAMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:CommonStockSharesOutstanding" contextRef="AsOf2022-06-30_us-gaap_CommonClassAMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">4,333,047</ix:nonFraction></ix:nonFraction></span>
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</span>shares subject to redemption as of June 30, 2022. <span id="xdx_906_eus-gaap--CommonStockSharesIssued_iI_c20211231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zUNYdcn9kgi6" title="Common stock, shares issued"><span id="xdx_905_eus-gaap--CommonStockSharesOutstanding_iI_c20211231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zPvPh477Z3z5" title="Common stock, shares outstanding"><ix:nonFraction name="us-gaap:CommonStockSharesIssued" contextRef="AsOf2021-12-31_us-gaap_CommonClassAMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:CommonStockSharesOutstanding" contextRef="AsOf2021-12-31_us-gaap_CommonClassAMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">528,175</ix:nonFraction></ix:nonFraction></span></span> issued and outstanding &#8211; excluding <span id="xdx_900_ecustom--CommonStockSharesRedemption_iI_c20211231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zQwmD5K1Q4pd" title="Common stock, shares redemption"><ix:nonFraction name="NLITU:CommonStockSharesRedemption" contextRef="AsOf2021-12-31_us-gaap_CommonClassAMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">11,500,000</ix:nonFraction></span>
subject to redemption as of December 31, 2021</td><td>&#160;</td>
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  </table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes are an integral part of these condensed unaudited financial statements</span></p>

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


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

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

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

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

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

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


<table cellpadding="0" cellspacing="0" id="xdx_307_113_z5BRGsM2ECfj" summary="xdx: Statement - Condensed Statements of Operations (Unaudited)" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="display: none; vertical-align: bottom; background-color: White">
    <td style="display: none; text-align: left">&#160;</td><td style="display: none">&#160;</td>
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    <td style="display: none; text-align: left">&#160;</td><td id="xdx_49F_20210401__20210630_zHCJZ2fOnWLd" style="display: none; text-align: right">&#160;</td><td style="display: none; text-align: left">&#160;</td><td style="display: none">&#160;</td>
    <td style="display: none; text-align: left">&#160;</td><td id="xdx_49B_20220101__20220630_zIDiuMCRd9nc" style="display: none; text-align: right">&#160;</td><td style="display: none; text-align: left">&#160;</td><td style="display: none">&#160;</td>
    <td style="display: none; text-align: left">&#160;</td><td id="xdx_497_20210226__20210630_zN2s6iNb9n0d" style="display: none; text-align: right">&#160;</td><td style="display: none; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
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  <tr id="xdx_40F_eus-gaap--NonoperatingIncomeExpenseAbstract_iB" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_409_eus-gaap--InterestAndDividendIncomeSecurities_i01_maNIEzimX_zkT4hNLvfgNi" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_40C_eus-gaap--DerivativeGainLossOnDerivativeNet_i01_pp0p0_maNIEzimX_z3po2AAj2w0b" 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: xdx2ixbrl0231">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_405_ecustom--OfferingCostsAllocatedToWarrants_i01N_pp0p0_di_msNIEzimX_z70Ci69tK2b8" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_40E_eus-gaap--NonoperatingIncomeExpense_i01T_pp0p0_mtNIEzimX_zcT6jI5Yuu1k" 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="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40D_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_maNILzWtA_zMFEje5EjhU" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" contextRef="From2022-04-012022-06-30" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">1,813,719</ix:nonFraction></td><td style="text-align: left">)</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><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="padding-bottom: 1.5pt; text-align: left">Income tax expense</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:IncomeTaxExpenseBenefit" contextRef="From2022-04-012022-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">13,526</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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  <tr style="vertical-align: bottom; background-color: White">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes are an integral part of these condensed unaudited financial statements.</span></p>

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


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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_005"></span>CONDENSED
STATEMENTS OF CHANGES IN STOCKHOLDERS&#8217; EQUITY (DEFICIT)</b></span></p>

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

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 297pt"></p>

<p style="font: 9pt 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: 9pt">&#160;</span></p>

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<p style="font: 9pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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Stockholders</span></td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td></tr>
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  <tr id="xdx_435_c20210401__20210630_eus-gaap--StockholdersEquity_iS_zW4U5gcvS1i6" style="font: 9pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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<p style="font: 9pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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Stockholders</span></td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td></tr>
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Amount</span></td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
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  <tr id="xdx_437_c20210226__20210630_eus-gaap--StockholdersEquity_iS_zuGdXgN1txac" style="font: 9pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>Balance
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    <td style="font: bold 9pt Times New Roman, Times, Serif; text-align: left"><b>&#160;</b></td><td id="xdx_985_eus-gaap--SharesOutstanding_iS_pid_c20210226__20210630__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zZ7uyt6OMCY" style="font: bold 9pt Times New Roman, Times, Serif; text-align: right"><b><span style="-sec-ix-hidden: xdx2ixbrl0407">-</span></b></td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: left"><b>&#160;</b></td><td style="font: bold 9pt Times New Roman, Times, Serif"><b>&#160;</b></td>
    <td style="font: bold 9pt Times New Roman, Times, Serif; text-align: left"><b>$</b></td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: right"><b><span style="-sec-ix-hidden: xdx2ixbrl0402">-</span></b></td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: left"><b>&#160;</b></td><td style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"></td><td id="xdx_988_eus-gaap--SharesOutstanding_iS_pid_c20210226__20210630__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zJwxV1m7tKV6" style="font: 9pt Times New Roman, Times, Serif; text-align: right"><b><span style="-sec-ix-hidden: xdx2ixbrl0408">-</span></b></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><b>&#160;</b></td><td style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><b>$</b></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><b><span style="-sec-ix-hidden: xdx2ixbrl0403">-</span></b></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><b>&#160;</b></td><td style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><b>$</b></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><b><span style="-sec-ix-hidden: xdx2ixbrl0404">-</span></b></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><b>&#160;</b></td><td style="font: bold 9pt Times New Roman, Times, Serif"><b>&#160;</b></td>
    <td style="font: bold 9pt Times New Roman, Times, Serif; text-align: left"><b>$</b></td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: right"><b><span style="-sec-ix-hidden: xdx2ixbrl0405">-</span></b></td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: left"><b>&#160;</b></td><td style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><b>$</b></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><b><span style="-sec-ix-hidden: xdx2ixbrl0406">-</span></b></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><b>&#160;</b></td></tr>
  <tr id="xdx_432_c20210226__20210630_eus-gaap--StockholdersEquity_iS_znYAM0t0fzEa" style="font: 9pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: White">
    <td style="font: 9pt Times New Roman, Times, Serif; display: none; text-align: left"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 9pt"><b style="display: none">Beginning
    balance, value</b></span></td><td style="font: bold 9pt Times New Roman, Times, Serif; display: none"><b style="display: none">&#160;</b></td>
    <td style="font: bold 9pt Times New Roman, Times, Serif; display: none; text-align: left"><b style="display: none">&#160;</b></td><td id="xdx_986_eus-gaap--SharesOutstanding_iS_pid_c20210226__20210630__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zHu1tqnU6Q07" style="font: bold 9pt Times New Roman, Times, Serif; display: none; text-align: right"><b style="display: none"><span style="-sec-ix-hidden: xdx2ixbrl0415">-</span></b></td><td style="font: bold 9pt Times New Roman, Times, Serif; display: none; text-align: left"><b style="display: none">&#160;</b></td><td style="font: bold 9pt Times New Roman, Times, Serif; display: none"><b style="display: none">&#160;</b></td>
    <td style="font: bold 9pt Times New Roman, Times, Serif; display: none; text-align: left"><b style="display: none">$</b></td><td style="font: bold 9pt Times New Roman, Times, Serif; display: none; text-align: right"><b style="display: none"><span style="-sec-ix-hidden: xdx2ixbrl0410">-</span></b></td><td style="font: bold 9pt Times New Roman, Times, Serif; display: none; text-align: left"><b style="display: none">&#160;</b></td><td style="font: 9pt Times New Roman, Times, Serif; display: none"><b style="display: none">&#160;</b></td>
    <td style="font: 9pt Times New Roman, Times, Serif; display: none; text-align: left"></td><td id="xdx_985_eus-gaap--SharesOutstanding_iS_pid_c20210226__20210630__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zCjAYOTPBlnf" style="font: 9pt Times New Roman, Times, Serif; display: none; text-align: right"><b style="display: none"><span style="-sec-ix-hidden: xdx2ixbrl0416">-</span></b></td><td style="font: 9pt Times New Roman, Times, Serif; display: none; text-align: left"><b style="display: none">&#160;</b></td><td style="font: 9pt Times New Roman, Times, Serif; display: none"><b style="display: none">&#160;</b></td>
    <td style="font: 9pt Times New Roman, Times, Serif; display: none; text-align: left"><b style="display: none">$</b></td><td style="font: 9pt Times New Roman, Times, Serif; display: none; text-align: right"><b style="display: none"><span style="-sec-ix-hidden: xdx2ixbrl0411">-</span></b></td><td style="font: 9pt Times New Roman, Times, Serif; display: none; text-align: left"><b style="display: none">&#160;</b></td><td style="font: 9pt Times New Roman, Times, Serif; display: none"><b style="display: none">&#160;</b></td>
    <td style="font: 9pt Times New Roman, Times, Serif; display: none; text-align: left"><b style="display: none">$</b></td><td style="font: 9pt Times New Roman, Times, Serif; display: none; text-align: right"><b style="display: none"><span style="-sec-ix-hidden: xdx2ixbrl0412">-</span></b></td><td style="font: 9pt Times New Roman, Times, Serif; display: none; text-align: left"><b style="display: none">&#160;</b></td><td style="font: bold 9pt Times New Roman, Times, Serif; display: none"><b style="display: none">&#160;</b></td>
    <td style="font: bold 9pt Times New Roman, Times, Serif; display: none; text-align: left"><b style="display: none">$</b></td><td style="font: bold 9pt Times New Roman, Times, Serif; display: none; text-align: right"><b style="display: none"><span style="-sec-ix-hidden: xdx2ixbrl0413">-</span></b></td><td style="font: bold 9pt Times New Roman, Times, Serif; display: none; text-align: left"><b style="display: none">&#160;</b></td><td style="font: 9pt Times New Roman, Times, Serif; display: none"><b style="display: none">&#160;</b></td>
    <td style="font: 9pt Times New Roman, Times, Serif; display: none; text-align: left"><b style="display: none">$</b></td><td style="font: 9pt Times New Roman, Times, Serif; display: none; text-align: right"><b style="display: none"><span style="-sec-ix-hidden: xdx2ixbrl0414">-</span></b></td><td style="font: 9pt Times New Roman, Times, Serif; display: none; text-align: left"><b style="display: none">&#160;</b></td></tr>
<tr id="xdx_401_eus-gaap--StockIssuedDuringPeriodValueOther_zHYL1157yeg7" style="font: 9pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 9pt Times New Roman, Times, Serif; width: 37%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Issuance
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    <td style="font: bold 9pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: bold 9pt Times New Roman, Times, Serif; width: 5%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0418">-</span></span></td><td style="font: bold 9pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td id="xdx_985_eus-gaap--StockIssuedDuringPeriodSharesOther_pid_c20210226__20210630__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_z1yPphkZQMk5" title="Issuance of Class B Common Stock to Sponsor, shares" style="font: 9pt Times New Roman, Times, Serif; width: 5%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesOther" contextRef="From2021-02-262021-06-30_us-gaap_CommonStockMember_us-gaap_CommonClassBMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">2,875,000</ix:nonFraction></span></td><td style="font: 9pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
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    <td style="font: 9pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; width: 5%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueOther" contextRef="From2021-02-262021-06-30_us-gaap_AdditionalPaidInCapitalMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">24,712</ix:nonFraction></span></td><td style="font: 9pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: bold 9pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: bold 9pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: bold 9pt Times New Roman, Times, Serif; width: 5%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0421">-</span></span></td><td style="font: bold 9pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
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  <tr id="xdx_40D_eus-gaap--StockIssuedDuringPeriodValueNewIssues_zla9BFaXAxr2" style="font: 9pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Sale
    of IPO Units, net of offering costs</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td id="xdx_98C_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20210226__20210630__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_z3QPvfNZo1S7" style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2021-02-262021-06-30_us-gaap_CommonStockMember_us-gaap_CommonClassAMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">12,028,175</ix:nonFraction></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueNewIssues" contextRef="From2021-02-262021-06-30_us-gaap_CommonStockMember_us-gaap_CommonClassAMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,203</ix:nonFraction></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0427">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueNewIssues" contextRef="From2021-02-262021-06-30_us-gaap_AdditionalPaidInCapitalMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">118,303,708</ix:nonFraction></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0429">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueNewIssues" contextRef="From2021-02-262021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">118,304,911</ix:nonFraction></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td></tr>
  <tr id="xdx_408_eus-gaap--AdjustmentsToAdditionalPaidInCapitalOther_z2S9if42sCBg" style="font: 9pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Deferred
    underwriter fee</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0433">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
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</table>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 297pt"></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 297pt"></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes are an integral part of these condensed unaudited financial statements</span></p>

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


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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_006"></span>CONDENSED
STATEMENTS OF CASH FLOWS</b></span></p>

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

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

<table cellpadding="0" cellspacing="0" id="xdx_304_112_zQ1ZYd4DF6T3" summary="xdx: Statement - Condensed Statements of Cash Flows (Unaudited)" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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    Months<br /> Ended<br /> June 30, 2022</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>
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  <tr id="xdx_409_eus-gaap--MarketableSecuritiesUnrealizedGainLoss_i02N_pp0p0_di_msNCPBUzpZo_zKLfG6IVmRG5" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <tr id="xdx_403_eus-gaap--FairValueAdjustmentOfWarrants_i02_pp0p0_maNCPBUzpZo_zVLNbxnkT93l" style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: White">
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  <tr id="xdx_40D_eus-gaap--InterestAndDividendIncomeSecurities_i02N_pp0p0_di_msNCPBUzpZo_zdiDQjtDyKc9" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_405_ecustom--ChangeInFairValueOfWarrantAndForwardPurchaseOptionLiabilities_i02_maNCPBUzpZo_zJBZD175gZN6" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 30pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Change
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  <tr id="xdx_403_eus-gaap--IssuanceOfStockAndWarrantsForServicesOrClaims_i02_maNCPBUzpZo_zLxpMBVIFxV7" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 30pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Offering
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:IssuanceOfStockAndWarrantsForServicesOrClaims" contextRef="From2021-02-262021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">261,838</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40B_eus-gaap--IncreaseDecreaseInOperatingCapitalAbstract_i02B_zagL7c0VEX08" 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; padding-left: 20pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Changes
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr id="xdx_408_ecustom--IncreaseDecreaseInPrepaidInsuranceCurrent_i03N_di_msNCPBUzpZo_zjcWm6OAJ5n" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 30pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prepaid
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="NLITU:IncreaseDecreaseInPrepaidInsuranceCurrent" contextRef="From2022-01-01to2022-06-30" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">87,500</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr id="xdx_40B_ecustom--IncreaseDecreaseInDeferredOperatingCost_i03N_di_msNCPBUzpZo_zDNLMUzWuNua" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 30pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred
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  <tr id="xdx_404_eus-gaap--IncreaseDecreaseInPrepaidExpense_i03N_di_msNCPBUzpZo_z0ZjHtJ5ESAd" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <tr id="xdx_402_eus-gaap--IncreaseDecreaseInAccruedIncomeTaxesPayable_i03_maNCPBUzpZo_zImID4jqdR37" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 30pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Income
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  <tr id="xdx_40B_ecustom--IncreaseDecreaseInFranchiseTaxPayable_i03N_di_msNCPBUzpZo_znd4SRm6KmR" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <tr id="xdx_40C_eus-gaap--NetCashProvidedByUsedInInvestingActivitiesAbstract_iB_zGLXb1rGOHU7" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <tr id="xdx_401_eus-gaap--PaymentsToAcquireInvestments_i01N_di_msNCPBUzkTd_zZzB2hLs9kV1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_409_eus-gaap--ProceedsFromDecommissioningFund_i01_maNCPBUzkTd_zijpRT9lgcta" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <tr id="xdx_400_eus-gaap--NetCashProvidedByUsedInInvestingActivities_i01T_mtNCPBUzkTd_maCCERCzND9_zXe5XmTusRb9" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_409_eus-gaap--NetCashProvidedByUsedInFinancingActivitiesAbstract_iB_z99SqkfpWN67" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_40D_eus-gaap--ProceedsFromIssuanceOfCommonStock_i01_maNCPBUzciv_zTeuZSPOFILl" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <tr id="xdx_40C_eus-gaap--RepaymentsOfRelatedPartyDebt_i01N_pp0p0_msNCPBUzciv_zEOjpuF6oXD5" style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_408_eus-gaap--ProceedsFromIssuanceOfPrivatePlacement_i01_maNCPBUzciv_ziCXGh9g1IE2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <tr id="xdx_406_eus-gaap--NetCashProvidedByUsedInFinancingActivities_i01T_mtNCPBUzciv_maCCERCzND9_zAHVsYZlRZrb" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_404_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect_iT_mtCCERCzND9_zMIHfq52nBhg" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
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  <tr id="xdx_402_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations_iE_zjAGbh8DThj4" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_405_eus-gaap--SupplementalCashFlowInformationAbstract_iB_z6Lk9A07XMYa" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_400_ecustom--AccruedDeferredOfferingCosts_i01_zKOSPLAwm3P4" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <tr id="xdx_40A_ecustom--NonCashDeferredUnderwritingFeePayable_i01_pp0p0" style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Deferred underwriting fee payable</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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  <tr id="xdx_402_ecustom--NonCashInitialClassificationOfWarrantLiability_i01_zvwAoBxeiMdi" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="NLITU:NonCashInitialClassificationOfWarrantLiability" contextRef="From2021-02-262021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">5,031,474</ix:nonFraction></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></tr>
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  </table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes are an integral part of these condensed unaudited financial statements</span></p>

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


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

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

<p id="xdx_049_zNRiEJRTkNt5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_007"></span>NOTES
TO UNAUDITED CONDENSED FINANCIAL STATEMENTS</b></span></p>

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

<ix:nonNumeric contextRef="From2022-01-01to2022-06-30" escape="true" name="us-gaap:BusinessDescriptionAndBasisOfPresentationTextBlock"><p id="xdx_80E_eus-gaap--BusinessDescriptionAndBasisOfPresentationTextBlock_zv8KHf7j4Xbh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
1 &#8212; <span id="xdx_820_zWJiApJ0FRd6">Description of Organization and Business Operations</span></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Northern
Lights Acquisition Corp. (the &#8220;Company&#8221;) is a blank check company incorporated in Delaware on <span id="xdx_902_edei--EntityIncorporationDateOfIncorporation_c20220101__20220630_zm2zmHS3ADV6" title="Date of incorporation"><ix:nonNumeric contextRef="From2022-01-01to2022-06-30" format="ixt:datemonthdayyearen" name="dei:EntityIncorporationDateOfIncorporation">February 26, 2021</ix:nonNumeric></span>. The Company
was formed for the purpose of effectuating a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or other
similar business combination with one or more businesses (the &#8220;Business Combination&#8221;). The Company is an early stage and
emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of June 30, 2022, the Company had not yet commenced any operations. All activity for the period February 26, 2021 (inception) through
June 30, 2022, relates to the Company&#8217;s formation and the initial public offering (the &#8220;Initial Public Offering&#8221;),
and, since the closing of the initial public offering, the Company has entered into a unit purchase agreement and a securities purchase
agreement (as described below). The Company has selected December 31 as
its fiscal year end.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
registration statement for the Company&#8217;s Initial Public Offering was declared effective on June 23, 2021. On June 28, 2021, the
Company consummated the Initial Public Offering of <span id="xdx_901_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20210627__20210628__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zm5rP8AKPlK6" title="Number of shares initial public offering"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2021-06-272021-06-28_us-gaap_IPOMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">11,500,000</ix:nonFraction></span> units (&#8220;Units&#8221; and, with respect to the shares of Class A Common
Stock included in the Units offered, the &#8220;Public Shares&#8221;), generating gross proceeds of $<span id="xdx_90A_eus-gaap--ProceedsFromIssuanceInitialPublicOffering_pp0d_c20210627__20210628__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_z9il32pte2b4" title="Proceeds from issuance initial public offering"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceInitialPublicOffering" contextRef="From2021-06-272021-06-28_us-gaap_IPOMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">115,000,000</ix:nonFraction></span>, which is described
in Note 3.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Simultaneously
with the closing of the Initial Public Offering, the Company consummated the sale of <span id="xdx_901_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_c20210627__20210628__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zSJsvsJL5vfe" title="Number of shares sold in transaction"><ix:nonFraction name="us-gaap:SaleOfStockNumberOfSharesIssuedInTransaction" contextRef="From2021-06-272021-06-28_us-gaap_PrivatePlacementMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">528,175</ix:nonFraction></span> private placement units (the &#8220;Private
Placement Units&#8221;) at a price of $<span id="xdx_90E_eus-gaap--SaleOfStockPricePerShare_iI_c20210628__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zW6npgPSRJXj" title="Sale of stock price per share"><ix:nonFraction name="us-gaap:SaleOfStockPricePerShare" contextRef="AsOf2021-06-28_us-gaap_PrivatePlacementMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">10.00</ix:nonFraction></span> per unit in a private placement to the Sponsor, generating gross proceeds of $<span id="xdx_90A_eus-gaap--ProceedsFromIssuanceOfPrivatePlacement_c20210627__20210628__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zWsc6FPA58nh" title="Proceeds from issuance of private placement"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceOfPrivatePlacement" contextRef="From2021-06-272021-06-28_us-gaap_PrivatePlacementMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">5,281,750</ix:nonFraction></span>,
which is described in Note 4.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Following
the closing of the Initial Public Offering on June 28, 2021, an amount of $<span id="xdx_90B_eus-gaap--ProceedsFromIssuanceOrSaleOfEquity_c20210627__20210628__us-gaap--SubsidiarySaleOfStockAxis__custom--TrustAccountMember_zoDGylKueXjj" title="Proceeds from Issuance or Sale of Equity"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceOrSaleOfEquity" contextRef="From2021-06-272021-06-28_custom_TrustAccountMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">117,300,000</ix:nonFraction></span> ($<span id="xdx_906_eus-gaap--SaleOfStockPricePerShare_iI_c20210628__us-gaap--SubsidiarySaleOfStockAxis__custom--TrustAccountMember_zWTaPZGQz5Zh" title="Sale of stock price per share"><ix:nonFraction name="us-gaap:SaleOfStockPricePerShare" contextRef="AsOf2021-06-28_custom_TrustAccountMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">10.00</ix:nonFraction></span> per Unit) from the net proceeds of the
sale of the Units in the Initial Public Offering and the Private Placement Units was placed in a trust account (&#8220;Trust Account&#8221;)
which may be invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act of
1940, as amended (the &#8220;Investment Company Act&#8221;), with a maturity of 185 days or less or in any open-ended investment company
that holds itself out as a money market fund meeting the conditions of Rule 2a-7 of the Investment Company Act, as determined by the
Company, until the earlier of: (i) the consummation of a Business Combination or (ii) the distribution of the Trust Account to the Company&#8217;s
stockholders, as described below.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transaction
costs of the Initial Public Offering amounted to $<span id="xdx_908_ecustom--TransactionCosts_c20210627__20210628__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zBFSzLIl2by" title="Transaction costs"><ix:nonFraction name="NLITU:TransactionCosts" contextRef="From2021-06-272021-06-28_us-gaap_IPOMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">6,263,677</ix:nonFraction></span>, of which $<span id="xdx_908_ecustom--TransactionCosts_c20210627__20210628__us-gaap--IncomeStatementLocationAxis__custom--UnderwritingFeesMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zvnEmeJaxqwg" title="Transaction costs"><ix:nonFraction name="NLITU:TransactionCosts" contextRef="From2021-06-272021-06-28_custom_UnderwritingFeesMember_us-gaap_IPOMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,725,000</ix:nonFraction></span> was for underwriting fees paid at the time of the IPO,
$<span id="xdx_903_ecustom--TransactionCosts_c20210627__20210628__us-gaap--IncomeStatementLocationAxis__custom--DeferredUnderwritingCommissionsMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zFOHMM8BMBAk" title="Transaction costs"><ix:nonFraction name="NLITU:TransactionCosts" contextRef="From2021-06-272021-06-28_custom_DeferredUnderwritingCommissionsMember_us-gaap_IPOMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,025,000</ix:nonFraction></span> was for deferred underwriting commissions, and $<span id="xdx_905_ecustom--TransactionCosts_c20210627__20210628__us-gaap--IncomeStatementLocationAxis__custom--OtherOfferingCostsMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zQbn1qW3NLCb" title="Transaction costs"><ix:nonFraction name="NLITU:TransactionCosts" contextRef="From2021-06-272021-06-28_custom_OtherOfferingCostsMember_us-gaap_IPOMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">513,677</ix:nonFraction></span> was for other offering costs.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Following
the closing of the Initial Public Offering $<span id="xdx_90D_eus-gaap--Cash_iI_c20210628__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_z26Xs8OuP9Od" title="Cash"><ix:nonFraction name="us-gaap:Cash" contextRef="AsOf2021-06-28_us-gaap_IPOMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">938,853</ix:nonFraction></span> of cash was held outside of the Trust Account available for working capital purposes.
As of June 30, 2022, we have $<span id="xdx_90A_eus-gaap--Cash_iI_c20220630_zEqp42ezTM5h" title="Cash"><ix:nonFraction name="us-gaap:Cash" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">172,441</ix:nonFraction> </span>of cash on our balance sheet and working capital deficit of $<span id="xdx_90B_ecustom--WorkingCapital_iI_c20220630_zU3VTEkYZsi6" title="Working capital"><ix:nonFraction name="NLITU:WorkingCapital" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,810,112</ix:nonFraction></span>.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s management has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering
and the sale of the Private Placement Units, although substantially all of the net proceeds are intended to be applied generally toward
consummating a Business Combination. <span id="xdx_90C_ecustom--BusinessAcquisitionDescriptionOfAcquiredEntities_c20220101__20220630_zWDfPolw3ndl" title="Description of acquired entity"><ix:nonNumeric contextRef="From2022-01-01to2022-06-30" name="NLITU:BusinessAcquisitionDescriptionOfAcquiredEntities">NASDAQ rules provide that the Business Combination must be with one or more target businesses that
together have a fair market value equal to at least 80% of the balance in the Trust Account (as defined below) (less any deferred underwriting
commissions and taxes payable on interest earned on the Trust Account) at the time of the signing of a definitive agreement to enter
a Business Combination</ix:nonNumeric></span>. The Company will only complete a Business Combination if the post-Business Combination company owns or acquires
50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient
for it not to be required to register as an investment company under the Investment Company Act. There is no assurance that the Company
will be able to successfully effect a Business Combination.</span></p>

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


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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO UNAUDITED CONDENSED FINANCIAL STATEMENTS</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
1 &#8212; Description of Organization and Business Operations (Continued)</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
February 11, 2022, the Company and 5AK, LLC (our &#8220;Sponsor&#8221;) entered into a definitive unit purchase agreement (the &#8220;Unit
Purchase Agreement&#8221;) with SHF, LLC d/b/a Safe Harbor Financial, a Colorado limited liability company (&#8220;SHF&#8221;), SHF Holding
Co., LLC, the sole member of SHF (the &#8220;Seller&#8221;), and Partner Colorado Credit Union, the sole member of the Seller (&#8220;PCCU&#8221;).
Pursuant to the Unit Purchase Agreement, upon the closing (the &#8220;Closing&#8221;) of the Business Combination, we will purchase all
of the issued and outstanding membership interests of SHF in exchange for an aggregate of $<span id="xdx_90B_ecustom--AgreegateNumberOfIssued_c20220208__20220211__dei--LegalEntityAxis__custom--SHFHoldingCoLLCMember_zEoaRcNhZJK9" title="Number of issued"><ix:nonFraction name="NLITU:AgreegateNumberOfIssued" contextRef="From2022-02-082022-02-11_custom_SHFHoldingCoLLCMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">185,000,000</ix:nonFraction></span>, consisting of (i) <span id="xdx_908_eus-gaap--StockIssuedDuringPeriodSharesAcquisitions_c20220208__20220211__dei--LegalEntityAxis__custom--SHFHoldingCoLLCMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zcjqP1CYDp8g" title="Number of shares issued in acquisition transaction"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesAcquisitions" contextRef="From2022-02-082022-02-11_custom_SHFHoldingCoLLCMember_us-gaap_CommonClassAMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">11,386,139</ix:nonFraction></span>
shares of Class A Common Stock with an aggregate value equal to $<span id="xdx_908_eus-gaap--StockIssuedDuringPeriodValueAcquisitions_c20220208__20220211__dei--LegalEntityAxis__custom--SHFHoldingCoLLCMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zRaS0XCBGu3c" title="Number of shares issued in acquisition transaction value"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueAcquisitions" contextRef="From2022-02-082022-02-11_custom_SHFHoldingCoLLCMember_us-gaap_CommonClassAMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">115,000,000</ix:nonFraction></span> and (b) $<span id="xdx_90A_eus-gaap--Cash_iI_c20220211__dei--LegalEntityAxis__custom--SHFHoldingCoLLCMember_zSoTzgNisdVa" title="Cash"><ix:nonFraction name="us-gaap:Cash" contextRef="AsOf2022-02-11_custom_SHFHoldingCoLLCMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">70,000,000</ix:nonFraction></span> in cash. Pursuant to the original terms
of the Unit Purchase Agreement, the Unit Purchase Agreement could be terminated under certain customary and limited circumstances at
any time prior to the closing of the Business Combination, including, among others, if the Closing had not occurred by June 30, 2022
(the &#8220;Outside Date&#8221;). On June 30, 2022, the Company, the Sponsor, SHF, the Seller, and PCCU agreed to amend the Unit Purchase
Agreement to extend the Outside Date until July 29, 2022, with the ability for the deadline to be extended through September 28, 2022,
to provide the Company with additional time to complete the Business Combination (the &#8220;UPA Extension&#8221;) as it awaits regulatory
approval.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Concurrently
with entering into the Unit Purchase Agreement, we entered into a securities purchase agreement (a &#8220;Securities Purchase
Agreement&#8221;) with certain investors (collectively, the &#8220;PIPE Investors&#8221;), pursuant to which, among other things,
the PIPE Investors agreed to subscribe for and purchase, and we agreed to issue and sell to the PIPE Investors, an aggregate of <span id="xdx_901_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_c20220208__20220211__us-gaap--StatementClassOfStockAxis__custom--SeriesAConvertiblePreferredStockMember_znzaBaQB2ABd" title="Number of shares sold in transaction"><ix:nonFraction name="us-gaap:SaleOfStockNumberOfSharesIssuedInTransaction" contextRef="From2022-02-082022-02-11_custom_SeriesAConvertiblePreferredStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">60,000</ix:nonFraction></span>
shares (the &#8220;PIPE Shares&#8221;) of our Series A Convertible Preferred Stock, par value $<span id="xdx_905_eus-gaap--PreferredStockParOrStatedValuePerShare_iI_c20220211__us-gaap--StatementClassOfStockAxis__custom--SeriesAConvertiblePreferredStockMember_zAqznNOZom51" title="Preferred stock, par value"><ix:nonFraction name="us-gaap:PreferredStockParOrStatedValuePerShare" contextRef="AsOf2022-02-11_custom_SeriesAConvertiblePreferredStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.0001</ix:nonFraction></span>
per share (the &#8220;Series A Convertible Preferred Stock&#8221;), and warrants to purchase up to a number of shares of Class A
Common Stock equal to <span id="xdx_90B_ecustom--WarrantToPurchasePercentage_pid_uPure_c20220208__20220211__us-gaap--StatementClassOfStockAxis__custom--SeriesAConvertiblePreferredStockMember_z97t3qK0tDuh" title="Warrant to purchase, percentage"><ix:nonFraction name="NLITU:WarrantToPurchasePercentage" contextRef="From2022-02-082022-02-11_custom_SeriesAConvertiblePreferredStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">50</ix:nonFraction></span>%
of shares of the Class A Common Stock issuable upon conversion of the PIPE Shares (the &#8220;PIPE Warrants&#8221;) for gross
proceeds of $<span id="xdx_902_eus-gaap--ProceedsFromIssuanceOfCommonStock_pn5n6_c20220208__20220211__us-gaap--StatementClassOfStockAxis__custom--SeriesAConvertiblePreferredStockMember_zvmBxHCdkBRa" title="Issuance of common stock"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceOfCommonStock" contextRef="From2022-02-082022-02-11_custom_SeriesAConvertiblePreferredStockMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">60.0</ix:nonFraction></span>
million (the &#8220;PIPE Financing&#8221;). The Securities Purchase Agreement could be terminated under certain customary and
limited circumstances at any time prior to the closing of the PIPE Financing, including, among others, if the closing had not
occurred by June 30, 2022. The Company is currently completing satisfaction of its remaining closing conditions, including
regulatory approvals, and is discussing with the PIPE Investors their continuing interest in the investment contemplated by the
Securities Purchase Agreement.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s stockholders approved the Business Combination at the special meeting of stockholders held on June 28, 2022. In connection
with the proposed Business Combination with SHF, the Company provided its public stockholders with the opportunity to redeem all or a
portion of their Class A Common Stock upon the completion of such Business Combination. Stockholders holding <span id="xdx_90B_ecustom--CommonStockSharesRedemption_iI_c20220628__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zliaqmT2YrUe" title="Common stock, shares redemption"><ix:nonFraction name="NLITU:CommonStockSharesRedemption" contextRef="AsOf2022-06-28_us-gaap_CommonClassAMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">7,554,784</ix:nonFraction></span> shares of Class
A Common Stock submitted redemption requests in connection with the anticipated closing of the Business Combination. Following the extension
of the Outside Date, these stockholders who previously submitted redemption requests in connection with the closing of the Business Combination
may request that such redemption requests be reversed by contacting the Company&#8217;s transfer agent, Continental Stock Transfer &amp;
Trust Company. It is currently anticipated that all shareholders, with the exception of those parties described in the below Forward Purchase Agreement
section, will have an additional opportunity to redeem shares prior to the closing of the proposed Business Combination.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the event the proposed Business Combination with SHF is not consummated, in connection with an alternative proposed initial business
combination, the Company will provide its public stockholders with the opportunity to redeem all or a portion of their Public Shares
upon the completion of a Business Combination either (i) in connection with a stockholder meeting called to approve the Business Combination
or (ii) by means of a tender offer. In connection with a proposed Business Combination, the Company may seek stockholder approval of
a Business Combination at a meeting called for such purpose at which stockholders may seek to redeem their shares, regardless of whether
they vote for or against a Business Combination. <span id="xdx_900_ecustom--BusinessCombinationReasonForBusinessCombinations_c20220101__20220630_zww2Ssj2K145" title="Reason for business combination"><ix:nonNumeric contextRef="From2022-01-01to2022-06-30" name="NLITU:BusinessCombinationReasonForBusinessCombinations">The Company will proceed with a Business Combination only if the Company has net tangible
assets of at least $<span id="xdx_907_eus-gaap--PropertyPlantAndEquipmentNet_iI_c20220630__dei--LegalEntityAxis__custom--SHFHoldingCoLLCMember_zhfXtCOyyDEc" title="Tangible net assets"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentNet" contextRef="AsOf2022-06-30_custom_SHFHoldingCoLLCMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">5,000,001</ix:nonFraction></span> either immediately prior to or upon such consummation of a Business Combination and, if the Company seeks
stockholder approval, a majority of the outstanding shares voted are voted in favor of the Business Combination</ix:nonNumeric></span>.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90D_ecustom--BusinessAcquisitionDescriptionOfAcquiredEntities_c20220101__20220630__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zzYB2XtxNKk4" title="Description of acquired entity"><ix:nonNumeric contextRef="From2022-01-012022-06-30_us-gaap_IPOMember" name="NLITU:BusinessAcquisitionDescriptionOfAcquiredEntities">The
Company initially had until June 28, 2022 to consummate a Business Combination. If the Company was unable to complete a Business Combination
within 12 months from the closing of the Initial Public Offering, such period could (i) be extended by the Company&#8217;s stockholders
in accordance with the Company&#8217;s amended and restated certificate of incorporation or (ii) at the election of the Company subject
to satisfaction of certain conditions, including the deposit of up to $<span id="xdx_90E_eus-gaap--Deposits_iI_c20220630__srt--RangeAxis__srt--MaximumMember_zTDlLDgOVryf"><ix:nonFraction name="us-gaap:Deposits" contextRef="AsOf2022-06-30_srt_MaximumMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,300,000</ix:nonFraction></span> into the Trust Account, be extended up to six additional
months to December 28, 2022. On June 27, 2022, the Company, with proceeds advanced from an affiliate of the Sponsor, deposited $1,150,000
in the Trust Account extending operations for three months from June 28, 2022 to September 28, 2022. If the Company is unable to complete
a Business Combination by September 28, 2022, such period could (i) be extended by the Company&#8217;s stockholders in accordance with
the Company&#8217;s amended and restated certificate of incorporation or (ii) at the election of the Company subject to satisfaction
of certain conditions, including the deposit of up to $1,150,000 into the Trust Account, be extended an additional three months to December
28, 2022. If the Company is unable to complete a Business Combination by December 28, 2022 and such period is not extended by the Company&#8217;s
stockholders in accordance with the Company&#8217;s amended and restated certificate of incorporation, the Company will (i) cease all
operations except for the purpose of winding up, (ii) as promptly as reasonably possible but no more than ten business days thereafter,
redeem the public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account,
including interest earned on the funds held in the Trust Account and not previously released to the Company to pay taxes (less up to
$100,000 of interest to pay dissolution expenses), divided by the number of then outstanding public shares, which redemption will completely
extinguish public stockholders&#8217; rights as stockholders (including the right to receive further liquidation distributions, if any),
subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the remaining
stockholders and the Company&#8217;s board of directors, proceed to commence a voluntary liquidation and thereby a formal dissolution
of the Company, subject in each case to its obligations under Delaware law to provide for claims of creditors and the requirements of
applicable law. On June 30, 2022, $168,617 in Trust Account interest income was released to the Company and utilized to pay franchise
taxes</ix:nonNumeric></span>.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
underwriter has agreed to waive its rights to the deferred underwriting commission held in the Trust Account in the event the Company
does not complete a Business Combination within the Combination Period and, in such event, such amounts will be included with the funds
held in the Trust Account that will be available to fund the redemption of the Public Shares. In the event of such distribution, it is
possible that the per share value of the assets remaining available for distribution will be less than the Initial Public Offering price
per Unit ($<span id="xdx_901_eus-gaap--SaleOfStockPricePerShare_iI_pid_c20220630__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zxAmqxK9mrgl" title="Exercised price per share"><ix:nonFraction name="us-gaap:SaleOfStockPricePerShare" contextRef="AsOf2022-06-30_us-gaap_PrivatePlacementMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">10.00</ix:nonFraction></span>). There will be no redemption rights or liquidating distributions with respect to the Founder Shares (as defined below)
or the shares of Class A Common Stock and the warrants that are included as components of the Private Placement Units. Such warrants
will expire worthless if the Company fails to complete a Business Combination within the 12-month time period (or up to 18-month time
period).</span></p>

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


<ix:exclude><!-- Field: Page; Sequence: 161; 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 -->44<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO UNAUDITED CONDENSED FINANCIAL STATEMENTS</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
1 &#8212; Description of Organization and Business Operations (Continued)</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_ecustom--BusinessAcquisitionDescriptionOfAcquiredEntities_c20220101__20220630__us-gaap--InvestmentTypeAxis__custom--SponsorMember_zRwkp3koK6Yi" title="Description of acquired entity"><ix:nonNumeric contextRef="From2022-01-012022-06-30_custom_SponsorMember" name="NLITU:BusinessAcquisitionDescriptionOfAcquiredEntities">The
Sponsor has agreed that it will be liable to the Company if and to the extent any claims by a third party for services rendered or products
sold to the Company, or a prospective target business with which the Company has entered into a written letter of intent, confidentiality
or similar agreement or Business Combination agreement, reduce the amount of funds in the Trust Account to below the lesser of (i) $10.20
per Public Share and (ii) the actual amount per Public Share held in the Trust Account as of the day of liquidation of the Trust Account,
if less than $10.20 per share due to reductions in the value of the trust assets, less taxes payable, provided that such liability will
not apply to any claims by a third party or prospective target business who executed a waiver of any and all rights to monies held in
the Trust Account (whether or not such waiver is enforceable) nor will it apply to any claims under the Company&#8217;s indemnity of
the underwriter of Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended
(the &#8220;Securities Act&#8221;)</ix:nonNumeric></span>. However, the Company has not asked the Sponsor to reserve for such indemnification obligations, nor
has the Company independently verified whether the Sponsor has sufficient funds to satisfy its indemnity obligations and believe that
the Sponsor&#8217;s only assets are securities of the Company. Therefore, the Company cannot assure its stockholders that the Sponsor
would be able to satisfy those obligations. None of the Company&#8217;s officers or directors will indemnify the Company for claims by
third parties including, without limitation, claims by vendors and prospective target businesses. The Company will seek to reduce the
possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors,
service providers, prospective target businesses or other entities with which the Company does business, execute agreements with the
Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of June 30, 2022, the Company had $<span id="xdx_901_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_c20220630_zmwllnz9TaK8" title="Cash"><ix:nonFraction name="us-gaap:CashAndCashEquivalentsAtCarryingValue" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">172,441</ix:nonFraction></span> in cash and a working capital deficit of $<span id="xdx_904_ecustom--WorkingCapital_iI_c20220630_zjHTeATGXRxc" title="Working capital"><ix:nonFraction name="NLITU:WorkingCapital" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,810,112</ix:nonFraction></span>. As described above, on June 28, 2021
the Company closed its IPO of <span id="xdx_906_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20210627__20210628__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_z0tByb3iIcl" title="Number of shares initial public offering"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2021-06-272021-06-28_us-gaap_IPOMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">11,500,000</ix:nonFraction></span> Units at $<span id="xdx_90F_eus-gaap--SaleOfStockPricePerShare_iI_pid_c20210628_zS4pTX5Q6vel" title="Exercised price per share"><ix:nonFraction name="us-gaap:SaleOfStockPricePerShare" contextRef="AsOf2021-06-28" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">10.00</ix:nonFraction></span> per Unit, generating gross proceeds of $<span id="xdx_906_eus-gaap--ProceedsFromIssuanceInitialPublicOffering_pn5n6_c20210627__20210628__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zOYxJEWgvEfl" title="Proceeds from issuance initial public offering"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceInitialPublicOffering" contextRef="From2021-06-272021-06-28_us-gaap_IPOMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">115.0</ix:nonFraction></span> million, and also consummated
the Private Placement of <span id="xdx_905_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_pid_c20210627__20210628__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zJ6gf6Oiq6Hb" title="Number of shares sold in transaction"><ix:nonFraction name="us-gaap:SaleOfStockNumberOfSharesIssuedInTransaction" contextRef="From2021-06-272021-06-28_us-gaap_PrivatePlacementMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">528,175</ix:nonFraction></span> Private Placement units to the Sponsor at a purchase price of $<span id="xdx_90A_eus-gaap--SaleOfStockPricePerShare_iI_pid_c20210628__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zd9tR6oODvFd" title="Exercised price per share"><ix:nonFraction name="us-gaap:SaleOfStockPricePerShare" contextRef="AsOf2021-06-28_us-gaap_PrivatePlacementMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">10.00</ix:nonFraction></span> per Private Placement unit, generating
gross proceeds of $<span id="xdx_903_eus-gaap--ProceedsFromIssuanceOfPrivatePlacement_c20210627__20210628__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zlL3EOukxm2e" title="Proceeds from issuance of private placement"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceOfPrivatePlacement" contextRef="From2021-06-272021-06-28_us-gaap_PrivatePlacementMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">5,281,750</ix:nonFraction></span>.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s liquidity needs prior to the consummation of its IPO were satisfied through the proceeds of $<span id="xdx_900_eus-gaap--ProceedsFromIssuanceOrSaleOfEquity_c20220101__20220630__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zuFBO1L5QMQc" title="Proceeds from sale of equity"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceOrSaleOfEquity" contextRef="From2022-01-012022-06-30_us-gaap_IPOMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">25,000</ix:nonFraction></span> from the sale of
the Founder Shares and proceed from the promissory note from sponsor of $<span id="xdx_902_eus-gaap--ProceedsFromNotesPayable_c20220101__20220630__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember_zBMIaMcR4gwb" title="Proceed from the promissory note"><ix:nonFraction name="us-gaap:ProceedsFromNotesPayable" contextRef="From2022-01-012022-06-30_us-gaap_IPOMember_custom_PromissoryNoteMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">92,737</ix:nonFraction></span>, which was repaid upon closure of the IPO. Subsequent
to the IPO, the Company&#8217;s liquidity will be satisfied through a portion of the net proceeds from IPO held outside of the Trust
Account.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company intends to complete its initial Business Combination before September 28, 2022, however, there can be no assurance that the
Company will be able to consummate the Business Combination by then. In the event that we are unable to consummate the Business
Combination before September 28, 2022, we anticipate identifying and accessing additional capital resources in order to extend the
Business Combination period to December 28, 2022. However, there can be no assurance that the Company will have access to sufficient
capital to extend the deadline to consummate the Business Combination. As a result, in connection with the Company&#8217;s
assessment of going concern considerations in accordance with Financial Accounting Standard Board&#8217;s Accounting Standards
Update (&#8220;ASU&#8221;) 2014-15, &#8220;Disclosures of Uncertainties about an Entity&#8217;s Ability to Continue as a Going
Concern,&#8221; it is uncertain that the Company will have sufficient liquidity to fund the working capital needs of the Company
beyond September 28, 2022. Should a Business Combination not occur by September 28, 2022, Management has determined that given the
liquidity condition of the Company as well as the uncertainty regarding the Company&#8217;s ability to extend the deadline to consummate the Business
Combination, there is substantial doubt about
the Company&#8217;s ability to continue as a going concern. No adjustments have been made to the carrying amounts of assets or
liabilities should the Company be required to liquidate. The Company may need to raise additional capital through loans or
additional investments from its Sponsor, stockholders, officers, directors or third parties. The Company&#8217;s officers, directors
and Sponsor may, but are not obligated to, loan the Company funds, from time to time or at any time, in whatever amount they deem
reasonable in their sole discretion, to meet the Company&#8217;s working capital needs. Accordingly, the Company may not be able to
obtain additional financing. If the Company is unable to raise additional capital, the Company may be required to take additional
measures to conserve liquidity, which could include, but not necessarily be limited to, curtailing operations, suspending the
pursuit of a potential transaction, and reducing overhead expenses. The Company cannot provide any assurance that new financing will
be available to it on commercially acceptable terms, if at all. These conditions raise substantial doubt about the Company&#8217;s
ability to continue as a going concern through September 28, 2022.</span></p>

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


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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO UNAUDITED CONDENSED FINANCIAL STATEMENTS</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
1 &#8212; Description of Organization and Business Operations (Continued)</b></span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 22.5pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred
offering costs consist of costs incurred in connection with preparation for the PIPE Financing to be executed in conjunction with the
Business Combination. These costs, together with the underwriting discounts and commissions, will be allocated among the freestanding
financial instruments that are included in the PIPE Financing. As of June 30, 2022, the Company had deferred offering costs of $<span id="xdx_90D_eus-gaap--DeferredOfferingCosts_iI_c20220630_zUx9ZGqauSNh" title="Deferred offering costs"><ix:nonFraction name="us-gaap:DeferredOfferingCosts" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">201,405</ix:nonFraction></span>
and accrued offering costs of $<span id="xdx_90C_ecustom--AccruedOfferingCosts_iI_c20220630_zeFJjwqjkGh7" title="Accrued offering cost"><ix:nonFraction name="NLITU:AccruedOfferingCosts" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">176,405</ix:nonFraction></span> which are included in accrued expenses on the accompanying condensed balance sheet. There were
<span id="xdx_901_eus-gaap--DeferredOfferingCosts_iI_do_c20211231_zf0RVAFoO0Ye" title="Deferred offering costs"><ix:nonFraction name="us-gaap:DeferredOfferingCosts" contextRef="AsOf2021-12-31" format="ixt-sec:numwordsen" decimals="0" unitRef="USD">no</ix:nonFraction></span> deferred offering costs or accrued offering costs at December 31, 2021.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 22.5pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June 16, 2022, the Company, SHF, and Midtown East Management NL LLC, a Delaware limited liability company (&#8220;<span style="text-decoration: underline">Midtown East</span>&#8221;),
entered into an agreement (the &#8220;<span style="text-decoration: underline">Forward Purchase Agreement</span>&#8221;) for an OTC Equity Prepaid Forward Transaction (the &#8220;<span style="text-decoration: underline">Forward
Purchase Transaction</span>&#8221;). Pursuant to the terms of the Forward Purchase Agreement (a) Midtown East intends, but is not obligated,
to purchase shares of the Company&#8217;s Class A Common Stock, par value $<span id="xdx_900_eus-gaap--PreferredStockParOrStatedValuePerShare_iI_c20220616__us-gaap--StatementClassOfStockAxis__custom--SeriesAConvertiblePreferredStockMember_zGEDJLmhRzH5" title="Preferred stock, par value"><ix:nonFraction name="us-gaap:PreferredStockParOrStatedValuePerShare" contextRef="AsOf2022-06-16_custom_SeriesAConvertiblePreferredStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.0001</ix:nonFraction></span> per share (&#8220;<span style="text-decoration: underline">Class A Common Stock</span>&#8221;),
after the date of the Forward Purchase Agreement from holders of Class A Common Stock, other than the Company or affiliates of the Company,
who have requested that their shares of Class A Common Stock be redeemed or indicated an interest in having their shares of Class A Common
Stock redeemed pursuant to the redemption rights set forth in the Company&#8217;s Amended and Restated Certificate of Incorporation in
connection with the Business Combination (such holders, &#8220;<span style="text-decoration: underline">Redeeming Holders</span>&#8221;) and (b) Midtown East has agreed to waive
any redemption rights in connection with the Business Combination with respect to any shares of Class A Common Stock it purchases in
accordance with the Forward Purchase Agreement (the &#8220;<span style="text-decoration: underline">Subject Shares</span>&#8221;). The number of Subject Shares shall be no more
than the lesser of (i) <span id="xdx_907_eus-gaap--CommonStockSharesIssued_iI_pid_c20220616__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zjuVKkR8W2Mf" title="Common stock shares issued"><ix:nonFraction name="us-gaap:CommonStockSharesIssued" contextRef="AsOf2022-06-16_us-gaap_CommonClassAMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">5,000,000</ix:nonFraction></span> and (ii) the maximum number of shares of Class A Common Stock such that Midtown East does not beneficially
own greater than <span id="xdx_905_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20220616__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--MidtownEastManagementNLLLCMember__srt--RangeAxis__srt--MinimumMember_z2FEOWBzH8n3" title="Ownership percentage"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2022-06-16_us-gaap_CommonClassAMember_custom_MidtownEastManagementNLLLCMember_srt_MinimumMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">9.9</ix:nonFraction></span>% of the Class A Common Stock on a post-combination pro forma basis. Midtown East will purchase any Additional Shares
(as defined in the Forward Purchase Agreement) at the Redemption Price (as defined in Section 9.2 of the Amended and Restated Certificate
of Incorporation of the Company (the &#8220;<span style="text-decoration: underline">Certificate of Incorporation</span>&#8221;)), and has undertaken to purchase all Subject
Shares at a price no higher than the Redemption Price.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 22.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subsequent
to entering into the Forward Purchase Agreement, the Company, the Target, and Midtown East entered into assignment and novation agreements
with Verdun Investments LLC (&#8220;<span style="text-decoration: underline">Verdun</span>&#8221;) and Vellar Opportunity Fund SPV LLC &#8211; Series 1 (&#8220;<span style="text-decoration: underline">Vellar</span>&#8221;),
pursuant to which Midtown East assigned its obligations as to <span id="xdx_90E_eus-gaap--CommonStockSharesIssued_iI_pid_c20220616__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--VerdunInvestmentsLLCMember_z6WDRg00xKBh" title="Common stock shares issued"><ix:nonFraction name="us-gaap:CommonStockSharesIssued" contextRef="AsOf2022-06-16_us-gaap_CommonClassAMember_custom_VerdunInvestmentsLLCMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,666,666</ix:nonFraction></span> shares of the shares of Class A Stock to be purchased under the
Forward Purchase Agreement to each of Verdun and Vellar. As of June 27, 2022, Midtown East had purchased an aggregate of <span id="xdx_904_ecustom--AggregatePurchaseOfCommonStockShares_iI_pid_c20220627__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--MidtownEastManagementNLLLCMember_zCKzzjnvoAkd" title="Aggregate purchase of common stock shares"><ix:nonFraction name="NLITU:AggregatePurchaseOfCommonStockShares" contextRef="AsOf2022-06-27_us-gaap_CommonClassAMember_custom_MidtownEastManagementNLLLCMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,599,496</ix:nonFraction></span> shares
of Class A Stock, Verdun had purchased an aggregate of <span id="xdx_904_eus-gaap--CommonStockSharesIssued_iI_pid_c20220627__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--VerdunInvestmentsLLCMember_z0dtLr6rYde7" title="Aggregate purchase of common stock shares"><ix:nonFraction name="us-gaap:CommonStockSharesIssued" contextRef="AsOf2022-06-27_us-gaap_CommonClassAMember_custom_VerdunInvestmentsLLCMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,180,376</ix:nonFraction></span> shares of Class A Stock, and Vellar had purchased an aggregate of <span id="xdx_90E_eus-gaap--CommonStockSharesIssued_iI_pid_c20220627__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zvzhPrOK9TFl" title="Aggregate purchase of common stock shares"><ix:nonFraction name="us-gaap:CommonStockSharesIssued" contextRef="AsOf2022-06-27_us-gaap_CommonClassAMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,025,000</ix:nonFraction></span>
shares of Class A Stock (the &#8220;<span style="text-decoration: underline">Purchased Shares</span>&#8221;) in the Forward Purchase Transaction at an average purchase price
per share of $<span id="xdx_905_eus-gaap--SharesIssuedPricePerShare_iI_pid_c20220627__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zHnuSH6DoOpe" title="Transaction purchase price per share"><ix:nonFraction name="us-gaap:SharesIssuedPricePerShare" contextRef="AsOf2022-06-27_us-gaap_CommonClassAMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">10.21</ix:nonFraction></span>. <span id="xdx_908_eus-gaap--SharesIssued_iI_pid_c20220627__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zl9z9n30MyT1" title="Purchase price of share"><ix:nonFraction name="us-gaap:SharesIssued" contextRef="AsOf2022-06-27_us-gaap_CommonClassAMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">630,736</ix:nonFraction></span> of the Purchased Shares were purchased from a holder of <span id="xdx_903_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardPurchasePriceOfCommonStockPercent_pid_dp_uPure_c20220602__20220627__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_z4D6QnYfa4jk" title="Percentage of transaction purchase price"><ix:nonFraction name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardPurchasePriceOfCommonStockPercent" contextRef="From2022-06-022022-06-27_us-gaap_CommonClassAMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">5</ix:nonFraction></span>% or more of the Class A Stock. Pursuant to the
Forward Purchase Agreement, Midtown East, Verdun, and Vellar have waived all redemption rights under the Certificate of Incorporation
that would require redemption by the Company of the Purchased Shares.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 22.5pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">At
June 30, 2022, Midtown East and its assignees had purchased <span id="xdx_90F_eus-gaap--SharesIssued_iI_pid_c20220630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--MidtownEastManagementNLLLCMember_zPab1H5s4Cuh" title="Purchase price of share"><ix:nonFraction name="us-gaap:SharesIssued" contextRef="AsOf2022-06-30_custom_MidtownEastManagementNLLLCMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">3,804,872</ix:nonFraction></span> in shares pursuant to this agreement. The related amount of $<span id="xdx_90B_eus-gaap--TemporaryEquityOtherChanges_c20220601__20220630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--MidtownEastManagementNLLLCMember_zycoqJuK6bvi" title="Reclassified from temporary equity"><ix:nonFraction name="us-gaap:TemporaryEquityOtherChanges" contextRef="From2022-06-012022-06-30_custom_MidtownEastManagementNLLLCMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">38,809,694</ix:nonFraction></span>
has been reclassified from temporary to permanent equity. Also in connection with the Forward Purchase Agreement, the Company recognized
a liability for a freestanding derivative, referred to herein as the &#8220;forward purchase option derivative,&#8221; on its Condensed
Consolidated Balance Sheets. Refer to Note 10 for further detail.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 22.5pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
primary purpose of entering into the Forward Purchase Agreement is to help ensure the maximum redemption threshold condition in the Unit
Purchase Agreement will be met, increasing the likelihood that the transaction will close.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management
is currently evaluating the impact of the COVID-19 pandemic and has concluded that while it is reasonably possible that the virus could
have a negative effect on the Company&#8217;s financial position, results of its operations and/or search for a target company, the specific
impact is not readily determinable as of the date of the financial statement. The financial statements do not include any adjustments
that might result from the outcome of this uncertainty.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
as a result of the military action commenced in February 2022 by the Russian Federation and Belarus in the country of Ukraine and related
economic sanctions, the Company&#8217;s ability to consummate a Business Combination, including the proposed Business Combination with
SHF, or the operations of a target business with which the Company ultimately consummates a Business Combination, including SHF, may
be materially and adversely affected. Further, the Company&#8217;s ability to consummate a transaction may be dependent on the ability
to raise equity and debt financing which may be impacted by these events, including as a result of increased market volatility, or decreased
market liquidity in third-party financing being unavailable on terms acceptable to the Company or at all. The impact of this action and
related sanctions on the world economy and the specific impact on the Company&#8217;s financial position, results of operations and/or
ability to consummate a Business Combination are not yet determinable. The condensed financial statements do not include any adjustments
that might result from the outcome of this uncertainty.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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="From2022-01-01to2022-06-30" escape="true" name="us-gaap:SignificantAccountingPoliciesTextBlock"><p id="xdx_801_eus-gaap--SignificantAccountingPoliciesTextBlock_zS1paV0RcZ63" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
2 &#8212; <span id="xdx_820_ziHlWqvb0R12">Summary of Significant Accounting Policies</span></b></span></p>

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

<ix:nonNumeric contextRef="From2022-01-01to2022-06-30" escape="true" name="us-gaap:BasisOfAccountingPolicyPolicyTextBlock"><p id="xdx_84C_eus-gaap--BasisOfAccountingPolicyPolicyTextBlock_z9WanPLwV0u6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_865_zZZwqeO0TRQ1">Basis
of Presentation</span></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States
of America (&#8220;US GAAP&#8221;) and pursuant to the accounting and disclosure rules and regulations of the U.S. Securities and Exchange
Commission.</span></p>

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

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-06-30" escape="true" name="NLITU:EmergingGrowthCompanyPolicyTextBlock"><p id="xdx_844_ecustom--EmergingGrowthCompanyPolicyTextBlock_znwuq8LRfPZ5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_868_zcyJKkmrxBCf">Emerging
Growth Company</span></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is an &#8220;emerging growth company,&#8221; as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our
Business Startups Act of 2012 (the &#8220;JOBS Act&#8221;), and it may take advantage of certain exemptions from various reporting requirements
that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required
to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced
disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements
of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously
approved.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Further,
Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting
standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do
not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting
standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements
that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of
such extended transition period, which means that when a standard is issued or revised and it has different application dates for public
or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies
adopt the new or revised standard. This may make comparison of the Company&#8217;s financial statements with another public company,
which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period
difficult or impossible because of the potential differences in accounting standards used.</span></p>

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


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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO UNAUDITED CONDENSED FINANCIAL STATEMENTS</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
2 &#8212; Summary of Significant Accounting Policies (Continued)</b></span></p>

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

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-06-30" escape="true" name="us-gaap:UseOfEstimates"><p id="xdx_843_eus-gaap--UseOfEstimates_zMZL6SQf84rb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_867_z2J9GQv1wPTh">Use
of Estimates</span></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
preparation of the balance sheets 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 date of the financial statements and the
reported amounts of revenues and expenses during the reporting period.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Making
estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of
a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating
its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ
significantly from those estimates.</span></p>

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

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-06-30" escape="true" name="us-gaap:CashAndCashEquivalentsPolicyTextBlock"><p id="xdx_84D_eus-gaap--CashAndCashEquivalentsPolicyTextBlock_zRoWdtIazgc8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86D_zd00XPQlygxf">Cash
and Cash Equivalents</span></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash
equivalents are carried at cost, which approximates fair value. The Company had $<span id="xdx_906_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_c20220630_zMj5UuRpg70k"><ix:nonFraction name="us-gaap:CashAndCashEquivalentsAtCarryingValue" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">172,441</ix:nonFraction></span> and $<span id="xdx_904_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_c20211231_zooDiza3FEN" title="Cash"><ix:nonFraction name="us-gaap:CashAndCashEquivalentsAtCarryingValue" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">254,523</ix:nonFraction></span>, respectively, in cash and no cash
equivalents as of June 30, 2022 and December 31, 2021.</span></p>

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

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-06-30" escape="true" name="NLITU:TrustAccountPolicyTextBlock"><p id="xdx_847_ecustom--TrustAccountPolicyTextBlock_zvpU38hxQsTf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86A_zIZBKwXBfoti">Trust
Account</span></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
the closing of the Initial Public Offering and the Private Placement, $<span id="xdx_90A_eus-gaap--ProceedsFromIssuanceInitialPublicOffering_c20220101__20220630__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zH6XF6uOoCXb" title="Gross proceeds"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceInitialPublicOffering" contextRef="From2022-01-012022-06-30_us-gaap_PrivatePlacementMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">117,300,000</ix:nonFraction></span> ($<span id="xdx_908_eus-gaap--SharesIssuedPricePerShare_iI_c20220630__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zp2XpKTMY2Xk" title="Share issue price per share"><ix:nonFraction name="us-gaap:SharesIssuedPricePerShare" contextRef="AsOf2022-06-30_us-gaap_PrivatePlacementMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">10.00</ix:nonFraction></span> per Unit) of the net proceeds of the Initial
Public Offering and certain of the proceeds of the Private Placement was held in a trust account (&#8220;Trust Account&#8221;) located
in the United States with Continental Stock Transfer &amp; Trust Company acting as trustee, and invested only in U.S. government treasury
obligations with a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 under the Investment
Company Act 1940, as amended (the &#8220;Investment Company Act&#8221;), which will be invested only in direct U.S. government treasury
obligations, as determined by the Company, until the earlier of: (i) the completion of a Business Combination and (ii) the distribution
of the Trust Account as described below.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June 27, 2022, the Company, with proceeds advanced from an affiliate of the Sponsor, deposited $<span id="xdx_90F_eus-gaap--ProceedsFromRelatedPartyDebt_c20220625__20220627_zQAOqR9HD9nc" title="Proceeds advanced from affiliate"><ix:nonFraction name="us-gaap:ProceedsFromRelatedPartyDebt" contextRef="From2022-06-252022-06-27" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,150,000</ix:nonFraction></span> in the Trust Account extending
operations for three months from June 28, 2022. On June 30, 2022, $<span id="xdx_902_eus-gaap--InterestExpenseTrustPreferredSecurities_c20220601__20220630_zqbJsO2WRYYi" title="Trust account interest income"><ix:nonFraction name="us-gaap:InterestExpenseTrustPreferredSecurities" contextRef="From2022-06-012022-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">168,617</ix:nonFraction></span> in Trust Account interest income was released to the Company
and utilized to pay franchise taxes.</span></p>

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

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-06-30" escape="true" name="us-gaap:IncomeTaxPolicyTextBlock"><p id="xdx_84F_eus-gaap--IncomeTaxPolicyTextBlock_zW9uKJgvReW3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_861_zvZEQc1yIwA8">Income
Taxes</span></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company complies with the accounting and reporting requirements of ASC Topic 740, &#8220;Income Taxes,&#8221; which requires an asset
and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed
for differences between the financial statement and tax bases of assets and liabilities that will result in future taxable or deductible
amounts, based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income.
Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. As of June
30, 2022 and December 31, 2021, the Company&#8217;s deferred tax asset had a full valuation allowance recorded against it.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ASC
740-270-25-2 requires that an annual effective tax rate be determined and such annual effective rate applied to year to date income in
interim periods. If management is unable to estimate a portion of its ordinary income, but is otherwise able to reliably estimate the
remainder, ASC 740-270-25-3 provides that the tax applicable to that item be reported in the interim period in which the item occurs.
The tax (or benefit) related to ordinary income (or loss) shall be computed at an estimated annual effective tax rate and the tax (or
benefit) related to all other items shall be individually computed and recognized when the items occur. Management is unable to estimate
a portion of its ordinary income and as a result had computed the company&#8217;s tax provision in accordance with ASC 740-270-25-3 The
Company&#8217;s effective tax rate was (<span id="xdx_90B_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_pid_dp_uPure_c20220401__20220630_ziZz9OnMx1Gb"><ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateContinuingOperations" contextRef="From2022-04-012022-06-30" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">0.75</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%)
and <span id="xdx_90C_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_pid_dp_uPure_c20210401__20210630_zp0nA6R624g"><ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateContinuingOperations" contextRef="From2021-04-012021-06-30" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">0.00</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%
for the three months ended June 30, 2022 and 2021, respectively, and (<span id="xdx_90B_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_pid_dp_uPure_c20220101__20220630_zHpPGiphTKAe"><ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateContinuingOperations" contextRef="From2022-01-01to2022-06-30" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">1.31</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%)
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for the six months ended June 30, 2022 and the period February 26, 2021 to June 30, 2021 respectively. The effective tax rate differs
from the statutory tax rate of <span id="xdx_904_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_uPure_c20210226__20210630_z7Te3YBbNeXc"><ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" contextRef="From2021-02-262021-06-30" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">21</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%
for the three months ended June 30, 2022 and 2021 and for the six months ended June 30, 2022 and the period February 26, 2021 to June
30, 2021, primarily due to changes in fair value in warrant liability, changes in fair value in the Forward Purchase Agreement derivative
liability, and the valuation allowance on the deferred tax assets.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ASC
Topic 740 also prescribes a recognition threshold and a measurement attribute for the financial statement recognition and
measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must
be more-likely-than-not to be sustained upon examination by taxing authorities. The Company recognizes accrued interest and
penalties related to unrecognized tax benefits, if any, as income tax expense. There were no unrecognized tax benefits and no
amounts accrued for interest and penalties as of June 30, 2022 and December 31, 2021. The Company is currently not aware of any issues under review that
could result in significant payments, accruals or material deviation from its position.</span></p>

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


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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO UNAUDITED CONDENSED FINANCIAL STATEMENTS</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
2 &#8212; Summary of Significant Accounting Policies (Continued)</b></span></p>

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

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-06-30" escape="true" name="NLITU:OfferingCostsAssociatedwiththeInitialPublicOfferingPolicyTextBlock"><p id="xdx_84F_ecustom--OfferingCostsAssociatedwiththeInitialPublicOfferingPolicyTextBlock_zLh03aiY18R1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86D_zgPLf8yUSmpk">Offering
Costs Associated with the Initial Public Offering and PIPE Offering</span></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Offering
costs consisted of legal, accounting, underwriting fees and other costs incurred that were directly related to the Initial Public Offering.
Offering costs are allocated to the separable financial instruments issued in the Initial Public Offering based on a relative fair value
basis, compared to total proceeds received. Offering costs associated with warrant liabilities are expensed as incurred, presented as
offering costs allocated to warrants in the condensed statements of operations. Offering costs associated with the Public Shares were
charged to stockholders&#8217; equity upon the completion of the Initial Public Offering.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred
offering costs as of June 30, 2022 consisted of legal, accounting, underwriting fees and other costs incurred that were directly related
to the PIPE Offering.</span></p>

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

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-06-30" escape="true" name="us-gaap:SharesSubjectToMandatoryRedemptionChangesInRedemptionValuePolicyTextBlock"><p id="xdx_84F_eus-gaap--SharesSubjectToMandatoryRedemptionChangesInRedemptionValuePolicyTextBlock_z7iIFQQ72twj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86F_zgYROHlgbme5">Class
A Common Stock Subject to Possible Redemption</span></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company accounts for its shares subject to possible redemption in accordance with the guidance in Accounting Standards Codification (&#8220;ASC&#8221;)
Topic 480 &#8220;Distinguishing Liabilities from Equity.&#8221; Shares subject to mandatory redemption (if any) is classified as a liability
instrument and is measured at fair value. Conditionally redeemable shares of common stock (including shares of common stock that feature
redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not
solely within the Company&#8217;s control) is classified as temporary equity. At all other times, shares are classified as stockholders&#8217;
equity. The Company&#8217;s shares feature certain redemption rights that are considered to be outside of the Company&#8217;s control
and subject to occurrence of uncertain future events.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June 30, 2022 and December 31, 2021, there were <span id="xdx_901_eus-gaap--CommonStockSharesIssued_iI_c20220630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zdjxSObrldEl" title="Common stock, shares issued"><span id="xdx_900_eus-gaap--CommonStockSharesOutstanding_iI_c20220630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zGUNlzpqDks" title="Common stock, shares outstanding"><ix:nonFraction name="us-gaap:CommonStockSharesIssued" contextRef="AsOf2022-06-30_us-gaap_CommonClassAMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:CommonStockSharesOutstanding" contextRef="AsOf2022-06-30_us-gaap_CommonClassAMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">4,333,047</ix:nonFraction></ix:nonFraction></span></span>
and <span id="xdx_908_eus-gaap--CommonStockSharesIssued_iI_c20211231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zsyzFOjROvwb" title="Common stock, shares issued"><span id="xdx_90C_eus-gaap--CommonStockSharesOutstanding_iI_c20211231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zLJO3oGybJI7" title="Common stock, shares outstanding"><ix:nonFraction name="us-gaap:CommonStockSharesIssued" contextRef="AsOf2021-12-31_us-gaap_CommonClassAMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:CommonStockSharesOutstanding" contextRef="AsOf2021-12-31_us-gaap_CommonClassAMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">528,175</ix:nonFraction></ix:nonFraction></span> </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares,
respectively, of Class A Common Stock issued and outstanding that were issued as component securities of the Private Placement Units
(Note 4). At December 31, 2021, <span id="xdx_902_ecustom--CommonStockSharesSubjectToRedemption_iI_c20211231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_z3SfnrPpwS23" title="Common stock, shares redemption"><ix:nonFraction name="NLITU:CommonStockSharesSubjectToRedemption" contextRef="AsOf2021-12-31_us-gaap_CommonClassAMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">11,500,000</ix:nonFraction> </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares
of Class A Common Stock were subject to possible redemption. At June 30, 2022, <span id="xdx_90E_ecustom--CommonStockSharesSubjectToRedemption_iI_c20220630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zMjGIlRqulWl" title="Common stock, shares redemption"><ix:nonFraction name="NLITU:CommonStockSharesSubjectToRedemption" contextRef="AsOf2022-06-30_us-gaap_CommonClassAMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">7,695,128</ix:nonFraction></span>
shares of Class A Common Stock were subject to possible redemption with <span id="xdx_903_ecustom--CommonStockSharesSubjectToRedemption_iI_c20220630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__srt--TitleOfIndividualAxis__custom--PurchasersMember_zCUzaU8VDVO9"><ix:nonFraction name="NLITU:CommonStockSharesSubjectToRedemption" contextRef="AsOf2022-06-30_us-gaap_CommonClassAMember_custom_PurchasersMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">3,804,872</ix:nonFraction></span> shares held by purchasers subject to the forward
purchase agreement who have waived their redemption rights.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
it is probable that the equity instrument will become redeemable, the Company has the option to either accrete changes in the redemption
value over the period from the date of issuance (or from the date that it becomes probable that the instrument will become redeemable,
if later) to the earliest redemption date of the instrument or to recognize changes in the redemption value immediately as they occur
and adjust the carrying amount of the instrument to equal the redemption value at the end of each reporting period. The Company has elected
to recognize the changes immediately. The accretion or remeasurement is treated as a deemed dividend (i.e., a reduction to retained earnings,
or in absence of retained earnings, additional paid-in capital).</span></p>

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

<ix:nonNumeric contextRef="From2022-01-01to2022-06-30" escape="true" name="NLITU:ScheduleOfCommonStockReconciledOnTheBalanceSheetsTableTextBlock"><p id="xdx_89F_ecustom--ScheduleOfCommonStockReconciledOnTheBalanceSheetsTableTextBlock_zC4FnmwjFE98" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2021, the Class A Common Stock reflected on the balance sheets is reconciled in the following table:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_8BD_zdKLZ3PwHVyd" style="display: none">Schedule of Common Stock Reflected on the Balance Sheets</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: 100%">
  <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_49E_20210101__20211231_zhTiCykEOuth" style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_404_eus-gaap--ProceedsFromIssuanceInitialPublicOffering_zCEwJti7fPZ3" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 80%; text-align: left">Gross Proceeds</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceInitialPublicOffering" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">115,000,000</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>Less:</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--AdjustmentsToAdditionalPaidInCapitalWarrantIssued_iN_di_zGoG2dXzjwjk" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Proceeds allocated to public warrants</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:AdjustmentsToAdditionalPaidInCapitalWarrantIssued" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">5,031,474</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_407_ecustom--ProceedsFromAllocatedToSharesNotSubjectToRedemption_zoeHx04aPYc6" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left">Proceeds allocated to shares not subject to redemption</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="NLITU:ProceedsFromAllocatedToSharesNotSubjectToRedemption" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">59</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_405_ecustom--IssuanceCostsRelatedToClassACommonStock_zZ9whs3Jrdj7" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Issuance costs related to Class A Common Stock</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="NLITU:IssuanceCostsRelatedToClassACommonStock" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">6,263,677</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_40E_ecustom--ExtensionPaymentClassifiedAsTemporaryEquity_zBzo4r7K00B3" style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt">Extension payment classified as temporary equity</td>
    <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: right"></td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td>Plus:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_405_eus-gaap--TemporaryEquityAccretionToRedemptionValue_zBcH269i6JIf" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; padding-bottom: 1.5pt">Accretion of carrying value to redemption value</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:TemporaryEquityAccretionToRedemptionValue" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">13,595,210</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_401_eus-gaap--TemporaryEquityCarryingAmountAttributableToParent_iE_zpO7FcWPXYIa" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; font-weight: bold; text-align: left; padding-bottom: 1.5pt">Class A Common Stock subject to possible redemption</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:TemporaryEquityCarryingAmountAttributableToParent" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">117,300,000</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  </table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of June 30, 2022, the Class A Common Stock reflected on the balance sheets are reconciled in the following table:</span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td id="xdx_493_20220101__20220630_zAiML0fmXSpb" style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td></tr>
  <tr id="xdx_404_eus-gaap--ProceedsFromIssuanceInitialPublicOffering_zS5vIAA12Oc1" 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: 82%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Class
    A Common Stock subject to possible redemption at December 31, 2021</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceInitialPublicOffering" contextRef="From2022-01-01to2022-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">117,300,000</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_401_eus-gaap--ProceedsFromIssuanceInitialPublicOffering_zRYAVeOaZohd" style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gross Proceeds</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceInitialPublicOffering" contextRef="From2022-01-01to2022-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">117,300,000</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Less:</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_407_ecustom--ProceedsFromAllocatedToSharesNotSubjectToRedemption_zp1Uw3z94M5e" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proceeds
    allocated to shares not redeemed - Class A Common Stock par value <sup id="xdx_F41_zMoiyJTElpdg">(1)</sup></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="NLITU:ProceedsFromAllocatedToSharesNotSubjectToRedemption" contextRef="From2022-01-01to2022-06-30" id="Fact000771" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">380</ix:nonFraction></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 id="xdx_405_ecustom--ProceedsFromAllocatedToSharesNotSubjectToRedemption_z05elFDqUWW" style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt"><span id="xdx_F4A_zi98lvssVCWd" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proceeds allocated to shares not subject to redemption</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="NLITU:ProceedsFromAllocatedToSharesNotSubjectToRedemption" contextRef="From2022-01-01to2022-06-30" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">380</ix:nonFraction></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 id="xdx_40E_eus-gaap--AdjustmentsToAdditionalPaidInCapitalWarrantIssued_iN_di_z6SoeMLY0Nz9" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proceeds
    allocated to shares not redeemed &#8211; additional paid in capital <sup id="xdx_F47_zjWYo3r2CAw2">(1)</sup></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:AdjustmentsToAdditionalPaidInCapitalWarrantIssued" contextRef="From2022-01-01to2022-06-30" id="Fact000775" format="ixt:numdotdecimal" decimals="0" unitRef="USD">38,809,314</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)
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  <tr id="xdx_400_ecustom--ExtensionPaymentClassifiedAsTemporaryEquity_zsiJX3Leuhd1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; padding-left: 10pt">Extension payment classified as temporary equity</td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><ix:nonFraction name="NLITU:ExtensionPaymentClassifiedAsTemporaryEquity" contextRef="From2022-01-01to2022-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">769,513</ix:nonFraction></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td></tr>
  <tr id="xdx_409_eus-gaap--AdjustmentsToAdditionalPaidInCapitalWarrantIssued_iN_di_zBXbuwkzm8D5" style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt"><span id="xdx_F42_zuXFgOak1lw6" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proceeds allocated to public warrants</span></td>
    <td style="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">(<ix:nonFraction name="us-gaap:AdjustmentsToAdditionalPaidInCapitalWarrantIssued" contextRef="From2022-01-01to2022-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">38,809,314</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif">)<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">
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<tr id="xdx_401_eus-gaap--TemporaryEquityCarryingAmountAttributableToParent_iE_zoH9Nkpc6zlf" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Class
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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="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:TemporaryEquityCarryingAmountAttributableToParent" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">79,259,819</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span id="xdx_F0C_zVeqSQEOsZu8" 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 id="xdx_F16_zUvEYxKHLLpj" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote000782" xml:lang="en-US">Represents
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</ix:nonNumeric><p id="xdx_8A7_zDdvJ6ou108b" style="margin-top: 0; margin-bottom: 0">&#160;</p>


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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO UNAUDITED CONDENSED FINANCIAL STATEMENTS</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
2 &#8212; Summary of Significant Accounting Policies (Continued)</b></span></p>

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

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-06-30" escape="true" name="us-gaap:ConcentrationRiskCreditRisk"><p id="xdx_847_eus-gaap--ConcentrationRiskCreditRisk_zdB3UYVcWvbg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86F_zdUG4ruLiFzf">Concentration
of Credit Risk</span></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
instruments that potentially subject the Company to concentration of credit risk consist of a cash account in a financial institution
which, at times, may exceed the Federal Depository Insurance Corporation coverage limit of $<span id="xdx_901_eus-gaap--CashFDICInsuredAmount_iI_c20220630_zucgElqIFWEa" title="Cash, FDIC insured amount"><ix:nonFraction name="us-gaap:CashFDICInsuredAmount" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">250,000</ix:nonFraction></span>. The Company has not experienced
losses on this account and management believes the Company is not exposed to significant risks on such account.</span></p>

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

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-06-30" escape="true" name="us-gaap:EarningsPerSharePolicyTextBlock"><p id="xdx_848_eus-gaap--EarningsPerSharePolicyTextBlock_zkZKqcstIbub" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Net
Income (Loss) Per Share</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net loss per share is computed by dividing net loss by the weighted average number of common stock shares outstanding for
the period. The calculation of diluted loss per share does not consider the effect of the warrants issued in connection with
the Initial Public Offering and warrants issued as components of the Private Placement Units (the &#8220;Placement Warrants&#8221;) since
the exercise of the warrants are contingent upon the occurrence of future events and the inclusion of such warrants would be anti-dilutive.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company applies the two-class method in calculating earnings per share. The contractual formula utilized to calculate the redemption
amount approximates fair value. The Class feature to redeem at fair value means that there is effectively only one class of stock.
Changes in fair value are not considered a dividend of the purposes of the numerator in the earnings per share calculation. Net loss
per common share is computed by dividing the pro rata net loss between the redeemable shares and the non-redeemable shares by the
weighted average number of common shares outstanding for each of the periods. The calculation of diluted loss per common stock
does not consider the effect of the warrants issued in connection with the IPO since the exercise of the warrants are contingent
upon the occurrence of future events and the inclusion of such warrants would be anti-dilutive. The warrants are exercisable for <span id="xdx_906_ecustom--StockIssuedDuringPeriodSharesWarrantsExercised_c20220101__20220630_zLCttS3J3jj6" title="Warrants exercisable"><ix:nonFraction name="NLITU:StockIssuedDuringPeriodSharesWarrantsExercised" contextRef="From2022-01-01to2022-06-30" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">6,014,088</ix:nonFraction></span>
shares of common stock in the aggregate.</span></p>

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

<ix:nonNumeric contextRef="From2022-01-01to2022-06-30" escape="true" name="us-gaap:ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock"><p id="xdx_894_eus-gaap--ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock_zkY3rOKcZ84i" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table reflects the calculation of basic and diluted net loss per common share:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_8BC_zr2oo3U5qczk" style="display: none">Schedule of Calculation of Basic and Diluted Net Income Per Share</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: 100%">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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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>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  </table>


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

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td>&#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 id="xdx_40E_eus-gaap--EarningsPerShareBasic_hus-gaap--StatementClassOfStockAxis__custom--NonRedeemableClassAandBCommonSharesMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zCX8DIWauvll" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</ix:nonNumeric><p id="xdx_8A2_zryVYbkd50d9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO UNAUDITED CONDENSED FINANCIAL STATEMENTS</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
2 &#8212; Summary of Significant Accounting Policies (Continued)</b></span></p>

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

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-06-30" escape="true" name="us-gaap:FairValueOfFinancialInstrumentsPolicy"><p id="xdx_842_eus-gaap--FairValueOfFinancialInstrumentsPolicy_zXiF6HvAoIQ7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_860_zPIG2kb2y9q">Fair
Value of Financial Instruments</span></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
fair value of the Company&#8217;s assets and liabilities, which qualify as financial instruments under ASC Topic 820, &#8220;Fair Value
Measurement,&#8221; approximates the carrying amounts represented in the accompanying condensed balance sheet, primarily due to their
short-term nature.</span></p>

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

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-06-30" escape="true" name="us-gaap:FairValueMeasurementPolicyPolicyTextBlock"><p id="xdx_844_eus-gaap--FairValueMeasurementPolicyPolicyTextBlock_zfpdIvR7qiY8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86F_znXWWK8ZYLc7">Fair
Value Measurements</span></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fair
value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction
between market participants at the measurement date. U.S. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs
used in measuring fair value.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements)
and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include:</span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
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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></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
    3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions,
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In
those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input
that is significant to the fair value measurement.</span></p>

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

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-06-30" escape="true" name="us-gaap:DerivativesPolicyTextBlock"><p id="xdx_84C_eus-gaap--DerivativesPolicyTextBlock_zITJfqWHHXeg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_867_zhj6CG3gdJU5">Derivative
Financial Instruments</span></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded
derivatives in accordance with ASC Topic 815, &#8220;Derivatives and Hedging&#8221;. For derivative financial instruments that are accounted
for as liabilities, the derivative instrument is initially recorded at its fair value on the grant date and is then re-valued at each
reporting date, with changes in the fair value reported in the statements of operations. The classification of derivative instruments,
including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period.
Derivative liabilities are classified in the balance sheet as current or non-current based on whether or not net-cash settlement or conversion
of the instrument could be required within 12 months of the balance sheet date.</span></p>

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


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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO UNAUDITED CONDENSED FINANCIAL STATEMENTS</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2
&#8212; Summary of Significant Accounting Policies (Continued)</b></span></p>

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

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-06-30" escape="true" name="us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock"><p id="xdx_849_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_zhIQi9ASO148" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86B_z65EptIbORpf">Recently
Issued Accounting Standards</span></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
August 2020, the FASB issued Accounting Standards Update (&#8220;ASU&#8221;) No. 2020-06, &#8220;Debt&#8212;Debt with Conversion and
Other Options (Subtopic 470- 0) 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&#8221; (&#8220;ASU 2020-06&#8221;), which simplifies accounting
for convertible instruments by removing major separation models required under current U.S. GAAP. The ASU also removes certain settlement
conditions that are required for equity-linked contracts to qualify for the derivative scope exception, and it simplifies the diluted
earnings per share calculation in certain areas. ASU 2020-06 is effective January 1, 2022 and should be applied on a full or modified
retrospective basis, with early adoption permitted beginning on January 1, 2021. The Company is currently assessing the impact, if any,
that ASU 2020-06 would have on its financial position, results of operations or cash flows.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management
does not believe that any other recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a
material effect on the Company&#8217;s financial statements.</span></p>

</ix:nonNumeric><p id="xdx_85D_ziZxrjicd2Nb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-06-30" escape="true" name="NLITU:InitialPublicOfferingTextBlock"><p id="xdx_807_ecustom--InitialPublicOfferingTextBlock_zjyqRDahonoh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
3 &#8212;<span id="xdx_827_zTxlGARN0Vr2">Public Offering</span></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the Initial Public Offering, the Company sold <span id="xdx_90B_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_c20220101__20220630_z2XEcDqWVyA" title="Number of shares sold in transaction"><ix:nonFraction name="us-gaap:SaleOfStockNumberOfSharesIssuedInTransaction" contextRef="From2022-01-01to2022-06-30" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">11,500,000</ix:nonFraction></span> Units at a purchase price of $<span id="xdx_90C_eus-gaap--SaleOfStockPricePerShare_iI_c20220630_zF5mFX2FTmpg" title="Sale of stock price per share"><ix:nonFraction name="us-gaap:SaleOfStockPricePerShare" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">10.00</ix:nonFraction></span> per Unit. Each Unit consists of one share
of the Company&#8217;s Class A Common Stock, $<span id="xdx_907_eus-gaap--CommonStockParOrStatedValuePerShare_iI_c20220630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zoSKM6noo3Yh" title="Common stock, par value"><ix:nonFraction name="us-gaap:CommonStockParOrStatedValuePerShare" contextRef="AsOf2022-06-30_us-gaap_CommonClassAMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.0001</ix:nonFraction></span> par value, and one-half of one redeemable warrant (&#8220;Public Warrant&#8221;).
Each whole Public Warrant entitles the holder to purchase one share of Class A Common Stock at an exercise price of $<span id="xdx_90F_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20220630__us-gaap--ClassOfWarrantOrRightAxis__custom--PublicWarrantMember_zXSk18j5WOX4" title="Warrant exercise price"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" contextRef="AsOf2022-06-30_custom_PublicWarrantMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">11.50</ix:nonFraction></span> per whole
share (see Note 7).</span></p>

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

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-06-30" escape="true" name="NLITU:PrivatePlacementTextBlock"><p id="xdx_80B_ecustom--PrivatePlacementTextBlock_zs2YYME6zAPe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
4 &#8212; <span id="xdx_825_zTG1MouzhLVb">Private Placement</span></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Simultaneously
with the Initial Public Offering, the Sponsor purchased an aggregate of <span id="xdx_901_eus-gaap--StockIssuedDuringPeriodSharesAcquisitions_c20220101__20220630__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zrn7dfS6JOj1" title="Number of shares issued in acquisition transaction"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesAcquisitions" contextRef="From2022-01-012022-06-30_us-gaap_PrivatePlacementMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">528,175</ix:nonFraction></span> Private Placement Units at a price of $<span id="xdx_90F_eus-gaap--SharePrice_iI_c20220630__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_z17v07seHqW4" title="Price per share"><ix:nonFraction name="us-gaap:SharePrice" contextRef="AsOf2022-06-30_us-gaap_PrivatePlacementMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">10.00</ix:nonFraction></span> per Private
Placement Unit for an aggregate purchase price of $<span id="xdx_90A_eus-gaap--StockIssuedDuringPeriodValueAcquisitions_c20220101__20220630__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zLqz0slEu3s4" title="Number of shares issued in acquisition transaction value"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueAcquisitions" contextRef="From2022-01-012022-06-30_us-gaap_PrivatePlacementMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">5,281,750</ix:nonFraction></span>.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Private Placement Units are identical to the Units, except that (a) the Private Placement Units and their component securities will not
be transferable, assignable or saleable until the consummation of the Company&#8217;s initial business combination except to permitted
transferees and (b) the Placement Warrants, so long as they are held by the Sponsor or its permitted transferees, (i) may be exercised
by the holders on a cashless basis and (ii) will be entitled to registration rights.</span></p>

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

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-06-30" escape="true" name="us-gaap:RelatedPartyTransactionsDisclosureTextBlock"><p id="xdx_80D_eus-gaap--RelatedPartyTransactionsDisclosureTextBlock_zQhDNxMybOt4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
5 &#8212; <span id="xdx_829_zrttc9SwzVL6">Related Party Transactions</span></b></span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 19, 2021, the Company issued an aggregate of <span id="xdx_90B_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20210318__20210319__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember__srt--TitleOfIndividualAxis__custom--SponsorMember_z5MCg72WifFb"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2021-03-182021-03-19_us-gaap_CommonClassBMember_custom_SponsorMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">2,875,000</ix:nonFraction></span> shares of Class B common stock (the &#8220;Founder Shares&#8221;) to the
Sponsor for an aggregate purchase price of $<span id="xdx_902_eus-gaap--StockIssuedDuringPeriodValueNewIssues_c20210318__20210319__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember__srt--TitleOfIndividualAxis__custom--SponsorMember_zfGYng47CMDj"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueNewIssues" contextRef="From2021-03-182021-03-19_us-gaap_CommonClassBMember_custom_SponsorMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">25,000</ix:nonFraction></span>. On March 24, 2021, the Sponsor transferred 10,000 shares to the Company&#8217;s Chief
Financial Officer and <span id="xdx_90E_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20210323__20210324__srt--TitleOfIndividualAxis__custom--IndependentDirectorThreeMember_zWFaUAe3OsTk"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2021-03-232021-03-24_custom_IndependentDirectorThreeMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">10,000</ix:nonFraction></span> shares to each of the Company&#8217;s three independent directors. <span style="background-color: white">Effective
January 18, 2022, </span>the Sponsor agreed to allocate an additional <span id="xdx_90B_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20210318__20210319__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember__srt--TitleOfIndividualAxis__custom--MrFamereeMember_z6EaHmVfaUQh"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2021-03-182021-03-19_us-gaap_CommonClassBMember_custom_MrFamereeMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">90,000</ix:nonFraction></span> shares to the Company&#8217;s Chief Financial Officer which
may be purchased by Mr. Fameree at the same price as the Founder shares were acquired or $<span id="xdx_904_ecustom--BusinessCombinationContingentPerShare_pid_c20210318__20210319__srt--TitleOfIndividualAxis__custom--MrFamereeMember_zoWLszZBSw8j" title="Business combination contingent per share"><ix:nonFraction name="NLITU:BusinessCombinationContingentPerShare" contextRef="From2021-03-182021-03-19_custom_MrFamereeMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.009</ix:nonFraction></span> per share contingent upon closing of
NLIT&#8217;s business combination.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
option to purchase the Founders Shares provided to the Company&#8217;s CFO is in the scope of FASB ASC Topic 718, &#8220;Compensation-Stock
Compensation&#8221; (&#8220;ASC 718&#8221;). Under ASC 718, stock-based compensation associated with equity-classified awards is measured
at fair value upon the grant date. The fair value of the <span id="xdx_90D_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_c20220101__20220630__srt--TitleOfIndividualAxis__srt--ChiefFinancialOfficerMember_zoTcFcVPWAsf" title="Fair valur of options granted shares"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesStockOptionsExercised" contextRef="From2022-01-012022-06-30_srt_ChiefFinancialOfficerMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">90,000</ix:nonFraction></span> options to purchase shares granted to the Company&#8217;s CFO was $<span id="xdx_903_eus-gaap--StockIssuedDuringPeriodValueStockOptionsExercised_c20220101__20220630__srt--TitleOfIndividualAxis__srt--ChiefFinancialOfficerMember_zJX3V2xhe8F3" title="Fair valur of options granted shares"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueStockOptionsExercised" contextRef="From2022-01-012022-06-30_srt_ChiefFinancialOfficerMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">800,725</ix:nonFraction></span>
or $<span id="xdx_908_ecustom--StockIssuedDuringPeriodStockOptionsExercisedPricePerShare_c20220101__20220630__srt--TitleOfIndividualAxis__srt--ChiefFinancialOfficerMember_zBZJTbVflP75" title="Fair valur of options granted per share"><ix:nonFraction name="NLITU:StockIssuedDuringPeriodStockOptionsExercisedPricePerShare" contextRef="From2022-01-012022-06-30_srt_ChiefFinancialOfficerMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">8.90</ix:nonFraction></span> per option. The Founders Shares were granted subject to a performance condition (i.e., the occurrence of a Business Combination).
Compensation expense related to the Founders Shares is recognized only when the performance condition is probable of occurrence under
the applicable accounting literature in this circumstance. As of June 30, 2022, the Company determined that a Business Combination is
not considered probable, and, therefore, no stock-based compensation expense has been recognized. Stock-based compensation would be recognized
at the date a Business Combination is considered probable (i.e., upon consummation of a Business Combination) in an amount equal to the
number of Founders Shares times the grant date fair value per option (unless subsequently modified) less the amount ultimately received
for the purchase of the Founders Shares.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Founder Shares which the Sponsor and its permitted transferees will collectively own, on an as-converted basis, represent <span id="xdx_90D_ecustom--InitialPublicOfferingPercentage_pid_dp_uPure_c20220101__20220630_zP6AVydtwru6"><ix:nonFraction name="NLITU:InitialPublicOfferingPercentage" contextRef="From2022-01-01to2022-06-30" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">20</ix:nonFraction></span>% of the
Company&#8217;s issued and outstanding shares after the Initial Public Offering. The Sponsor has agreed not to transfer, assign or sell
any of its Founder Shares until the earlier to occur of: (A) six months after the completion of a Business Combination or (B) the date
on which the Company completes a liquidation, merger, capital stock exchange or similar transaction that results in the Company&#8217;s
stockholders having the right to exchange their shares of common stock for cash, securities or other property. Notwithstanding the foregoing,
if the last reported sale price of the Company&#8217;s Class A Common Stock equals or exceeds $<span id="xdx_90B_eus-gaap--SaleOfStockPricePerShare_iI_c20220630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_ztiHgkZduFAe"><ix:nonFraction name="us-gaap:SaleOfStockPricePerShare" contextRef="AsOf2022-06-30_us-gaap_CommonClassAMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">12.50</ix:nonFraction></span> per share (as adjusted for stock
splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing
at least 150 days after the Business Combination, the Founder Shares will be released from the lock-up.</span></p>

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


<ix:exclude><!-- Field: Page; Sequence: 168; Value: 1 -->
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    <!-- Field: /Page --></ix:exclude>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO UNAUDITED CONDENSED FINANCIAL STATEMENTS</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
5&#8212; Related Party Transactions (Continued)</b></span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
order to finance transaction costs in connection with a Business Combination, the Company&#8217;s Sponsor, an affiliate of the Sponsor,
or the Company&#8217;s officers and directors may, but are not obligated to, loan the Company funds as may be required (the &#8220;Working
Capital Loans&#8221;). Such Working Capital Loans would be evidenced by promissory notes. The notes would either be repaid upon consummation
of a Business Combination, without interest, or, at the lender&#8217;s discretion, up to $<span id="xdx_90F_eus-gaap--DueFromRelatedParties_iI_c20220630__srt--RangeAxis__srt--MaximumMember__us-gaap--DebtInstrumentAxis__custom--WorkingCapitalLoansMember_zY9jwlexpbt4" title="Promissory note - related party"><ix:nonFraction name="us-gaap:DueFromRelatedParties" contextRef="AsOf2022-06-30_srt_MaximumMember_custom_WorkingCapitalLoansMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,500,000</ix:nonFraction></span> of notes may be converted upon consummation
of a Business Combination into units at a price of $<span id="xdx_905_ecustom--BusinessAcquisitionSharePricePerShare_iI_c20220630__us-gaap--DebtInstrumentAxis__custom--WorkingCapitalLoansMember_zfnddgR3GWt6" title="Share price per share"><ix:nonFraction name="NLITU:BusinessAcquisitionSharePricePerShare" contextRef="AsOf2022-06-30_custom_WorkingCapitalLoansMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">10.00</ix:nonFraction></span> per unit. The Units will be identical to the Private Placement Units. In the
event that a Business Combination does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the
Working Capital Loans but no proceeds held in the Trust Account would be used to repay the Working Capital Loans. To date, the Company
has no working capital loans outstanding.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June 27, 2022, the Company, with proceeds advanced from an affiliate of the Sponsor through a non-interest bearing advance (the &#8220;Advance&#8221;), deposited $<span id="xdx_90C_eus-gaap--ProceedsFromRelatedPartyDebt_c20220625__20220627_zpskDE9BKKQ7" title="Proceeds advanced from affiliate"><ix:nonFraction name="us-gaap:ProceedsFromRelatedPartyDebt" contextRef="From2022-06-252022-06-27" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,150,000</ix:nonFraction></span>
in the Trust Account extending operations for three months from June 28, 2022 to September 28, 2022. <span id="xdx_909_ecustom--RelatedPartyBusinessCombinationDescription_c20220101__20220630__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartyLoansMember_z9DqG6JsAwHe" title="Related party - business combination description"><ix:nonNumeric contextRef="From2022-01-012022-06-30_custom_RelatedPartyLoansMember" name="NLITU:RelatedPartyBusinessCombinationDescription">If
the Company anticipates that it may not be able to consummate a Business Combination by September 28, 2022, the Company may, by
resolution of the Company&#8217;s board if requested by the Sponsor, extend the period of time to consummate a Business Combination
up to one additional time by an additional three months (for a total of up to 18 months to complete a Business Combination from the
consummation of the Company&#8217;s IPO), subject to the Sponsor depositing additional funds into the Trust Account as set out
below.</ix:nonNumeric></span></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span title="Related party - business combination description">Pursuant to the terms of the Company&#8217;s amended and restated certificate of incorporation and the trust agreement
entered into between the Company and Continental Stock Transfer &amp; Trust Company, in order for the time available for the Company
to consummate the initial Business Combination to be extended, the Sponsor or its affiliates or designees, upon five business days
advance notice prior to the applicable deadline, must deposit into the Trust Account $<span id="xdx_907_eus-gaap--RelatedPartyDepositLiabilities_iI_c20220630__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartyLoansMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--OverAllotmentOptionMember_zl0h1krXoPbi" title="Deposit"><ix:nonFraction name="us-gaap:RelatedPartyDepositLiabilities" contextRef="AsOf2022-06-30_custom_RelatedPartyLoansMember_us-gaap_OverAllotmentOptionMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,150,000</ix:nonFraction></span>
since the underwriters&#8217; over-allotment option is exercised in full ($<span id="xdx_908_eus-gaap--SaleOfStockPricePerShare_iI_c20220630__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartyLoansMember_zcOY5y7d75Ld" title="Price per share"><ix:nonFraction name="us-gaap:SaleOfStockPricePerShare" contextRef="AsOf2022-06-30_custom_RelatedPartyLoansMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.10</ix:nonFraction></span>
per unit), on or prior to the date of the applicable deadline, for each of the available three month extensions, providing a total
possible Business Combination period of 18 months at a total payment value of $<span id="xdx_90C_eus-gaap--BusinessCombinationConsiderationTransferred1_c20220101__20220630__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartyLoansMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--OverAllotmentOptionMember__us-gaap--DebtInstrumentAxis__custom--ExtensionLoansMember_z5MTCVf7OZJ3" title="Total payment"><ix:nonFraction name="us-gaap:BusinessCombinationConsiderationTransferred1" contextRef="From2022-01-012022-06-30_custom_RelatedPartyLoansMember_us-gaap_OverAllotmentOptionMember_custom_ExtensionLoansMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,300,000</ix:nonFraction></span>
since the underwriters&#8217; over-allotment option is exercised in full ($<span id="xdx_902_ecustom--BusinessAcquisitionSharePricePerShare_iI_c20220630__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartyLoansMember_zWl1u327Mlii" title="Share price per share"><ix:nonFraction name="NLITU:BusinessAcquisitionSharePricePerShare" contextRef="AsOf2022-06-30_custom_RelatedPartyLoansMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.10</ix:nonFraction></span>
per unit) (the &#8220;Extension Loans&#8221;). Any such payments would be made in the form of non-interest-bearing loans (the &#8220;Extension Loans&#8221;). As noted
above, the first such extension was made on June 27, 2022.</span></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span title="Related party - business combination description">If
the Company completes its initial Business Combination, the Company will, at the option of the Sponsor, repay the Extension Loans
out of the proceeds of the Trust Account released to the Company or convert a portion or all of the total loan amount into units at
a price of $<span id="xdx_903_ecustom--BusinessAcquisitionSharePricePerShare_iI_c20220630__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartyLoansMember__us-gaap--DebtInstrumentAxis__custom--ExtensionLoansMember_zVLgXPriEOR6" title="Share price per share"><ix:nonFraction name="NLITU:BusinessAcquisitionSharePricePerShare" contextRef="AsOf2022-06-30_custom_RelatedPartyLoansMember_custom_ExtensionLoansMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">10.00</ix:nonFraction></span>
per unit, which units will be identical to the Private Placement Units.</span> The Sponsor and its affiliate have waived this
conversion right and the Advance will be repaid at the closing of the initial Business Combination utilizing cash. If the Company
does not complete a Business Combination, the Company will repay such loans only from funds held outside of the Trust Account.
Furthermore, the letter agreement among the Company and the Company&#8217;s officers, directors, and the Sponsor contains a
provision pursuant to which the Sponsor will agree to waive its right to be repaid for such loans to the extent there is
insufficient funds held outside of the Trust Account in the event that the Company does not complete a Business Combination. The
Sponsor and its affiliates or designees are not obligated to fund the Trust Account to extend the time for the Company to complete
the initial Business Combination. The public stockholders will not be afforded an opportunity to vote on the extension of time to
consummate an initial Business Combination from 12 months to 18 months described above or redeem their shares in connection with
such extensions.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the three months ending June 30, 2022, Luminous Capital Inc., an affiliate of the Sponsor, paid $<span id="xdx_90F_eus-gaap--ProceedsFromCollectionOfAdvanceToAffiliate_c20220401__20220630__us-gaap--RelatedPartyTransactionAxis__custom--LuminousCapitalIncMember_zH4gznY0GUh4" title="Proceeds advanced from affiliate"><ix:nonFraction name="us-gaap:ProceedsFromCollectionOfAdvanceToAffiliate" contextRef="From2022-04-012022-06-30_custom_LuminousCapitalIncMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">222,211</ix:nonFraction></span> in expenses on behalf of the
Company. This amount was included in accounts payable/accrued expenses at June 30, 2022. On June 30, 2022, $<span id="xdx_907_eus-gaap--InterestIncomeOther_c20220101__20220630__us-gaap--RelatedPartyTransactionAxis__custom--LuminousCapitalIncMember_zy8RdGPREFnj" title="Trust account interest income"><ix:nonFraction name="us-gaap:InterestIncomeOther" contextRef="From2022-01-012022-06-30_custom_LuminousCapitalIncMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">168,617</ix:nonFraction></span> in Trust Account
interest income was released to the Company and utilized to pay franchise taxes.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Commencing
on the date of the Initial Public Offering and until completion of the Company&#8217;s Business Combination or liquidation, the
Company may reimburse Luminous Capital Inc., an affiliate of the Sponsor, up to an amount of $<span id="xdx_90B_ecustom--ReimbursementOfOfficeSpaceSecretarialAndAdministrativeSupport_c20220101__20220630__us-gaap--RelatedPartyTransactionAxis__custom--LuminousCapitalIncMember__us-gaap--TypeOfArrangementAxis__custom--AdministrativeSupportAgreementMember_zeH40upC3XSd"><ix:nonFraction name="NLITU:ReimbursementOfOfficeSpaceSecretarialAndAdministrativeSupport" contextRef="From2022-01-012022-06-30_custom_LuminousCapitalIncMember_custom_AdministrativeSupportAgreementMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">10,000</ix:nonFraction></span>
per month for office space, secretarial and administrative support. For the three and six months ending June 30, 2022, $<span id="xdx_903_ecustom--SupportFee_c20220401__20220630__us-gaap--RelatedPartyTransactionAxis__custom--LuminousCapitalIncMember__us-gaap--TypeOfArrangementAxis__custom--AdministrativeSupportAgreementMember_zDGAKoagase4" title="Support fee"><ix:nonFraction name="NLITU:SupportFee" contextRef="From2022-04-012022-06-30_custom_LuminousCapitalIncMember_custom_AdministrativeSupportAgreementMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">30,000</ix:nonFraction></span>
and $<span id="xdx_901_ecustom--SupportFee_c20220101__20220630__us-gaap--RelatedPartyTransactionAxis__custom--LuminousCapitalIncMember__us-gaap--TypeOfArrangementAxis__custom--AdministrativeSupportAgreementMember_zgz8zXkmJJvd" title="Support fee"><ix:nonFraction name="NLITU:SupportFee" contextRef="From2022-01-012022-06-30_custom_LuminousCapitalIncMember_custom_AdministrativeSupportAgreementMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">60,000</ix:nonFraction></span>
in support fees was incurred, respectively. $<span id="xdx_906_ecustom--SupportFee_c20210226__20210630__us-gaap--RelatedPartyTransactionAxis__custom--LuminousCapitalIncMember__us-gaap--TypeOfArrangementAxis__custom--AdministrativeSupportAgreementMember_zxLEizwPp8Sk" title="Support fee"><span id="xdx_909_ecustom--SupportFee_c20210401__20210630__us-gaap--RelatedPartyTransactionAxis__custom--LuminousCapitalIncMember__us-gaap--TypeOfArrangementAxis__custom--AdministrativeSupportAgreementMember_zbZNsX5oxLC7"><ix:nonFraction name="NLITU:SupportFee" contextRef="From2021-02-262021-06-30_custom_LuminousCapitalIncMember_custom_AdministrativeSupportAgreementMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD"><ix:nonFraction name="NLITU:SupportFee" contextRef="From2021-04-012021-06-30_custom_LuminousCapitalIncMember_custom_AdministrativeSupportAgreementMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">10,000</ix:nonFraction></ix:nonFraction></span></span>
in support fees was incurred for both the period from February 26, 2021 (inception) through June 30, 2021 and the three months
ending June 30, 2021. $<span id="xdx_903_ecustom--SupportFee_c20220101__20220630__us-gaap--RelatedPartyTransactionAxis__custom--LuminousCapitalIncMember_zpM0bEVWluze" title="Support fee"><ix:nonFraction name="NLITU:SupportFee" contextRef="From2022-01-012022-06-30_custom_LuminousCapitalIncMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">10,000</ix:nonFraction></span>
and $<span id="xdx_905_ecustom--SupportFee_c20210101__20211231__us-gaap--RelatedPartyTransactionAxis__custom--LuminousCapitalIncMember_zrZDEUF77eRi" title="Support fee"><ix:nonFraction name="NLITU:SupportFee" contextRef="From2021-01-012021-12-31_custom_LuminousCapitalIncMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">0</ix:nonFraction></span> in support fees were due to Luminous Capital Inc. at June 30, 2022 and December 31, 2021, respectively.</span></p>

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


<ix:exclude><!-- Field: Page; Sequence: 169; 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 -->52<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO UNAUDITED CONDENSED FINANCIAL STATEMENTS</b></span></p>

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

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-06-30" escape="true" name="us-gaap:CommitmentsAndContingenciesDisclosureTextBlock"><p id="xdx_80C_eus-gaap--CommitmentsAndContingenciesDisclosureTextBlock_z0s2iwZUdQs4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
6 &#8212; <span id="xdx_826_z34XOM3Gttj1">Commitments and Contingencies</span></b></span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to a registration rights agreement entered into on June 23, 2021, the holders of the Founder Shares, Private Placement Units (including
the securities contained therein), the units (including the securities contained therein) that may be issued upon conversion of the Working
Capital Loans, and any shares of Class A Common Stock issuable upon the exercise of the Placement Warrants and any shares of Class A
Common Stock, warrants (and underlying Class A Common Stock) that may be issued upon conversion of the units issued as part of the working
capital loans and Class A Common Stock issuable upon conversion of the founder shares are entitled to registration rights. The holders
of a majority of these securities are entitled to make up to three demands, excluding short form demands, that the Company register such
securities. In addition, the holders have certain &#8220;piggy-back&#8221; registration rights with respect to registration statements
filed subsequent to the completion of a Business Combination and rights to require the Company to register for resale such securities
pursuant to Rule 415 under the Securities Act. However, the registration rights agreement provides that the Company will not permit any
registration statement filed under the Securities Act to become effective until termination of the applicable lock-up period. The Company
will bear the expenses incurred in connection with the filing of any such registration statements.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company granted the underwriter a 45-day option to purchase up to <span id="xdx_904_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod_c20220101__20220630__us-gaap--TypeOfArrangementAxis__custom--UnderwritersAgreementMember__srt--RangeAxis__srt--MaximumMember_z6YGbiVYyrka" title="Option to purchase shares"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod" contextRef="From2022-01-012022-06-30_custom_UnderwritersAgreementMember_srt_MaximumMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,500,000</ix:nonFraction></span> additional Units to cover over-allotments at the Initial
Public Offering price, less the underwriting discounts and commissions. The underwriter&#8217;s over-allotment option was exercised in
full on June 28, 2021.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
underwriter was paid a cash underwriting discount of <span id="xdx_904_ecustom--PercentageOfDiscountOnGrossProceedsOfInitialPublicOffering_pid_dp_uPure_c20220101__20220630__us-gaap--CashAndCashEquivalentsAxis__us-gaap--CashMember__us-gaap--TypeOfArrangementAxis__custom--UnderwritersAgreementMember_zZcBYMT4Pfgh" title="Percentage of discount on gross proceeds of initial public offering"><ix:nonFraction name="NLITU:PercentageOfDiscountOnGrossProceedsOfInitialPublicOffering" contextRef="From2022-01-012022-06-30_us-gaap_CashMember_custom_UnderwritersAgreementMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">1.50</ix:nonFraction></span>% of the gross proceeds of the Initial Public Offering, or $<span id="xdx_90F_eus-gaap--ProceedsFromIssuanceInitialPublicOffering_c20220101__20220630__us-gaap--CashAndCashEquivalentsAxis__us-gaap--CashMember__us-gaap--TypeOfArrangementAxis__custom--UnderwritersAgreementMember_zNFd8mgbKBsb" title="Gross proceeds"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceInitialPublicOffering" contextRef="From2022-01-012022-06-30_us-gaap_CashMember_custom_UnderwritersAgreementMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,725,000</ix:nonFraction></span>. In addition,
the underwriter is entitled to a deferred fee of three and a half percent (<span id="xdx_90F_ecustom--PercentageOfDiscountOnGrossProceedsOfInitialPublicOffering_pid_dp_uPure_c20220101__20220630__us-gaap--IncomeStatementLocationAxis__custom--DeferredFeeMember__us-gaap--TypeOfArrangementAxis__custom--UnderwritersAgreementMember_zfPbq2AVsf3l" title="Percentage of discount on gross proceeds of initial public offering"><ix:nonFraction name="NLITU:PercentageOfDiscountOnGrossProceedsOfInitialPublicOffering" contextRef="From2022-01-012022-06-30_custom_DeferredFeeMember_custom_UnderwritersAgreementMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">3.50</ix:nonFraction></span>%) of the gross proceeds of the Initial Public Offering,
or $<span id="xdx_908_eus-gaap--ProceedsFromIssuanceInitialPublicOffering_c20220101__20220630__us-gaap--IncomeStatementLocationAxis__custom--DeferredFeeMember__us-gaap--TypeOfArrangementAxis__custom--UnderwritersAgreementMember_zp6Vgk0FKDvd" title="Gross Proceeds"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceInitialPublicOffering" contextRef="From2022-01-012022-06-30_custom_DeferredFeeMember_custom_UnderwritersAgreementMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,025,000</ix:nonFraction></span>. The deferred fee was placed in the Trust Account and will be paid in cash upon the closing of a Business Combination,
subject to the terms of the underwriting agreement.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
a period beginning on June 28, 2021 and ending 12 months from the closing of a business combination, we have granted the underwriters
a right of first refusal to act as lead-left book running manager and lead left manager for any and all future private or public equity,
convertible and debt offerings during such period. In accordance with FINRA Rule 5110(f)(2)(E)(i), such right of first refusal shall
not have a duration of more than three years from the effective date of our Registration Statement.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company and Safe Harbor have agreed to pay (jointly and severally) to Midtown East a break-up fee equal to the sum of (i) all quarterly
structuring fees and attorney fees and other reasonable expenses related thereto incurred by Midtown East or its affiliates in connection
with the Forward Purchase Transaction, plus (ii) $<span id="xdx_909_eus-gaap--SecuritiesPurchasedUnderAgreementsToResellIncrease_c20220101__20220630__srt--StatementGeographicalAxis__custom--MidtownEastMember_zd0DUBswP4S8" title="Redemption forward purchase agreement"><ix:nonFraction name="us-gaap:SecuritiesPurchasedUnderAgreementsToResellIncrease" contextRef="From2022-01-012022-06-30_custom_MidtownEastMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,000,000</ix:nonFraction></span>, upon the occurrence of an &#8220;Additional Termination Event&#8221; following
the consummation of the Forward Purchase Transaction except where the Additional Termination Event occurred as a result of regulatory
items or a material breach of Seller&#8217;s obligations under the Forward Purchase Agreement. An &#8220;Additional Termination Event&#8221;
is defined under the Forward Purchase Agreement to occur if (a) the Business Combination fails to close on or before the Outside Date
(as defined in the Unit Purchase Agreement, and as such Outside Date may be amended or extended from time to time) or (b) the Unit Purchase
Agreement is terminated prior to the closing of the Business Combination.</span></p>

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

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-06-30" escape="true" name="NLITU:WarrantLiabilityTextBlock"><p id="xdx_80D_ecustom--WarrantLiabilityTextBlock_zg2tHGRlGDG5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
7 &#8211; <span id="xdx_823_zYbsu2V25BI8">Warrant Liability</span></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of June 30, 2022 and December 31, 2021, the Company has <span id="xdx_905_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20220630__us-gaap--StatementEquityComponentsAxis__custom--PublicWarrantsMember_ztmfAR6sMpD9"><span id="xdx_900_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20211231__us-gaap--StatementEquityComponentsAxis__custom--PublicWarrantsMember_zwBfG7drc2Ql"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightOutstanding" contextRef="AsOf2022-06-30_custom_PublicWarrantsMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightOutstanding" contextRef="AsOf2021-12-31_custom_PublicWarrantsMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">5,750,000</ix:nonFraction></ix:nonFraction></span></span> Public Warrants and the <span id="xdx_90A_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20220630__us-gaap--StatementEquityComponentsAxis__custom--PrivatePlacementWarrantsMember_zRHLJqe8BxE5"><span id="xdx_90E_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20211231__us-gaap--StatementEquityComponentsAxis__custom--PrivatePlacementWarrantsMember_zoxMI43U5Gx5"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightOutstanding" contextRef="AsOf2022-06-30_custom_PrivatePlacementWarrantsMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightOutstanding" contextRef="AsOf2021-12-31_custom_PrivatePlacementWarrantsMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">264,088</ix:nonFraction></ix:nonFraction></span></span> Private Placement Warrants, respectively,
outstanding.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Public
Warrants may only be exercised for a whole number of shares. No fractional warrants will be issued upon separation of the Units and only
whole warrants will trade. <span id="xdx_906_ecustom--WarrantsDescription_c20220101__20220630__us-gaap--StatementEquityComponentsAxis__custom--PublicWarrantsMember_zd5Utx9zGkD" title="Warrants description"><ix:nonNumeric contextRef="From2022-01-012022-06-30_custom_PublicWarrantsMember" name="NLITU:WarrantsDescription">The Public Warrants will become exercisable on the later of (i) the date of the completion of a Business Combination
and (ii) 12 months from the closing of the Initial Public Offering, and will expire five years after the completion of a Business Combination
or earlier upon redemption or liquidation.</ix:nonNumeric></span></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company will not be obligated to deliver any shares of Class A Common Stock pursuant to the exercise of a warrant and will have no obligation
to settle such warrant exercise unless a registration statement under the Securities Act covering the issuance of the shares of Class
A common issuable upon exercise of the warrants is then effective and a current prospectus relating to those shares of Class A Common
Stock is available, subject to the Company satisfying its obligations with respect to registration. No warrant will be exercisable for
cash or on a cashless basis, and the Company will not be obligated to issue any shares to holders seeking to exercise their warrants,
unless the issuance of the shares upon such exercise is registered or qualified under the securities laws of the state of the exercising
holder, or an exemption from registration is available.</span></p>

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


<ix:exclude><!-- Field: Page; Sequence: 170; Value: 1 -->
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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO UNAUDITED CONDENSED FINANCIAL STATEMENTS</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
7 &#8211; Warrant Liability (Continued)</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has agreed that as soon as practicable, but in no event later than 20 business days after the closing of its initial Business
Combination, it will use its commercially reasonable efforts to file with the SEC a post-effective amendment to the registration statement
or a new registration statement covering the shares of Class A Common Stock issuable upon exercise of the warrants, to cause such registration
statement to become effective and to maintain a current prospectus relating to those shares of Class A Common Stock until the warrants
expire or are redeemed, as specified in the warrant agreement. If a registration statement covering the shares of Class A Common Stock
issuable upon exercise of the warrants is not effective by the 60th business day after the closing of the Company&#8217;s initial business
combination, warrant holders may, until such time as there is an effective registration statement and during any period when the Company
will have failed to maintain an effective registration statement, exercise warrants on a &#8220;cashless basis&#8221; in accordance with
Section 3(a)(9) of the Securities Act or another exemption. Notwithstanding the above, if the Company&#8217;s shares of Class A Common
Stock are at the time of any exercise of a warrant not listed on a national securities exchange such that they satisfy the definition
of a &#8220;covered security&#8221; under Section 18(b)(1) of the Securities Act, it may, at its option, require holders of Public Warrants
who exercise their warrants to do so on a &#8220;cashless basis&#8221; in accordance with Section 3(a)(9) of the Securities Act and,
in the event the Company so elects, it will not be required to file or maintain in effect a registration statement, and in the event
it does not so elect, it will use its commercially reasonable efforts to register or qualify the shares under applicable blue sky laws
to the extent an exemption is not available. If that exemption, or another exemption, is not available, holders will not be able to exercise
their warrants on a cashless basis.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Redemption
of warrants when the price per Class A Common Stock equals or exceeds $<span id="xdx_904_eus-gaap--SharePrice_iI_c20220630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zhQf8V8PMR97" title="Shares issued, Price per share"><ix:nonFraction name="us-gaap:SharePrice" contextRef="AsOf2022-06-30_us-gaap_CommonClassAMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">18.00</ix:nonFraction></span>. Once the warrants become exercisable, the Company may redeem
the Public Warrants:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><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">in
    whole and not in 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">at
    a price of $<span id="xdx_90C_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20220630__us-gaap--StatementEquityComponentsAxis__custom--PublicWarrantsMember_z21khIspbfMd" title="Warrants price per share"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" contextRef="AsOf2022-06-30_custom_PublicWarrantsMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.01</ix:nonFraction></span> per Public Warrant;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">upon
    not less than 30 days&#8217; prior written notice of redemption to each warrant holder; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">if,
    and only if, the reported last sale price of the Class A Common Stock equals or exceeds $<span id="xdx_907_eus-gaap--SharePrice_iI_c20220630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zyIuBdViap9d" title="Shares issued, Price per share"><ix:nonFraction name="us-gaap:SharePrice" contextRef="AsOf2022-06-30_us-gaap_CommonClassAMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">18.00</ix:nonFraction></span> per share (as adjusted for stock splits,
    stock dividends, reorganizations, recapitalizations and the like and certain issuances of Class A Common Stock and equity-linked
    securities) for any 20 trading days within a 30-trading day period commencing no earlier than the date the warrants become exercisable
    and ending on the third business day before the date on which the Company sends the notice of redemption to the warrant holders.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 47.5pt; text-align: justify; text-indent: -23.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
and when the warrants become redeemable by the Company, the Company may exercise its redemption right even if it is unable to register
or qualify the underlying securities for sale under all applicable state securities laws.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the Company calls the Public Warrants for redemption, management will have the option to require all holders that wish to exercise the
Public Warrants to do so on a &#8220;cashless basis,&#8221; as described in the warrant agreement. The exercise price and number of shares
of Class A Common Stock issuable upon exercise of the warrants may be adjusted in certain circumstances including in the event of a stock
dividend, or recapitalization, reorganization, merger or consolidation. However, the warrants will not be adjusted for issuance of Class
A Common Stock at a price below its exercise price. Additionally, in no event will the Company be required to net cash settle the warrants.
If the Company is unable to complete a Business Combination within the Combination Window and the Company liquidates the funds held in
the Trust Account, holders of warrants will not receive any of such funds with respect to their warrants, nor will they receive any distribution
from the Company&#8217;s assets held outside of the Trust Account with the respect to such warrants. Accordingly, the warrants may expire
worthless.</span></p>

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


<ix:exclude><!-- Field: Page; Sequence: 171; Value: 1 -->
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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>NORTHERN
LIGHTS </b></span><b><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ACQUISITION CORP.</span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO UNAUDITED CONDENSED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
7 &#8211; Warrant Liability (Continued)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_ecustom--RedemptionOfWarrantsDescription_c20220101__20220630__us-gaap--StatementEquityComponentsAxis__custom--ClassACommonStockMember_zd9K2s5kxDFb"><ix:nonNumeric contextRef="From2022-01-012022-06-30_custom_ClassACommonStockMember" name="NLITU:RedemptionOfWarrantsDescription">In
addition, if (x) the Company issues additional shares of Class A Common Stock or equity-linked securities for capital raising purposes
in connection with the closing of its initial Business Combination at an issue price or effective issue price of less than $9.20 per
share of Class A Common Stock (with such issue price or effective issue price to be determined in good faith by the Company&#8217;s board
of directors and, in the case of any such issuance to the Sponsor or its affiliates, without taking into account any Founder Shares held
by the Sponsor or such affiliates, as applicable, prior to such issuance) (the &#8220;Newly Issued Price&#8221;), (y) the aggregate gross
proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of
the Company&#8217;s initial Business Combination on the date of the consummation of such initial Business Combination (net of redemptions),
and (z) the volume weighted average trading price of the Company&#8217;s common stock during the 20 trading day period starting on the
trading day prior to the day on which the Company consummates its initial Business Combination (such price, the &#8220;Market Value&#8221;)
is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher
of the Market Value and the Newly Issued Price, the $18.00 per share redemption trigger price described above will be adjusted (to the
nearest cent) to be equal to 180% of the greater of the Market Value and the Newly Issued Price and the $10.00 per share redemption trigger
price described above will be adjusted (to the nearest cent) to be equal to the greater of the Market Value and the Newly Issued Price.</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Placement Warrants are identical to the Public Warrants underlying the Units sold in the Initial Public Offering, except that the Placement
Warrants and the Class A Common Stock issuable upon the exercise of the Placement Warrants are not transferable, assignable or salable
until 30 days after the completion of a Business Combination, subject to certain limited exceptions. Additionally, the Placement Warrants
are exercisable on a cashless basis and non-redeemable so long as they are held by the initial purchasers or their permitted transferees.
If the Placement Warrants are held by someone other than the initial purchasers or their permitted transferees, the Placement Warrants
will be redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company accounted for the aggregate <span id="xdx_90F_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_c20220630__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zqobxgsgZuid" title="Number of warrants issued"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights" contextRef="AsOf2022-06-30_us-gaap_IPOMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">6,014,088</ix:nonFraction></span> warrants issued in connection with the Initial Public Offering (the <span id="xdx_907_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_c20220630__us-gaap--StatementEquityComponentsAxis__custom--PublicWarrantsMember_zClS5TxgAcn2" title="Number of warrants issued"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights" contextRef="AsOf2022-06-30_custom_PublicWarrantsMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">5,750,000</ix:nonFraction></span> Public Warrants
and the <span id="xdx_90F_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_c20220630__us-gaap--StatementEquityComponentsAxis__custom--PrivatePlacementWarrantsMember_zaX42KQImD78" title="Number of warrants issued"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights" contextRef="AsOf2022-06-30_custom_PrivatePlacementWarrantsMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">264,088</ix:nonFraction></span> Placement Warrants) in accordance with the guidance contained in FASB ASC Topic 815-40. Such guidance provides that because
the warrants do not meet the criteria for equity treatment thereunder, each warrant must be recorded as a liability due to the existence
of provisions whereby adjustments to the exercise price of the warrants is based on a variable that is not an input to the fair value
of a &#8216;&#8216;fixed-for-fixed&#8217;&#8217; option and the existence of the potential for net cash settlement for the warrant holders
(but not all common stockholders) in the event of a tender offer.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accounting treatment of derivative financial instruments requires that the Company record a derivative liability upon the closing of
the Initial Public Offering. Accordingly, the Company classified each warrant as a liability at its fair value and the warrants were
allocated a portion of the proceeds from the issuance of the Units equal to its fair value determined by the Monte Carlo simulation.
This liability is subject to remeasurement at each balance sheet date. With each such re-measurement, the warrant liability will be adjusted
to fair value, with the change in fair value recognized in the Company&#8217;s statement of operations. The Company will reassess the
classification at each balance sheet date. If the classification changes as a result of events during the period, the warrants will be
reclassified as of the date of the event that causes the reclassification.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-06-30" escape="true" name="us-gaap:StockholdersEquityNoteDisclosureTextBlock"><p id="xdx_80D_eus-gaap--StockholdersEquityNoteDisclosureTextBlock_z6PT9NiUFzx5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
8 &#8211; <span id="xdx_829_zMhwgrXxXCih">Stockholders&#8217; Equity</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Preferred
Stock</i></b> &#8212; The Company is authorized to issue <span id="xdx_905_eus-gaap--PreferredStockSharesAuthorized_iI_c20220630_z0sracEB1R2l"><ix:nonFraction name="us-gaap:PreferredStockSharesAuthorized" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,250,000</ix:nonFraction></span> preferred shares with a par value of $<span id="xdx_90C_eus-gaap--PreferredStockParOrStatedValuePerShare_iI_c20220630_zSb1WGGUl8Q6"><ix:nonFraction name="us-gaap:PreferredStockParOrStatedValuePerShare" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.0001</ix:nonFraction></span> per share with such designation,
rights and preferences as may be determined from time to time by the Company&#8217;s Board of Directors. As of June 30, 2022 and December
31, 2021, there were <span id="xdx_906_eus-gaap--PreferredStockSharesIssued_iI_do_c20220630_zIDxuYbPzuA1" title="Preferred stock, shares issued"><span id="xdx_906_eus-gaap--PreferredStockSharesOutstanding_iI_do_c20220630_zMH12IO8FS5h" title="Preferred stock, shares outstanding"><span id="xdx_903_eus-gaap--PreferredStockSharesIssued_iI_do_c20211231_zo6c0Cn0WUa5" title="Preferred stock, shares issued"><span id="xdx_90F_eus-gaap--PreferredStockSharesOutstanding_iI_do_c20211231_zudpKwo7mEb6" title="Preferred stock, shares outstanding"><ix:nonFraction name="us-gaap:PreferredStockSharesIssued" contextRef="AsOf2022-06-30" format="ixt-sec:numwordsen" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:PreferredStockSharesOutstanding" contextRef="AsOf2022-06-30" format="ixt-sec:numwordsen" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:PreferredStockSharesIssued" contextRef="AsOf2021-12-31" format="ixt-sec:numwordsen" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:PreferredStockSharesOutstanding" contextRef="AsOf2021-12-31" format="ixt-sec:numwordsen" decimals="INF" unitRef="Shares">no</ix:nonFraction></ix:nonFraction></ix:nonFraction></ix:nonFraction></span></span></span></span> preferred shares issued or outstanding.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Class
A Common Stock</i></b> &#8212; The Company is authorized to issue up to <span id="xdx_900_eus-gaap--CommonStockSharesAuthorized_iI_c20220630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zsqDnVXAw1Vj"><ix:nonFraction name="us-gaap:CommonStockSharesAuthorized" contextRef="AsOf2022-06-30_us-gaap_CommonClassAMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">125,000,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of Class A Common Stock with a par value
of $<span id="xdx_901_eus-gaap--CommonStockParOrStatedValuePerShare_iI_c20220630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zfVFrN94Czb8"><ix:nonFraction name="us-gaap:CommonStockParOrStatedValuePerShare" contextRef="AsOf2022-06-30_us-gaap_CommonClassAMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.0001</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per share. Holders of the Company&#8217;s Class
A Common Stock are entitled to one vote for each share. As of June 30, 2022 and December 31, 2021, there were <span id="xdx_904_eus-gaap--CommonStockSharesIssued_iI_c20220630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zI2WsnwpwrGg" title="Common stock, shares issued"><span id="xdx_900_eus-gaap--CommonStockSharesOutstanding_iI_c20220630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_z1ythi1WzX1l" title="Common stock, shares outstanding"><ix:nonFraction name="us-gaap:CommonStockSharesIssued" contextRef="AsOf2022-06-30_us-gaap_CommonClassAMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:CommonStockSharesOutstanding" contextRef="AsOf2022-06-30_us-gaap_CommonClassAMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">4,333,047</ix:nonFraction></ix:nonFraction></span></span> and <span id="xdx_908_eus-gaap--CommonStockSharesIssued_iI_c20211231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_z3gEtxwgqXy6" title="Common stock, shares issued"><span id="xdx_90C_eus-gaap--CommonStockSharesOutstanding_iI_c20211231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_z2JU8t7Pf8Tl" title="Common stock, shares outstanding"><ix:nonFraction name="us-gaap:CommonStockSharesIssued" contextRef="AsOf2021-12-31_us-gaap_CommonClassAMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:CommonStockSharesOutstanding" contextRef="AsOf2021-12-31_us-gaap_CommonClassAMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">528,175</ix:nonFraction></ix:nonFraction></span>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares, respectively, of Class A Common Stock
issued or outstanding, excluding shares subject to possible redemption. As of June 30, 2022, <span id="xdx_900_ecustom--RedemptionOfCommonShares_c20220101__20220630_z9Xa2KoJbTv"><ix:nonFraction name="NLITU:RedemptionOfCommonShares" contextRef="From2022-01-01to2022-06-30" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">3,804,872</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">of the original <span id="xdx_90B_ecustom--RedemptionOfCommonShares_c20220101__20220630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zPnfMZGjgEH6"><ix:nonFraction name="NLITU:RedemptionOfCommonShares" contextRef="From2022-01-012022-06-30_us-gaap_CommonClassAMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">11,500,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of Class A Common Stock subject to possible
redemption had elected not to redeem pursuant to the forward purchase agreement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 172; Value: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>NORTHERN
LIGHTS </b></span><b><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ACQUISITION CORP.</span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO UNAUDITED CONDENSED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
8 &#8211; Stockholders&#8217; Equity (Continued)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Class
B Common Stock &#8212; </i></b>The Company is authorized to issue up to <span id="xdx_90C_eus-gaap--CommonStockSharesAuthorized_iI_c20220630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zOqFD0tD9FVa"><ix:nonFraction name="us-gaap:CommonStockSharesAuthorized" contextRef="AsOf2022-06-30_us-gaap_CommonClassBMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">12,500,000</ix:nonFraction></span> shares of Class B common stock with a par value of
$<span id="xdx_90E_eus-gaap--CommonStockParOrStatedValuePerShare_iI_c20220630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zCu3cKGYELsg"><ix:nonFraction name="us-gaap:CommonStockParOrStatedValuePerShare" contextRef="AsOf2022-06-30_us-gaap_CommonClassBMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.0001</ix:nonFraction></span> per share. Holders of the Company&#8217;s Class B common stock are entitled to one vote for each share. On March 24, 2021, the
Sponsor transferred <span id="xdx_909_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20210323__20210324__srt--TitleOfIndividualAxis__srt--ChiefFinancialOfficerMember_z90ZE57M12j4"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2021-03-232021-03-24_srt_ChiefFinancialOfficerMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">10,000</ix:nonFraction></span> shares to the Company&#8217;s Chief Financial Officer and <span id="xdx_90B_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20210323__20210324__srt--TitleOfIndividualAxis__custom--IndependentDirectorThreeMember_zMtf5SFPOKS9"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2021-03-232021-03-24_custom_IndependentDirectorThreeMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">10,000</ix:nonFraction></span> shares to each of the Company&#8217;s three
independent directors. As of June 30, 2022 and December 31, 2021, there were <span id="xdx_906_eus-gaap--CommonStockSharesIssued_iI_c20220630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zETRHWEKImM4" title="Common stock, shares issued"><span id="xdx_90D_eus-gaap--CommonStockSharesOutstanding_iI_c20220630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zOwvM8fWpaHk" title="Common stock, shares outstanding"><span id="xdx_90B_eus-gaap--CommonStockSharesIssued_iI_c20211231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zXCXSNyMjjxl" title="Common stock, shares issued"><span id="xdx_90E_eus-gaap--CommonStockSharesOutstanding_iI_c20211231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zUTcWi7Cmhz7" title="Common stock, shares outstanding"><ix:nonFraction name="us-gaap:CommonStockSharesIssued" contextRef="AsOf2022-06-30_us-gaap_CommonClassBMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:CommonStockSharesOutstanding" contextRef="AsOf2022-06-30_us-gaap_CommonClassBMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:CommonStockSharesIssued" contextRef="AsOf2021-12-31_us-gaap_CommonClassBMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:CommonStockSharesOutstanding" contextRef="AsOf2021-12-31_us-gaap_CommonClassBMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">2,875,000</ix:nonFraction></ix:nonFraction></ix:nonFraction></ix:nonFraction></span></span></span></span> shares of Class B common stock issued and outstanding.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Holders
of Class A Common Stock and Class B common stock will vote together as a single class on all other matters submitted to a vote of stockholders,
except as required by law.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_eus-gaap--CommonStockConversionBasis_c20220101__20220630_zPL58inbmNF1" title="Common stock conversion basis"><ix:nonNumeric contextRef="From2022-01-01to2022-06-30" name="us-gaap:CommonStockConversionBasis">The
shares of Class B common stock will automatically convert into shares of Class A Common Stock at the time of the Business Combination
on a one-for-one basis, subject to adjustment for stock splits, stock dividends, reorganizations, recapitalizations and the like. In
the case that additional shares of Class A Common Stock, or equity linked securities, are issued or deemed issued in excess of the amounts
offered in the Initial Public Offering and related to the closing of a Business Combination, the ratio at which shares of Class B common
stock shall convert into shares of Class A Common Stock will be adjusted (unless the holders of a majority of the outstanding shares
of Class B common stock agree to waive such adjustment with respect to any such issuance or deemed issuance) so that the number of shares
of Class A Common Stock issuable upon conversion of all shares of Class B common stock will equal, in the aggregate, on an as converted
basis, 20% of the sum of the total number of all shares of common stock outstanding upon the completion of the Initial Public Offering
plus all shares of Class A Common Stock and equity linked securities issued or deemed issued in connection with a Business Combination
(excluding any shares or equity linked securities issued, or to be issued, to any seller in a Business Combination, and any private placement-equivalent
units and its underlying securities issued to the Sponsor or its affiliates upon conversion of loans made to the Company).</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company may issue additional common stock or preferred stock to complete its Business Combination or under an employee incentive plan
after completion of its Business Combination.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-06-30" escape="true" name="us-gaap:FairValueDisclosuresTextBlock"><p id="xdx_809_eus-gaap--FairValueDisclosuresTextBlock_zFJ8XrZanJwg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
9 &#8211; <span id="xdx_827_zzB4BhA2xIgh">Fair Value Measurements</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-06-30" escape="true" name="us-gaap:ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock"><p id="xdx_898_eus-gaap--ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock_zhhf5YPMe0wj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table presents information about the Company&#8217;s assets and derivative warrant liabilities that are measured at fair value
on a recurring basis as of June 30, 2022 and indicates the fair value hierarchy of the valuation techniques that the Company utilized
to determine such fair value:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_8B9_z04vgjCFn7S1" style="display: none">Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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 in Active <br />
Markets</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
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Other <br />
Observable <br />
Inputs</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
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Other<br />
 Unobservable<br />
 Inputs</td><td style="font-weight: bold">&#160;</td></tr>
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    <td style="border-bottom: Black 1.5pt solid; font-weight: bold">Description</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">(Level 1)</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td style="text-align: left; width: 1%">&#160;</td><td style="text-align: right; width: 14%">&#160;</td><td style="text-align: left; width: 1%">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="text-align: left; width: 1%">&#160;</td><td style="text-align: right; width: 14%">&#160;</td><td style="text-align: left; width: 1%">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="text-align: left; width: 1%">&#160;</td><td style="text-align: right; width: 14%">&#160;</td><td style="text-align: left; width: 1%">&#160;</td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table presents information about the Company&#8217;s assets and derivative warrant liabilities that are measured at fair value
on a recurring basis as of December 31, 2021 and indicates the fair value hierarchy of the valuation techniques that the Company utilized
to determine such fair value:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>NORTHERN
LIGHTS </b></span><b><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ACQUISITION CORP.</span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO UNAUDITED CONDENSED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
9 &#8211; Fair Value Measurements (Continued)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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in Active<br />
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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 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><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">Private Placement Warrants</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1005">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">Warrant liabilities</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1009">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1010">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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</ix:nonNumeric><p id="xdx_8A1_z7GLuYbYEme7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 22.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transfers
to/from Levels 1, 2 and 3 are recognized at the end of the reporting period in which a change in valuation technique or methodology occurs.
In 2021, the Public Warrants transferred from a Level 3 measurement to a Level 1 fair value measurement, after they split from the units
and started trading.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 22.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 22.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Warrants are measured at fair value on a recurring basis. The Public Warrants were initially valued using a Modified Monte Carlo Simulation.
As of June 30, 2022 and December 31, 2021, the Public warrants were valued using the instrument&#8217;s publicly listed trading price
as of the balance sheet date, which is considered to be a Level 1 measurement due to the use of an observable market quote in an active
market.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 22.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of June 30, 2022 and December 31, 2021, assets held in the Trust Account were entirely held in a mutual fund invested in U.S. Treasury
Securities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 22.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The
Company recognized $<span id="xdx_900_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsPrepaidExpenseAndOtherAssets_iI_c20220616_zlL8m5DjxEV2" title="Forward purchase option derivative expenses"><ix:nonFraction name="us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsPrepaidExpenseAndOtherAssets" contextRef="AsOf2022-06-16" format="ixt:numdotdecimal" decimals="0" unitRef="USD">781,070</ix:nonFraction></span> in expense and liabilities for the forward purchase option derivative upon the agreement execution of June
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fair value of the forward purchase option derivative was estimated using a Monte-Carlo Simulation in a risk-neutral framework (a special
case of the Income Approach). Specifically, the future stock price is simulated assuming a Geometric Brownian Motion (&#8220;GBM&#8221;).
For each simulated path, the forward purchase value is calculated based on the contractual terms and then discounted at the term-matched
risk-free rate. Finally, the value of the forward is calculated as the average present value over all simulated paths. The Company measured
the fair value of the forward purchase option derivative upon execution of the Forward Purchase Agreement and as of June 30, 2022, with
the respective fair value adjustments recorded within its Consolidated Statements of Operations. The Company will continue to monitor
the fair value of the forward option derivative each reporting period with subsequent revisions to be recorded in the Consolidated Statements
of Operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 22.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company utilizes a binomial Monte-Carlo simulation to estimate the fair value of the warrants at each reporting period for warrants that
are not actively traded. The estimated fair value of the derivative warrant liabilities is determined using Level 3 inputs. Inherent
in a binomial Monte Carlo simulation are assumptions related to expected stock-price volatility, expected life, risk-free interest rate
and dividend yield. The Company estimates the volatility of its common stock based on historical volatility of select peer companies
that matches the expected remaining life of the warrants. The risk-free interest rate is based on the U.S. Treasury zero-coupon yield
curve on the grant date for a maturity similar to the expected remaining life of the warrants. The expected life of the warrants is assumed
to be equivalent to their remaining contractual term. The dividend rate is based on the historical rate, which the Company anticipates
remaining at zero.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-06-30" escape="true" name="us-gaap:FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock"><p id="xdx_89A_eus-gaap--FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock_z5OuBFalxXG3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 22.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table provides quantitative information regarding Level 3 fair value measurements inputs as it relates to the warrants as of
their measurement dates:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 22.5pt"><span id="xdx_8BF_zmplvAERdKIl" style="display: none">Schedule of Level 3 Fair Value Measurement Inputs</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: 90%">
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    <td style="width: 1%; text-align: left">$</td><td style="width: 18%; text-align: right"><ix:nonFraction name="us-gaap:WarrantsAndRightsOutstandingMeasurementInput" contextRef="AsOf2022-06-30_custom_PrivateWarrantMember_us-gaap_MeasurementInputExercisePriceMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">11.50</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr id="xdx_40C_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_uUSDPShares_hus-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputSharePriceMember_zb0San7syDak" style="vertical-align: bottom; background-color: White">
    <td>Share price</td><td>&#160;</td>
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    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction name="us-gaap:WarrantsAndRightsOutstandingMeasurementInput" contextRef="AsOf2022-06-30_custom_PrivateWarrantMember_us-gaap_MeasurementInputSharePriceMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">10.61</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Expected term (years)</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span id="xdx_90F_eus-gaap--WarrantsAndRightsOutstandingTerm_iI_dtY_c20220630__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedTermMember__us-gaap--StatementEquityComponentsAxis__custom--PublicAndPrivateWarrantsMember_zGaIOSzb4C4h" title="Expected term (years)"><ix:nonNumeric contextRef="AsOf2022-06-30_us-gaap_MeasurementInputExpectedTermMember_custom_PublicAndPrivateWarrantsMember" format="ixt-sec:duryear" name="us-gaap:WarrantsAndRightsOutstandingTerm">5.14</ix:nonNumeric></span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_406_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_hus-gaap--MeasurementInputTypeAxis__custom--MeasurementInputProbabilityAcquisitionMember_zgO7nibxybud" style="vertical-align: bottom; background-color: White">
    <td>Probability of Acquisition</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_custom_PrivateWarrantMember_custom_MeasurementInputProbabilityAcquisitionMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">90.0</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:WarrantsAndRightsOutstandingMeasurementInput" contextRef="AsOf2022-06-30_custom_PrivateWarrantMember_custom_MeasurementInputProbabilityAcquisitionMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">90.0</ix:nonFraction></td><td style="text-align: left">%</td></tr>
  <tr id="xdx_407_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_hus-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputPriceVolatilityMember_zbSmE4Njsp9g" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Volatility</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:WarrantsAndRightsOutstandingMeasurementInput" contextRef="AsOf2022-06-30_custom_PrivateWarrantMember_us-gaap_MeasurementInputPriceVolatilityMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">25.0</ix:nonFraction></td><td style="text-align: left">%</td></tr>
  <tr id="xdx_40F_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_hus-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputRiskFreeInterestRateMember_ziMIdyTTS9j2" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">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_custom_PrivateWarrantMember_us-gaap_MeasurementInputRiskFreeInterestRateMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">1.28</ix:nonFraction></td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:WarrantsAndRightsOutstandingMeasurementInput" contextRef="AsOf2022-06-30_custom_PrivateWarrantMember_us-gaap_MeasurementInputRiskFreeInterestRateMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">3.01</ix:nonFraction></td><td style="text-align: left">%</td></tr>
  <tr id="xdx_409_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_hus-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedDividendRateMember_zQ93iLIsnPZc" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Dividend yield (per share)</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:WarrantsAndRightsOutstandingMeasurementInput" contextRef="AsOf2022-06-30_custom_PrivateWarrantMember_us-gaap_MeasurementInputExpectedDividendRateMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">0.00</ix:nonFraction></td><td style="text-align: left">%</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A8_zfSDGePG5Y5k" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2022-01-012022-06-30_custom_PurchaseAgreementOptionMember" escape="true" name="us-gaap:FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock"><p id="xdx_89A_eus-gaap--FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock_hus-gaap--TypeOfArrangementAxis__custom--PurchaseAgreementOptionMember_z9kGAtAkLeyc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 22.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table provides quantitative information regarding Level 3 fair value measurements inputs as it relates to the forward purchase
agreement option at the measurement dates:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 22.5pt"><span id="xdx_8B5_zwCX9YOYpFzd" style="display: none">Schedule
of Level 3 Fair Value Measurement Inputs</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: 90%">
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td colspan="2" id="xdx_49C_20220630__us-gaap--StatementEquityComponentsAxis__custom--PublicAndPrivateWarrantsMember_zD2IFFmwcRm3" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">June 30, 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr id="xdx_409_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_uUSDPShares_hus-gaap--TypeOfArrangementAxis__custom--PurchaseAgreementOptionMember__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputSharePriceMember_ziBDYhK49AUl" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 60%">Share price</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><ix:nonFraction name="us-gaap:WarrantsAndRightsOutstandingMeasurementInput" contextRef="AsOf2022-06-16_custom_PublicAndPrivateWarrantsMember_custom_PurchaseAgreementOptionMember_us-gaap_MeasurementInputSharePriceMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">10.18</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><ix:nonFraction name="us-gaap:WarrantsAndRightsOutstandingMeasurementInput" contextRef="AsOf2022-06-30_custom_PublicAndPrivateWarrantsMember_custom_PurchaseAgreementOptionMember_us-gaap_MeasurementInputSharePriceMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">10.61</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: left">Expected term (years)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span id="xdx_901_eus-gaap--WarrantsAndRightsOutstandingTerm_iI_dtY_c20220616__us-gaap--TypeOfArrangementAxis__custom--PurchaseAgreementOptionMember__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedTermMember_zlOwGDw3WaSg" title="Expected term (years)"><ix:nonNumeric contextRef="AsOf2022-06-16_custom_PurchaseAgreementOptionMember_us-gaap_MeasurementInputExpectedTermMember" format="ixt-sec:duryear" name="us-gaap:WarrantsAndRightsOutstandingTerm">3.18</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_90F_eus-gaap--WarrantsAndRightsOutstandingTerm_iI_dtY_c20220630__us-gaap--TypeOfArrangementAxis__custom--PurchaseAgreementOptionMember__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedTermMember_zB4xgPwkDlS3" title="Expected term (years)"><ix:nonNumeric contextRef="AsOf2022-06-30_custom_PurchaseAgreementOptionMember_us-gaap_MeasurementInputExpectedTermMember" format="ixt-sec:duryear" name="us-gaap:WarrantsAndRightsOutstandingTerm">3.14</ix:nonNumeric></span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40A_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_hus-gaap--TypeOfArrangementAxis__custom--PurchaseAgreementOptionMember__us-gaap--MeasurementInputTypeAxis__custom--MeasurementInputProbabilityAcquisitionMember_zulCAKjfJrH6" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Probability of Acquisition</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:WarrantsAndRightsOutstandingMeasurementInput" contextRef="AsOf2022-06-16_custom_PublicAndPrivateWarrantsMember_custom_PurchaseAgreementOptionMember_custom_MeasurementInputProbabilityAcquisitionMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">90.0</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:WarrantsAndRightsOutstandingMeasurementInput" contextRef="AsOf2022-06-30_custom_PublicAndPrivateWarrantsMember_custom_PurchaseAgreementOptionMember_custom_MeasurementInputProbabilityAcquisitionMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">90.0</ix:nonFraction></td><td style="text-align: left">%</td></tr>
  <tr id="xdx_409_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_hus-gaap--TypeOfArrangementAxis__custom--PurchaseAgreementOptionMember__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputPriceVolatilityMember_z7mXlSKNgh5b" style="vertical-align: bottom; background-color: White">
    <td>Volatility</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:WarrantsAndRightsOutstandingMeasurementInput" contextRef="AsOf2022-06-16_custom_PublicAndPrivateWarrantsMember_custom_PurchaseAgreementOptionMember_us-gaap_MeasurementInputPriceVolatilityMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">10.6</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:WarrantsAndRightsOutstandingMeasurementInput" contextRef="AsOf2022-06-30_custom_PublicAndPrivateWarrantsMember_custom_PurchaseAgreementOptionMember_us-gaap_MeasurementInputPriceVolatilityMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">25.0</ix:nonFraction></td><td style="text-align: left">%</td></tr>
  <tr id="xdx_405_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_hus-gaap--TypeOfArrangementAxis__custom--PurchaseAgreementOptionMember__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputRiskFreeInterestRateMember_zoOYyOKsudTh" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">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="AsOf2022-06-16_custom_PublicAndPrivateWarrantsMember_custom_PurchaseAgreementOptionMember_us-gaap_MeasurementInputRiskFreeInterestRateMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">3.36</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:WarrantsAndRightsOutstandingMeasurementInput" contextRef="AsOf2022-06-30_custom_PublicAndPrivateWarrantsMember_custom_PurchaseAgreementOptionMember_us-gaap_MeasurementInputRiskFreeInterestRateMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">3.02</ix:nonFraction></td><td style="text-align: left">%</td></tr>
  <tr id="xdx_404_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_hus-gaap--TypeOfArrangementAxis__custom--PurchaseAgreementOptionMember__us-gaap--MeasurementInputTypeAxis__custom--MeasurementInputBBBondsRateMember_zX2z8SnFF0be" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">BB bonds rate</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:WarrantsAndRightsOutstandingMeasurementInput" contextRef="AsOf2022-06-16_custom_PublicAndPrivateWarrantsMember_custom_PurchaseAgreementOptionMember_custom_MeasurementInputBBBondsRateMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">6.92</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:WarrantsAndRightsOutstandingMeasurementInput" contextRef="AsOf2022-06-30_custom_PublicAndPrivateWarrantsMember_custom_PurchaseAgreementOptionMember_custom_MeasurementInputBBBondsRateMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">7.17</ix:nonFraction></td><td style="text-align: left">%</td></tr>
  <tr id="xdx_400_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_hus-gaap--TypeOfArrangementAxis__custom--PurchaseAgreementOptionMember__us-gaap--MeasurementInputTypeAxis__custom--MeasurementInputCBondsRateMember_ztLNaZ4OLB5i" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">C bonds rate</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:WarrantsAndRightsOutstandingMeasurementInput" contextRef="AsOf2022-06-16_custom_PublicAndPrivateWarrantsMember_custom_PurchaseAgreementOptionMember_custom_MeasurementInputCBondsRateMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">13.95</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:WarrantsAndRightsOutstandingMeasurementInput" contextRef="AsOf2022-06-30_custom_PublicAndPrivateWarrantsMember_custom_PurchaseAgreementOptionMember_custom_MeasurementInputCBondsRateMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">14.49</ix:nonFraction></td><td style="text-align: left">%</td></tr>
<tr id="xdx_405_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_hus-gaap--TypeOfArrangementAxis__custom--PurchaseAgreementOptionMember__us-gaap--MeasurementInputTypeAxis__custom--MeasurementInputCBondsRateMember_ztHmc3ZuE1Yc" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Warrants measurement inputs</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:WarrantsAndRightsOutstandingMeasurementInput" contextRef="AsOf2022-06-16_custom_PublicAndPrivateWarrantsMember_custom_PurchaseAgreementOptionMember_custom_MeasurementInputCBondsRateMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">13.95</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:WarrantsAndRightsOutstandingMeasurementInput" contextRef="AsOf2022-06-30_custom_PublicAndPrivateWarrantsMember_custom_PurchaseAgreementOptionMember_custom_MeasurementInputCBondsRateMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">14.49</ix:nonFraction></td><td style="text-align: left">%</td></tr>
</table>

</ix:nonNumeric><p id="xdx_8A8_zhSLV1APWpL" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<ix:exclude><!-- Field: Page; Sequence: 174; 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 -->57<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="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"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>NORTHERN
LIGHTS </b></span><b><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ACQUISITION CORP.</span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO UNAUDITED CONDENSED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: 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
9 &#8211; Fair Value Measurements (Continued)</b></span></span></p>

<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>


<ix:nonNumeric contextRef="From2022-01-01to2022-06-30" escape="true" name="us-gaap:FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock"><p id="xdx_890_eus-gaap--FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock_zEgpmjlFp4N" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
change in the fair value of the derivative warrant liabilities for the period from December 31, 2021 (inception) through June 30, 2022
is summarized as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_8B4_zA3NIEioFEu3" style="display: none">Schedule of Derivative Warrant Liabilities</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: 100%">
  <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_49E_20220101__20220630__us-gaap--StatementEquityComponentsAxis__custom--PrivatePlacementWarrantsMember_zNYevwtPHUA9" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Private<br />
 Placement</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_490_20220101__20220630__us-gaap--StatementEquityComponentsAxis__custom--PublicWarrantsMember_zqT4nLXhNEpg" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Public<br />
 Warrant</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_49F_20220101__20220630__us-gaap--StatementEquityComponentsAxis__custom--WarrantLiabilityMember_z0KhkTYk01R1" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Warrant<br />
 Liability</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr id="xdx_407_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue_iS_zSDXEpDilcB8" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 46%">Fair value as of December 31, 2021</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right"><ix:nonFraction name="us-gaap:FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue" contextRef="AsOf2021-12-31_custom_PrivatePlacementWarrantsMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">124,951</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right"><ix:nonFraction name="us-gaap:FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue" contextRef="AsOf2021-12-31_custom_PublicWarrantsMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,701,925</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right"><ix:nonFraction name="us-gaap:FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue" contextRef="AsOf2021-12-31_custom_WarrantLiabilityMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,826,876</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr id="xdx_403_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPeriodIncreaseDecrease_zn8sRZpIu7Xe" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Change in valuation inputs or other assumptions <sup>(1)(2)</sup></span></td><td style="padding-bottom: 1.5pt"><span id="xdx_F44_zNyvTUrsEX37" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)(2)</span></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:FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPeriodIncreaseDecrease" contextRef="From2022-01-012022-06-30_custom_PrivatePlacementWarrantsMember" id="Fact001080" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">52,998</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPeriodIncreaseDecrease" contextRef="From2022-01-012022-06-30_custom_WarrantLiabilityMember" id="Fact001082" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">1,432,423</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr id="xdx_400_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue_iE_zgp5dbvpjvmj" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 2.5pt">Fair value as of June 30, 2022</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue" contextRef="AsOf2022-06-30_custom_PrivatePlacementWarrantsMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">71,953</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue" contextRef="AsOf2022-06-30_custom_PublicWarrantsMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,322,500</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue" contextRef="AsOf2022-06-30_custom_WarrantLiabilityMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,394,453</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<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 id="xdx_F0D_zB8zxPiJqfU3" 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 id="xdx_F17_zUe7D93osloe" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote001087" xml:lang="en-US">Changes
    in valuation inputs or other assumptions are recognized in change in fair value of warrant liability in the statement of operations.</ix:footnote></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 id="xdx_F09_zoVpnXIjoMNl" 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 id="xdx_F11_zQDkiudFRpik" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote001088" xml:lang="en-US">Changes
    are due to the use of quoted prices in an active market (Level 1) and the use of unobservable inputs based on assessment of the assumptions
    (Level 3) for Public Warrants (after becoming actively traded) and Private Placement Warrants, respectively.</ix:footnote></span></td></tr>
  </table>
</ix:nonNumeric><p id="xdx_8AE_zLomggkbTQPh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; 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="From2022-01-01to2022-06-30" escape="true" name="NLITU:ForwardPurchaseAgreementTextBlock"><p id="xdx_808_ecustom--ForwardPurchaseAgreementTextBlock_zVoYpWoZSLLk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
10 &#8211; <span id="xdx_827_z8KGAYLTsvz6">Forward Purchase Agreement</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">As
discussed in Note 1 on June 16, 2022, NLIT entered into a Forward Purchase Agreement with Midtown and its assignees for a Forward Purchase
Transaction. Pursuant to the terms of the Forward Purchase Agreement, Midtown and its assignees, as of June 30, 2022, had purchased approximately
<span id="xdx_908_eus-gaap--SharesIssued_iI_pid_c20220630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--MidtownEastManagementNLLLCMember_zQBhZrKoewJ3" title="Purchase price of share"><ix:nonFraction name="us-gaap:SharesIssued" contextRef="AsOf2022-06-30_custom_MidtownEastManagementNLLLCMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">3,804,872</ix:nonFraction></span> shares of NLIT&#8217;s Class A common stock in exchange for an amount to be paid of $<span id="xdx_908_eus-gaap--SharesIssued_iI_pid_c20220630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--MidtownEastManagementNLLLCMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_z6PhXB9mEjk5" title="Purchase price of share"><ix:nonFraction name="us-gaap:SharesIssued" contextRef="AsOf2022-06-30_custom_MidtownEastManagementNLLLCMember_us-gaap_CommonClassAMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">38,847,743</ix:nonFraction></span> (the Prepayment Amount). At
close of the Business Combination, the amount will be paid out of the trust account and will be held in a deposit account for the benefit
of Midtown and its assignees until the Valuation Date. There are a few scenarios in which the Forward Purchase Agreement can be settled
either before or on the Valuation Date:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><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; background-color: white">At
                                            any time prior to the Valuation Date, Midtown may elect an optional early termination to
                                            sell some or all of the Forward Purchase shares in the open market. If Midtown sells any
                                            shares prior to the Valuation Date, a pro-rata portion of the Prepayment Amount will be released
                                            from the deposit account and paid to the Company. Midtown shall retain any proceeds from
                                            the sale of such shares in excess of such pro-rata portion paid to the Company. The Business
                                            Combination Target will be entitled to the product of the number of shares sold times the
                                            redemption price or the Reset Price. The Reset Price is adjusted on the first scheduled trading
                                            day of each month following the Business Combination and is the lower of: i) the then current
                                            reset price, ii) $<span id="xdx_90D_ecustom--BusinessAcquisitionSharePricePerShare_iI_c20220630_z55Mx9LtKTJi" title="Share price per share"><ix:nonFraction name="NLITU:BusinessAcquisitionSharePricePerShare" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">10.00</ix:nonFraction></span> and iii) the VWAP price of the last 10 scheduled trading days of
                                            the prior month but not lower than $<span id="xdx_903_ecustom--BusinessAcquisitionSharePricePerShare_iI_c20220630__srt--RangeAxis__srt--MaximumMember_zq1khYIY7V22" title="Share price per share"><ix:nonFraction name="NLITU:BusinessAcquisitionSharePricePerShare" contextRef="AsOf2022-06-30_srt_MaximumMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">5.00</ix:nonFraction></span>. </span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 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; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><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; background-color: white">On
                                            the Valuation Date, if any shares subject to the Forward Purchase Agreement remain unsold,
                                            Midtown is entitled to the product of the unsold shares multiplied by the Forward Price (which
                                            is equal to the redemption price as outlined in our Amended and Restated Certificate of Incorporation
                                            dated June 21, 2021) and an incremental $<span id="xdx_90F_ecustom--IncreamentalUnsoldSharesPricePerShare_iI_c20220630_ziP8JVkbHKXk" title="Increamental unsold shares price per share"><ix:nonFraction name="NLITU:IncreamentalUnsoldSharesPricePerShare" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">2.00</ix:nonFraction></span> per share for any unsold shares. The incremental
                                            $<span id="xdx_901_ecustom--IncreamentalSettlementInCashPricePerShare_iI_c20220630_zwr1iSaFF7z" title="Increamental settlement in cash price per share"><ix:nonFraction name="NLITU:IncreamentalSettlementInCashPricePerShare" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">2.00</ix:nonFraction></span> per share maybe settled in cash or shares at the discretion of the Company. </span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><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; background-color: white"><span id="xdx_909_eus-gaap--ForwardContractIndexedToIssuersEquitySettlementAlternatives_c20220101__20220630_zixEhuM2jTek" title="Incremental settlement description"><ix:nonNumeric contextRef="From2022-01-01to2022-06-30" name="us-gaap:ForwardContractIndexedToIssuersEquitySettlementAlternatives">If
                                            the volume weighted average share price (&#8220;VWAP&#8221;) of the shares falls below $3.00
                                            per share for 20 out of any 30 consecutive trading days (a &#8220;VWAP Trigger Event&#8221;),
                                            then Midtown may elect to accelerate the Valuation Date to the date of such VWAP Trigger
                                            Event. If Midtown elects to accelerate the Valuation Date, the settlement amount returned
                                            to the Company would follow the methodology in the above section which will equate to the
                                            product of unsold shares multiplied by the Forward Price ad an incremental $2.00 per unsold
                                            share to be settled in cash or shares.</ix:nonNumeric></span></span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
break-up fee equal to (i) all (a) structuring fees and (b) attorney fees and other reasonable expenses related thereto incurred by Midtown
or its assignees in connection with the forward purchase agreement, plus (ii) $<span id="xdx_905_eus-gaap--BusinessAcquisitionCostOfAcquiredEntityTransactionCosts_iI_c20220630_zjhQcXaUCmRe" title="Business combination purchase price expenses"><ix:nonFraction name="us-gaap:BusinessAcquisitionCostOfAcquiredEntityTransactionCosts" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,000,000</ix:nonFraction></span>, shall be payable to Midtown upon any failure
to close the Business Combination following the consummation of the Forward Purchase Transaction except where the Business Combination
did not occur as a result of regulatory items or a material breach of Midtown&#8217;s obligation under the agreement. Midtown waived
any and all right, title and interest, or any claim of any kind they have or may have in the future, in or to any monies held in the
trust account</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">In
accordance with ASC 815, <i>Derivatives and Hedging</i>, the Company has determined that the forward option within the Forward Purchase
Agreement is (i) a freestanding financial instrument and (ii) a derivative. This derivative, referred to throughout as the &#8220;forward
purchase option derivative&#8221; is recorded as a liability on the Company&#8217;s Consolidated Balance Sheets. The Company has performed
fair value measurements for this derivative as of closing and as of June 30, 2022, which is described in Note 9. The Company remeasures
the fair value of the forward purchase option derivative each reporting period.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-06-30" escape="true" name="us-gaap:IncomeTaxDisclosureTextBlock"><p id="xdx_80F_eus-gaap--IncomeTaxDisclosureTextBlock_zcEb7L1Rbh12" style="font: 10pt Times New Roman, Times, Serif; display: none; margin: 0pt 0; text-align: justify"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><b style="display: none">Note
10 &#8211; <span style="display: none"><span id="xdx_820_zPIvOQTxWjS1" style="display: none">Income Taxes</span></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; display: none; text-align: justify"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><b style="display: none">&#160;</b></span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-06-30" escape="true" name="us-gaap:ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock"><p id="xdx_89D_eus-gaap--ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock_zp6r6V1dRKo5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; display: none; text-align: justify; background-color: white"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">The
tax effects of temporary differences that give rise to deferred tax assets are presented below:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; display: none; background-color: white"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B1_zvaLBaxUwoMb" style="display: none">Schedule
of Deferred Tax Assets</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; display: none; border-collapse: collapse; width: 70%">
  <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left; padding-bottom: 1.5pt">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; display: none; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td id="xdx_49E_20211231_zcPKMvwdzpy" style="border-bottom: Black 1.5pt solid; display: none; font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none; padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; display: none">&#160;</td><td style="font: bold 10pt Times New Roman, Times, Serif; display: none; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; display: none; font: bold 10pt Times New Roman, Times, Serif; text-align: center">For the period from February 26, 2021 to December 31, 2021</td><td style="font: bold 10pt Times New Roman, Times, Serif; display: none; padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; display: none; padding-bottom: 1.5pt">Deferred Tax Assets:</td><td style="font: 10pt Times New Roman, Times, Serif; display: none; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; display: none">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none; padding-bottom: 1.5pt">&#160;</td></tr>
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</ix:nonNumeric><p id="xdx_8A8_zgeJUuDOnsQ2" style="font: 10pt Times New Roman, Times, Serif; display: none; margin: 0pt 0; text-align: justify; background-color: white"></p>



<p style="font: 10pt Times New Roman, Times, Serif; display: none; margin: 0pt 0; text-align: justify; background-color: white"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; display: none; margin: 0pt 0; text-align: justify; background-color: white"></p><p style="font: 10pt Times New Roman, Times, Serif; display: none; margin: 0pt 0; text-align: center"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b style="display: none">NORTHERN
LIGHTS </b></span><b style="display: none"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">ACQUISITION CORP.</span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; display: none; margin: 0pt 0; text-align: center"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><b style="display: none">NOTES
TO UNAUDITED CONDENSED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; display: none; margin: 0pt 0; text-align: center"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:nonNumeric contextRef="From2022-01-01to2022-06-30" escape="true" name="NLITU:ScheduleOfIncomeTaxProvisionTableTextBlock"><p id="xdx_898_ecustom--ScheduleOfIncomeTaxProvisionTableTextBlock_zDwoxdapWDH5" style="font: 10pt Times New Roman, Times, Serif; display: none; margin: 0pt 0; text-align: justify; background-color: white"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">The
income tax provision (benefit) consists of the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; display: none; margin: 0pt 0; background-color: white"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B4_ziguXXEHmJa8" style="display: none">Schedule
of Income Tax Provision</span> </span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; display: none; border-collapse: collapse; width: 70%">
  <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; display: none">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left">&#160;</td><td id="xdx_491_20210226__20211231_zBEHoQHL3Nk6" style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; display: none">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none; padding-bottom: 1.5pt">&#160;</td>
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    <td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left">&#160;</td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1126">&#8212;</span></td><td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left">&#160;</td></tr>
  <tr id="xdx_40F_eus-gaap--DeferredFederalIncomeTaxExpenseBenefit_maDITEBz9sj_zeRG0LUcDacc" style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font: 10pt Times New Roman, Times, Serif; display: none; width: 1%; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none; width: 20%; text-align: right">(<ix:nonFraction name="us-gaap:DeferredFederalIncomeTaxExpenseBenefit" contextRef="From2021-02-262021-12-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">146,496</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; display: none; width: 1%; text-align: left">)</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; display: none">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left">State and local:</td><td style="font: 10pt Times New Roman, Times, Serif; display: none">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left">&#160;</td></tr>
  <tr id="xdx_405_eus-gaap--CurrentStateAndLocalTaxExpenseBenefit_maDITEBz9sj_zH7jhj2ucJY8" style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: White">
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    <td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1130">&#8212;</span></td><td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left">&#160;</td></tr>
  <tr id="xdx_402_eus-gaap--DeferredStateAndLocalIncomeTaxExpenseBenefit_maDITEBz9sj_z77M89ES6kA9" style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; display: none; padding-bottom: 1.5pt">Deferred</td><td style="font: 10pt Times New Roman, Times, Serif; display: none; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; display: none; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; display: none; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1132">&#8212;</span></td><td style="font: 10pt Times New Roman, Times, Serif; display: none; padding-bottom: 1.5pt; text-align: left"></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; display: none"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</span></td><td style="font: 10pt Times New Roman, Times, Serif; display: none">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: right">(<ix:nonFraction name="NLITU:CurrentAndDeferredTaxExpense" contextRef="From2021-02-262021-12-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">146,496</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left">)</td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left; padding-bottom: 1.5pt">Change in valuation allowance</td><td style="font: 10pt Times New Roman, Times, Serif; display: none; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; display: none; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; display: none; font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="us-gaap:ValuationAllowanceDeferredTaxAssetChangeInAmount" contextRef="From2021-02-262021-12-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">146,496</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; display: none; padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_407_eus-gaap--IncomeTaxExpenseBenefit_iT_mtITEBztuR_zvhTHziqnw2a" style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left; padding-bottom: 2.5pt">Income tax provision (benefit)</td><td style="font: 10pt Times New Roman, Times, Serif; display: none; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; display: none; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; display: none; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1138">&#8212;</span></td><td style="font: 10pt Times New Roman, Times, Serif; display: none; padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
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</ix:nonNumeric><p id="xdx_8AC_zX9EPdhlQkX" style="font: 10pt Times New Roman, Times, Serif; display: none; margin: 0pt 0; text-align: justify; background-color: white"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; display: none; margin: 0pt 0; text-align: justify; background-color: white"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; display: none; margin: 0; text-align: justify; background-color: white">In assessing the realization
of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will
not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the
periods in which the temporary differences representing net future deductible amounts become deductible. Management considers the scheduled
reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. After consideration
of all information available, management believes that significant uncertainty exists with the respect to the realization of the deferred
tax assets and has therefore established a full valuation allowance. For the period from February 26, 2021 (inception) through December
31, 2021, the change in the valuation allowance was $<span id="xdx_907_eus-gaap--ValuationAllowanceDeferredTaxAssetChangeInAmount_iN_di_c20210226__20211231_zfvnuAeOGwC8" title="Change in valuation allowance" style="display: none"><ix:nonFraction name="us-gaap:ValuationAllowanceDeferredTaxAssetChangeInAmount" contextRef="From2021-02-262021-12-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">146,496</ix:nonFraction></span>.</p>

<p style="font: 10pt Times New Roman, Times, Serif; display: none; margin: 0; text-align: justify; background-color: white"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-06-30" escape="true" name="us-gaap:ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock"><p id="xdx_891_eus-gaap--ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock_zAbYrRIX5jVk" style="font: 10pt Times New Roman, Times, Serif; display: none; margin: 0pt 0; text-align: justify; background-color: white"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">A
reconciliation of the statutory federal income tax rate to the Company&#8217;s effective tax rate is as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; display: none; margin: 0pt 0; background-color: white"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B3_zLTBSXJLUYc3" style="display: none">Schedule
of Effective Tax Rate</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; display: none; border-collapse: collapse; width: 70%">
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    <td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left; padding-bottom: 1.5pt">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none; padding-bottom: 1.5pt">&#160;</td>
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<tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom">
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    <td style="font: 10pt Times New Roman, Times, Serif; display: none; width: 76%; text-align: left">Tax benefit at federal statutory rate</td><td style="font: 10pt Times New Roman, Times, Serif; display: none; width: 2%">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; display: none; width: 1%; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none; width: 20%; text-align: right"><ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" contextRef="From2021-02-262021-12-31" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">21.0</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; display: none; width: 1%; text-align: left">%</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: White">
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    <td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left">&#160;</td></tr>
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</ix:nonNumeric><p id="xdx_8AA_zGyb4trA9bM4" style="font: 10pt Times New Roman, Times, Serif; display: none; margin: 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; display: none; margin: 0pt 0; text-align: justify"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; display: none; margin: 0pt 0; text-align: justify"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; display: none; margin: 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; display: none; margin: 0; text-align: justify">At December 31, 2021, we had <span id="xdx_90F_eus-gaap--OperatingLossCarryforwards_iI_c20211231_zpHHFEtudRY3" title="Net operating loss carryforwards" style="display: none">$<ix:nonFraction name="us-gaap:OperatingLossCarryforwards" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">417,198</ix:nonFraction></span> of U.S.
net operating loss carryforwards available to offset future taxable income. These net operating losses do not expire.</p>

<p style="font: 10pt Times New Roman, Times, Serif; display: none; margin: 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; display: none; margin: 0pt 0; text-align: justify"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; display: none; margin: 0pt 0; text-align: justify"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">There
were no unrecognized tax benefits related to uncertain tax positions at December 31, 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; display: none; margin: 0pt 0; text-align: justify"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; display: none; margin: 0pt 0; text-align: justify"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; display: none; margin: 0; text-align: justify">As a result of our operations, we file income tax
returns in the US federal jurisdiction and in New York state and are subject to examination by the various taxing authorities,
since exception.</p>

<p style="font: 10pt Times New Roman, Times, Serif; display: none; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-06-30" escape="true" name="us-gaap:SubsequentEventsTextBlock"><p id="xdx_809_eus-gaap--SubsequentEventsTextBlock_zz90JWeLRvI6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
11 &#8211; <span id="xdx_827_zV3QxClaqc3g">Subsequent Events</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management
has evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the financial statement
was issued. Based upon this review, other than the events included in the above notes, the Company did not identify any subsequent events
that would have required adjustment or disclosure in the financial statement.</span></p>

</ix:nonNumeric><p id="xdx_819_zElZKP7Oe2Ja" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="f_001"></span>REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the Stockholders and Board of Directors of</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Northern
Lights Acquisition Corp.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Opinion
on the Financial Statements</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have audited the accompanying balance sheet of Northern Lights Acquisition Corp. (the &#8220;Company&#8221;) as of December 31, 2021,
the related statements of operations, changes in stockholders&#8217; deficit and cash flows for the period from February 26, 2021 (inception)
through December 31, 2021, and the related notes (collectively referred to as the &#8220;financial statements&#8221;). In our opinion,
the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2021, and
the results of its operations and its cash flows for the period from February 26, 2021 (inception) through December 31, 2021, in conformity
with accounting principles generally accepted in the United States of America.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Explanatory
Paragraph &#8211; Going Concern</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As more fully described
in Note 1 to the financial statements, the Company&#8217;s business plan is dependent on the completion of a business combination and
the Company&#8217;s cash and working capital as of December 31, 2021 are not sufficient to complete its planned activities. These conditions
raise substantial doubt about the Company&#8217;s ability to continue as a going concern. Management&#8217;s plans in regard to these
matters are also described in Note 1. The financial statements do not include any adjustments that might result from the outcome of this
uncertainty.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Basis
for Opinion</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
financial statements are the responsibility of the Company&#8217;s management. Our responsibility is to express an opinion on the Company&#8217;s
financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board
(United States) (&#8220;PCAOB&#8221;) and are required to be independent with respect to the Company in accordance with the U.S. federal
securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company
is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit
we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion
on the effectiveness of the Company&#8217;s internal control over financial reporting. Accordingly, we express no such opinion.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or
fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding
the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant
estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides
a reasonable basis for our opinion.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>/s/
<span>Marcum LLP</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: small-caps 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif"><span>Marcum
LLP</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: small-caps 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have served as the Company&#8217;s auditor since 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: small-caps 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hartford,
CT</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><br />
March 25, 2022</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="f_003"></span>NORTHERN
LIGHTS ACQUISITION CORP.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BALANCE
SHEET</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" id="xdx_305_111_zMtG2apgFozk" summary="xdx: Statement - Condensed Balance Sheets (Unaudited)" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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  <tr id="xdx_40B_eus-gaap--CommitmentsAndContingencies_iI_maLASEziS7_zr0J7U4WwTM3" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <tr id="xdx_406_eus-gaap--TemporaryEquityCarryingAmountAttributableToParent_iI_maLASEziS7_zpYrKirYFVF" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>The
accompanying notes are an integral part of the financial statements</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="f_004"></span>NORTHERN
LIGHTS ACQUISITION CORP.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>STATEMENT
OF OPERATIONS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<table cellpadding="0" cellspacing="0" id="xdx_30A_113_zVq9U3Z8CaGj" summary="xdx: Statement - Condensed Statements of Operations (Unaudited)" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>The
accompanying notes are an integral part of the financial statements</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="f_005"></span>NORTHERN
LIGHTS ACQUISITION CORP.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>STATEMENT
OF CHANGES STOCKHOLDER&#8217;S DEFICITS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For
the period from February 26, 2021 (inception) through December 31, 2021</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellpadding="0" cellspacing="0" id="xdx_304_114_zrHXD3Egpf02" summary="xdx: Statement - Condensed Statements of Changes in Stockholders&apos; Equity (Deficit) (Unaudited)" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center">Stockholders&#8217;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td>
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Deficit</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td>
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    <td style="font: bold 10pt Times New Roman, Times, Serif">Balance &#8212; February 26, 2021 (inception)</td><td style="font: bold 10pt Times New Roman, Times, Serif">&#160;</td>
    <td colspan="2" id="xdx_987_eus-gaap--SharesOutstanding_iS_c20210226__20211231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_z1oLDJyVZbhb" title="Balance, shares" style="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1284">&#8212;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: bold 10pt Times New Roman, Times, Serif">$</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>The
accompanying notes are an integral part of the financial statements</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="f_006"></span>NORTHERN
LIGHTS ACQUISITION CORP.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>STATEMENT
OF CASH FLOWS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

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  <tr id="xdx_400_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations_iE_z63xO7u2huB5" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Offering costs charged to additional paid-in capital included in accrued expense</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="NLITU:NonCashOfferingCostsChargedToAdditionalPaidinCapitalIncludedInAccruedExpenses" contextRef="From2021-02-262021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">35,000</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>The
accompanying notes are an integral part of the financial statements</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>


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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p id="xdx_043_c20210101__20211231_z3PBPxdYcSQa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="f_007"></span>NORTHERN
LIGHTS ACQUISITION CORP. </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO FINANCIAL STATEMENTS </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:BusinessDescriptionAndBasisOfPresentationTextBlock"><p id="xdx_80E_eus-gaap--BusinessDescriptionAndBasisOfPresentationTextBlock_zaicApvM4O04" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
1 &#8212; <span id="xdx_825_z7qB4UhomXH7">Description of Organization and Business Operations</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt; text-align: justify; text-indent: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Northern Lights Acquisition Corp. (the &#8220;Company&#8221;) is a blank check company incorporated in Delaware on <span id="xdx_902_edei--EntityIncorporationDateOfIncorporation_dd_c20210226__20211231_zwmOe9RRj47i" title="Date of incorporation"><ix:nonNumeric contextRef="From2021-02-262021-12-31" format="ixt:datemonthdayyearen" name="dei:EntityIncorporationDateOfIncorporation">February 26, 2021</ix:nonNumeric></span>.
The Company was formed for the purpose of effectuating a merger, capital stock exchange, asset acquisition, stock purchase, reorganization
or other similar business combination with one or more businesses (the &#8220;Business Combination&#8221;). The Company is an early stage
and emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth
companies.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt; text-align: justify; text-indent: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
December 31, 2021, the Company had not yet commenced any operations. All activity from inception through December 31, 2021 relates to
the Company&#8217;s formation and the initial public Offering (as defined below), and, since the closing of the initial public offering,
a search for a Business Combination candidate. The Company will not generate any operating revenues until after the completion of its
initial Business Combination, at the earliest. The Company will generate non-operating income in the form of interest income from the
proceeds derived from the Initial Public Offering.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; color: red"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has selected December 31 as its fiscal year end.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt; text-align: justify; text-indent: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Registration Statement for the Company&#8217;s Initial Public Offering was declared effective on June 23, 2021. On June 28, 2021,
the Company consummated the Initial Public Offering of <span id="xdx_90C_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20210627__20210628__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_z0xMeIdhV1bk" title="Number of shares initial public offering"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2021-06-272021-06-28_us-gaap_IPOMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">11,500,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">units (&#8220;Units&#8221; and, with respect
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which is described in Note 3.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt; text-align: justify; text-indent: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Simultaneously
with the closing of the Initial Public Offering, the Company consummated the sale of <span id="xdx_904_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_pid_c20210627__20210628__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zvk7NAUoWQI1" title="Number of shares sold in transaction"><ix:nonFraction name="us-gaap:SaleOfStockNumberOfSharesIssuedInTransaction" contextRef="From2021-06-272021-06-28_us-gaap_PrivatePlacementMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">528,175</ix:nonFraction></span> private placement units (the &#8220;Private
Placement Units&#8221;) at a price of $<span id="xdx_905_eus-gaap--SaleOfStockPricePerShare_iI_pid_c20210628__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_z22MwkChcLb" title="Exercised price per share"><ix:nonFraction name="us-gaap:SaleOfStockPricePerShare" contextRef="AsOf2021-06-28_us-gaap_PrivatePlacementMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">10.00</ix:nonFraction></span> per unit in a private placement to 5AK, LLC (the &#8220;Sponsor&#8221;), generating gross
proceeds of $<span id="xdx_907_eus-gaap--ProceedsFromIssuanceOfPrivatePlacement_pp0p0_c20210627__20210628__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_z9vFSEELiIgj" title="Proceeds from issuance of private placement"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceOfPrivatePlacement" contextRef="From2021-06-272021-06-28_us-gaap_PrivatePlacementMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">5,281,750</ix:nonFraction></span>, which is described in Note 4.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt; text-align: justify; text-indent: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Following
the closing of the Initial Public Offering on June 28, 2021, an amount of $<span id="xdx_901_eus-gaap--ProceedsFromIssuanceOrSaleOfEquity_pp0p0_c20210627__20210628__us-gaap--SubsidiarySaleOfStockAxis__custom--TrustAccountMember_zOKzePhHyMfk" title="Proceeds from sale of equity"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceOrSaleOfEquity" contextRef="From2021-06-272021-06-28_custom_TrustAccountMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">117,300,000</ix:nonFraction></span> ($<span id="xdx_903_eus-gaap--SaleOfStockPricePerShare_iI_pid_c20210628__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zBSrj2dRwzji" title="Exercised price per share"><ix:nonFraction name="us-gaap:SaleOfStockPricePerShare" contextRef="AsOf2021-06-28_us-gaap_IPOMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">10.20</ix:nonFraction></span> per Unit) from the net proceeds of the
sale of the Units in the Initial Public Offering and the Private Placement Units was placed in a trust account (&#8220;Trust Account&#8221;)
which may be invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act of
1940, as amended (the &#8220;Investment Company Act&#8221;), with a maturity of 185 days or less or in any open-ended investment company
that holds itself out as a money market fund meeting the conditions of Rule 2a-7 of the Investment Company Act, as determined by the
Company, until the earlier of: (i) the consummation of a Business Combination or (ii) the distribution of the Trust Account to the Company&#8217;s
stockholders, as described below.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt; text-align: justify; text-indent: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transaction
costs of the Initial Public Offering amounted to $<span id="xdx_90A_ecustom--TransactionCosts_pp0p0_c20210627__20210628__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zsKG1YRC6js2" title="Transaction costs"><ix:nonFraction name="NLITU:TransactionCosts" contextRef="From2021-06-272021-06-28_us-gaap_IPOMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">6,263,677</ix:nonFraction></span>, of which $<span id="xdx_90C_ecustom--TransactionCosts_pp0p0_c20210627__20210628__us-gaap--IncomeStatementLocationAxis__custom--UnderwritingFeesMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zYJesru5jyMj" title="Transaction costs"><ix:nonFraction name="NLITU:TransactionCosts" contextRef="From2021-06-272021-06-28_custom_UnderwritingFeesMember_us-gaap_IPOMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,725,000</ix:nonFraction></span> was for underwriting fees paid at the time of the IPO,
$<span id="xdx_903_ecustom--TransactionCosts_pp0p0_c20210627__20210628__us-gaap--IncomeStatementLocationAxis__custom--DeferredUnderwritingCommissionsMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zWqslQUPjBKb" title="Transaction costs"><ix:nonFraction name="NLITU:TransactionCosts" contextRef="From2021-06-272021-06-28_custom_DeferredUnderwritingCommissionsMember_us-gaap_IPOMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">4,025,000</ix:nonFraction></span> was for deferred underwriting commissions, and $<span id="xdx_900_ecustom--TransactionCosts_pp0p0_c20210627__20210628__us-gaap--IncomeStatementLocationAxis__custom--OtherOfferingCostsMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zJQoj7gv65V" title="Transaction costs"><ix:nonFraction name="NLITU:TransactionCosts" contextRef="From2021-06-272021-06-28_custom_OtherOfferingCostsMember_us-gaap_IPOMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">513,677</ix:nonFraction></span> was for other offering costs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Following
the closing of the Initial Public Offering $<span id="xdx_90B_eus-gaap--Cash_iI_pp0p0_c20210628__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zo2RYVc0Cbh4" title="Cash"><ix:nonFraction name="us-gaap:Cash" contextRef="AsOf2021-06-28_us-gaap_IPOMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">938,853</ix:nonFraction></span> of cash was held outside of the Trust Account available for working capital purposes.
As of December 31, 2021, we have available to us $<span id="xdx_90E_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_pp0p0_c20211231_zvoAtbZWG5N8" title="Cash"><ix:nonFraction name="us-gaap:CashAndCashEquivalentsAtCarryingValue" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">254,523</ix:nonFraction></span> of cash on our balance sheet and a working capital deficit of $<span id="xdx_906_ecustom--WorkingCapital_iI_pp0p0_c20211231_zTlhA1CMX1id" title="Working capital"><ix:nonFraction name="NLITU:WorkingCapital" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">38,537</ix:nonFraction></span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white"></p>

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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NORTHERN
LIGHTS ACQUISITION CORP.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s management has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering
and the sale of the Private Placement Units, although substantially all of the net proceeds are intended to be applied generally toward
consummating a Business Combination. <span id="xdx_905_ecustom--BusinessAcquisitionDescriptionOfAcquiredEntities_c20210226__20211231_ztwWbJRpRpI4" title="Description of acquired entity"><ix:nonNumeric contextRef="From2021-02-262021-12-31" name="NLITU:BusinessAcquisitionDescriptionOfAcquiredEntities">NASDAQ rules provide that the Business Combination must be with one or more target businesses that
together have a fair market value equal to at least 80% of the balance in the Trust Account (as defined below) (less any deferred underwriting
commissions and taxes payable on interest earned on the Trust Account) at the time of the signing of a definitive agreement to enter
a Business Combination</ix:nonNumeric></span>. The Company will only complete a Business Combination if the post-Business Combination company owns or acquires
50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient
for it not to be required to register as an investment company under the Investment Company Act. There is no assurance that the Company
will be able to successfully effect a Business Combination.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company will provide its Stockholders with the opportunity to redeem all or a portion of their Public Shares upon the completion of a
Business Combination either (i) in connection with a stockholder meeting called to approve the Business Combination or (ii) by means
of a tender offer. In connection with a proposed Business Combination, the Company may seek stockholder approval of a Business Combination
at a meeting called for such purpose at which stockholders may seek to redeem their shares, regardless of whether they vote for or against
a Business Combination. <span id="xdx_90A_ecustom--BusinessCombinationReasonForBusinessCombinations_c20210226__20211231_zxQnJwuzbu08" title="Reason for business combination"><ix:nonNumeric contextRef="From2021-02-262021-12-31" name="NLITU:BusinessCombinationReasonForBusinessCombinations">The Company will proceed with a Business Combination only if the Company has net tangible assets of at least
$5,000,001 upon such consummation of a Business Combination and, if the Company seeks stockholder approval, a majority of the outstanding
shares voted are voted in favor of the Business Combination</ix:nonNumeric></span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the Company seeks stockholder approval of a Business Combination and it does not conduct redemptions pursuant to the tender offer rules,
the Company&#8217;s Amended and Restated Certificate of Incorporation provides that a public stockholder, together with any
affiliate of such stockholder or any other person with whom such stockholder is acting in concert or as a &#8220;group&#8221; (as defined
under Section 13 of the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;)), will be restricted from seeking
redemption rights with respect to <span id="xdx_90C_ecustom--RedemptionPublicSharesPercentage_dp_uPure_c20210226__20211231_z1RMkvGpwPx4" title="Redemption percentage"><ix:nonFraction name="NLITU:RedemptionPublicSharesPercentage" contextRef="From2021-02-262021-12-31" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">15</ix:nonFraction></span>% or more of the Public Shares without the Company&#8217;s prior written consent.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
stockholders will be entitled to redeem their Public Shares for a pro rata portion of the amount then in the Trust Account (initially
$<span id="xdx_908_eus-gaap--SharesIssuedPricePerShare_iI_pid_c20211231_zD3M9jtCoJQ5" title="Shares Issued, Price Per Share"><ix:nonFraction name="us-gaap:SharesIssuedPricePerShare" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">10.00</ix:nonFraction></span> per share, plus any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company
to pay its tax obligations). The per-share amount to be distributed to stockholders who redeem their Public Shares will not be reduced
by the deferred underwriting commissions the Company will pay to the underwriter. There will be no redemption rights upon the completion
of a Business Combination with respect to the Company&#8217;s warrants or rights. These Common Stock are recorded at a redemption value
and classified as temporary equity upon the completion of the Proposed Offering, in accordance with Accounting Standards Codification
(&#8220;ASC&#8221;) Topic 480 &#8220;Distinguishing Liabilities from Equity.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NORTHERN
LIGHTS ACQUISITION CORP.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
a stockholder vote is not required and the Company does not decide to hold a stockholder vote for business or other legal reasons, the
Company will, pursuant to its Amended and Restated Certificate of Incorporation, offer such redemption pursuant to the tender
offer rules of the Securities and Exchange Commission (&#8220;SEC&#8221;), and file tender offer documents containing substantially the
same information as would be included in a proxy statement with the SEC prior to completing a Business Combination.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor has agreed (a) to vote its Class B Common Stock, the Common Stock included in the Private Units (the &#8220;Private Shares&#8221;)
and any Public Shares purchased during or after the Proposed Offering in favor of a Business Combination, (b) not to propose an amendment
to the Company&#8217;s Amended and Restated Certificate of Incorporation with respect to the Company&#8217;s pre-Business Combination
activities prior to the consummation of a Business Combination unless the Company provides dissenting public stockholders with the opportunity
to redeem their Public Shares in conjunction with any such amendment; (c) not to redeem any shares (including the Class B Common Stock)
and Private Units (including underlying securities) into the right to receive cash from the Trust Account in connection with a stockholder
vote to approve a Business Combination (or to sell any shares in a tender offer in connection with a Business Combination if the Company
does not seek stockholder approval in connection therewith) or a vote to amend the provisions of the Amended and Restated Certificate of Incorporation relating to stockholders&#8217; rights of pre-Business Combination activity and (d) that the Class B Common
Stock and Private Units (including underlying securities) shall not participate in any liquidating distributions upon winding up if a
Business Combination is not consummated. However, the Sponsor will be entitled to liquidating distributions from the Trust Account with
respect to any Public Shares purchased during or after the Proposed Offering if the Company fails to complete its Business Combination.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company will have up to 12 months from the closing of our IPO, or until June 28, 2022, to consummate an initial business combination.
However, if we anticipate that we may not be able to consummate our initial business combination within 12 months, we may, by resolution
of our board if requested by our sponsor, extend the period of time to consummate a business combination up to two times, each by an
additional three months (for a total of up to 18 months, or until December 28, 2022 (&#8220;the Combination Period&#8221;), to complete
a business combination), subject to the sponsor depositing additional funds into the trust account. If the Company is unable to complete
a Business Combination within the Combination Period, the Company will (i) cease all operations except for the purpose of winding up,
(ii) as promptly as reasonably possible but no more than five business days thereafter, redeem <span id="xdx_907_ecustom--OutstandingPublicSharesPercentage_dp_uPure_c20210226__20211231_zKds3aRnLQ51" title="Percentage of outstanding public shares"><ix:nonFraction name="NLITU:OutstandingPublicSharesPercentage" contextRef="From2021-02-262021-12-31" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>% of the outstanding Public Shares,
at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned
(net of taxes payable and less interest to pay dissolution expenses up to $<span id="xdx_900_ecustom--DissolutionExpenses_c20210226__20211231__srt--RangeAxis__srt--MaximumMember_zkBSCnkE5fb4" title="Dissolution expense"><ix:nonFraction name="NLITU:DissolutionExpenses" contextRef="From2021-02-262021-12-31_srt_MaximumMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">100,000</ix:nonFraction></span>), divided by the number of then outstanding Public
Shares, which redemption will completely extinguish public stockholders&#8217; rights as stockholders (including the right to receive
further liquidation distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption,
subject to the approval of the remaining stockholders and the Company&#8217;s board of directors, proceed to commence a voluntary liquidation
and thereby a formal dissolution of the Company, subject in each case to its obligations to provide for claims of creditors and the requirements
of applicable law. The underwriter has agreed to waive its rights to the deferred underwriting commission held in the Trust Account in
the event the Company does not complete a Business Combination within the Combination Period and, in such event, such amounts will be
included with the funds held in the Trust Account that will be available to fund the redemption of the Public Shares. In the event of
such distribution, it is possible that the per share value of the assets remaining available for distribution will be less than the Initial
Public Offering price per Unit ($<span id="xdx_907_eus-gaap--SharesIssuedPricePerShare_iI_pid_c20211231_zjDDcED1HAyk" title="Shares Issued, Price Per Share"><ix:nonFraction name="us-gaap:SharesIssuedPricePerShare" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">10.00</ix:nonFraction></span>).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NORTHERN
LIGHTS ACQUISITION CORP.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO FINANCIAL STATEMENTS </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90A_ecustom--BusinessAcquisitionDescriptionOfAcquiredEntities_c20210226__20211231__us-gaap--InvestmentTypeAxis__custom--SponsorMember_zdNfhoTSHZPb" title="Description of acquired entity"><ix:nonNumeric contextRef="From2021-02-262021-12-31_custom_SponsorMember" name="NLITU:BusinessAcquisitionDescriptionOfAcquiredEntities">The
Sponsor has agreed that it will be liable to the Company, if and to the extent any claims by a vendor for services rendered or products
sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement, reduce
the amounts in the Trust Account to below $10.00 per share (whether or not the underwriters&#8217; over-allotment option is exercised
in full), except as to any claims by a third party who executed a waiver of any and all rights to seek access to the Trust Account and
except as to any claims under the Company&#8217;s indemnity of the underwriters of the Proposed Offering against certain liabilities,
including liabilities under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;)</ix:nonNumeric></span>. In the event that an executed
waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such
third party claims. The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to
claims of creditors by endeavoring to have all vendors, service providers (except for the company&#8217;s independent registered accounting
firm), prospective target businesses or other entities with which the Company does business, execute agreements with the Company waiving
any right, title, interest or claim of any kind in or to monies held in the Trust Account.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Liquidity</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2021, the Company had $<span id="xdx_900_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_c20211231_zpbDI0QOAxG4" title="Cash"><ix:nonFraction name="us-gaap:CashAndCashEquivalentsAtCarryingValue" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">254,523</ix:nonFraction></span> in cash and a working capital deficit of $<span id="xdx_905_ecustom--WorkingCapital_iI_c20211231_zc2PiaoNDzVg" title="Working capital"><ix:nonFraction name="NLITU:WorkingCapital" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">38,537</ix:nonFraction></span>. As described above, on June 28, 2021
the Company closed its IPO of <span id="xdx_90A_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20210627__20210628__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zgGqgyszVn5a" title="Number of shares initial public offering"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2021-06-272021-06-28_us-gaap_IPOMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">11,500,000</ix:nonFraction></span> Units at $<span id="xdx_905_eus-gaap--SharePrice_iI_pid_c20210628__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zQSbe6JJkw47" title="Exercised price per share"><ix:nonFraction name="us-gaap:SharePrice" contextRef="AsOf2021-06-28_us-gaap_IPOMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">10.00</ix:nonFraction></span> per Unit, generating gross proceeds of $<span id="xdx_900_eus-gaap--ProceedsFromIssuanceInitialPublicOffering_pn5n6_c20210627__20210628__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zebpw3PsKixh" title="Proceeds from issuance initial public offering"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceInitialPublicOffering" contextRef="From2021-06-272021-06-28_us-gaap_IPOMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">115.0</ix:nonFraction></span> million, and also consummated
the Private Placement of <span id="xdx_90B_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_pid_c20210627__20210628__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zeFlkURiP5ba" title="Number of shares sold in transaction"><ix:nonFraction name="us-gaap:SaleOfStockNumberOfSharesIssuedInTransaction" contextRef="From2021-06-272021-06-28_us-gaap_PrivatePlacementMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">528,175</ix:nonFraction></span> Private Placement units to the Sponsor at a purchase price of $<span id="xdx_907_eus-gaap--SaleOfStockPricePerShare_iI_pid_c20210628__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zpogTPD9ox2d" title="Exercised price per share"><ix:nonFraction name="us-gaap:SaleOfStockPricePerShare" contextRef="AsOf2021-06-28_us-gaap_PrivatePlacementMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">10.00</ix:nonFraction></span> per Private Placement unit, generating
gross proceeds of $<span id="xdx_900_eus-gaap--ProceedsFromIssuanceOfPrivatePlacement_pp0p0_c20210627__20210628__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_z0eyeDrJ62Eh" title="Proceeds from issuance of private placement"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceOfPrivatePlacement" contextRef="From2021-06-272021-06-28_us-gaap_PrivatePlacementMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">5,281,750</ix:nonFraction></span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s liquidity needs prior to the consummation of its IPO were satisfied through the proceeds of $<span id="xdx_90E_eus-gaap--ProceedsFromIssuanceOrSaleOfEquity_c20210226__20211231__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zLNQWfTgekca" title="Proceeds from sale of equity"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceOrSaleOfEquity" contextRef="From2021-02-262021-12-31_us-gaap_IPOMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">25,000</ix:nonFraction></span> from the sale of
the Founder Shares and proceed from the promissory note from sponsor of $<span id="xdx_90A_eus-gaap--ProceedsFromIssuanceOrSaleOfEquity_c20210226__20211231__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember_zC0NfZuxZ4g6" title="Proceeds from Issuance or Sale of Equity"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceOrSaleOfEquity" contextRef="From2021-02-262021-12-31_us-gaap_IPOMember_custom_PromissoryNoteMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">92,737</ix:nonFraction></span>, which was repaid upon closure of the IPO. Subsequent
to the IPO, the Company&#8217;s liquidity will be satisfied through a portion of the net proceeds from IPO held outside of the Trust
Account.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company intends to complete its initial Business Combination before June 28,2022 and we believe we have sufficient arrangements with
our vendors to continue to operate until we complete our initial Business Combination. However, there can be no assurance that the Company
will be able to consummate the Business Combination by then. In the event that we are unable to consummate the Business Combination before
June 28, 2022 we anticipate identifying and accessing additional capital resources in order to extend the Business Combination period
up to 18 months. However, there can be no assurance that the Company will have access to sufficient capital to extend the deadline to
consummate the Business Combination. As a result, in connection with the Company&#8217;s assessment of going concern considerations in
accordance with Financial Accounting Standard Board&#8217;s Accounting Standards Update (&#8220;ASU&#8221;) 2014-15, &#8220;Disclosures
of Uncertainties about an Entity&#8217;s Ability to Continue as a Going Concern,&#8221; it is uncertain that the Company will have sufficient
liquidity to fund the working capital needs of the Company beyond June 28, 2022. Management has determined that given the liquidity condition
of the Company, should a Business Combination not occur by June 28, 2022, there is substantial doubt about the Company&#8217;s ability
to continue as a going concern. No adjustments have been made to the carrying amounts of assets or liabilities should the Company be
required to liquidate. The Company may need to raise additional capital through loans or additional investments from its Sponsor, stockholders,
officers, directors or third parties. The Company&#8217;s officers, directors and Sponsor may, but are not obligated to, loan the Company
funds, from time to time or at any time, in whatever amount they deem reasonable in their sole discretion, to meet the Company&#8217;s
working capital needs. Accordingly, the Company may not be able to obtain additional financing. If the Company is unable to raise additional
capital, the Company may be required to take additional measures to conserve liquidity, which could include, but not necessarily be limited
to, curtailing operations, suspending the pursuit of a potential transaction, and reducing overhead expenses. the Company cannot provide
any assurance that new financing will be available to it on commercially acceptable terms, if at all. These conditions raise substantial
doubt about the Company&#8217;s ability to continue as a going concern through June 28, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NORTHERN
LIGHTS ACQUISITION CORP.</b></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
and Uncertainties</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management
is currently evaluating the impact of the COVID-19 pandemic and has concluded that while it is reasonably possible that the virus could
have a negative effect on the Company&#8217;s financial position, results of its operations and/or search for a target company, the specific
impact is not readily determinable as of the date of the financial statement. The financial statements do not include any adjustments
that might result from the outcome of this uncertainty.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:SignificantAccountingPoliciesTextBlock"><p id="xdx_80D_eus-gaap--SignificantAccountingPoliciesTextBlock_zSi2dbVqltC2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
2. <span id="xdx_82F_zsvAlKifNI6l">Summary of Significant Accounting Policies</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:BasisOfAccountingPolicyPolicyTextBlock"><p id="xdx_842_eus-gaap--BasisOfAccountingPolicyPolicyTextBlock_z0BBGZaSNbD2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86F_zhRr3uPkBT7g">Basis
of Presentation</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States
of America (&#8220;US GAAP&#8221;) and pursuant to the accounting and disclosure rules and regulations of the U.S. Securities and Exchange
Commission.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="NLITU:EmergingGrowthCompanyPolicyTextBlock"><p id="xdx_842_ecustom--EmergingGrowthCompanyPolicyTextBlock_zEgHV7k1SnH5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_866_zItTc74JpD">Emerging
growth company</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is an &#8220;emerging growth company,&#8221; as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our
Business Startups Act of 2012 (the &#8220;JOBS Act&#8221;), and it may take advantage of certain exemptions from various reporting requirements
that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required
to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding
executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory
vote on executive compensation and stockholder approval of any golden parachute payments not previously approved.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Further,
Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting
standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do
not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting
standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements
that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of
such extended transition period which means that when a standard is issued or revised and it has different application dates for public
or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies
adopt the new or revised standard. This may make comparison of the Company&#8217;s financial statements with another public company which
is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult
or impossible because of the potential differences in accounting standards used.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NORTHERN
LIGHTS ACQUISITION CORP.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:UseOfEstimates"><p id="xdx_84E_eus-gaap--UseOfEstimates_zMegUb3xboMf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_864_z7s6vAlwZ7Cj">Use
of estimates</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
preparation of 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 date of the financial statements and the
reported amounts of revenues and expenses during the reporting period.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Making
estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of
a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating
its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ
significantly from those estimates.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:CashAndCashEquivalentsPolicyTextBlock"><p id="xdx_847_eus-gaap--CashAndCashEquivalentsPolicyTextBlock_zG9hCmsAwl0b" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86F_zLB4imjgEZE1">Cash
and Cash Equivalents</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash
equivalents are carried at cost, which approximates fair value. The Company had $<span id="xdx_906_eus-gaap--Cash_iI_pp0p0_c20211231_zlwX67pDBvnf" title="Cash"><ix:nonFraction name="us-gaap:Cash" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">254,523</ix:nonFraction></span> in cash and <span id="xdx_90C_eus-gaap--CashEquivalentsAtCarryingValue_iI_pp0p0_do_c20211231_zAr3iw9CkCed" title="Cash equivalents"><ix:nonFraction name="us-gaap:CashEquivalentsAtCarryingValue" contextRef="AsOf2021-12-31" format="ixt-sec:numwordsen" decimals="0" scale="0" unitRef="USD">no</ix:nonFraction></span> cash equivalents as of December
31, 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="NLITU:TrustAccountPolicyTextBlock"><p id="xdx_84C_ecustom--TrustAccountPolicyTextBlock_zyZlorSBDqOa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86C_zcdIMRjI1XP1">Trust
Account</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
the closing of the Initial Public Offering and the Private Placement, $<span id="xdx_909_eus-gaap--ProceedsFromIssuanceInitialPublicOffering_pp0p0_c20210226__20211231__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_z47vIdG7wD03" title="Proceeds from issuance initial public offering"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceInitialPublicOffering" contextRef="From2021-02-262021-12-31_us-gaap_PrivatePlacementMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">117,300,000</ix:nonFraction></span> ($<span id="xdx_908_eus-gaap--SharesIssuedPricePerShare_iI_pid_c20211231__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zrBJyWFpf9O9" title="Share issue price per share"><ix:nonFraction name="us-gaap:SharesIssuedPricePerShare" contextRef="AsOf2021-12-31_us-gaap_PrivatePlacementMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">10.20</ix:nonFraction></span> per Unit) of the net proceeds of the Initial
Public Offering and certain of the proceeds of the Private Placement was held in a trust account (&#8220;Trust Account&#8221;) located
in the United States with Continental Stock Transfer &amp; Trust Company acting as trustee, and invested only in U.S. government treasury
obligations with a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 under the Investment
Company Act 1940, as amended (the &#8220;Investment Company Act&#8221;), which will be invested only in direct U.S. government treasury
obligations, as determined by the Company, until the earlier of: (i) the completion of a Business Combination and (ii) the distribution
of the Trust Account as described below.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:IncomeTaxPolicyTextBlock"><p id="xdx_849_eus-gaap--IncomeTaxPolicyTextBlock_z6fX4dLOflE7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_868_zkxUkRyzxDW2">Income
taxes</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company complies with the accounting and reporting requirements of ASC Topic 740, &#8220;Income Taxes,&#8221; which requires an asset
and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed
for differences between the financial statement and tax bases of assets and liabilities that will result in future taxable or deductible
amounts, based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income.
Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ASC
Topic 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax
positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not
to be sustained upon examination by taxing authorities. The Company&#8217;s management determined United States is the Company&#8217;s
only major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits, if any, as income
tax expense. There were no unrecognized tax benefits as of December 31, 2021 and no amounts accrued for interest and penalties. The Company
is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its
position.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: white">The Company&#8217;s management
does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 186; 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 -->69<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NORTHERN
LIGHTS ACQUISITION CORP.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
2 &#8212; Summary of Significant Accounting Policies (Continued)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is considered an exempted State of Delaware company and is presently not subject to income taxes or income tax filing requirements
in the State of Delaware or the United States. As such, the Company&#8217;s tax provision is zero for the period presented.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="NLITU:OfferingCostsAssociatedwiththeInitialPublicOfferingPolicyTextBlock"><p id="xdx_843_ecustom--OfferingCostsAssociatedwiththeInitialPublicOfferingPolicyTextBlock_zBAFr3DGiRl4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86C_z6PCruDyFble">Offering
Costs Associated with the Initial Public Offering</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Offering
costs consisted of legal, accounting, underwriting fees and other costs incurred that were directly related to the Initial Public Offering.
Offering costs are allocated to the separable financial instruments issued in the Initial Public Offering based on a relative fair value
basis, compared to total proceeds received. Offering costs associated with warrant liabilities are expensed as incurred, presented as
offering costs allocated to warrants in the condensed statements of operations. Offering costs associated with the Public Shares were
charged to stockholders&#8217; equity upon the completion of the Initial Public Offering.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:SharesSubjectToMandatoryRedemptionChangesInRedemptionValuePolicyTextBlock"><p id="xdx_848_eus-gaap--SharesSubjectToMandatoryRedemptionChangesInRedemptionValuePolicyTextBlock_zdKezfWrqQia" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86B_z7qYzJ28ybN">Class
A Common Stock Subject to Possible Redemption</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company accounts for its shares subject to possible redemption in accordance with the guidance in Accounting Standards Codification (&#8220;ASC&#8221;)
Topic 480 &#8220;Distinguishing Liabilities from Equity.&#8221; Shares subject to mandatory redemption (if any) is classified as a liability
instrument and is measured at fair value. Conditionally redeemable shares of common stock (including shares of common stock that feature
redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not
solely within the Company&#8217;s control) is classified as temporary equity. At all other times, shares are classified as stockholders&#8217;
equity. The Company&#8217;s shares feature certain redemption rights that are considered to be outside of the Company&#8217;s control
and subject to occurrence of uncertain future events.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
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of Class A Common Stock are subject to possible redemption.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
it is probable that the equity instrument will become redeemable, the Company has the option to either accrete changes in the redemption
value over the period from the date of issuance (or from the date that it becomes probable that the instrument will become redeemable,
if later) to the earliest redemption date of the instrument or to recognize changes in the redemption value immediately as they occur
and adjust the carrying amount of the instrument to equal the redemption value at the end of each reporting period. The Company has elected
to recognize the changes immediately. The accretion or remeasurement is treated as a deemed dividend (i.e., a reduction to retained earnings,
or in absence of retained earnings, additional paid-in capital).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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of December 31, 2021, the Class A Common Stock reflected on the balance sheet are reconciled in the following table:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font: 10pt Times New Roman, Times, Serif; display: none"><span><span id="xdx_8B3_zXxzKJZHlQFk">Schedule
of Common Stock Reflected on the Balance Sheets</span></span>&#160;</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif">Less:</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left; padding-bottom: 1.5pt">Issuance costs related to Class A common stock</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left">Class A common stock subject to possible redemption</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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</ix:nonNumeric><p id="xdx_8AC_z7R0iDu6KLh3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<ix:exclude><!-- Field: Page; Sequence: 187; 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 -->70<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NORTHERN
LIGHTS ACQUISITION CORP.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:ConcentrationRiskCreditRisk"><p id="xdx_847_eus-gaap--ConcentrationRiskCreditRisk_zcfbPzGpaut9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_863_zjhBzeVunWbk">Concentration
of credit risk</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
instruments that potentially subject the Company to concentration of credit risk consist of a cash account in a financial institution
which, at times may exceed the Federal depository insurance coverage of $<span id="xdx_90F_eus-gaap--CashFDICInsuredAmount_iI_pp0p0_c20211231_z5U9QwOHNwCj" title="Cash, FDIC insured amount"><ix:nonFraction name="us-gaap:CashFDICInsuredAmount" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">250,000</ix:nonFraction></span>. At December 31, 2021, the Company had not experienced
losses on this account and management believes the Company is not exposed to significant risks on such account.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:EarningsPerSharePolicyTextBlock"><p id="xdx_84B_eus-gaap--EarningsPerSharePolicyTextBlock_zTreviReJPce" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_860_z8gxc8rxDDFa">Net
Income Per Share</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
income per share is computed by dividing net income by the weighted average number of common stock shares outstanding for the period.
The calculation of diluted income per share does not consider the effect of the warrants issued in connection with the Initial Public
Offering and warrants issued as components of the Private Placement Units (the &#8220;Placement Warrants&#8221;) since the exercise of
the warrants are contingent upon the occurrence of future events and the inclusion of such warrants would be anti-dilutive.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company applies the two-class method in calculating earnings per share. The contractual formula utilized to calculate the redemption
amount approximates fair value. The Class feature to redeem at fair value means that there is effectively only one class of stock. Changes
in fair value are not considered a dividend of the purposes of the numerator in the earnings per share calculation. Net income per common
share is computed by dividing the pro rata net loss between the redeemable shares and the non-redeemable shares by the weighted average
number of common shares outstanding for each of the periods. The calculation of diluted income per common stock does not consider the
effect of the warrants issued in connection with the IPO since the exercise of the warrants are contingent upon the occurrence of future
events and the inclusion of such warrants would be anti-dilutive. The warrants are exercisable for <span id="xdx_90C_ecustom--StockIssuedDuringPeriodSharesWarrantsExercised_c20210226__20211231_zta55oG32Mp6" title="Stock issued during period shares warrants exercised."><ix:nonFraction name="NLITU:StockIssuedDuringPeriodSharesWarrantsExercised" contextRef="From2021-02-262021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">6,014,088</ix:nonFraction></span> shares of common stock in
the aggregate.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock"><p id="xdx_896_eus-gaap--ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock_zkVlEoyEBoCi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table reflects the calculation of basic and diluted net income per common share:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span style="font: 10pt Times New Roman, Times, Serif; display: none">&#160;<span id="xdx_8B1_zdgSH4OkoUca">Schedule
of Calculation of Basic and Diluted Net Income Per Share</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: bold 10pt Times New Roman, Times, Serif">&#160;</td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Basic and diluted net income per redeemable Class A common stock</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="us-gaap:EarningsPerShareBasic" contextRef="From2021-02-262021-12-31_custom_RedeemableClassACommonSharesMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.12</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&#160;</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">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr 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">Non-redeemable Class A and Class B common stock</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
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    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="us-gaap:WeightedAverageNumberOfSharesOutstandingBasic" contextRef="From2021-02-262021-12-31_custom_NonRedeemableClassAandBCommonSharesMember_us-gaap_PrivatePlacementMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">3,193,963</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
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</ix:nonNumeric><p id="xdx_8A9_zTLcKeFIeid5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

<ix:exclude><!-- Field: Page; Sequence: 188; 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 -->71<!-- Field: /Sequence --></td></tr></table></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>NORTHERN
LIGHTS </b></span><b><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ACQUISITION CORP.</span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
2 &#8212; Summary of Significant Accounting Policies (Continued)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:FairValueOfFinancialInstrumentsPolicy"><p id="xdx_846_eus-gaap--FairValueOfFinancialInstrumentsPolicy_zQAAG6Y50b4d" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_863_znWwZQoqZWCj">Fair
value of financial instruments</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
fair value of the Company&#8217;s assets and liabilities, which qualify as financial instruments under ASC Topic 820, &#8220;Fair Value
Measurements and Disclosures,&#8221; approximates the carrying amounts represented in the accompanying balance sheet, primarily due to
their short-term nature.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:FairValueMeasurementPolicyPolicyTextBlock"><p id="xdx_843_eus-gaap--FairValueMeasurementPolicyPolicyTextBlock_z9q8ooiE4LP6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_86F_zVwiupkltMb7" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fair
Value Measurements</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fair
value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction
between market participants at the measurement date. U.S. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs
used in measuring fair value.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements)
and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
    1, defined as observable inputs such as quoted prices for identical instruments in active markets;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
    2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted
    prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active;
    and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></p></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
    3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions,
    such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In
those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input
that is significant to the fair value measurement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:DerivativesPolicyTextBlock"><p id="xdx_849_eus-gaap--DerivativesPolicyTextBlock_zGiCv7Znuk4c" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_867_zXKJHlAElNEb">Derivative
Financial Instruments</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded
derivatives in accordance with ASC Topic 815, &#8220;Derivatives and Hedging&#8221;. For derivative financial instruments that are accounted
for as liabilities, the derivative instrument is initially recorded at its fair value on the grant date and is then re-valued at each
reporting date, with changes in the fair value reported in the statements of operations. The classification of derivative instruments,
including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period.
Derivative liabilities are classified in the balance sheet as current or non-current based on whether or not net-cash settlement or conversion
of the instrument could be required within 12 months of the balance sheet date.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>NORTHERN
LIGHTS ACQUISITION CORP.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock"><p id="xdx_840_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_zgGZcuIMfaHh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_866_zRrtcAIBW2u">Recently
Issued Accounting Standards</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
August 2020, the FASB issued Accounting Standards Update (&#8220;ASU&#8221;) No. 2020-06, &#8220;Debt&#8212;Debt with Conversion and
Other Options(Subtopic 470- 0) 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&#8221; (&#8220;ASU 2020-06&#8221;), which simplifies accounting
for convertible instruments by removing major separation models required under current U.S. GAAP. The ASU also removes certain settlement
conditions that are required for equity-linked contracts to qualify for the derivative scope exception, and it simplifies the diluted
earnings per share calculation in certain areas. ASU 2020-06 is effective January 1, 2022 and should be applied on a full or modified
retrospective basis, with early adoption permitted beginning on January 1, 2021. The Company is currently assessing the impact, if any,
that ASU 2020-06 would have on its financial position, results of operations or cash flows.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management
does not believe that any other recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a
material effect on the Company&#8217;s financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric></ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="NLITU:InitialPublicOfferingTextBlock"><p id="xdx_808_ecustom--InitialPublicOfferingTextBlock_zVATN59jfHDa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
3 &#8212;<span id="xdx_82C_zYyXdMYkIvGj">Initial Public Offering<span id="xdx_82F_zyItjO4TtdRj" style="display: none"> Public Offering</span></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the Initial Public Offering, the Company sold <span id="xdx_903_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_pid_c20210226__20211231_zLN0uBMgEaTc" title="Number of shares sold in transaction"><ix:nonFraction name="us-gaap:SaleOfStockNumberOfSharesIssuedInTransaction" contextRef="From2021-02-262021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">11,500,000</ix:nonFraction></span> Units at a purchase price of $<span id="xdx_903_eus-gaap--SaleOfStockPricePerShare_iI_pid_c20211231_zQWqFzwVv5S5" title="Sale of stock price per share"><ix:nonFraction name="us-gaap:SaleOfStockPricePerShare" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">10.00</ix:nonFraction></span> per Unit on June 28, 2021. Each Unit
consists of one share of the Company&#8217;s Class A Common Stock and one-half of one redeemable warrant (&#8220;Public Warrant&#8221;).
Each whole Public Warrant entitles the holder to purchase one share of Class A Common Stock at an exercise price of $<span id="xdx_900_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20211231__us-gaap--ClassOfWarrantOrRightAxis__custom--PublicWarrantMember_z95NyWhZqYc5" title="Warrant exercise price"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" contextRef="AsOf2021-12-31_custom_PublicWarrantMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">11.50</ix:nonFraction></span> per whole
share (see Note 7).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="NLITU:PrivatePlacementTextBlock"><p id="xdx_800_ecustom--PrivatePlacementTextBlock_zoggZj2iPQ75" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
4 &#8212; <span id="xdx_826_znTWwVkH1j7f">Private Placement</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Simultaneously
with the Initial Public Offering, the Sponsor purchased an aggregate of <span id="xdx_908_eus-gaap--StockIssuedDuringPeriodSharesAcquisitions_pid_c20210226__20211231__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_ztlWKqSK4AR7" title="Number of shares issued in acquisition transaction"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesAcquisitions" contextRef="From2021-02-262021-12-31_us-gaap_PrivatePlacementMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">528,175</ix:nonFraction></span> Private Placement Units at a price of $<span id="xdx_90E_eus-gaap--SharePrice_iI_pid_c20211231__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zDFm4Rew1Eo4" title="Price per share"><ix:nonFraction name="us-gaap:SharePrice" contextRef="AsOf2021-12-31_us-gaap_PrivatePlacementMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">10.00</ix:nonFraction></span> per Private
Placement Unit for an aggregate purchase price of $<span id="xdx_904_eus-gaap--StockIssuedDuringPeriodValueAcquisitions_pp0p0_c20210226__20211231__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zWq83A1zF39l" title="Number of shares issued in acquisition transaction value"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueAcquisitions" contextRef="From2021-02-262021-12-31_us-gaap_PrivatePlacementMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">5,281,750</ix:nonFraction></span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Private Placement Units are identical to the Units, except that (a) the Private Placement Units and their component securities will not
be transferable, assignable or saleable until the consummation of the Company&#8217;s initial business combination except to permitted
transferees and (b) the Placement Warrants, so long as they are held by the Sponsor or its permitted transferees, (i) may be exercised
by the holders on a cashless basis and (ii) will be entitled to registration rights.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NORTHERN
LIGHTS ACQUISITION CORP.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:RelatedPartyTransactionsDisclosureTextBlock"><p id="xdx_807_eus-gaap--RelatedPartyTransactionsDisclosureTextBlock_zL7VmbHnCVE7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
5 &#8212; <span id="xdx_826_zP39bcGImNWj">Related Party Transactions</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Founder
Shares</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 19, 2021, the Company issued an aggregate of <span id="xdx_908_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20210318__20210319__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zxJmuPdTL9E2" title="Stock issued during period, shares"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2021-03-182021-03-19_us-gaap_CommonClassBMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">2,875,000</ix:nonFraction></span> shares of Class B common stock (the &#8220;Founder Shares&#8221;) to the
Sponsor for an aggregate purchase price of $<span id="xdx_900_eus-gaap--StockIssuedDuringPeriodValueNewIssues_pp0p0_c20210318__20210319__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zmVDrA340K31" title="Common stock purchase price"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueNewIssues" contextRef="From2021-03-182021-03-19_us-gaap_CommonClassBMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">25,000</ix:nonFraction></span>. On March 24, 2021, the Sponsor transferred <span id="xdx_90F_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20210323__20210324__srt--TitleOfIndividualAxis__srt--ChiefFinancialOfficerMember_z86a1zHVAsp9" title="Stock issued during period, shares"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2021-03-232021-03-24_srt_ChiefFinancialOfficerMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">10,000</ix:nonFraction></span> shares to the Company&#8217;s Chief
Financial Officer and <span id="xdx_907_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20210323__20210324__srt--TitleOfIndividualAxis__custom--IndependentDirectorOneMember_zh6AD0xUsHWd" title="Stock issued during period, shares"><span id="xdx_909_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20210323__20210324__srt--TitleOfIndividualAxis__custom--IndependentDirectorTwoMember_zEuRimZt5Dc3" title="Stock issued during period, shares"><span id="xdx_90C_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20210323__20210324__srt--TitleOfIndividualAxis__custom--IndependentDirectorThreeMember_zLIfAZGO4mNb" title="Stock issued during period, shares"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2021-03-232021-03-24_custom_IndependentDirectorOneMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2021-03-232021-03-24_custom_IndependentDirectorTwoMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2021-03-232021-03-24_custom_IndependentDirectorThreeMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">10,000</ix:nonFraction></ix:nonFraction></ix:nonFraction></span></span></span> shares to each of the Company&#8217;s three independent directors. The Founder Shares which the Sponsor
and its permitted transferees will collectively own, on an as-converted basis, represent <span id="xdx_900_ecustom--InitialPublicOfferingPercentage_pid_dp_uPure_c20210226__20211231_zlwNkz5fWOTl" title="Initial public offering percentage"><ix:nonFraction name="NLITU:InitialPublicOfferingPercentage" contextRef="From2021-02-262021-12-31" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">20</ix:nonFraction></span>% of the Company&#8217;s issued and outstanding
shares after the Initial Public Offering.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor has agreed not to transfer, assign or sell any of its Founder Shares until the earlier to occur of: (A) six months after the
completion of a Business Combination or (B) the date on which the Company completes a liquidation, merger, capital stock exchange or
similar transaction that results in the Company&#8217;s stockholders having the right to exchange their shares of common stock for cash,
securities or other property. Notwithstanding the foregoing, if the last reported sale price of the Company&#8217;s Class A Common Stock
equals or exceeds $<span id="xdx_902_eus-gaap--SaleOfStockPricePerShare_iI_pid_c20211231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zHD02Aaoapc1" title="Price per share"><ix:nonFraction name="us-gaap:SaleOfStockPricePerShare" contextRef="AsOf2021-12-31_us-gaap_CommonClassAMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">12.50</ix:nonFraction></span> per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for
any 20 trading days within any 30-trading day period commencing at least 150 days after the Business Combination, the Founder Shares
will be released from the lock-up.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Promissory
Note &#8212; Related Party</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
February 26, 2021, the Sponsor committed to loan the Company an aggregate of up to $<span id="xdx_90F_eus-gaap--DueFromRelatedParties_iI_pp0p0_c20210227__srt--RangeAxis__srt--MaximumMember__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember_zenmDsXjzI36" title="Promissory note - related party"><ix:nonFraction name="us-gaap:DueFromRelatedParties" contextRef="AsOf2021-02-27_srt_MaximumMember_custom_PromissoryNoteMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">300,000</ix:nonFraction></span> to cover expenses related to the Initial
Public Offering pursuant to a promissory note (the &#8220;Note&#8221;). The Note was non-interest bearing and was payable on the earlier
of July 31, 2021 or the completion of the Initial Public Offering. On July 7, 2021, the Company paid off the promissory note in full.
At December 31, 2021, there is <span id="xdx_90D_eus-gaap--DebtInstrumentFaceAmount_iI_pp0p0_do_c20211231__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember_zUvfRVvHZywj" title="Outstaning amount"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2021-12-31_custom_PromissoryNoteMember" format="ixt-sec:numwordsen" decimals="0" scale="0" unitRef="USD">no</ix:nonFraction></span> outstanding balance under the Promissory Note. From inception to December 31, 2021, we borrowed and
repaid $<span id="xdx_909_eus-gaap--RepaymentsOfRelatedPartyDebt_c20210226__20211231_zNTn64xMb338" title="Repayment of related party debt"><ix:nonFraction name="us-gaap:RepaymentsOfRelatedPartyDebt" contextRef="From2021-02-262021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">92,737</ix:nonFraction></span> pursuant to the promissory note.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Related
Party Loans</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
order to finance transaction costs in connection with a Business Combination, the Company&#8217;s Sponsor, an affiliate of the Sponsor,
or the Company&#8217;s officers and directors may, but are not obligated to, loan the Company funds as may be required (the &#8220;Working
Capital Loans&#8221;). Such Working Capital Loans would be evidenced by promissory notes. The notes would either be repaid upon consummation
of a Business Combination, without interest, or, at the lender&#8217;s discretion, up to $<span id="xdx_90D_eus-gaap--DueFromRelatedParties_iI_pp0p0_c20211231__srt--RangeAxis__srt--MaximumMember__us-gaap--DebtInstrumentAxis__custom--WorkingCapitalLoansMember_zesIl78SwgN8" title="Promissory note - related party"><ix:nonFraction name="us-gaap:DueFromRelatedParties" contextRef="AsOf2021-12-31_srt_MaximumMember_custom_WorkingCapitalLoansMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,500,000</ix:nonFraction></span> of notes may be converted upon consummation
of a Business Combination into units at a price of $<span id="xdx_908_ecustom--BusinessAcquisitionSharePricePerShare_iI_pid_c20211231__us-gaap--DebtInstrumentAxis__custom--WorkingCapitalLoansMember_zAduECudPZp9" title="Share price per share"><ix:nonFraction name="NLITU:BusinessAcquisitionSharePricePerShare" contextRef="AsOf2021-12-31_custom_WorkingCapitalLoansMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">10.00</ix:nonFraction></span> per unit. The Units will be identical to the Private Placement Units. In the
event that a Business Combination does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the
Working Capital Loans but no proceeds held in the Trust Account would be used to repay the Working Capital Loans. To date and as of December
31, 2021, the Company has no working capital loans outstanding.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_ecustom--RelatedPartyBusinessCombinationDescription_c20210226__20211231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartyLoansMember_zyWxx9lNP6f3" title="Related party - business combination description"><ix:nonNumeric contextRef="From2021-02-262021-12-31_custom_RelatedPartyLoansMember" name="NLITU:RelatedPartyBusinessCombinationDescription">If
the Company anticipates that it may not be able to consummate a Business Combination within 12 months, the Company may, by resolution
of the Company&#8217;s board if requested by the Sponsor, extend the period of time to consummate a Business Combination up to two times,
each by an additional three months (for a total of up to 18 months to complete a Business Combination), subject to the Sponsor depositing
additional funds into the Trust Account as set out below. Pursuant to the terms of the Company&#8217;s amended and restated certificate
of incorporation and the trust agreement entered into between the Company and Continental Stock Transfer &amp; Trust Company, in order
for the time available for the Company to consummate the initial Business Combination to be extended, the Sponsor or its affiliates or
designees, upon five business days advance notice prior to the applicable deadline, must deposit into the Trust Account $<span id="xdx_902_eus-gaap--RelatedPartyDepositLiabilities_iI_pp0p0_c20211231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartyLoansMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--OverAllotmentOptionMember_zmEuArhI6cWf" title="Deposit"><ix:nonFraction name="us-gaap:RelatedPartyDepositLiabilities" contextRef="AsOf2021-12-31_custom_RelatedPartyLoansMember_us-gaap_OverAllotmentOptionMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,150,000</ix:nonFraction></span> since
the underwriters&#8217; over-allotment option is exercised in full ($<span id="xdx_90A_eus-gaap--SaleOfStockPricePerShare_iI_pid_c20211231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartyLoansMember_z3ZuVGKtzBDb" title="Price per share"><ix:nonFraction name="us-gaap:SaleOfStockPricePerShare" contextRef="AsOf2021-12-31_custom_RelatedPartyLoansMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.10</ix:nonFraction></span> per unit), on or prior to the date of the applicable deadline,
for each of the available three month extensions, providing a total possible Business Combination period of 18 months at a total payment
value of $<span id="xdx_909_eus-gaap--BusinessCombinationConsiderationTransferred1_pp0p0_c20210226__20211231__us-gaap--DebtInstrumentAxis__custom--ExtensionLoansMember__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartyLoansMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--OverAllotmentOptionMember_zIWscO3n1iK9" title="Total payment"><ix:nonFraction name="us-gaap:BusinessCombinationConsiderationTransferred1" contextRef="From2021-02-262021-12-31_custom_ExtensionLoansMember_custom_RelatedPartyLoansMember_us-gaap_OverAllotmentOptionMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">2,300,000</ix:nonFraction></span> since the underwriters&#8217; over-allotment option is exercised in full ($<span id="xdx_903_ecustom--BusinessAcquisitionSharePricePerShare_iI_pid_c20211231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartyLoansMember_zmWpGoCy29r" title="Share price per share"><ix:nonFraction name="NLITU:BusinessAcquisitionSharePricePerShare" contextRef="AsOf2021-12-31_custom_RelatedPartyLoansMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.10</ix:nonFraction></span> per unit) (the &#8220;Extension Loans&#8221;).
Any such payments would be made in the form of non-interest bearing loans. If the Company completes its initial Business Combination,
the Company will, at the option of the Sponsor, repay the Extension Loans out of the proceeds of the Trust Account released to the Company
or convert a portion or all of the total loan amount into units at a price of $<span id="xdx_901_ecustom--BusinessAcquisitionSharePricePerShare_iI_pid_c20211231__us-gaap--DebtInstrumentAxis__custom--ExtensionLoansMember__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartyLoansMember_z9dcgs6OwX1i" title="Share price per share"><ix:nonFraction name="NLITU:BusinessAcquisitionSharePricePerShare" contextRef="AsOf2021-12-31_custom_ExtensionLoansMember_custom_RelatedPartyLoansMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">10.00</ix:nonFraction></span> per unit, which units will be identical to the Private
Placement Units</ix:nonNumeric></span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>NORTHERN
LIGHTS </b></span><b><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ACQUISITION CORP.</span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
5 &#8212; Related Party Transactions (Continued) </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the Company does not complete a Business Combination, the Company will repay such loans only from funds held outside of the Trust Account.
Furthermore, the letter agreement among the Company and the Company&#8217;s officers, directors, and the Sponsor contains a provision
pursuant to which the Sponsor will agree to waive its right to be repaid for such loans to the extent there is insufficient funds held
outside of the Trust Account in the event that the Company does not complete a Business Combination. The Sponsor and its affiliates or
designees are not obligated to fund the Trust Account to extend the time for the Company to complete the initial Business Combination.
The public stockholders will not be afforded an opportunity to vote on the extension of time to consummate an initial Business Combination
from 12 months to 18 months described above or redeem their shares in connection with such extensions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Administrative
Support Agreement</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Commencing
on the date of the Initial Public Offering and until completion of the Company&#8217;s Business Combination or liquidation, the
Company may reimburse Luminous Capital Inc., an affiliate of the Sponsor, up to an amount of $<span id="xdx_90A_ecustom--ReimbursementOfOfficeSpaceSecretarialAndAdministrativeSupport_pp0p0_c20210226__20211231__us-gaap--RelatedPartyTransactionAxis__custom--LuminousCapitalIncMember__us-gaap--TypeOfArrangementAxis__custom--AdministrativeSupportAgreementMember_zb3V2Yvhwtl6" title="Reimbursement of office space, secretarial and administrative support"><ix:nonFraction name="NLITU:ReimbursementOfOfficeSpaceSecretarialAndAdministrativeSupport" contextRef="From2021-02-262021-12-31_custom_LuminousCapitalIncMember_custom_AdministrativeSupportAgreementMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">10,000</ix:nonFraction></span>
per month for office space, secretarial and administrative support. Through December 31, 2021, $<span id="xdx_90D_ecustom--SupportFee_pp0p0_c20210226__20211231__us-gaap--TypeOfArrangementAxis__custom--AdministrativeSupportAgreementMember_zdo8bMYmc1Oi" title="Support Fee"><ix:nonFraction name="NLITU:SupportFee" contextRef="From2021-02-262021-12-31_custom_AdministrativeSupportAgreementMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">60,000</ix:nonFraction></span>
of support fees were incurred and are included in formation and operating costs in the accompanying statement of
operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:CommitmentsAndContingenciesDisclosureTextBlock"><p id="xdx_80F_eus-gaap--CommitmentsAndContingenciesDisclosureTextBlock_zOuHAiikggwk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
6 &#8212; <span id="xdx_829_z1AqagI4Iavc">Commitments and Contingencies</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Registration
Rights</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to a registration rights agreement entered into on June 23, 2021, the holders of the Founder Shares, Private Placement Units (including
the securities contained therein), the units (including the securities contained therein) that may be issued upon conversion of the Working
Capital Loans, and any shares of Class A Common Stock issuable upon the exercise of the Placement Warrants and any shares of Class A
Common Stock, warrants (and underlying Class A Common Stock) that may be issued upon conversion of the units issued as part of the working
capital loans and Class A Common Stock issuable upon conversion of the founder shares are entitled to registration rights. The holders
of a majority of these securities are entitled to make up to three demands, excluding short form demands, that the Company register such
securities. In addition, the holders have certain &#8220;piggy-back&#8221; registration rights with respect to registration statements
filed subsequent to the completion of a Business Combination and rights to require the Company to register for resale such securities
pursuant to Rule 415 under the Securities Act. However, the registration rights agreement provides that the Company will not permit any
registration statement filed under the Securities Act to become effective until termination of the applicable lock-up period. The Company
will bear the expenses incurred in connection with the filing of any such registration statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Underwriting
Agreement</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company granted the underwriter a 45-day option to purchase up to <span id="xdx_90B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod_pid_c20210226__20211231__us-gaap--TypeOfArrangementAxis__custom--UnderwritersAgreementMember__srt--RangeAxis__srt--MaximumMember_zK1ohLpULDEi" title="Option to purchase shares"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod" contextRef="From2021-02-262021-12-31_custom_UnderwritersAgreementMember_srt_MaximumMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,500,000</ix:nonFraction></span> additional Units to cover over-allotments at the Initial
Public Offering price, less the underwriting discounts and commissions. The underwriter&#8217;s over-allotment option was exercised in
full on June 28, 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
underwriter was paid a cash underwriting discount of <span id="xdx_906_ecustom--PercentageOfDiscountOnGrossProceedsOfInitialPublicOffering_pid_dp_uPure_c20210226__20211231__us-gaap--CashAndCashEquivalentsAxis__us-gaap--CashMember__us-gaap--TypeOfArrangementAxis__custom--UnderwritersAgreementMember_zL4JjsSAIE1k" title="Percentage of discount on gross proceeds of initial public offering"><ix:nonFraction name="NLITU:PercentageOfDiscountOnGrossProceedsOfInitialPublicOffering" contextRef="From2021-02-262021-12-31_us-gaap_CashMember_custom_UnderwritersAgreementMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">1.50</ix:nonFraction></span>% of the gross proceeds of the Initial Public Offering, or $<span id="xdx_903_eus-gaap--ProceedsFromIssuanceInitialPublicOffering_pp0p0_c20210226__20211231__us-gaap--CashAndCashEquivalentsAxis__us-gaap--CashMember__us-gaap--TypeOfArrangementAxis__custom--UnderwritersAgreementMember_zmPJsheqFqIj" title="Proceeds from issuance initial public offering"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceInitialPublicOffering" contextRef="From2021-02-262021-12-31_us-gaap_CashMember_custom_UnderwritersAgreementMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,725,000</ix:nonFraction></span>. In addition,
the underwriter is entitled to a deferred fee of three and a half percent (<span id="xdx_902_ecustom--PercentageOfDiscountOnGrossProceedsOfInitialPublicOffering_pid_dp_uPure_c20210226__20211231__us-gaap--IncomeStatementLocationAxis__custom--DeferredFeeMember__us-gaap--TypeOfArrangementAxis__custom--UnderwritersAgreementMember_z59sH0o4ekol" title="Percentage of discount on gross proceeds of initial public offering"><ix:nonFraction name="NLITU:PercentageOfDiscountOnGrossProceedsOfInitialPublicOffering" contextRef="From2021-02-262021-12-31_custom_DeferredFeeMember_custom_UnderwritersAgreementMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">3.50</ix:nonFraction></span>%) of the gross proceeds of the Initial Public Offering,
or $<span id="xdx_90B_eus-gaap--ProceedsFromIssuanceInitialPublicOffering_pp0p0_c20210226__20211231__us-gaap--IncomeStatementLocationAxis__custom--DeferredFeeMember__us-gaap--TypeOfArrangementAxis__custom--UnderwritersAgreementMember_zS7BbdGRmQd9" title="Proceeds from issuance initial public offering"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceInitialPublicOffering" contextRef="From2021-02-262021-12-31_custom_DeferredFeeMember_custom_UnderwritersAgreementMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">4,025,000</ix:nonFraction></span>. The deferred fee was placed in the Trust Account and will be paid in cash upon the closing of a Business Combination,
subject to the terms of the underwriting agreement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Right
of First Refusal</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
a period beginning on June 28, 2021 and ending 12 months from the closing of a business combination, we have granted the underwriters
a right of first refusal to act as lead-left book running manager and lead left manager for any and all future private or public equity,
convertible and debt offerings during such period. In accordance with FINRA Rule 5110(f)(2)(E)(i), such right of first refusal shall
not have a duration of more than three years from the effective date of our Registration Statement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 192; Value: 1 -->
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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NORTHERN
LIGHTS ACQUISITION CORP.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="NLITU:WarrantLiabilityTextBlock"><p id="xdx_80A_ecustom--WarrantLiabilityTextBlock_zS0jmQ7lY4de" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
7 &#8211; <span id="xdx_82C_z8C5gROA8xPj">Warrant Liability</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
December 31, 2021 the Company has <span id="xdx_906_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_pid_c20211231__us-gaap--StatementEquityComponentsAxis__custom--PublicWarrantsMember_zMjVlbbhq7P5" title="Number of warrants outstanding"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightOutstanding" contextRef="AsOf2021-12-31_custom_PublicWarrantsMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">5,750,000</ix:nonFraction></span> Public Warrants and the <span id="xdx_90C_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_pid_c20211231__us-gaap--StatementEquityComponentsAxis__custom--PlacementWarrantsMember_zSZPOFKe07rg" title="Number of warrants outstanding"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightOutstanding" contextRef="AsOf2021-12-31_custom_PlacementWarrantsMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">264,088</ix:nonFraction></span> Private Placement Warrants, respectively, outstanding.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Public
Warrants may only be exercised for a whole number of shares. No fractional warrants will be issued upon separation of the Units and only
whole warrants will trade. <span id="xdx_90C_ecustom--WarrantsDescription_c20210226__20211231__us-gaap--StatementEquityComponentsAxis__custom--PublicWarrantsMember_zjiUFMZATXBb" title="Warrants description"><ix:nonNumeric contextRef="From2021-02-262021-12-31_custom_PublicWarrantsMember" name="NLITU:WarrantsDescription">The Public Warrants will become exercisable on the later of (i) the date of the completion of a Business Combination
and (ii) 12 months from the closing of the Initial Public Offering, and will expire five years after the completion of a Business Combination
or earlier upon redemption or liquidation</ix:nonNumeric></span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company will not be obligated to deliver any shares of Class A Common Stock pursuant to the exercise of a warrant and will have no obligation
to settle such warrant exercise unless a registration statement under the Securities Act covering the issuance of the shares of Class
A Common Stock issuable upon exercise of the warrants is then effective and a current prospectus relating to those shares of Class A
Common Stock is available, subject to the Company satisfying its obligations with respect to registration. No warrant will be exercisable
for cash or on a cashless basis, and the Company will not be obligated to issue any shares to holders seeking to exercise their warrants,
unless the issuance of the shares upon such exercise is registered or qualified under the securities laws of the state of the exercising
holder, or an exemption from registration is available.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has agreed that as soon as practicable, but in no event later than 20 business days after the closing of its initial Business
Combination, it will use its commercially reasonable efforts to file with the SEC a post-effective amendment to the registration statement
or a new registration statement covering the shares of Class A Common Stock issuable upon exercise of the warrants, to cause such registration
statement to become effective and to maintain a current prospectus relating to those shares of Class A Common Stock until the warrants
expire or are redeemed, as specified in the warrant agreement. If a registration statement covering the shares of Class A Common Stock
issuable upon exercise of the warrants is not effective by the 60th business day after the closing of the Company&#8217;s initial business
combination, warrant holders may, until such time as there is an effective registration statement and during any period when the Company
will have failed to maintain an effective registration statement, exercise warrants on a &#8220;cashless basis&#8221; in accordance with
Section 3(a)(9) of the Securities Act or another exemption.. Notwithstanding the above, if the Company&#8217;s shares of Class A Common
Stock are at the time of any exercise of a warrant not listed on a national securities exchange such that they satisfy the definition
of a &#8220;covered security&#8221; under Section 18(b)(1) of the Securities Act, it may, at its option, require holders of Public Warrants
who exercise their warrants to do so on a &#8220;cashless basis&#8221; in accordance with Section 3(a)(9) of the Securities Act and,
in the event the Company so elects, it will not be required to file or maintain in effect a registration statement, and in the event
it does not so elect, it will use its commercially reasonable efforts to register or qualify the shares under applicable blue sky laws
to the extent an exemption is not available. If that exemption, or another exemption, is not available, holders will not be able to exercise
their warrants on a cashless basis.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Redemption
of warrants when the price per Class A Common Stock equals or exceeds $<span id="xdx_90B_eus-gaap--SharePrice_iI_pid_c20211231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zBPIpfAYePV4" title="Shares issued, Price per share"><ix:nonFraction name="us-gaap:SharePrice" contextRef="AsOf2021-12-31_us-gaap_CommonClassAMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">18.00</ix:nonFraction></span>. Once the warrants become exercisable, the Company may redeem
the Public Warrants:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><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">in
    whole and not in 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">at
    a price of $<span id="xdx_902_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20211231__us-gaap--StatementEquityComponentsAxis__custom--PublicWarrantsMember_zECBbePI1uha" title="Warrants price per share"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" contextRef="AsOf2021-12-31_custom_PublicWarrantsMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.01</ix:nonFraction></span> per Public Warrant;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">upon
    not less than 30 days&#8217; prior written notice of redemption to each warrant holder; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">if,
    and only if, the reported last sale price of the Class A Common Stock equals or exceeds $<span id="xdx_90B_eus-gaap--SharePrice_iI_pid_c20211231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zPFPKwFn9Xb" title="Shares issued, Price per share"><ix:nonFraction name="us-gaap:SharePrice" contextRef="AsOf2021-12-31_us-gaap_CommonClassAMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">18.00</ix:nonFraction></span> per share (as adjusted for stock splits,
    stock dividends, reorganizations, recapitalizations and the like and certain issuances of Class A Common Stock and equity-linked
    securities) for any 20 trading days within a 30-trading day period commencing no earlier than the date the warrants become exercisable
    and ending on the third business day before the date on which the Company sends the notice of redemption to the warrant holders.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 47.5pt; text-align: justify; text-indent: -23.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
and when the warrants become redeemable by the Company, the Company may exercise its redemption right even if it is unable to register
or qualify the underlying securities for sale under all applicable state securities laws.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<ix:exclude><!-- Field: Page; Sequence: 193; 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 -->76<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>NORTHERN
LIGHTS </b></span><b><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ACQUISITION CORP.</span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
7 &#8211; Warrant Liability (Continued)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the Company calls the Public Warrants for redemption, management will have the option to require all holders that wish to exercise the
Public Warrants to do so on a &#8220;cashless basis,&#8221; as described in the warrant agreement. The exercise price and number of shares
of Class A Common Stock issuable upon exercise of the warrants may be adjusted in certain circumstances including in the event of a stock
dividend, or recapitalization, reorganization, merger or consolidation. However, the warrants will not be adjusted for issuance of Class
A Common Stock at a price below its exercise price. Additionally, in no event will the Company be required to net cash settle the warrants.
If the Company is unable to complete a Business Combination within the Combination Window and the Company liquidates the funds held in
the Trust Account, holders of warrants will not receive any of such funds with respect to their warrants, nor will they receive any distribution
from the Company&#8217;s assets held outside of the Trust Account with the respect to such warrants. Accordingly, the warrants may expire
worthless.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90C_ecustom--RedemptionOfWarrantsDescription_c20210226__20211231__us-gaap--StatementEquityComponentsAxis__custom--ClassACommonStockMember_zm0uMSgAojuc" title="Redemption of warrants, description"><ix:nonNumeric contextRef="From2021-02-262021-12-31_custom_ClassACommonStockMember" name="NLITU:RedemptionOfWarrantsDescription">In
addition, if (x) the Company issues additional shares of Class A Common Stock or equity-linked securities for capital raising purposes
in connection with the closing of its initial Business Combination at an issue price or effective issue price of less than $9.20 per
share of Class A Common Stock (with such issue price or effective issue price to be determined in good faith by the Company&#8217;s board
of directors and, in the case of any such issuance to the Sponsor or its affiliates, without taking into account any Founder Shares held
by the Sponsor or such affiliates, as applicable, prior to such issuance) (the &#8220;Newly Issued Price&#8221;), (y) the aggregate gross
proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of
the Company&#8217;s initial Business Combination on the date of the consummation of such initial Business Combination (net of redemptions),
and (z) the volume weighted average trading price of the Company&#8217;s common stock during the 20 trading day period starting on the
trading day prior to the day on which the Company consummates its initial Business Combination (such price, the &#8220;Market Value&#8221;)
is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher
of the Market Value and the Newly Issued Price, the $18.00 per share redemption trigger price described above will be adjusted (to the
nearest cent) to be equal to 180% of the greater of the Market Value and the Newly Issued Price and the $10.00 per share redemption trigger
price described above will be adjusted (to the nearest cent) to be equal to the greater of the Market Value and the Newly Issued Price</ix:nonNumeric></span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Placement Warrants will be identical to the Public Warrants underlying the Units being sold in the Initial Public Offering, except that
the Placement Warrants and the Class A Common Stock issuable upon the exercise of the Placement Warrants will not be transferable, assignable
or salable until 30 days after the completion of a Business Combination, subject to certain limited exceptions. Additionally, the Placement
Warrants will be exercisable on a cashless basis and be non-redeemable so long as they are held by the initial purchasers or their permitted
transferees. If the Placement Warrants are held by someone other than the initial purchasers or their permitted transferees, the Placement
Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company accounted for the aggregate <span id="xdx_908_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_pid_c20211231__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zkJSYJOnFU" title="Number of warrants issued"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights" contextRef="AsOf2021-12-31_us-gaap_IPOMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">6,014,088</ix:nonFraction></span> warrants issued in connection with the Initial Public Offering (the <span id="xdx_90A_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_pid_c20211231__us-gaap--StatementEquityComponentsAxis__custom--PublicWarrantsMember_zQWQanDDvO1a" title="Number of warrants issued"><span title="Number of warrants outstanding"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights" contextRef="AsOf2021-12-31_custom_PublicWarrantsMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">5,750,000</ix:nonFraction></span></span> Public Warrants
and the <span id="xdx_904_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_pid_c20211231__us-gaap--StatementEquityComponentsAxis__custom--PlacementWarrantsMember_zpJrDUOKylA8" title="Number of warrants issued"><span title="Number of warrants outstanding"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights" contextRef="AsOf2021-12-31_custom_PlacementWarrantsMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">264,088</ix:nonFraction></span></span> Placement Warrants) in accordance with the guidance contained in FASB ASC Topic 815-40. Such guidance provides that because
the warrants do not meet the criteria for equity treatment thereunder, each warrant must be recorded as a liability due to the existence
of provisions whereby adjustments to the exercise price of the warrants is based on a variable that is not an input to the fair value
of a &#8216;&#8216;fixed-for-fixed&#8217;&#8217; option and the existence of the potential for net cash settlement for the warrant holders
(but not all common stockholders) in the event of a tender offer.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accounting treatment of derivative financial instruments requires that the Company record a derivative liability upon the closing of
the Initial Public Offering. Accordingly, the Company classified each warrant as a liability at its fair value and the warrants were
allocated a portion of the proceeds from the issuance of the Units equal to its fair value determined by the Monte Carlo simulation.
This liability is subject to remeasurement at each balance sheet date. With each such re-measurement, the warrant liability will be adjusted
to fair value, with the change in fair value recognized in the Company&#8217;s statement of operations. The Company will reassess the
classification at each balance sheet date. If the classification changes as a result of events during the period, the warrants will be
reclassified as of the date of the event that causes the reclassification</span></p>
<!-- Field: Split-Segment; Name: 01 -->
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<ix:exclude><!-- Field: Page; Sequence: 194; Value: 1 -->
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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>NORTHERN
LIGHTS </b></span><b><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ACQUISITION CORP.</span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:StockholdersEquityNoteDisclosureTextBlock"><p id="xdx_80E_eus-gaap--StockholdersEquityNoteDisclosureTextBlock_zZWqotPgLWnl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
8 &#8211; <span id="xdx_822_z8La43rTafUc">Stockholders&#8217; Equity</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Preferred
Stock</i></b> &#8212; The Company is authorized to issue <span id="xdx_90A_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20211231_zsqtwm9DzrOf" title="Preferred stock, shares authorized"><ix:nonFraction name="us-gaap:PreferredStockSharesAuthorized" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,250,000</ix:nonFraction></span> preferred shares with a par value of $<span id="xdx_904_eus-gaap--PreferredStockParOrStatedValuePerShare_iI_pid_c20211231_zWEtXdQdwSI9" title="Preferred stock, par value"><ix:nonFraction name="us-gaap:PreferredStockParOrStatedValuePerShare" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.0001</ix:nonFraction></span> per share with such designation,
rights and preferences as may be determined from time to time by the Company&#8217;s Board of Directors. At December 31, 2021, there
were <span id="xdx_901_eus-gaap--PreferredStockSharesIssued_iI_do_c20211231_zdzlJVWwsmZ4" title="Preferred stock, shares issued"><span id="xdx_909_eus-gaap--PreferredStockSharesOutstanding_iI_do_c20211231_zTNYj7fchVjl" title="Preferred stock, shares outstanding"><ix:nonFraction name="us-gaap:PreferredStockSharesIssued" contextRef="AsOf2021-12-31" format="ixt-sec:numwordsen" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:PreferredStockSharesOutstanding" contextRef="AsOf2021-12-31" format="ixt-sec:numwordsen" decimals="INF" unitRef="Shares">no</ix:nonFraction></ix:nonFraction></span></span> preferred shares issued or outstanding.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Class
A Common Stock</i></b> &#8212; The Company is authorized to issue up to <span id="xdx_907_eus-gaap--CommonStockSharesAuthorized_iI_pid_c20211231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zpJbKh8cQofe" title="Common stock, shares authorized"><ix:nonFraction name="us-gaap:CommonStockSharesAuthorized" contextRef="AsOf2021-12-31_us-gaap_CommonClassAMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">125,000,000</ix:nonFraction></span> shares of Class A Common Stock with a par value of
$<span id="xdx_905_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_c20211231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zfHbMLXTjiUe" title="Common stock, par value"><ix:nonFraction name="us-gaap:CommonStockParOrStatedValuePerShare" contextRef="AsOf2021-12-31_us-gaap_CommonClassAMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.0001</ix:nonFraction></span> per share. Holders of the Company&#8217;s Class A Common Stock are entitled to one vote for each share. At December 31, 2021,
there were <span id="xdx_90E_eus-gaap--CommonStockSharesOutstanding_iI_pid_c20211231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_ztrg8cbAehf1" title="Common stock, shares outstanding"><span id="xdx_906_eus-gaap--CommonStockSharesIssued_iI_pid_c20211231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_znD0p9HceOL5" title="Common stock, shares issued"><ix:nonFraction name="us-gaap:CommonStockSharesOutstanding" contextRef="AsOf2021-12-31_us-gaap_CommonClassAMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:CommonStockSharesIssued" contextRef="AsOf2021-12-31_us-gaap_CommonClassAMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">528,175</ix:nonFraction></ix:nonFraction></span></span> shares of Class A Common Stock issued or outstanding, excluding <span id="xdx_90A_ecustom--RedemptionOfCommonShares_pid_c20210226__20211231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zIxthNXg752e" title="Redemption of common shares"><ix:nonFraction name="NLITU:RedemptionOfCommonShares" contextRef="From2021-02-262021-12-31_us-gaap_CommonClassAMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">11,500,000</ix:nonFraction></span> shares of Class A Common Stock subject
to possible redemption.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Class
B Common Stock &#8212; </i></b>The Company is authorized to issue up to <span id="xdx_905_eus-gaap--CommonStockSharesAuthorized_iI_pid_c20211231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zxKMISVxS1Fb" title="Common stock, shares authorized"><ix:nonFraction name="us-gaap:CommonStockSharesAuthorized" contextRef="AsOf2021-12-31_us-gaap_CommonClassBMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">12,500,000</ix:nonFraction></span> shares of Class B common stock with a par value of
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independent directors. At December 31, 2021, there were <span id="xdx_90A_eus-gaap--CommonStockSharesIssued_iI_pid_c20211231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zBXdpunZv43f" title="Common stock, shares issued"><span id="xdx_901_eus-gaap--CommonStockSharesOutstanding_iI_pid_c20211231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zedTnXy7J4l5" title="Common stock, shares outstanding"><ix:nonFraction name="us-gaap:CommonStockSharesIssued" contextRef="AsOf2021-12-31_us-gaap_CommonClassBMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:CommonStockSharesOutstanding" contextRef="AsOf2021-12-31_us-gaap_CommonClassBMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">2,875,000</ix:nonFraction></ix:nonFraction></span></span> shares of Class B common stock issued and outstanding.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Holders
of Class A Common Stock and Class B common stock will vote together as a single class on all other matters submitted to a vote of stockholders,
except as required by law.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_900_eus-gaap--CommonStockConversionBasis_c20210226__20211231_z0tqgvcTjVe1" title="Common stock conversion basis"><ix:nonNumeric contextRef="From2021-02-262021-12-31" name="us-gaap:CommonStockConversionBasis">The
shares of Class B common stock will automatically convert into shares of Class A Common Stock at the time of the Business Combination
on a one-for-one basis, subject to adjustment for stock splits, stock dividends, reorganizations, recapitalizations and the like. In
the case that additional shares of Class A Common Stock, or equity linked securities, are issued or deemed issued in excess of the amounts
offered in the Initial Public Offering and related to the closing of a Business Combination, the ratio at which shares of Class B common
stock shall convert into shares of Class A Common Stock will be adjusted (unless the holders of a majority of the outstanding shares
of Class B common stock agree to waive such adjustment with respect to any such issuance or deemed issuance) so that the number of shares
of Class A Common Stock issuable upon conversion of all shares of Class B common stock will equal, in the aggregate, on an as converted
basis, 20% of the sum of the total number of all shares of common stock outstanding upon the completion of the Initial Public Offering
plus all shares of Class A Common Stock and equity linked securities issued or deemed issued in connection with a Business Combination
(excluding any shares or equity linked securities issued, or to be issued, to any seller in a Business Combination, and any private placement-equivalent
units and its underlying securities issued to the Sponsor or its affiliates upon conversion of loans made to the Company</ix:nonNumeric></span>).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company may issue additional common stock or preferred stock to complete its Business Combination or under an employee incentive plan
after completion of its Business Combination.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:FairValueDisclosuresTextBlock"><p id="xdx_80A_eus-gaap--FairValueDisclosuresTextBlock_zue9nDtkiQTc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
9 &#8211; <span id="xdx_826_zD3rPj6VJbJ3">Fair Value Measurements</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock"><p id="xdx_89F_eus-gaap--ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock_zKPassors1Fk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table presents information about the Company&#8217;s assets and derivative warrant liabilities that are measured at fair value
on a recurring basis as of December 31, 2021 and indicates the fair value hierarchy of the valuation techniques that the Company utilized
to determine such fair value:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8BD_z2kMPA5Der3c" style="display: none">Schedule
of Fair Value Assets and Liabilities Measured on Recurring Basis</span></span></p>

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</ix:nonNumeric><p id="xdx_8A2_zviOPfOtuyGj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transfers
to/from Levels 1, 2 and 3 are recognized at the end of the reporting period in which a change in valuation technique or methodology occurs.
In 2021, the Public Warrants transferred from a Level 3 measurement to a Level 1 fair value measurements, after they split from the units
and started trading.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 22.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Warrants are measured at fair value on a recurring basis. The Public Warrants were initially valued using a Modified Monte Carlo Simulation.
As of December 31, 2021, the Public Warrants were valued using the instrument&#8217;s publicly listed trading price as of the balance
sheet date, which is considered to be a Level 1 measurement due to the use of an observable market quote in an active market.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
December 31, 2021, assets held in the Trust Account were comprised of $<span id="xdx_908_eus-gaap--AssetsHeldInTrust_iI_pp0p0_c20211231__us-gaap--CashAndCashEquivalentsAxis__us-gaap--CashMember_zwinYGTux1ji" title="Asset held in trust"><ix:nonFraction name="us-gaap:AssetsHeldInTrust" contextRef="AsOf2021-12-31_us-gaap_CashMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">508</ix:nonFraction></span> in cash and $<span id="xdx_90D_eus-gaap--AssetsHeldInTrust_iI_c20211231__us-gaap--CashAndCashEquivalentsAxis__us-gaap--USTreasurySecuritiesMember_zIn7YMdbQhrh" title="Asset held in trust"><ix:nonFraction name="us-gaap:AssetsHeldInTrust" contextRef="AsOf2021-12-31_us-gaap_USTreasurySecuritiesMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">117,321,000</ix:nonFraction></span> in a mutual fund invested in U.S.
Treasury Securities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 22.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<ix:exclude><!-- Field: Page; Sequence: 195; Value: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>NORTHERN
LIGHTS </b></span><b><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ACQUISITION CORP.</span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO UNAUDITED CONDENSED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
9 &#8211; Fair Value Measurements (Continued)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company recognized $<span id="xdx_904_eus-gaap--DerivativeLiabilities_iI_pp0p0_c20210628__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zacy6MvftO0d" title="Derivative warrant liability"><ix:nonFraction name="us-gaap:DerivativeLiabilities" contextRef="AsOf2021-06-28_us-gaap_WarrantMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">5,031,474</ix:nonFraction></span> for the derivative warrant liabilities upon their issuance on June 28, 2021. The Sponsor paid an aggregate
of $<span id="xdx_906_eus-gaap--DerivativeLiabilities_iI_c20211231__us-gaap--StatementEquityComponentsAxis__custom--PrivatePlacementWarrantsMember_z0dFIZ5Saqsh" title="Derivative warrant liability"><ix:nonFraction name="us-gaap:DerivativeLiabilities" contextRef="AsOf2021-12-31_custom_PrivatePlacementWarrantsMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">5,281,750</ix:nonFraction></span> for Private Placement Warrants with an initial aggregate fair value of $<span id="xdx_902_eus-gaap--DerivativeFairValueOfDerivativeLiability_iI_pp0p0_c20211231__us-gaap--StatementEquityComponentsAxis__custom--PrivatePlacementWarrantsMember_zkdUpvjZlGId" title="Fair value of derivative liability"><ix:nonFraction name="us-gaap:DerivativeFairValueOfDerivativeLiability" contextRef="AsOf2021-12-31_custom_PrivatePlacementWarrantsMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">224,474</ix:nonFraction></span>. The excess purchase price over the initial
fair value on the private placement closing date is recognized as a capital contribution from the Sponsor.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company utilizes a binomial Monte-Carlo simulation to estimate the fair value of the warrants at each reporting period for warrants that
are not actively traded. The estimated fair value of the derivative warrant liabilities is determined using Level 3 inputs. Inherent
in a binomial Monte Carlo simulation are assumptions related to expected stock-price volatility, expected life, risk-free interest rate
and dividend yield. The Company estimates the volatility of its common stock based on historical volatility of select peer companies
that matches the expected remaining life of the warrants. The risk-free interest rate is based on the U.S. Treasury zero-coupon yield
curve on the grant date for a maturity similar to the expected remaining life of the warrants. The expected life of the warrants is assumed
to be equivalent to their remaining contractual term. The dividend rate is based on the historical rate, which the Company anticipates
remaining at zero.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock"><p id="xdx_89C_eus-gaap--FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock_zt3vmXZLkzc6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table provides quantitative information regarding Level 3 fair value measurements inputs as their measurement dates:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B1_zUmW12i6MNql" style="display: none">Schedule
of Level 3 Fair Value Measurement Inputs</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Risk-free rate</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table>


</ix:nonNumeric><p id="xdx_8AC_zEFzlA9T0cRd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock"><p id="xdx_896_eus-gaap--FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock_zb7pciXlEN2d" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
change in the fair value of the derivative warrant liabilities for the period from June 28, 2021 (Initial Public Offering) through December
31, 2021 is summarized as follows:</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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  <tr id="xdx_43C_c20210226__20211231_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue_iE_zlPQV1JL8nyi" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">Fair value as of December 31, 2021 </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&#160;</td>
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  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<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 id="xdx_F0F_zoR0wtGQ6F2f" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</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: justify"><span id="xdx_F09_zD4gFBLprNcf" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td>
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  </table>
</ix:nonNumeric><p id="xdx_8A8_zqY7jGSAwIm7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; 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_801_eus-gaap--IncomeTaxDisclosureTextBlock_zH7n8K582p98" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
10 &#8211; <span id="xdx_821_znlemKpTiU7">Income Taxes</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock"><p id="xdx_89C_eus-gaap--ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock_zJn0ngGqQylf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
tax effects of temporary differences that give rise to deferred tax assets are presented below:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8BC_zwulln50ZvK7" style="display: none">Schedule
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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%">
  <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td id="xdx_495_20211231_zw6RaATshNU7" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">For the period from February 26, 2021 to December 31, 2021</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">Deferred Tax Assets:</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td>
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 20%; text-align: right"><ix:nonFraction name="us-gaap:DeferredTaxAssetsOperatingLossCarryforwards" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">87,611</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>NORTHERN
LIGHTS </b></span><b><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ACQUISITION CORP.</span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO UNAUDITED CONDENSED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="NLITU:ScheduleOfIncomeTaxProvisionTableTextBlock"><p id="xdx_896_ecustom--ScheduleOfIncomeTaxProvisionTableTextBlock_zj5JHUjsWJQa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
income tax provision (benefit) consists of the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B6_zKMUw9WQQcce" style="display: none">Schedule
of Income Tax Provision</span> </span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%">
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    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Income tax provision (benefit)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1784">&#8212;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
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</ix:nonNumeric><p id="xdx_8A3_zMue0KRIYQ4f" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">In assessing the realization
of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will
not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the
periods in which the temporary differences representing net future deductible amounts become deductible. Management considers the scheduled
reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. After consideration
of all information available, management believes that significant uncertainty exists with the respect to the realization of the deferred
tax assets and has therefore established a full valuation allowance. For the period from February 26, 2021 (inception) through December
31, 2021, the change in the valuation allowance was $<span id="xdx_908_eus-gaap--ValuationAllowanceDeferredTaxAssetChangeInAmount_iN_di_c20210226__20211231_zUSNJlNybbab" title="Change in valuation allowance"><ix:nonFraction name="us-gaap:ValuationAllowanceDeferredTaxAssetChangeInAmount" contextRef="From2021-02-262021-12-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">146,496</ix:nonFraction></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>

<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock"><p id="xdx_89E_eus-gaap--ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock_zLCSNm6pXaCl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
reconciliation of the statutory federal income tax rate to the Company&#8217;s effective tax rate is as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B5_zrv8bsMXpo9e" style="display: none">Schedule
of Effective Tax Rate</span></span></p>

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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td id="xdx_499_20210226__20211231_z4Stzrd0BrS" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
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    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateContinuingOperations" contextRef="From2021-02-262021-12-31" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">0.0</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">%</td></tr>
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</ix:nonNumeric><p id="xdx_8A9_zerE3dGFAwW" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At December 31, 2021, we had <span id="xdx_904_eus-gaap--OperatingLossCarryforwards_iI_c20211231_zbZTK6x5FzI8" title="Net operating loss carryforwards">$<ix:nonFraction name="us-gaap:OperatingLossCarryforwards" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">417,198</ix:nonFraction></span> of U.S.
net operating loss carryforwards available to offset future taxable income. These net operating losses do not expire.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
were no unrecognized tax benefits related to uncertain tax positions at December 31, 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As a result of our operations, we file income tax
returns in the US federal jurisdiction and in New York state and are subject to examination by the various taxing authorities,
since exception.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

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    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:SubsequentEventsTextBlock"><p id="xdx_804_eus-gaap--SubsequentEventsTextBlock_zVTYlalN0Ez7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
11 &#8211; <span id="xdx_822_zGwLdVpEst6h">Subsequent Event <span id="xdx_823_zSxk5TBOCtpf" style="display: none">Subsequent Events</span></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
February 11, 2022, the Company and the Sponsor entered into a definitive unit purchase agreement (the &#8220;Unit Purchase Agreement&#8221;)
with SHF, LLC d/b/a Safe Harbor Financial (&#8220;SHF&#8221;), SHF Holding Co., LLC, the sole member of SHF (the &#8220;Seller&#8221;),
and Partner Colorado Credit Union, the sole member of the Seller (&#8220;PCCU&#8221;). Pursuant to the Unit Purchase Agreement, upon
the closing (the &#8220;Closing&#8221;) of the contemplated transactions (collectively, the &#8220;Business Combination&#8221;), the
Company will purchase all of the issued and outstanding membership interests of SHF in exchange for an aggregate of $<span id="xdx_901_ecustom--AgreegateNumberOfOutstanding_c20220208__20220211__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__dei--LegalEntityAxis__custom--SHFHoldingCoLLCMember_zUQ1iW6JD6H4" title="Number of outstanding"><span id="xdx_903_ecustom--AgreegateNumberOfIssued_c20220208__20220211__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__dei--LegalEntityAxis__custom--SHFHoldingCoLLCMember_zew6hicdUnVl" title="Number of issued"><ix:nonFraction name="NLITU:AgreegateNumberOfOutstanding" contextRef="From2022-02-082022-02-11_us-gaap_SubsequentEventMember_custom_SHFHoldingCoLLCMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD"><ix:nonFraction name="NLITU:AgreegateNumberOfIssued" contextRef="From2022-02-082022-02-11_us-gaap_SubsequentEventMember_custom_SHFHoldingCoLLCMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">185,000,000</ix:nonFraction></ix:nonFraction></span></span>, consisting
of (i) <span id="xdx_90A_eus-gaap--StockIssuedDuringPeriodSharesAcquisitions_c20220208__20220211__dei--LegalEntityAxis__custom--SHFHoldingCoLLCMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zPlpwp8Zp7A4" title="Stock issued during period shares acquisition"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesAcquisitions" contextRef="From2022-02-082022-02-11_custom_SHFHoldingCoLLCMember_us-gaap_SubsequentEventMember_us-gaap_CommonClassAMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">11,386,139</ix:nonFraction></span> shares of Class A Common Stock with an aggregate value equal to $<span id="xdx_900_eus-gaap--StockIssuedDuringPeriodValueAcquisitions_c20220208__20220211__dei--LegalEntityAxis__custom--SHFHoldingCoLLCMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zjNWJEnpT7p1" title="Stock issued during period value acquisition"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueAcquisitions" contextRef="From2022-02-082022-02-11_custom_SHFHoldingCoLLCMember_us-gaap_SubsequentEventMember_us-gaap_CommonClassAMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">115,000,000</ix:nonFraction></span> and (b) $<span id="xdx_900_eus-gaap--Cash_iI_c20220211__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__dei--LegalEntityAxis__custom--SHFHoldingCoLLCMember_z7I2Qo6AVZi2" title="Cash"><ix:nonFraction name="us-gaap:Cash" contextRef="AsOf2022-02-11_us-gaap_SubsequentEventMember_custom_SHFHoldingCoLLCMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">70,000,000</ix:nonFraction></span> in cash. The obligations
of the parties to consummate the Business Combination are subject to the satisfaction or waiver of certain customary closing conditions
of the respective parties, including, without limitation: (a) the representations and warranties of the respective parties being true
and correct subject to the materiality standards contained in the Unit Purchase Agreement; (b) material compliance by the parties of
their respective pre-closing covenants and agreements, subject to the standards contained in the Unit Purchase Agreement; (c) the approval
by the Company&#8217;s stockholders of the Business Combination; (d) the approval by the Seller&#8217;s manager of the Business Combination;
(e) the approval by SHF&#8217;s managers of the Business Combination; (f) the absence of any Material Adverse Effect (as defined in the
Unit Purchase Agreement) with respect to the Company or with respect to SHF since the effective date of the Unit Purchase Agreement that
is continuing and uncured; (g) the Company having at least $<span id="xdx_909_eus-gaap--PropertyPlantAndEquipmentNet_iI_c20220211__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__dei--LegalEntityAxis__custom--SHFHoldingCoLLCMember_zdlugoakn0Bf" title="Tangible net assets"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentNet" contextRef="AsOf2022-02-11_us-gaap_SubsequentEventMember_custom_SHFHoldingCoLLCMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">5,000,001</ix:nonFraction></span> in tangible net assets upon the Closing; (h) the election of the
members of the post-Closing board of directors consistent with the provisions of the Unit Purchase Agreement, a majority of which are
to be independent in accordance with the Nasdaq rules; (i) the entry into certain ancillary agreements as of the Closing; (j) the lack
of any notice or communication from, or position of, the SEC requiring the Company to amend or supplement the proxy statement on Schedule
14A to be delivered to its stockholders in connection with the approval of the Business Combination and related matters; and (k) the
receipt of certain closing deliverables. </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Concurrently
with entering into the Unit Purchase Agreement, the Company entered into a securities purchase agreement (a &#8220;Securities Purchase
Agreement&#8221;) with certain investors (collectively, the &#8220;PIPE Investors&#8221;), pursuant to which, among other things, the
PIPE Investors agreed to subscribe for and purchase, and the Company agreed to issue and sell to the PIPE Investors, an aggregate of
<span id="xdx_90D_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_c20220208__20220211__us-gaap--StatementClassOfStockAxis__custom--SeriesAConvertiblePreferredStockMember_ziH4QILYjkFf" title="Sale of stock number of shares issued"><ix:nonFraction name="us-gaap:SaleOfStockNumberOfSharesIssuedInTransaction" contextRef="From2022-02-082022-02-11_custom_SeriesAConvertiblePreferredStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">60,000</ix:nonFraction></span> shares (the &#8220;PIPE Shares&#8221;) of the Company&#8217;s Series A Convertible Preferred Stock, par value $<span id="xdx_906_eus-gaap--PreferredStockParOrStatedValuePerShare_iI_pid_c20220211__us-gaap--StatementClassOfStockAxis__custom--SeriesAConvertiblePreferredStockMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_ziK9TZv58Qtc" title="Preferred stock, par value"><ix:nonFraction name="us-gaap:PreferredStockParOrStatedValuePerShare" contextRef="AsOf2022-02-11_custom_SeriesAConvertiblePreferredStockMember_us-gaap_SubsequentEventMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.0001</ix:nonFraction></span> per share
(the &#8220;Series A Convertible Preferred Stock&#8221;), and warrants to purchase up to a number of shares of Class A Common Stock equal
to <span id="xdx_906_ecustom--WarrantToPurchasePercentage_pid_dp_uPure_c20220208__20220211__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zmwQJCKEYbnd" title="Warrant to purchase, percentage"><ix:nonFraction name="NLITU:WarrantToPurchasePercentage" contextRef="From2022-02-082022-02-11_us-gaap_SubsequentEventMember_us-gaap_CommonClassAMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">50</ix:nonFraction></span>% of shares of the Class A Common Stock issuable upon conversion of the PIPE Shares (the &#8220;PIPE Warrants&#8221;) for gross
proceeds of $<span id="xdx_900_eus-gaap--ProceedsFromIssuanceOfCommonStock_pn5n6_c20220208__20220211__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zLD4yIjMqds8" title="Issuance of common stock"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceOfCommonStock" contextRef="From2022-02-082022-02-11_us-gaap_SubsequentEventMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">60.0</ix:nonFraction></span> million (the &#8220;PIPE Financing&#8221;). The closing of the PIPE Financing is contingent upon, among other things,
the substantially concurrent consummation of the Business Combination. The Securities Purchase Agreement provides that it will terminate
upon the earlier to occur of (i) termination of the Unit Purchase Agreement and (ii) the mutual written agreement of each of the parties.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management
has evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the financial statement
was issued. Based upon this review, other than the events included in the above notes, the Company did not identify any subsequent events
that would have required adjustment or disclosure in the financial statement.</span></p>

</ix:nonNumeric><p id="xdx_817_zIxQDkqZp189" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></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; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SHF
HOLDINGS, INC.</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>PART
II</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-top: 0; margin-bottom: 0; text-align: center"><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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
13. Other Expenses of Issuance and Distribution.</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">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following is an estimate of the expenses (all of which are to be paid by the registrant) that we may incur in connection with the securities
being registered hereby.</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; margin-left: auto; border-collapse: collapse; width: 75%; margin-right: auto">
  <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="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Amount</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; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; width: 80%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">SEC
    registration fee &#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">$</span></td><td style="font-family: Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">17,592.65</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; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Legal
    fees and expenses &#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; 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"></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">Accounting
    fees and expenses &#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; 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">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Miscellaneous &#160;</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-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; font-size: 10pt">&#160;*</span></td><td style="padding-bottom: 1.5pt; 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"><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="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Total &#160;</span></td><td style="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font-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 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td><td style="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif; 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"></p>

<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"></p>

<!-- Field: Rule-Page --><div style="font-family: Times New Roman, Times, Serif; margin-left: auto; margin-right: auto; width: 100%"><div style="border-top: Black 1.5pt solid; font: 1pt Times New Roman, Times, Serif"><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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.2in"><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"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
                                            fees are calculated based on the securities offered and the number of issuances and accordingly
                                            cannot be defined at this time.</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; 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>Item
14. Indemnification of Directors and Officers.</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">Section
145(a) of the DGCL provides, in general, that a corporation may indemnify any person who was or is a party to or is threatened to be
made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative
(other than an action by or in the right of the corporation), because he or she is or was a director, officer, employee or agent of the
corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation,
partnership, joint venture, trust or other enterprise, against expenses (including attorneys&#8217; fees), judgments, fines and amounts
paid in settlement actually and reasonably incurred by the person in connection with such action, suit or proceeding, if he or she acted
in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the corporation and, with
respect to any criminal action or proceeding, had no reasonable cause to believe his or her conduct was unlawful.</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">Section
145(b) of the DGCL provides, in general, that a corporation may indemnify any person who was or is a party or is threatened to be made
a party to any threatened, pending or completed action or suit by or in the right of the corporation to procure a judgment in its favor
because the person is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation
as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, against expenses
(including attorneys&#8217; fees) actually and reasonably incurred by the person in connection with the defense or settlement of such
action or suit if he or she acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests
of the corporation, except that no indemnification shall be made with respect to any claim, issue or matter as to which he or she shall
have been adjudged to be liable to the corporation unless and only to the extent that the Court of Chancery or other adjudicating court
determines that, despite the adjudication of liability but in view of all of the circumstances of the case, he or she is fairly and reasonably
entitled to indemnity for such expenses that the Court of Chancery or other adjudicating court shall deem proper.</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"></p>

<p style="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">Section
145(g) of the DGCL provides, in general, that a corporation may purchase and maintain insurance on behalf of any person who is or was
a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer,
employee or agent of another corporation, partnership, joint venture, trust or other enterprise against any liability asserted against
such person and incurred by such person in any such capacity, or arising out of his or her status as such, whether or not the corporation
would have the power to indemnify the person against such liability under Section 145 of the DGCL.</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">Additionally,
our Certificate of Incorporation eliminates our directors&#8217; liability to the fullest extent permitted under the DGCL. The DGCL provides
that directors of a corporation will not be personally liable for monetary damages for breach of their fiduciary duties as directors,
except for liability:</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">&#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; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; 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"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">for
                                            any transaction from which the director derives an improper personal benefit;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p></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">&#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">&#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">&#160;</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: justify; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td>
    <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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">for
                                            any act or omission not in good faith or that involves intentional misconduct or a knowing
                                            violation of law;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p></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">&#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">&#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">&#160;</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: justify; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td>
    <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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">for
                                            any unlawful payment of dividends or redemption of shares; or</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p></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">&#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">&#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">&#160;</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: justify; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td>
    <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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">for
                                            any breach of a director&#8217;s duty of loyalty to the corporation or its stockholders.</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; 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">If
the DGCL is amended to authorize corporate action further eliminating or limiting the personal liability of directors, then the liability
of the Company&#8217;s directors will be eliminated or limited to the fullest extent permitted by the DGCL, as so 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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, we have entered into separate indemnification agreements with our directors and officers. These agreements, among other things,
require us to indemnify our directors and officers for certain expenses, including attorneys&#8217; fees, judgments, liabilities, fines,
penalties and settlement amounts incurred by a director or officer in any action or proceeding arising out of their services as one of
our directors or officers or any other company or enterprise to which the person provides services at our request.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
maintain a directors&#8217; and officers&#8217; insurance policy pursuant to which our directors and officers are insured against liability
for actions taken in their capacities as directors and 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>

<p style="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>Item
15. Recent Sales of Unregistered 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"><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"><i>Amended
and Restated Securities Purchase Agreement.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
order to finance a portion of the purchase price payable under the Unit Purchase Agreement, and the costs and expenses incurred in connection
therewith, the Company previously entered into a Securities Purchase Agreement (the &#8220;Securities Purchase Agreement&#8221;) with
certain investors (the &#8220;Initial PIPE Investors&#8221;) concurrently with the execution of the Unit Purchase Agreement, pursuant
to which such PIPE Investors committed to purchase shares of Class A Convertible Preferred Stock (the &#8220;PIPE Shares&#8221;) and
warrants (the &#8220;PIPE Warrants&#8221;) to purchase up to a number of shares of the Class A Common Stock equal to 50% of shares of
the Class A Common Stock issuable upon conversion of the PIPE Shares (the &#8220;Conversion Shares&#8221;). On September 27, 2022, the
Company entered into an Amended and Restated Securities Purchase Agreement (the &#8220;Amended and Restated Securities Purchase Agreement&#8221;)
with certain of the Initial PIPE Investors and certain additional investors (collectively, the &#8220;PIPE Investors&#8221;) pursuant
to which, among other things, the PIPE Investors agreed to subscribe for and purchase, and the Company agreed to issue and sell to the
PIPE Investors, an aggregate of 20,450 PIPE Shares and 1,022,500 PIPE Warrants for gross proceeds of approximately $20.4 million (the
&#8220;PIPE Financing&#8221;). On September 28, 2022, in connection with the Closing, the PIPE Financing closed, and 20,450 PIPE Shares
and 1,022,500 PIPE Warrants were issued to the PIPE Investors.. The PIPE Shares and PIPE Warrants issued to the PIPE Investors were issued
pursuant to and in accordance with the exemption from registration under the Securities Act of 1933 (the <b><i>&#8220;Securities Act&#8221;</i></b>)
under Section 4(a)(2) and/or Regulation D promulgated thereunder.</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>Class
A Common Stock</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to our prior amended and restated certificate of incorporation, each share of NLIT&#8217;s Class B Common Stock converted into one share
of NLIT&#8217;s Class A Common Stock at the Closing of the Business Combination. The issuance of Class A Common Stock upon automatic
conversion of Class B Common Stock at the Closing has not been registered under the Securities Act in reliance on the exemption from
registration provided by Section 3(a)(9) of the Securities 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>

<p style="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>Private
Warrants.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Simultaneously
with the consummation of the Initial Public Offering, the Company consummated the private placement of an aggregate of 528,175 units
(the &#8220;Private Placement Units&#8221;) to the Sponsor, at a price of $10.00 per Private Placement Unit, generating total gross proceeds
of $5,281,750 (the &#8220;Private Placement&#8221;). No underwriting discounts or commissions were paid with respect to the Private Placement..
The Private Placement was made pursuant to an exemption from registration contained in Section 4(a)(2) of the Securities 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>


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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"></p>

<p style="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>Item
16. Exhibits.</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%; 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: justify; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exhibit
    No.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Description
    </b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">2.1&#8224;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1854963/000149315222004247/ex2-1.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unit Purchase Agreement dated February 11, 2022 (incorporated by reference to Exhibit 2.1 to the Company&#8217;s Current Report on Form 8-K filed on February 14, 2022)</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.2
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1854963/000149315222026201/ex10-1.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">First Amendment to Unit Purchase Agreement dated September 19, 2022 (incorporated by reference to Exhibit 10.1 to the Company&#8217;s Current Report on Form 8-K filed on September 19, 2022)</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.3</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1854963/000149315222026623/ex10-1.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Second Amendment to Unit Purchase Agreement dated September 22, 2022 (incorporated by reference to Exhibit 10.1 to the Company&#8217;s Current Report on Form 8-K filed on September 23, 2022)</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.4</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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1854963/000149315222027126/ex10-1.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Third Amendment to Unit Purchase Agreement dated September 28, 2022 (incorporated by reference to Exhibit 10.1 to the Company&#8217;s Current Report on Form 8-K, filed on September 29, 2022)</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1854963/000149315222027126/ex3-1.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Second Amended and Restated Certificate of Incorporation (incorporated by reference to Exhibit 3.1 of the Company&#8217;s Current Report on Form 8-K, filed on September 29, 2022).</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.2</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1854963/000149315222027126/ex3-2.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certificate of Designation (incorporated by reference to Exhibit 3.2 of the Company&#8217;s Current Report on Form 8-K, filed on September 29, 2022).</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1854963/000110465921075303/tm2112515d2_ex3-3.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bylaws (incorporated by reference to Exhibit 3.3 to the Company&#8217;s Registration Statement on Form S-1 filed on June 2, 2021).</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1</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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1854963/000110465921085817/tm2112515d8_ex4-1.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrant Agreement, dated June 23, 2021, between the Company and Continental Stock Transfer &amp; Trust Company (incorporated by reference to Exhibit 4.1 to the Company&#8217;s Current Report on Form 8-K filed on June 25, 2021).</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <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="ex5-1.htm">Opinion
    of Nelson Mullins Riley &amp; Scarborough LLP</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.1</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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1854963/000149315222027592/ex10-1.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registration Rights Agreement dated September 28, 2022 (incorporated by reference to Exhibit 10.1 to the Company&#8217;s Current Report on Form 8-K filed on October 4, 2022).</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.2&#8224;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1854963/000149315222027592/ex10-2.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lock-Up Agreement dated September 28, 2022 (incorporated by reference to Exhibit 10.2 to the Company&#8217;s Current Report on Form 8-K filed on October 4, 2022).</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.3</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1854963/000149315222027592/ex10-3.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-Competition Agreement dated September 28, 2022 (incorporated by reference to Exhibit 10.3 to the Company&#8217;s Current Report on Form 8-K filed on October 4, 2022).</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.4</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1854963/000149315222027592/ex10-4.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SHF Holdings, Inc. 2022 Stock Incentive Plan (incorporated by reference to Exhibit 10.4 to the Company&#8217;s Current Report on Form 8-K filed on October 4, 2022).</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.5</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1854963/000110465921085817/tm2112515d8_ex10-1.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Letter Agreement, dated June 23, 2021, among the Company, its officers and directors and 5AK, LLC (incorporated by reference to Exhibit 10.1 to the Company&#8217;s Current Report on Form 8-K filed on June 25, 2021).</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.6</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1854963/000110465921085817/tm2112515d8_ex10-3.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registration Rights Agreement, dated June 23, 2021, by and among the Company and certain securityholders (incorporated by reference to Exhibit 10.3 to the Company&#8217;s Current Report on Form 8-K filed on June 25, 2021).</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.7</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1854963/000110465921085817/tm2112515d8_ex10-4.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Placement Unit Purchase Agreement, dated June 23, 2021, by and between the Company and the Sponsor (incorporated by reference to Exhibit 10.4 to the Company&#8217;s Current Report on Form 8-K filed on June 25, 2021).</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.8</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1854963/000110465921075303/tm2112515d2_ex10-7.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Indemnity Agreement (incorporated by reference to Exhibit 10.7 to the Company&#8217;s Registration Statement on Form S-1 filed on June 2, 2021).</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.9&#8224;
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1854963/000149315222027126/ex10-2.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Amended and Restated Securities Purchase Agreement (incorporated by reference to Exhibit 10.2 of the Company&#8217;s Current Report on Form 8-K, filed on September 29, 2022).</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.10&#8224;
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1854963/000149315222027126/ex10-3.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Amended and Restated Registration Rights Agreement (incorporated by reference to Exhibit 10.3 of the Company&#8217;s Current Report on Form 8-K, filed on September 29, 2022).</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1854963/000149315222027126/ex10-4.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Voting Agreement (incorporated by reference to Exhibit 10.4 of the Company&#8217;s Current Report on Form 8-K, filed on September 29, 2022).</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1854963/000149315222017058/ex10-1.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Forward Purchase Agreement dated June 16, 2022 (incorporated by reference to Exhibit 10.1 of the Company&#8217;s Current Report on Form 8-K, filed on June 17, 2022).</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">21.1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1854963/000149315222027592/ex21-1.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subsidiaries of the Company (incorporated by reference to Exhibit 21.1 to the Company&#8217;s Current Report on Form 8-K filed on October 4, 2022).</span></a></td></tr>
  </table>

<p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.1*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="ex23-1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent
    of Elliott Davis, PLLC</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.2*</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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="ex23-2.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Marcum LLP</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.3*</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">&#160;</span></td>
    <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="ex5-1.htm">Consent
    of Nelson Mullins Riley &amp; Scarborough LLP (included in Exhibit 5.1)</a> </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">24.1*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="#Hp_001"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Power of Attorney (included on the signature page hereto)</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.SCH*</span></td>
    <td style="font: 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">Inline XBRL Taxonomy Extension Schema Document</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">101.CAL*</span></td>
    <td style="font: 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">Inline XBRL Taxonomy Extension Calculation Linkbase Document</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">101.DEF*</span></td>
    <td style="font: 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">Inline XBRL Taxonomy Extension Definition Linkbase Document</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">101.LAB*</span></td>
    <td style="font: 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">Inline XBRL Taxonomy Extension Label Linkbase Document</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">101.PRE*</span></td>
    <td style="font: 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">Inline XBRL Taxonomy Extension Presentation Linkbase Document</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">104*</span></td>
    <td style="font: 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">Cover
    page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)</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">107*</span></td>
    <td style="font: 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"><a href="ex107.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filing Fee Table</span></a></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">*
Filed herewith.</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">&#8224;
Certain of the exhibits and schedules to this exhibit have been omitted in accordance with Regulation S-K Item 601(a)(5). The Company
agrees to furnish supplementally a copy of all omitted exhibits and schedules to the SEC upon its request.</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>Item
17. Undertakings.</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">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</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
                                            undersigned registrant hereby undertakes:</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top; 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; vertical-align: top"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
                                            file, during any period in which offers or sales are being made, a post-effective amendment
                                            to this registration statement:</span></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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.6in"><span style="font-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; 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; vertical-align: top"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">to
                                            include any prospectus required by Section 10(a)(3) of the Securities Act;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p></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">&#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">&#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">&#160;</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: justify; vertical-align: top"><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; vertical-align: top"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">to
                                            reflect in the prospectus any facts or events arising after the effective date of the registration
                                            statement (or the most recent post-effective amendment thereof) which, individually or in
                                            the aggregate, represent a fundamental change in the information set forth in the registration
                                            statement. Notwithstanding the foregoing, any increase or decrease in volume of securities
                                            offered (if the total dollar value of securities offered would not exceed that which was
                                            registered) and any deviation from the low or high end of the estimated maximum offering
                                            range may be reflected in the form of prospectus filed with the Securities and Exchange Commission
                                            (the &#8220;Commission&#8221;) pursuant to Rule 424(b) if, in the aggregate, the changes
                                            in volume and price represent no more than 20 percent change in the maximum aggregate offering
                                            price set forth in the &#8220;Calculation of Registration Fee&#8221; table in the effective
                                            registration statement; and</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p></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">&#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">&#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">&#160;</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: justify; vertical-align: top"><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; vertical-align: top"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">to
                                            include any material information with respect to the plan of distribution not previously
                                            disclosed in the registration statement or any material change to such information in the
                                            registration statement;</span></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; 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"><i>provided</i>,
<i>however</i>, that: Paragraphs (a)(1)(i), (a)(1)(ii) and (a)(1)(iii) of this section do not apply if the information required to be
included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the registrant
pursuant to Section 13 or Section 15(d) of the Securities and Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;), that
are incorporated by reference in the registration statement, or is contained in a form of prospectus filed pursuant to Rule 424(b) that
is part of the registration statement.</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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    <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: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top; width: 0.25in"><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; vertical-align: top"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">That,
                                            for the purpose of determining any liability under the Securities Act, each such post-effective
                                            amendment shall be deemed to be a new registration statement relating to the securities offered
                                            therein, and the offering of such securities at that time shall be deemed to be the initial
                                            bona fide offering thereof.</span></p>
    <p style="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></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: justify; vertical-align: top"><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; vertical-align: top"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
                                            remove from registration by means of a post-effective amendment any of the securities being
                                            registered which remain unsold at the termination of the offering.</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></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: justify; vertical-align: top"><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; vertical-align: top"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">That,
                                            for the purpose of determining liability under the Securities Act to any purchaser:</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></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"></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; text-align: justify; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top; 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; vertical-align: top"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
                                            prospectus filed by the registrant pursuant to Rule 424(b)(3) shall be deemed to be part
                                            of the registration statement as of the date the filed prospectus was deemed part of and
                                            included in the registration statement; and</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p></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">&#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">&#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">&#160;</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: justify; vertical-align: top"><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; vertical-align: top"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
                                            prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5) or (b)(7) as part of a
                                            registration statement in reliance on Rule 430B relating to an offering made pursuant to
                                            Rule 415(a)(1)(i), (vii) or (x) for the purpose of providing the information required by
                                            Section 10(a) of the Securities Act shall be deemed to be part of and included</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; 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">in
the registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the
first contract of sale of securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of
the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration
statement relating to the securities in the registration statement to which that prospectus relates, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof. Provided, however, that no statement made in a registration
statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference
into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract
of sale prior to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that
was part of the registration statement or made in any such document immediately prior to such effective date.</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"></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; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top; 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; text-align: justify; vertical-align: top"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">That,
                                            for the purpose of determining liability of the registrant under the Securities Act to any
                                            purchaser in the initial distribution of the securities, the undersigned registrant undertakes
                                            that in a primary</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; 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">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">offering
    of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method used to
    sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications,
    the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:
    </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"></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; text-align: justify; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top; 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; vertical-align: top"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
                                            preliminary prospectus or prospectus of the undersigned registrant relating to the offering
                                            required to be filed pursuant to Rule 424;</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></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>


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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"><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; text-align: justify; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top; width: 0.25in"><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; vertical-align: top"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
                                            free writing prospectus relating to the offering prepared by or on behalf of the undersigned
                                            registrant or used or referred to by the undersigned registrant;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p></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">&#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">&#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">&#160;</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: justify; vertical-align: top"><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; vertical-align: top"><p style="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
                                            portion of any other free writing prospectus relating to the offering containing material
                                            information about the undersigned registrant or its securities provided by or on behalf of
                                            the undersigned registrant; and</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p></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">&#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">&#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">&#160;</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: justify; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</span></td>
    <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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
                                            other communication that is an offer in the offering made by the undersigned registrant to
                                            the purchaser.</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; 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>(</b>b)
Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons
of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the 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"><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-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SIGNATURES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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">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 hereunto duly authorized.</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"></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SHF
    HOLDINGS, INC.</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 50%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 5%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 45%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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"><i>/s/
    Sundie Seefried</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">Name:
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sundie
    Seefried</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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
    Executive Officer</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">Date:
October 7, 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>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span id="Hp_001"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>POWER
OF ATTORNEY</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">&#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">KNOW
ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below hereby constitutes and appoints Sundie Seefried
and Chris Fameree, and each of them, his or her true and lawful attorneys-in-fact and agents, each with full power of substitution
and resubstitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign any and all amendments,
including post-effective amendments, to this Registration Statement, and any registration statement relating to the offering covered
by this Registration Statement and filed pursuant to Rule 462(b) under the Securities Act of 1933, and to file the same, with exhibits
thereto and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact
and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done,
as fully for all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that each of said
attorneys-in-fact and agents, or his or her substitute or substitutes may lawfully do or cause to be done by virtue hereof.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times 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">Pursuant
to the requirements of the Securities Act of 1933, this registration statement has been signed below by the following persons in the
capacities and on the date 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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 32%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Signature</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 40%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Title</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 24%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Date</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="border-bottom: Black 1.5pt solid; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: left"><i>/s/ Sundie Seefried</i></td>
    <td style="font: 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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
                                            Executive Officer</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">October
    7, 2022</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sundie
    Seefried </span></td>
    <td style="font: 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">&#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>
    <td style="font: 10pt Times New Roman, Times, Serif; 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: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: left"><i>/s/ Chris Fameree</i></td>
    <td style="font: 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
    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: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">October
    7, 2022</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chris
    Fameree</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>
    <td style="font: 10pt Times New Roman, Times, Serif; 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: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; 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: justify"><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>
    <td style="font: 10pt Times New Roman, Times, Serif; 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: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: left"><i>/s/ Jonathon F.
    Niehaus</i><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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"></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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"></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">October
    7, 2022</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">Jonathon
    F. Niehaus</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>
    <td style="font: 10pt Times New Roman, Times, Serif; 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: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; 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: justify"><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>
    <td style="font: 10pt Times New Roman, Times, Serif; 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: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: left"><i>/s/ Joshua Mann</i><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <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>
    <td style="font: 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">October
    7, 2022</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Joshua
    Mann</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>
    <td style="font: 10pt Times New Roman, Times, Serif; 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: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; 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: justify"><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>
    <td style="font: 10pt Times New Roman, Times, Serif; 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: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: left"><i>/s/
    John Darwin</i><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <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>
    <td style="font: 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">October
    7, 2022</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">John
    Darwin</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>
    <td style="font: 10pt Times New Roman, Times, Serif; 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: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; 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: justify"><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>
    <td style="font: 10pt Times New Roman, Times, Serif; 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: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: left"><i>/s/ Jennifer Meyers</i><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <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>
    <td style="font: 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">October
    7, 2022</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jennifer
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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">&#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>
    <td style="font: 10pt Times New Roman, Times, Serif; 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: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; 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: justify"><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>
    <td style="font: 10pt Times New Roman, Times, Serif; 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: 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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    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif"><i>/s/
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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"></p></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>
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    __, 2022</span></td></tr>
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[{"type": "S-1", "sequence": "1", "filename": "forms-1.htm", "secsgml_size_bytes": 3620034}]
{"company-data": {"conformed-name": "SHF Holdings, Inc.", "cik": "0001854963", "assigned-sic": "6199", "irs-number": "862409612", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-1", "act": "33", "file-number": "333-267796", "film-number": "221301541"}, "business-address": {"street1": "5269 W. 62ND AVENUE", "city": "ARVADA", "state": "CO", "zip": "80003", "phone": "(303) 431-3435"}, "mail-address": {"street1": "5269 W. 62ND AVENUE", "city": "ARVADA", "state": "CO", "zip": "80003"}, "former-company": {"former-conformed-name": "Northern Lights Acquisition Corp.", "date-changed": "20210402"}}
As
filed with the Securities and Exchange Commission on
October 7, 2022
Registration
No. 333-
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
S-1
REGISTRATION
STATEMENT
UNDER
THE
SECURITIES ACT OF 1933
SHF
Holdings, Inc.
(Exact
name of registrant as specified in its charter)
Delaware
6199
86-2409612
(State
    or other jurisdiction of
incorporation or organization)
(Primary
    standard industrial
classification code number)
(I.R.S.
    Employer
Identification Number)
5269
W. 62nd Avenue
,
Arvada
,
Colorado
80003
Telephone:
(303)
431-3435
(Address,
including zip code, and telephone number, including area code, of registrant's principal executive offices)
Sundie
Seefried
Chief
Executive Officer
5269
W. 62nd Avenue
,
Arvada
,
Colorado
80003
Telephone:
(
303
)
431-3435
(Name,
address, including zip code, and telephone number, including area code, of agent for service)
Approximate
date of commencement of proposed sale of the securities to the public: From time to time after the effective date of this registration
statement.
If
any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the
Securities Act of 1933, please 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, a smaller reporting
company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer,"
"smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large
    accelerated filer
☐
Accelerated
    filer
☐
Non-accelerated
    filer
☒
Smaller
    reporting company
☒
Emerging
    growth company
☒
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act.
☒
The
registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the
registrant shall file a further amendment which specifically states that this registration statement shall thereafter become effective
in accordance with Section 8(a) of the Securities Act or until the registration statement shall become effective on such date as the
Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine.
The information in this preliminary prospectus is not complete and
may be changed. We may not sell these securities until the registration statement filed with the United States Securities and Exchange
Commission is effective. This preliminary prospectus is not an offer to sell these securities and we are not soliciting an offer to buy
these securities in any jurisdiction where the offer or sale is not permitted.
SUBJECT TO COMPLETION
PRELIMINARY PROSPECTUS DATED OCTOBER 7, 2022
SHF
Holdings, Inc.
Up
to 5,750,000 Shares of Class A Common Stock Underlying Public Warrants
Up
to 16,360,000 Shares of Class A Common Stock Underlying Series A Convertible Preferred
Up
to 1,022,500 Shares of Class A Common Stock Underlying PIPE Warrants
This
prospectus relates to the issuance by us of up to an aggregate of 5,750,000 shares of our Class A common stock, par value $0.0001 per
share ("Class A Common Stock"), issuable upon the exercise of 5,750,000 warrants (the "Public Warrants")
originally issued in the initial public offering of SHF Holdings, Inc. (f/k/a Northern Lights Acquisition Corp.), a Delaware corporation
(the "Company"), by the holders thereof. We will receive the proceeds from any exercise of the Public Warrants for
cash.
This
prospectus also relates to the offer and sale from time to time by the selling stockholders named in this prospectus (including their
permitted transferees, donees, pledgees and other successors-in-interest) (collectively, the "Selling Stockholders") of up
to 17,382,500 shares of Class A Common Stock, consisting of (i) up to 16,360,000 shares of Class A Common Stock (the
"Conversion Shares") issuable upon the conversion of shares of Series A Convertible Preferred Stock offered and sold
to the Selling Stockholders in a private offering (the "PIPE Offering") that closed concurrently with our Business Combination
(as defined below), assuming a Conversion Price (as defined below) of $1.25, and (ii) up to 1,022,500 shares of Class A Common
Stock (the "Warrant Shares") issuable upon the exercise of warrants to purchase Class A Common Stock (the "PIPE
Warrants") offered and sold to the Selling Stockholders in the PIPE Offering.
We
are registering the Conversion Shares and the Warrant Shares for resale by the Selling Stockholders pursuant to the Selling
Stockholders' registration rights under that certain Amended and Restated Registration Rights Agreement (as defined below) between
us and the Selling Stockholders. Our registration of the Conversion Shares and the Warrant Shares covered by this prospectus does
not mean that the Selling Stockholders will offer or sell any of the shares of Class A Common Stock registered hereby. The Selling
Stockholders may offer, sell or distribute all or a portion of their shares of Class A Common Stock publicly or through private
transactions at prevailing market prices or at negotiated prices. We provide more information about how the Selling Stockholders may
sell the shares in the section entitled "Plan of Distribution."
We
are an "emerging growth company" as defined in Section 2(a) of the Securities Act of 1933, as amended (the "Securities
Act"), and are subject to reduced public company reporting requirements. This prospectus complies with the requirements that apply
to an issuer that is an emerging growth company.
Our
Class A Common Stock and Public Warrants are listed on the Nasdaq Capital Market (the "NASDAQ") under the symbols "SHFS"
and "SHFSW," respectively. On October 6, 2022, the closing price of our Class A Common Stock was $7.31 per
share and the closing price of our Public Warrants was $0.15 per Warrant.
As
of the date of this prospectus, the Public Warrants and the PIPE Warrants (which we refer to collectively as the "Warrants")
are "out of the money," which means that the trading price of the shares of Class A Common Stock underlying the Warrants
is below the $11.50 exercise price of the Warrants. For so long as the Warrants remain "out of the money," we do not expect
warrant holders to exercise their warrants and, therefore, we do not expect to receive cash proceeds from any such exercise. Accordingly,
the exercises of the Warrants are dependent on the market price of our Class A Common Stock. To the extent that the market prices of
the Class A Common Stock exceed $11.50, respectively, holders of the Warrants may exercise their Warrants and sell the underlying Class
A Common Stock, which may have negative impact on the market prices of the Class A Common Stock. See
"Risk Factors—There
is no guarantee that the Warrants will be in the money, and they may expire worthless"
for more information.
The
shares of Class A Common Stock underlying the Public Warrants and PIPE Warrants that are being registered for issuance and resale
under this prospectus represent approximately 26.6% of the total shares of Class A Common Stock outstanding as of October 6, 2022
(assuming that all Public Warrants and PIPE Warrants are exercised). The sale of all the shares of Class A Common Stock issuable
upon exercise of the Warrants, or the perception that such sales may occur, may cause the market prices of our securities to decline
significantly.
See
the section entitled "Risk Factors" beginning on page 10 of this prospectus to read about factors you should consider
before buying our securities.
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.
The
date of this prospectus is October ___, 2022
TABLE
OF CONTENTS
Page
ABOUT THIS PROSPECTUS
1
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
2
SUMMARY
4
RISK FACTORS
10
USE OF PROCEEDS
35
DETERMINATION OF OFFERING PRICE
36
MARKET INFORMATION FOR COMMON STOCK AND DIVIDEND POLICY
37
UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL STATEMENTS
38
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
48
BUSINESS
65
MANAGEMENT
82
EXECUTIVE COMPENSATION
87
CERTAIN RELATIONSHIPS AND RELATED PERSON TRANSACTIONS
89
PRINCIPAL STOCKHOLDER
94
SELLING STOCKHOLDERS
95
PLAN OF DISTRIBUTION
98
UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS
100
DESCRIPTION OF SECURITIES
106
LEGAL MATTERS
114
EXPERTS
114
WHERE YOU CAN FIND MORE INFORMATION
114
INDEX TO FINANCIAL STATEMENTS
F-1
You
should rely only on the information provided in this prospectus, as well as the information incorporated by reference into this prospectus
and any applicable prospectus supplement. Neither we nor the Selling Stockholders have authorized anyone to provide you with different
information. Neither we nor the Selling Stockholders are making an offer of these securities in any jurisdiction where the offer is not
permitted. You should not assume that the information in this prospectus or any applicable prospectus supplement is accurate as of any
date other than the date of the applicable document. Since the date of this prospectus and the documents incorporated by reference into
this prospectus, our business, financial condition, results of operations and prospects may have changed.
i
ABOUT
THIS PROSPECTUS
This
prospectus is part of a registration statement on Form S-1 that we filed with the Securities and Exchange Commission (the "SEC")
using the "shelf" registration process. Under this shelf registration process, the Selling Stockholders may, from time to
time, sell the securities offered by them described in this prospectus. We will not receive any proceeds from the sale by such Selling
Stockholders of the securities offered by them described in this prospectus. This prospectus relates, in part, to the issuance by us
of the shares of Class A Common Stock issuable upon the exercise of the Public Warrants and the PIPE Warrants. We will not receive any
proceeds from the sale of shares of Class A Common Stock underlying the Warrants pursuant to this prospectus, except with respect
to amounts received by us upon the exercise of the Warrants for cash.
Neither
we nor the Selling Stockholders have authorized anyone to provide you with any information or to make any representations other than
those contained in this prospectus. Neither we nor the Selling Stockholders take responsibility for, and can provide no assurance
as to the reliability of, any other information that others may give you. Neither we nor the Selling Stockholders will make an offer
to sell these securities in any jurisdiction where the offer or sale is not permitted.
We
may also provide a prospectus supplement or post-effective amendment to the registration statement to add information to, or update or
change information contained in, this prospectus. You should read both this prospectus and any applicable prospectus supplement or post-effective
amendment to the registration statement together with the additional information to which we refer you in the sections of this prospectus
entitled "
Where You Can Find More Information
."
On
September 28, 2022 (the "Closing Date"), the Company consummated the previously announced business combination pursuant to
that certain Unit Purchase Agreement, dated as of February 11, 2022 (as amended by that certain First Amendment to the Unit Purchase
Agreement dated September 19, 2022, that certain Second Amendment to the Unit Purchase Agreement dated September 22, 2022, and that certain
Third Amendment to the Unit Purchase Agreement dated September 28, 2022, the "Unit Agreement"), by and among the Company,
5AK, LLC, a Delaware limited liability company, in its capacity as the representative for the stockholders of the Company other than
the Seller (as defined below), (the "Sponsor"), SHF, LLC, a Colorado limited liability company doing business as Safe Harbor
Financial ("SHF"), SHF Holding Co, LLC, a Colorado limited liability company (the "Seller"), and Partner Colorado
Credit Union, a Colorado corporation ("PCCU"). On the Closing Date, and in connection with the closing of the Business Combination
(the "Closing"), the Company changed its name to "SHF Holdings, Inc."
Unless
the context indicates otherwise, references in this prospectus to the "Company," "SHF Holdings," "we,"
"us," "our" and similar terms refer to SHF Holdings, Inc. and its consolidated subsidiaries.
1
CAUTIONARY
NOTE REGARDING FORWARD-LOOKING STATEMENTS
This
prospectus contains forward-looking statements within the meaning of Section 27A of the Securities Act, and Section 21E of the Securities
Exchange Act of 1934, as amended (the "Exchange Act"). We have based these forward-looking statements on our current expectations
and projections about future events. All statements, other than statements of present or historical fact included in this prospectus,
our future financial performance, strategy, expansion plans, future operations, future operating results, estimated revenues, losses,
projected costs, prospects, plans and objectives of management are forward-looking statements. Any statements that refer to projections,
forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements.
In some cases, you can identify forward-looking statements by terminology such as "may," "should," "could,"
"would," "expect," "plan," "anticipate," "intend," "believe,"
"estimate," "continue," "goal," "outlook," "forecast," "possible,"
"potential," "predict," "project" or the negative of such terms or other similar expressions. These
forward-looking statements are subject to known and unknown risks, uncertainties and assumptions about us that may cause our actual results,
levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or
achievements expressed or implied by such forward-looking statements. Except as otherwise required by applicable law, we disclaim any
duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events
or circumstances after the date of this prospectus. We caution you that these forward-looking statements are subject to numerous risks
and uncertainties, most of which are difficult to predict and many of which are beyond our control.
Forward-looking
statements in this prospectus may include, for example, statements about:
●
our
ability to recognize the anticipated benefits of the Business Combination, which may be affected by, among other things, competition
and the ability of the combined business to grow and manage growth profitably;
●
our
financial and business performance following the Business Combination, including financial projections and business metrics;
●
our
strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects and plans;
●
the
implementation, market acceptance and success of our business model;
●
demand
for our platform and services and the drivers of that demand;
●
our
estimated total addressable market and other industry projections, and our projected market share;
●
our
ability to scale in a cost-effective manner;
2
●
developments
and projections relating to our competitors and industry;
●
our
expectations regarding our ability to obtain and maintain intellectual property protection and not infringe on the rights of others;
●
expectations
regarding the time during which we will be an emerging growth under the Jumpstart Our Business Startups Act of 2012 ("JOBS Act");
●
our
future capital requirements and sources and uses of cash;
●
our
ability to obtain funding for our operations;
●
our
business, expansion plans and opportunities; and
●
the
outcome of any known and unknown litigation and regulatory proceedings.
These
statements are subject to known and unknown risks, uncertainties and assumptions that could cause actual results to differ materially
from those projected or otherwise implied by the forward-looking statements, including the following:
●
the
outcome of any legal proceedings;
●
our
ability to recognize the anticipated benefits of the Business Combination, which may be affected by, among other things, competition
and the ability of the combined business to grow and manage growth profitably;
●
changes
in applicable laws or regulations;
●
our
ability to execute our business model, including market acceptance of our planned products and services;
●
that
we have identified a material weakness in our internal control over financial reporting which, if not corrected, could affect the reliability
of our consolidated financial statements;
●
the
ability to maintain the listing of our securities on Nasdaq or any other exchange;
●
the
possibility that we may be adversely affected by other economic, business or competitive factors.
Given
these risks and uncertainties, you should not place undue reliance on these forward-looking statements. Additional cautionary statements
or discussions of risks and uncertainties that could affect our results or the achievement of the expectations described in forward-looking
statements may also be contained in any accompanying prospectus supplement.
Should
one or more of the risks or uncertainties described in this prospectus, or should underlying assumptions prove incorrect, actual results
and plans could differ materially from those expressed in any forward-looking statements. Additional information concerning these and
other factors that may impact the operations and projections discussed herein can be found in the section entitled "Risk Factors"
and in our periodic filings with the SEC. Our SEC filings are available publicly on the SEC's website at
www.sec.gov
.
You
should read this prospectus and any accompanying prospectus supplement completely and with the understanding that our actual future results,
levels of activity and performance as well as other events and circumstances may be materially different from what we expect. We qualify
all of our forward-looking statements by these cautionary statements.
3
SUMMARY
This
summary highlights selected information appearing elsewhere in this prospectus. Because it is a summary, it may not contain all of the
information that may be important to you. To understand this offering fully, you should read this entire prospectus carefully, including
the information set forth under the heading "Risk Factors" and our financial statements.
The
Company
We
are one of the first financial services providers to offer reliable access to banking solutions for cannabis, hemp, CBD, and ancillary
operators, making communities safer, driving growth in local economies, and fostering long-term partnerships. Safe Harbor, through its
partners, serves the regulated cannabis industry and implements the highest standard of accountability, transparency, monitoring, reporting,
and risk mitigation measures while meeting BSA obligations in line with FinCEN guidance on CRBs. Over the past seven years, Safe Harbor
has processed over $12 billion in transactions with operations spanning 20 states with regulated cannabis markets.
Background
We
were originally known as Northern Lights Acquisition Corp. On September 28, 2022, we consummated the Business Combination with SHF, the
Seller, and PCCU. In connection with the Closing of the Business Combination, we changed our name to "SHF Holdings, Inc."
SHF was deemed to be the accounting acquirer in the Business Combination based on an analysis of the criteria outlined in Accounting
Standards Codification 805. While the Company was the legal acquirer in the Business Combination, because SHF was deemed the accounting
acquirer, the historical financial statements of SHF became the historical financial statements of the combined company, upon the consummation
of the Business Combination.
Concurrently
with the execution of the Unit Purchase Agreement, the Company entered into a securities purchase agreement (the "Original Securities
Purchase Agreement") with certain investors (collectively, the "Original PIPE Investors"), pursuant to which, among
other things, the Original PIPE Investors agreed to subscribe for and purchase, and the Company agreed to issue and sell to the Original
PIPE Investors, such Original PIPE Investors committed to purchase $60 million of shares of Class A Convertible Preferred Stock (the
"PIPE Shares") and warrants (the "PIPE Warrants") to purchase up to a number of shares of the Class A Common
Stock equal to 50% of shares of the Class A Common Stock issuable upon conversion of the PIPE Shares (the "Conversion Shares").
On September 27, 2022, the Company, certain of the Original PIPE Investors, and certain additional investors (the "PIPE Investors")
entered into that certain Amended and Restated Securities Purchase Agreement (the "Amended and Restated Securities Purchase Agreement"),
which amended the Original Securities Purchase Agreement to, among other matters, reduce the amount of PIPE Shares to be issued from
$60 million of Class A Convertible Preferred Stock to $20.45 million of Class A Convertible Preferred Stock. In connection with the Amended
and Restated Securities Purchase Agreement, on September 27, 2022, the Company entered into that certain Amended and Restated Registration
Rights Agreement with the PIPE Investors, which gave certain registration rights to the PIPE Investors with respect to the PIPE Shares
and the shares of Class A Common Stock underlying the PIPE Warrants. The sale of the PIPE Shares and the PIPE Warrants was consummated
concurrently with the Closing.
The
PIPE Shares and the PIPE Warrants were issued pursuant to and in accordance with the exemption from registration under the Securities
Act under Section 4(a)(2) and/or Regulation D promulgated thereunder.
Pursuant
to our prior amended and restated certificate of incorporation, each issued and outstanding share of Class B Common Stock, par value
$0.0001 per share (the "Class B Common Stock"), converted into one share of
Class
A Common Stock, at the Closing.
4
Our
Class A Common Stock and Public Warrants are currently listed on the on the NASDAQ under the symbols "SHFS" and "SHFSW,"
respectively.
The
rights of holders of our Class A Common Stock and Warrants are governed by our Second Amended and Restated Certificate of Incorporation
(the "Second Amended and Restated Certificate of Incorporation"), our bylaws (the "Bylaws") and the Delaware
General Corporation Law (the "DGCL").
Emerging
Growth Company
We
are an "emerging growth company," as defined under the JOBS Act. As an emerging growth company, we are eligible to take advantage
of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth
companies. These include, but are not limited to, not being required to comply with the auditor attestation requirements of Section 404
of the Sarbanes-Oxley Act of 2002 (the "Sarbanes-Oxley Act"), reduced disclosure obligations regarding executive compensation
in our periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive
compensation and the requirement to obtain stockholder approval of any golden parachute payments not previously approved.
We
will remain an emerging growth company until the earlier of (1) December 31, 2026 (the last day of the fiscal year following the fifth
anniversary of the consummation of the Company's initial public offering), (2) the last day of the fiscal year in which we have
total annual gross revenue of at least $1.07 billion, (3) the last day of the fiscal year in which we are deemed to be a "large
accelerated filer," as defined in the Exchange Act, and (4) the date on which we have issued more than $1.0 billion in nonconvertible
debt securities during the prior three-year period.
Corporate
Information
The
Company was incorporated in the State of Delaware on February 26, 2021 for the purpose of effecting a merger, share exchange, asset acquisition,
stock purchase, reorganization or similar business combination with one or more businesses. The Company completed its initial public
offering in June 2021. In September 2022, the Company consummated a Business Combination. In connection with the Business Combination,
we changed our name to SHF Holdings, Inc. Our principal executive offices are located at 5269 W. 62nd Avenue, Arvada, Colorado 80003
and our telephone number is (303) 431-3435. Our website address is https://shfinancial.org/. Information contained on our
website or connected thereto does not constitute part of, and is not incorporated by reference into, this prospectus or the registration
statement of which it forms a part.
5
THE
OFFERING
Issuer
SHF
    Holdings, Inc. (f/k/a Northern Lights Acquisition Corporation)
Issuance
of Class A Common Stock
Shares
                                            of Class A Common Stock Offered by us
5,750,000
    shares of Class A Common Stock issuable upon exercise of the Public Warrants
Shares
                                            of Class A Common Stock Outstanding Prior to
Exercise of All Public Warrants
18,715,912
    shares (as of September 28, 2022).
Shares
                                            of Class A Common Stock Outstanding Assuming Exercise of All Public Warrants
24,465,912
    shares (based on total shares outstanding as of September 28, 2022).
Exercise
Price of Warrants
$11.50
    per share, subject to adjustment as described herein.
Use
of Proceeds
We
    will receive up to an aggregate of approximately $66.1 million from the exercise of the Warrants, assuming the exercise in full of
    all of the Warrants for cash. We expect to use the net proceeds from the exercise of the Warrants for general corporate purposes.
    See "
Use of Proceeds
."
Resale
of Class A Common Stock and Warrants
Shares
of Class A Common Stock Offered by the Selling Stockholders
17,382,500
    shares (including (i) up to 16,360,000 shares of Class A Common Stock that may be issued upon the conversion of the PIPE Shares,
    assuming a Conversion Price of $1.25, and (ii) up to 1,022,500 shares of Class A Common Stock that may be issued upon the exercise
    of the PIPE Warrants).
Redemption
The
    Warrants are redeemable in certain circumstances. See "
Description of Securities-Warrants
" for further discussion.
Use
of Proceeds
We
    will not receive any proceeds from the sale of shares of Class A Common Stock by the Selling Stockholders. If all of the
    PIPE Warrants were exercised for cash, we would receive proceeds of up to an aggregate of approximately $11.8 million.
Market
                                            for Class A Common Stock and Warrants
Our
    Class A Common Stock and Public Warrants are currently traded on the NASDAQ under the symbols "SHFS" and "SHFSW,"
    respectively.
Risk
Factors
See
    "
Risk Factors
" and other information included in this prospectus for a discussion of factors you should consider
    before investing in our securities.
6
SUMMARY
RISK FACTORS
An
investment in shares of our Class A Common Stock involves a high degree of risk. If any of the factors enumerated below or in
the section entitled "Risk Factors" occurs, our business, financial condition, liquidity, results of operations and prospects
could be materially and adversely affected.
Risks
Related to our Business and Industry, including:
●
Substantially
                                            all of SHF's CRB customers' deposits are currently held at PCCU, which means
                                            that our growth will be restricted until we can enter into agreements with additional financial
                                            institutions.
●
SHF
                                            has only recently begun its loan program, which may make it more difficult for SHF to compete
                                            with other lenders, brokers and servicers.
●
SHF's
                                            loan program is currently substantially dependent on PCCU, currently the largest funding
                                            source for SHF's loans, which may limit the types, terms and amounts of loans that
                                            we may offer.
●
SHF
                                            may face competition from traditional financial institutions and other lenders and service
                                            providers for its lending and other services, which may adversely affect SHF's ability
                                            to achieve our business goals and its results of operations.
●
SHF
                                            intends to focus its lending to CRBs on commercial loans, which could increase the risk in
                                            SHF's loan portfolio, resulting in higher provisions for loan losses and adversely
                                            affecting SHF's results of operations.
●
Loans
                                            to CRBs secured by properties and assets that are, and will be, subject to extensive regulations,
                                            such that if such collateral was foreclosed upon those regulations may result in significant
                                            costs and materially and adversely affect SHF's business, financial condition, liquidity
                                            and results of operations.
●
SHF
                                            is obligated to indemnify PCCU for all losses resulting from defaults of the CRB loans made
                                            by PCCU to SHF's customers.
●
If
                                            SHF's allowance for loan losses is not sufficient to cover actual loan losses for loans
                                            held in SHF's portfolio or for which it was otherwise responsible, SHF's results
                                            of operations and financial condition will be negatively affected.
●
Certain
                                            assets of CRB borrowers may not be used as collateral or transferred due to applicable state
                                            laws and regulations governing the cannabis industry, and such restrictions could negatively
                                            impact our profitability.
●
Foreclosure
                                            of security interests on loans to CRBs that are in default could result in losses.
●
Interest
                                            rate volatility could significantly reduce our profitability, business, financial condition,
                                            results of operations and liquidity.
●
SHF
                                            may become subject to regulation in additional states as it expands its operations.
●
SHF
                                            has been dependent on PCCU for administrative services, and we will continue to rely on PCCU
                                            following the closing of the Business Combination.
●
Actual
                                            or threatened public health crises, epidemics, or outbreaks, including the outbreak of COVID-19,
                                            may have a material adverse effect on SHF's business, financial condition, and results
                                            of operations.
●
An
                                            information systems interruption or breach in security of SHF's systems could adversely
                                            affect us.
●
SHF
                                            may suffer uninsured losses or suffer material losses in excess of insurance limits.
●
An
                                            adverse outcome in litigation to which SHF is or becomes a party could materially and adversely
                                            affect us.
●
SHF
                                            identified material weaknesses in its internal control over financial reporting for the year
                                            ended December 31, 2020. Such material weaknesses could adversely affect SHF's ability
                                            to report its results of operations and financial condition accurately and in a timely manner.
Additional Risks Related to the Cannabis Industry, including:
●
SHF
                                            provides services to financial institutions that provide banking services to businesses in
                                            or ancillary to the state licensed cannabis industry, which could expose us to additional
                                            liabilities and regulatory compliance cost and adversely impact our business, operations,
                                            financial condition, brand and reputation.
●
SHF,
                                            its financial institution clients and their CRB customers are subject to a variety of laws
                                            regarding financial transactions related to cannabis, which could subject their CRB customers
                                            to legal claims or otherwise adversely affect our business.
●
The
                                            conduct of third parties may jeopardize our business and regulatory compliance.
7
●
We
                                            may be subject to constraints on marketing our services, which could adversely impact our
                                            results of operations and our growth opportunities.
●
Service
                                            providers to cannabis businesses may be subject to unfavorable U.S. tax treatment.
●
Cannabis
                                            businesses may be subject to civil asset forfeiture.
●
Because
                                            we provide services to companies that provide services to CRBs, we may have a difficult time
                                            obtaining the various insurances that are desired to operate our business, which may expose
                                            us to additional risk and financial liability.
●
There
                                            may be difficulty enforcing certain of our commercial agreements and contracts.
●
Certain
                                            of our directors, officers, employees and investors who are not U.S. citizens may face constraints
                                            on cross-border travel into the United States.
Risks
Related to SHF's Organization and Structure, including:
●
Concentration
                                            of ownership among our existing executive officers, directors and their respective affiliates
                                            may prevent new investors from influencing significant corporate decisions.
●
SHF
                                            depends on key management personnel and other experienced employees.
●
Failure
                                            by SHF's directors, officers or employees to comply with applicable policies, regulations
                                            and rules could materially and adversely affect us.
●
Changes
                                            in accounting rules, assumptions or judgments could materially and adversely affect SHF.
●
If
                                            SHF fails to implement and maintain an effective system of internal controls, it may not
                                            be able to accurately determine its financial results or prevent fraud. As a result, investors
                                            could lose confidence in SHF's financial results, which could materially and adversely
                                            affect SHF.
Risks
Related to an Investment in Our Securities
●
Resales
                                            of the shares of Class A Common Stock could depress the market price of the Class
                                            A Common Stock of the post-combination company.
●
There
                                            is no guarantee that the public warrants will ever be in the money, and they may expire worthless
                                            and the terms of our warrants may be amended.
●
A
                                            market for our securities may not continue, which would adversely affect the liquidity and
                                            price of our securities.
●
If
                                            the Business Combination's benefits do not meet the expectations of investors, stockholders
                                            or financial analysts, the market price of our securities may decline.
●
The
                                            Company's stockholders may not realize a benefit from the Business Combination commensurate
                                            with the ownership dilution they will experience in connection with the Business Combination
                                            and the PIPE.
●
Our
                                            only significant asset will be our ownership interest in SHF and such ownership may not be
                                            sufficient to pay dividends or make distributions or loans to enable us to pay any dividends
                                            on our Class A Common Stock or satisfy our other financial obligations.
●
The
                                            Company may be a "controlled company" within the meaning of the applicable rules
                                            of Nasdaq and, as a result, may qualify for exemptions from certain corporate governance
                                            requirements. If the Company relies on these exemptions, its stockholders will not have the
                                            same protections afforded to stockholders of companies that are subject to such requirements.
●
We
                                            may be required to take write-downs or write-offs, restructuring and impairment or other
                                            charges that could have a significant negative effect on our financial condition, results
                                            of operations and our stock price, which could cause you to lose some or all of your investment.
●
The
                                            Company's ability to be successful following the Business Combination will depend upon
                                            the efforts of the Company's Board and key personnel and the loss of such persons could
                                            negatively impact the operations and profitability of the Company's post-Business Combination
                                            business.
●
The
                                            unaudited pro forma financial information included in the section entitled "Unaudited
                                            Pro Forma Condensed Combined Financial Statements" may not be representative of the
                                            Company's financial condition or results of operations if the Business Combination
                                            is consummated and accordingly, you will have limited financial information on which to evaluate
                                            the financial performance of the Company and your investment decision.
●
A
                                            significant portion of our total outstanding shares are restricted from immediate resale
                                            but may be sold into the market in the near future. This could cause the market price of
                                            our Class A Common Stock, public warrants or public units or the Class A Common
                                            Stock, public warrants or public units of the post-combination company to drop significantly,
                                            even if SHF's business is doing well.
8
●
The
                                            terms of our proposed PIPE financing to be completed in conjunction with our proposed business
                                            combination could have an adverse impact of the trading prices of the Class A Common Stock.
●
The
                                            grant of registration rights to PCCU and the Seller in connection with the proposed business
                                            combination pursuant to the Purchase Agreement, and to the PIPE Investors in connection with
                                            the PIPE Securities Purchase Agreements, may adversely affect the market price of our Class
                                            A Common Stock.
●
The
                                            underwriters of the Company's initial public offering may waive or release parties
                                            to the lock-up agreements entered into in connection with this Business Combination, which
                                            could adversely affect the price of the Company's securities, including its common
                                            stock.
●
The
                                            Company may issue additional shares of common or preferred stock under the Equity Incentive
                                            Plan or otherwise after completion of the Business Combination, any one of which would dilute
                                            the interest of the Company's stockholders and likely present other risks.
●
Our
                                            quarterly operating results may fluctuate significantly and could fall below the expectations
                                            of securities analysts and investors due to seasonality and other factors, some of which
                                            are beyond our control, resulting in a decline in our stock price.
●
If,
                                            following the Business Combination, securities or industry analysts do not publish or cease
                                            publishing research or reports about the post-combination company, its business, or its market,
                                            or if they change their recommendations regarding the Class A Common Stock of the
                                            post-combination company adversely, then the price and trading volume of the Class A Common
                                            Stock of the post-combination company could decline.
●
We
                                            may be unable to obtain additional financing to fund the operations and growth of the post-combination
                                            company.
●
Changes
                                            in laws, regulations or rules, or a failure to comply with any laws, regulations or rules,
                                            may adversely affect our business, investments and results of operations.
●
We
                                            have not registered the shares of Class A Common Stock issuable upon exercise of the
                                            warrants under the Securities Act or any state securities laws at this time, and such registration
                                            may not be in place when an investor desires to exercise warrants, thus precluding such investor
                                            from being able to exercise its warrants except on a cashless basis and potentially causing
                                            such warrants to expire worthless.
●
We
                                            may seek warrant holder approval to amend the terms of the warrants in a manner that may
                                            be adverse to holders. As a result, the exercise price of your warrants could be increased,
                                            the exercise period could be shortened and the number of shares of our Class A Common
                                            Stock purchasable upon exercise of a warrant could be decreased, all without your approval.
●
We
                                            may redeem unexpired warrants prior to their exercise at a time that is disadvantageous to
                                            warrant holders, thereby making their warrants worthless.
●
Warrants
                                            will become exercisable for Class A Common Stock, which would increase the number
                                            of shares eligible for future resale in the public market and result in dilution to our stockholders.
●
Anti-takeover
                                            provisions contained in our Second Amended and Restated Certificate of Incorporation and
                                            bylaws, as well as provisions of Delaware law, could impair a takeover attempt, which could
                                            limit the price investors might be willing to pay in the future for our common stock.
●
Our
                                            Second Amended and Restated Certificate of Incorporation provides that the Court of Chancery
                                            of the State of Delaware will be the sole and exclusive forum for certain stockholder litigation
                                            matters, which could limit our stockholder's ability to obtain a favorable judicial
                                            forum for disputes with us or our directors, officers, employees or stockholders.
●
The
                                            JOBS Act permits "emerging growth companies" like us to take advantage of certain
                                            exemptions from various reporting requirements applicable to other public companies that
                                            are not emerging growth companies.
●
Our
                                            internal controls over financial reporting may not be effective and our independent registered
                                            public accounting firm may not be able to certify as to their effectiveness, which could
                                            have a significant and adverse effect on our business and reputation.
●
We
                                            have identified a material weakness in our internal control over financial reporting. This
                                            material weakness could continue to adversely affect our ability to report our results of
                                            operations and financial condition accurately and in a timely manner.
9
RISK
FACTORS
Investing
in our securities involves risks. Before you make a decision to buy our securities, in addition to the risks and uncertainties discussed
above under "Cautionary Note Regarding Forward-Looking Statements" and "Summary Risk Factors," you should carefully
consider the specific risks set forth herein. If any of these risks actually occur, our business, financial condition, liquidity, results
of operations and prospects could be materially and adversely affected. As a result, the market price of our securities could decline,
and you could lose all or part of your investment. Additionally, the risks and uncertainties described in this prospectus or any prospectus
supplement are not the only risks and uncertainties that we face. Additional risks and uncertainties not presently known to us or that
we currently believe to be immaterial may become material and adversely affect our business, financial condition, liquidity, results
of operations and prospects.
RISKS
RELATED TO SHF'S BUSINESS
Substantially
all of SHF's CRB customers' deposits are currently held at PCCU, which means that our growth will be restricted until we
can enter into agreements with additional financial institutions.
Substantially
all of the deposits of SHF's CRB customers are currently held at PCCU, which as of the date of this prospectus constitutes
approximately 22.8% of PCCU's total assets. Under the Amended and Restated Support Services Agreement, PCCU has agreed to maintain
its ratio of CRB-related deposits to total assets to 65% or greater unless a lower ratio is required by applicable regulatory or policy
requirements. There can be no assurances that PCCU will be able to maintain this ratio of CRB-related deposits to total assets, or that
its total assets will grow so as to permit its CRB deposits to grow. Therefore, unless we are able to expand the number of financial
institutions at which deposits onboarded and monitored by SHF are held, our growth will be limited to the extent that PCCU's assets
may grow, if at all. Although under SHF's Amended and Restated Account Servicing Agreement with PCCU, SHF is not restricted from
onboarding and monitoring deposits at other financial institutions, there can be no assurances that we will be able to expand the number
of financial institutions with which we will onboard and monitor deposits or, if we are able to enter into agreements with additional
financial institutions, whether the terms of those agreements will be on comparable terms. In addition, if PCCU were to terminate either
or both of the Amended and Restated Support Services Agreement or the Amended and Restated Account Servicing Agreement, our operations
would be materially impaired if we were not able to obtain from third parties the services SHF receives from PCCU under the Amended and
Restated Support Services Agreement or if we were not able to enter into arrangements with other financial institutions to host the deposits
of SHF's customers.
SHF
has only recently begun its loan program, which may make it more difficult for SHF to compete with other lenders, brokers and servicers.
SHF,
through its predecessor entity, began offering loan services through PCCU to CRBs in 2020. As a result, SHF's loan program may
be subject to factors inherent in a start-up business, such as competing with existing entities who have been offering loans and other
lending-related services for longer than SHF has, ensuring that SHF's systems are compliant with applicable laws and regulations,
and ensuring that SHF's systems and personnel are able to handle the anticipated pipeline of loan applications. The time to fully
ramp-up SHF's lending and loan servicing operations may be more difficult for SHF to compete against lenders and brokers that have
been lending to CRBs for a longer period of time.
10
SHF's
loan program is currently substantially dependent on PCCU, currently the largest funding source for SHF's loans, which may limit
the types, terms and amounts of loans that we may offer.
SHF's
loan program currently depends on PCCU as SHF's largest funding source for new loans to CRBs. To date, with the exception of one
$500,000 loan funded directly by SHF during April 2022, all of SHF's loans have been funded by PCCU. Under PCCU's loan policy
for loans to CRBs, PCCU's board has approved aggregate lending limits at the lesser of 1.3125 times PCCU's net worth or 65%
of total CRB deposits. Concentration limits for the deployment of loans are further categorized as (i) real estate secured, (ii) construction,
(iii) unsecured and (iv) mixed collateral with each category limited to a percentage of PCCU's net worth. As of June 30, 2022,
PCCU's net worth was $54.2 million and CRB-related deposits were $142.1 million. As of December 31, 2021, PCCU's
net worth was $61.9 million and CRB-related deposits were $146.3 million. In addition, loans to any one borrower or group of associated
borrowers are limited by applicable NCUA regulations to the greater of $100,000 or 15% of PCCU's net worth. As a result, our ability
to expand our loan program will be limited by PCCU's growth unless we are able to expand our capacity to make loans directly or
find other financial institutions and lenders willing to make loans to CRBs. In addition, even if we are able to identify additional
lenders, we may not be able to negotiate comparable terms.
SHF
may face competition from traditional financial institutions and other lenders and service providers for its lending and other services,
which may adversely affect SHF's ability to achieve our business goals and its results of operations.
SHF
operates in an increasingly competitive market for its lending, compliance, customer intake and management services. Our competitors
for our compliance and customer-focused services include both traditional financial institutions and fintech companies. Lending competitors
include both private investment funds and public REITs focused on the cannabis industry, as well as traditional financial institutions
that have begun offering loans to CRBs. Many of our competitors are substantially larger and have considerably greater financial, technical
and marketing resources than we do. In particular, because traditional financial institutions may have a cost of funds more comparable
to ours, we may face greater competition in providing loans to CRBs. There can be no assurances that we will be able to successfully
compete against these competitors, which may adversely affect SHF's ability to achieve its business goals and its results of operations.
SHF
intends to focus its lending to CRBs on commercial loans, which could increase the risk in SHF's loan portfolio, resulting in higher
provisions for loan losses and adversely affecting SHF's results of operations.
SHF
intends to focus its lending efforts on commercial loans to CRBs, including commercial real estate loans, commercial business secured
by other assets such as equipment or accounts receivable, and unsecured loans. Historically, these loans have had higher risks than other
types of loans, such as loans secured by residential real estate. For example, repayment of commercial real estate loans and commercial
business loans are dependent on income being generated by the rental property or business in amounts sufficient to cover operating expenses
and debt service. If the borrowers of these types of loans default, the collateral may not be liquidated as easily and may involve expensive
workout techniques. Commercial lending may also involve large balances of loans to single borrowers or related groups of borrowers. If
these loans become nonperforming, SHF may have to increase its reserves for loan losses, which would negatively affect its results of
operations.
In
addition, loans secured by commercial real estate may deteriorate in value during the time the credit is extended. Real estate values
and the real estate markets are generally affected by a variety of factors including, but not limited to, changes in economic conditions,
fluctuations in interest rates, the availability of credit, changes in tax laws and other statutes, regulations, and policies, and acts
of nature. Weakening of the real estate market could result in an increase loan defaults and a reduction in the value of the collateral
securing those loans, which in turn could adversely affect our profitability and asset quality. If the collateral securing a loan is
liquidated to satisfy the debt during a period of reduced real estate values, our earnings and capital could be adversely affected.
11
Loans
to CRBs secured by properties and assets that are, and will be, subject to extensive regulations, such that if such collateral was foreclosed
upon those regulations may result in significant costs and materially and adversely affect SHF's business, financial condition,
liquidity and results of operations.
The
loans presently funded by our financial institution clients, and the loans that are expected to be made in the future, may be secured
by properties and assets that are, and will be, subject to various state and local laws and regulatory requirements, and we, our client
financial institutions, or a third party would be subject to such requirements if such collateral was foreclosed upon. State and local
property regulations may restrict the use of collateral or the ability to foreclose on the collateral. Among other things, these restrictions
may relate to cultivation of cannabis, the use of water and the discharge of waste water, fire and safety, seismic conditions, asbestos-cleanup
or hazardous material abatement requirements. Neither SHF, its financial institution clients, nor third parties engaged to assist with
the liquidation or foreclosure process will take possession of cannabis inventory, cannabis paraphernalia or other cannabis-related assets,
nor will they take title to real estate used in cannabis-related businesses. Applicable regulations under state law that govern CRBs
generally do not permit the taking of title to real estate involved in commercial sales of cannabis, whether through foreclosure or otherwise,
without prior regulatory approval. The sale of a license or other realization of the value of licenses also requires the approval of
state and local regulatory authorities. While the loan agreements and related security agreements provide for foreclosure remedies, receivership
remedies and/or other remedies that would permit the sale or other realization of real property collateral, the regulatory requirements
and statutory prohibitions related to real property used in cannabis-related operations may cause significant delays or difficulties
in realizing upon the expected value of such real property collateral. We make no assurance that existing regulatory policies will not
materially and adversely affect the value of such collateral, or that additional regulations will not be adopted that would increase
such potential material adverse effect. The negative affect on such collateral could have a material adverse effect on SHF's business,
financial condition, liquidity and results of operations.
SHF
is obligated to indemnify PCCU for all losses resulting from defaults of the CRB loans made by PCCU to SHF's customers.
Pursuant
to SHF's Loan Servicing Agreement with PCCU, SHF has agreed to indemnify PCCU for all losses resulting from the defaults of loans
made by PCCU to CRB customers. This means that SHF will be solely responsible for all costs of negotiating forbearances or refinancing
the defaulted loans, loss mitigation, and collection efforts, whether conducted directly or by an affiliate or third party, including
realizing the proceeds from any collateral as a result of a sale of collateral by the borrower or through a third party engaged to assist
the borrower n the liquidation process. SHF's indemnity is subordinate to PCCU's other means of collecting on the loans including
repossession of collateral, recourse against personal and/or corporate guarantors and other default remedies available in the loan agreements.
Since borrowers are not parties to the agreement between SHF and PCCU, any indemnity payments do not relieve borrowers of their obligation
to PCCU nor would such payments preclude PCCU's right to future recoveries from the borrowers. As a result, we will be required
to establish loan loss reserves relating to these loans, even though we are not the funding lender. Because these loans will not be an
asset on our balance sheet, the loan loss reserves are anticipated to be reflected as a liability in our financial statements, versus
a contra-asset.
If
SHF's allowance for loan losses is not sufficient to cover actual loan losses for loans held in SHF's portfolio or for which
it was otherwise responsible, SHF's results of operations and financial condition will be negatively affected.
In
the event loan customers do not repay their loans according to their terms and the proceeds of liquidating the collateral securing these
loans is insufficient to satisfy any remaining loan balance, SHF may experience significant indemnity losses associated with these loans.
Such credit risk is inherent in the lending business, and failure to adequately assess such credit risk could have a material adverse
effect on our financial condition and results of operations. SHF will be required to establish loan loss reserves for all loans for which
it is the lender, for all SHF originated loans made by PCCU to CRB customers, and in other instances where it may be contractually liable
to indemnify a lender for loan losses. The determination of the appropriate level of the allowance for loan losses involves a high degree
of subjectivity and judgment and will require SHF to make significant estimates of current credit risks and future trends, all of which
may undergo material changes. Although we have agreed with PCCU in the Loan Servicing Agreement that we will maintain or have access
to sufficient liquidity to satisfy our indemnity obligations to PCCU under the Loan Servicing Agreement, we cannot be certain that our
loan loss reserves will be adequate over time to cover losses in PCCU-funded loans or loans funded by other funding sources in SHF's
portfolio because of unanticipated adverse changes in the economy, market conditions or events adversely affecting specific customers,
industries or markets, or borrowers repaying their loans. If SHF's loan loss reserves are not adequate, our business, financial
condition, including our liquidity and capital, and results of operations could be materially adversely affected. In addition, charge-offs
of defaulted loans in future periods that exceed the related reserves may require us to add to our loan loss reserves, which would result
in a decrease in net income and capital, and could have a material adverse effect on our financial condition and results of operations.
12
Certain
assets of CRB borrowers may not be used as collateral or transferred due to applicable state laws and regulations governing the cannabis
industry, and such restrictions could negatively impact our profitability.
Each
state that has legalized cannabis in some form has adopted its own set of laws and regulations that differ from one another. In particular,
laws and regulations differ among states and even localities regarding the collateralization or transferability of cannabis-related assets,
such as cannabis licenses, cannabis inventory, and ownership interests in licensed cannabis companies. Some state laws and regulations
where borrowers operate may prohibit the collateralization or transferability of certain cannabis-related assets. Other states may allow
the collateralization or transferability of cannabis-related assets, but with restrictions, such as meeting certain eligibility requirements,
utilization of state receiverships, and/or upon approval by the applicable regulatory authority. Prohibitions or restrictions on the
ability to take possession of certain cannabis-related assets securing the loans of our borrowers could have a material adverse effect
on SHF's business, financial condition, liquidity and results of operations. In addition, because the sales of such assets may
be forced upon the borrower when time may be of the essence and available to a limited number of potential purchasers, the sales prices
may be less than the prices obtained with more time in a larger market.
Foreclosure
of security interests on loans to CRBs that are in default could result in losses.
In
general, a foreclose procedure is required to liquidate collateral provided on loans in default. Alternatively, a borrower may be required
under the terms of the loan documents to dispose of certain business assets to satisfy the loan commitments. Foreclosure processes and
other liquidations of collateral are often lengthy and expensive. Results of foreclosure and liquidation processes may be uncertain,
as claims may be asserted by the relevant borrower or by other creditors or investors in such borrower that interfere with the foreclosure
or liquidation process, such as claims that challenge the validity or enforceability of the loan or the priority or perfection of the
security interests. Borrowers may resist foreclosure actions or may refuse to comply with loan requirements by asserting numerous claims,
counterclaims and defenses against our client financial institutions or us, including, without limitation, lender liability claims and
defenses, even when the assertions may have no merit, in an effort to prolong the foreclosure action or delay the liquidation of collateral
and seek to force us or the financial institution into a modification or buy-out of the loan for less than the amount owed. Additionally,
the transfer of certain collateral to us or our financial institution clients may be limited or prohibited by applicable laws, regulations
and/or public company listing standards. See "
Loans to CRBs secured by properties and assets that are, and will be, subject
to extensive regulations, such that if such collateral was foreclosed upon those regulations may result in significant costs and materially
and adversely affect SHF's business, financial condition, liquidity and results of operations.
" For transferable
collateral, foreclosure, or other remedies available may be subject to certain laws and regulations, including the need for regulatory
disclosure and/or approval of such transfer. If federal law were to change to permit cannabis companies to seek federal bankruptcy protection,
the applicable borrower could file for bankruptcy, which would have the effect of staying the foreclosure actions or liquidation processes
and delaying the foreclosure or liquidation processes and potentially result in reductions or discharges of debt owed. Foreclosure or
forced liquidation may create a negative public perception of the collateral property, resulting in a diminution of its value. Moreover,
the liquidation proceeds upon sale of the underlying real estate may not be sufficient to repay the loan in full. Any costs or delays
involved in the foreclosure or a liquidation of the underlying property will reduce the net proceeds realized and, thus, increase the
potential for loss. In the event a borrower defaults on any of its loan obligations and such debt obligations are equitized, neither
SHF nor its financial institution clients will hold such equity interests, which may result in additional losses on loans to such entity.
Interest
rate volatility could significantly reduce our profitability, business, financial condition, results of operations and liquidity.
Our
earnings will depend in part on the relationship between the yield on our earning assets, primarily loans and investment securities,
and the cost of funds, primarily borrowings. This net interest margin is susceptible to significant fluctuation and is affected by economic
and competitive factors that influence the yields and rates for, and the volume and mix of, our interest-earning assets and interest-bearing
liabilities. Interest rate risk is exposure to movement in interest rates that could have an adverse impact on our net interest income.
Interest rate risk arises from the imbalance in the repricing, maturity and/or cash flow characteristics of assets and liabilities. Although
neither the Company nor SHF currently have any borrowings from third parties, to the extent that either incur indebtedness that will
be subject to interest rate risk to the degree that our interest-bearing liabilities reprice or mature more slowly or more rapidly or
on a different basis than our interest earning assets. In addition, increases in interest rates could reduce the pipeline of borrowers
desiring to obtain loans from us or through our loan program if these borrowers seek alternate sources of capital. As a result, fluctuations
in interest rates could have a material adverse impact on our business, financial condition, results of operations or liquidity.
13
SHF
may become subject to regulation in additional states as it expands its operations.
SHF
is currently a credit union service organization ("CUSO") based in Colorado and as a result of its relationship with PCCU,
a Colorado-chartered credit union, SHF is subject to various Colorado and federal laws, rules and regulations. Although SHF will no longer
be considered a CUSO following the closing of the Business Combination, SHF may become subject to the laws of additional states as it
expands its operations by opening offices, maintaining employees or otherwise establishing a substantial footprint in additional states.
SHF
has been dependent on PCCU for administrative services, and we will continue to rely on PCCU following the closing of the Business Combination.
Pursuant
to the Support Services Agreement, PCCU has been providing SHF with certain administrative services, including services relating to information
technology and systems, accounting and financial services, human resources and marketing. SHF may also request that certain PCCU employees
be available to SHF on a shared basis to perform duties for SHF. For these services, SHF currently pays PCCU a monthly fee equal to $30.96
per CRB account in addition to reimbursement of direct expenses. Under the Support Services Agreement, PCCU is also entitled to retain
25% of all investment income derived from CRB cash and investments. Following the closing of the Business Combination, we will continue
building out our team so that these operational functions will be handled internally. Although we believe the fees due to PCCU under
the Support Services Agreement to be reasonable, these fees may result in higher expenses than we would otherwise incur. In addition,
we may not be able to bring these functions in-house and, even if we are able to do so, we may continue to rely on third parties for
all or part of these functions. Reliance on a third party, including PCCU, may result in significant expenses and operational issues
over which we will not have direct control.
Actual
or threatened public health crises, epidemics, or outbreaks, including the outbreak of COVID-19, may have a material adverse effect on
SHF's business, financial condition, and results of operations.
SHF's
business operations and supply chains may be negatively impacted by regional or global public health crises, epidemics, or outbreaks.
For example, in December 2019, a novel strain of coronavirus, now known as COVID-19. On March 11, 2020, the International Health Regulations
Emergency Committee of the World Health Organization declared the outbreak a global pandemic. The outbreak has spread rapidly throughout
the world and has caused severe disruption to the global economy. The COVID-19 outbreak has led governments across the globe to impose
a series of measures intended to contain its spread, including border closures, travel bans, quarantine measures, social distancing,
and restrictions on business operations and large gatherings. Such measures may adversely impact SHF's business, financial condition,
and results of operations. In addition, a significant public health crisis, epidemic or outbreak of contagious disease in the human population
may adversely affect the economies and financial markets of many countries, including those in which SHF operates, resulting in an economic
downturn that could affect the supply or demand for SHF's products and services.
The
outbreak of COVID-19 has caused companies like SHF and its business partners to implement adjustments to work schedules and travel plans,
accommodating employees to work from home and collaborate remotely. As a result, SHF may experience lower efficiency and productivity,
internally and externally, which may adversely affect its service quality. Moreover, SHF's business depends on its employees and
the continued services of these individuals. If any of SHF's employees contracts or is suspected of having contracted COVID-19,
these employees will be required to be quarantined and they could pass it to other of SHF's employees, potentially resulting in
severe disruption to SHF's business.
Furthermore,
SHF's results of operations have been severely affected by the COVID-19 outbreak, resulting in significant slowing and/or ceasing
of sales and administrative support in its markets. In addition, depending on the specific jurisdiction, SHF is required to implement
certain safety protocols and procedures which can materially impact its ability to service customers.
14
More
broadly, the COVID-19 outbreak threatens global economies and may cause significant market volatility and declines in general economic
activities. This may severely dampen investor confidence in global markets, resulting in decreases in overall trading activities and
restraint in their investment decisions.
The
extent to which COVID-19 will impact SHF's operations depends on future developments, which are highly uncertain and cannot be
predicted with confidence, including the duration and severity of the outbreak, actions taken by government authorities or other entities
to contain the coronavirus or treat its impact, and volatility in the capital and real estate markets, among others. Given the general
slowdown in economic conditions globally, we cannot assure you that SHF will be able to develop new products and services in a timely
manner or that SHF can maintain the growth rate it has previously experienced or projected. Because of these uncertainties, we cannot
reasonably estimate the financial impact related to the COVID-19 outbreak and the response to it at this time, but SHF's financial
condition and operating results for 2022 may be adversely affected.
Shelter-in-place
orders and similar regulations impact our client's ability to operate their businesses. Such events have in the past caused, and
may in the future cause, a temporary closure of our clients' businesses, either due to government mandate or voluntary preventative
measures. Even if our clients are able to continue to operate their businesses during such events, many may operate with limited hours
and capacity and other limitations. Any limitations on or disruptions of our clients' businesses could adversely affect our business.
Further, we may experience a decrease in new clients due to a lack of financial resources or a decline in new markets as businesses and
financial markets deal with the impact of COVID-19. Further, these conditions may impact our ability to access financial markets to obtain
the necessary funding to expand our business as currently contemplated, which may adversely affect our liquidity and working capital.
The
extent of COVID-19's effect on our operational and financial performance will depend on future developments, including the duration,
spread and intensity of the pandemic, the rate of vaccinations, all of which are uncertain and difficult to predict considering the rapidly
evolving landscape. As a result, it is not currently possible to ascertain the overall impact of COVID-19 on our business. However, if
the pandemic continues to persist as a severe worldwide health crisis, the disease may harm our business, and may also have the effect
of heightening many of the other risks described in this "Risk Factors" section.
An
information systems interruption or breach in security of SHF's systems could adversely affect us.
SHF
relies on information technology and other computer resources to perform important operational and marketing activities as well as to
maintain its business and employee records and financial data. SHF's computer systems are currently hosted by PCCU and are subject
to damage or interruption from power outages, computer attacks by hackers, viruses, catastrophes, hardware and software failures and
breach of data security protocols by its personnel or third-party service providers. Although SHF has implemented administrative and
technical controls and taken other actions to minimize the risk of cyber incidents and otherwise protect its information technology,
computer intrusion efforts are becoming increasingly sophisticated and even the controls that SHF has installed might be breached. Further,
many of these computer resources are provided to SHF or are maintained on SHF's behalf by third-party service providers pursuant
to agreements that specify certain security and service level standards, but which are ultimately outside of SHF's control. If
SHF were to experience a significant period of disruption in information technology systems that involve interactions with customers
or suppliers, it could result in the loss of sales and customers and significant incremental costs, which could adversely affect its
business. Additionally, security breaches of information technology systems could result in the misappropriation or unauthorized disclosure
of proprietary, personal and confidential information, including information related to employees, counter-parties, and customers, which
could result in significant financial or reputational damage and liability under data privacy laws and regulations.
SHF
may not be successful in integrating acquisitions, expanding into new markets or implementing its growth strategies.
15
SHF
may suffer uninsured losses or suffer material losses in excess of insurance limits.
In
addition to difficulties with respect to claim assessment and liability and reserve estimation, some types of claims may not be covered
by insurance or may exceed applicable coverage limits. SHF may also be responsible for applicable self-insured retentions with respect
to its insurance policies. Furthermore, any product liability or warranty claims made against SHF, whether or not they are viable, may
lead to negative publicity, which could impact SHF's reputation and future sales.
Because
of the uncertainties inherent in litigation, we cannot provide assurance that SHF's insurance coverage, indemnity arrangements
and reserves will be adequate to cover liability for any damages, the cost of litigation, or any other related expenses surrounding the
current claims to which SHF is subject or any future claims that may arise. Such damages and expenses, to the extent that they are not
covered by insurance, could materially and adversely affect our consolidated financial statements and results.
An
adverse outcome in litigation to which SHF is or becomes a party could materially and adversely affect us.
SHF
is not aware of any pending litigation. However, in the future, it may become subject to litigation, including claims relating to its
operations, breach of contract, securities offerings, relation to the cannabis industry, or otherwise in the ordinary course of business
or otherwise. Some of these claims may result in significant defense costs and potentially significant judgments against SHF, some of
which are not, or cannot be, insured against. We cannot be certain of the ultimate outcomes of any claims that may arise in the future.
Resolution of these types of matters against SHF may result in significant fines, judgments or settlements, which, if uninsured, or if
the fines, judgments and settlements exceed insured levels, could adversely impact SHF's earnings and cash flows, thereby materially
and adversely affecting us. Litigation or the resolution of litigation may affect the availability or cost of SHF's insurance coverage,
which could materially and adversely impact us.
SHF
identified material weaknesses in its internal control over financial reporting for the year ended December 31, 2020. Such material weaknesses
could adversely affect SHF's ability to report its results of operations and financial condition accurately and in a timely manner.
As
noted above, SHF's management is responsible for establishing and maintaining adequate internal control over financial reporting
designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with GAAP. SHF's management is likewise responsible for the evaluation of the effectiveness
of its internal controls and to disclose any changes and material weaknesses identified through such evaluation of those internal controls.
A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there
is a reasonable possibility that a material misstatement of our annual or interim financial statements will not be prevented or detected
on a timely basis.
In
connection with the audit of SHF's financial statements for the year ended December 31, 2020, two material weaknesses were identified
in its internal controls over financial reporting. One material weakness was identified related to a failure to complete an analysis
of the accounting impact of
ASC Topic 606, Revenue from Contracts with Customers
particularly as it related to revenue recognition
associated with SHF's Safe Harbor Program revenue, and one material weakness was identified associated with SHF's application
of carve out accounting guidance and its failure to exclude certain specifically identifiable expenses from corporate allocations. SHF
has implemented a plan to remediate these material weaknesses, through measures that include the following:
●
SHF
    is utilizing third-party consultants and specialists, to supplement its internal resources; and
●
SHF
    has enhanced its reconciliation and review controls including review by its parent's chief financial officer.
16
With
the implementation of this plan, the material weaknesses have been remediated for the year ended December 31, 2021. Completion of remediation
does not provide assurance that our remediation or other controls will continue to operate properly. A failure to maintain effective
internal controls over financial reporting could result in errors in its financial statements that could require SHF to restate past
financial statements, cause SHF to fail to meet its reporting obligations and cause investors to lose confidence in SHF's reported
financial information, all of which could materially and adversely affect SHF.
Additional
Risks Related to the Cannabis Industry
SHF
provides services to financial institutions that provide banking services to businesses in or ancillary to the state licensed cannabis
industry, which could expose us to additional liabilities and regulatory compliance cost and adversely impact our business, operations,
financial condition, brand and reputation.
SHF
provides deposit and lending services to financial institutions that desire to provide services to CRBs in states where cannabis is legal
for medical or full adult use. Medical use cannabis, as well as recreational use businesses, are legal in numerous states and the District
of Columbia. Cannabis remains a Schedule I drug under the Controlled Substances Act of 1970 (the "CSA"), however, and the
federal government has the authority to enforce the CSA regardless of whether cannabis is legal under state law. In 2014, the U.S. Department
of the Treasury's Financial Crimes Enforcement Network ("FinCEN") published guidance for financial institutions servicing
state legal cannabis businesses (the "FinCEN Guidance"). SHF has implemented a comprehensive control framework that includes
written policies and procedures related to the on-boarding of such businesses and the monitoring and maintenance of such business accounts
at PCCU or other financial institutions that comport with the FinCEN Guidance. Additionally, SHF's policies call for due diligence
review of the cannabis business before the business is on-boarded, including, as applicable, confirmation that the business is properly
licensed and maintains the license in good standing in the applicable state. SHF's services to PCCU or other financial institutions
include the ongoing monitoring and of the business to determine if the business continues to meet the requirements of the depositary
institution.
While
we believe SHF's policies and procedures will allow us to operate in compliance with the FinCEN Guidance, there can be no assurance
that compliance with the FinCEN Guidance will protect us from federal or other regulatory sanctions. Federal prosecutors have significant
discretion and there can be no assurance that the federal prosecutors will not choose to strictly enforce the federal laws governing
cannabis. Any change in the federal government's enforcement position could potentially subject us to criminal prosecution and
other regulatory sanctions. While we also believe SHF's BSA/AML policies and programs for the services offered by PCCU or other
financial institutions to CRBs, the medical and recreational cannabis business is considered high-risk, thus increasing the risk of a
regulatory action against SHF's BSA/AML program that could expose us to liabilities and regulatory compliance costs that would
have an adverse impact on our business, results of operations, financial condition, brand and reputation.
Further,
to the extent any law enforcement actions require us to respond to subpoenas, or undergo search warrants, for client records, PCCU or
other financial institutions providing services to CRBs could elect to cease using our services. Until the U.S. federal government changes
the laws with respect to cannabis, which may not occur, U.S. federal authorities could more strictly enforce current federal prohibitions
and restrictions. An increase in federal enforcement against companies licensed under state cannabis laws could negatively impact the
state licensed cannabis industries and, in turn, our business, operating results, financial condition, brand and reputation.
17
SHF,
its financial institution clients and their CRB customers are subject to a variety of laws regarding financial transactions related to
cannabis, which could subject their CRB customers to legal claims or otherwise adversely affect our business.
SHF,
its financial institution clients and their CRB customers are subject to a variety of laws and regulations in the United States regarding
financial transactions, including the Bank Secrecy Act, as amended by Title III of the USA Patriot Act. The penalties for violation of
these laws and regulations include imprisonment, substantial fines and forfeiture. In complying with these laws and regulations, SHF
complies with the FinCEN Guidance. This compliance includes, among other things, extensive due diligence reviews of potential and existing
CRB customers of the financial institutions. These reviews may be time-consuming and costly, potentially creating additional barriers
to providing financial services and imposing additional compliance requirements on us and our CRB customers. In addition, SHF is, on
behalf of its financial institution clients, required to make various filings with FinCEN and the IRS to report certain suspicious transactions
or cash transactions of over $10,000. If the filings are not made accurately or promptly, substantial penalties may be imposed that could
have a material adverse effect on our business, results of operations and financial condition. In addition, we cannot assure that SHF's
strategies and techniques for designing our services and solutions for our clients and CRB customers will operate effectively and efficiently
and not be adversely impacted by cannabis regulations. Further, a change in financial services regulations or a change in the position
of the financial services industry that permits more financial institutions to directly serve businesses that grow and sell cannabis
products may increase competition for us, facilitate new entrants into the industry offering services similar to those that we offer,
or otherwise adversely affect our results of operations.
We
may have difficulty using bankruptcy courts due to our involvement in the regulated cannabis industry.
We
currently have no need or plans to seek bankruptcy protection. U.S. courts have held that debtors whose income is derived from cannabis
or cannabis assets in violation of the CSA cannot seek federal bankruptcy protections. Although we are not in the business of growing
or processing cannabis or selling or even possessing cannabis or cannabis products, a U.S. court could determine that our revenue is
derived from cannabis or cannabis assets and prevent us from obtaining bankruptcy protections if necessary.
The
conduct of third parties may jeopardize our business and regulatory compliance.
While
the post-consummation company will not be a cannabis licensee or directly involved in the cannabis industry, and as such, will not subject
to commercial cannabis regulations that apply to cannabis operators, we cannot guarantee that our systems, protocols, and practices associated
with our onboarding and monitoring services will prevent all unauthorized or illegal activities by the CRBs receiving banking services
through our financial institution clients. Our success depends in part on our financial institution clients' ability to operate
consistently with the regulatory and licensing requirements of each state, local, and regional jurisdiction in which they operate. We
cannot ensure that the conduct of our financial institution clients and the CRBs that have deposits with them, who are third parties,
will not expose them to legal sanctions and costs, which could in turn, adversely affect our business, results of operations, financial
condition, brand and reputation.
We
may be subject to constraints on marketing our services, which could adversely impact our results of operations and our growth opportunities.
Certain
of the states in which the Company may operate have strict regulations regarding marketing and sales activities ancillary to cannabis
products, which could affect our ability to market our services and the development of our business. If we are unable to effectively
market our services and compete for market share, or if the costs of compliance with government legislation and regulation cannot be
absorbed through increased fees for our services, this could hamper demand for our services, which could result in a loss of revenue.
Service
providers to cannabis businesses may be subject to unfavorable U.S. tax treatment.
Under
Section 280E of the Internal Revenue Code, no deduction or credit is allowed for any amount paid or incurred during the taxable year
in carrying on business, other than costs of goods sold, if the business (or the activities which comprise the trade or business) consists
of trafficking in controlled substances (within the meaning of Schedules I and II of the CSA). The IRS has applied this provision to
cannabis operations, prohibiting them from deducting expenses associated with cannabis businesses and asserting assessments and penalties
for additional taxes owed. While we do believe that Section 280E does not apply to our business, or ancillary service providers that
work with state-licensed CRBs, if the IRS interprets the section to apply, it would significantly and materially affect our profitability
and financial condition.
The
MORE Act would remove marijuana from the CSA, which would effectively carve out state-legal cannabis businesses from Section 280E of
the Code. The MORE Act would impose two new taxes on cannabis businesses: an excise tax measured by the value of certain cannabis products
and an occupational tax assessed on the enterprises engaging in cannabis production and sales. Although these novel tax provisions are
included in the current version of the MORE Act, which has been passed by the U.S. House of Representatives but has not yet been passed
by the U.S. Senate, it is challenging to predict whether, when, and in what form the MORE Act could be enacted into law and how any such
legislation would affect the activities of the Company.
18
Cannabis
businesses may be subject to civil asset forfeiture
.
Property
owned by participants in the cannabis industry used in the course of conducting such business, or that represents proceeds of such business
or is traceable to proceeds of such business, could be subject to seizure by law enforcement and subsequent civil asset forfeiture because
of the illegality of the cannabis industry under federal law. Even if the owner of the property is never charged with a crime, the property
in question could still be seized and subject to an administrative proceeding by which, with minimal due process, it could be subject
to forfeiture. Forfeiture of assets of our CRB customers, including if such assets are collateral for loans made or serviced by us, could
adversely affect our revenues if it impedes the borrowers' profitability or operations and our CRB customers' ability to
continue to use our services.
Because
we provide services to companies that provide services to CRBs, we may have a difficult time obtaining the various insurances that are
desired to operate our business, which may expose us to additional risk and financial liability.
Insurance
that is otherwise readily available, such as general liability and directors' and officers' insurance, may be more difficult
for us to find and could be more expensive or contains significant exclusions because our financial institution clients provide services
to CRBs. There are no guarantees that we will be able to find such insurance coverage in the future or that the cost will be affordable
to us. If appropriate coverage is not available, we may be prevented from entering into certain business sectors, our growth may be inhibited,
and we may be exposed to additional risk and financial liabilities. If we experience an uninsured loss, it may result in loss of anticipated
cash flow and could materially adversely affect our results of operations, financial condition, and business.
There
may be difficulty enforcing certain of our commercial agreements and contracts.
Courts
may not enforce a contract deemed to involve a violation of law or public policy. Parties to contracts involving the state legal cannabis
industry have at times argued that the agreements were void as illegal federally or against public policy. Some courts have accepted
this argument in certain cases. While courts have enforced contracts related to activities by state-legal cannabis companies, and the
trend is generally to enforce contracts with state-legal cannabis companies and their vendors, there remains some doubt that we will
be able to enforce our commercial agreements with our financial institution or the CRBs to which they provide banking services in court
for this reason. Therefore, we cannot be assured that we will have a remedy for breach of contract in all instances, which could have
a material adverse effect on our business.
Certain
of our directors, officers, employees and investors who are not U.S. citizens may face constraints on cross-border travel into the United
States.
Non-U.S.
citizens employed at or investing in companies doing business in the state-legal cannabis industry could face detention, denial of entry
or lifetime bans from the United States for their business associations with cannabis businesses. Entry to the United States happens
at the sole discretion of the officers on duty of the U.S. Customs and Border Protection, and these officers have wide latitude to ask
questions to determine the admissibility of a foreign national. Business or financial involvement in the legal cannabis industry could
be grounds for U.S. border guards to deny entry.
19
Risks
Related to SHF's Organization and Structure
Concentration
of ownership among our existing executive officers, directors and their respective affiliates may prevent new investors from influencing
significant corporate decisions.
Upon
closing of the Business Combination and assuming no redemptions, our affiliates, executive officers, directors and their respective affiliates
as a group will beneficially own approximately 12.9% of our outstanding Class A Common Stock, as discussed elsewhere in this prospectus.
As a result, these stockholders are able to exercise a significant level of control over all matters requiring stockholder approval,
including the election of directors, amendment of our Certificate of Incorporation and approval of significant corporate transactions.
This control could have the effect of delaying or preventing a change of control of us or changes in management and will make the approval
of certain transactions difficult or impossible without the support of these stockholders.
SHF
depends on key management personnel and other experienced employees.
SHF's
success depends to a significant degree upon the contributions of certain key management personnel including, but not limited to, those
individuals listed in the "
SHF Management
" section included elsewhere in this prospectus. If any of SHF's
key management personnel were to cease employment with SHF, SHF's operating results could suffer. SHF's ability to retain
its key management personnel or to attract suitable replacements should any member(s) of its management team leave is dependent on the
culture its leadership team fosters and on the competitive nature of the employment market. The loss of services from key management
personnel or a limitation in their availability could materially and adversely impact SHF's business, prospects, liquidity, financial
condition and results of operations. Further, such a loss could be negatively perceived in the capital markets. SHF has not obtained
key management life insurance that would provide it with proceeds in the event of death or disability of any of its key management personnel.
Experienced
employees in the financial services and cannabis-related services industries are fundamental to SHF's ability to generate, obtain
and manage opportunities. In particular, relevant licenses and qualifications, local knowledge and relationships are critical to SHF's
ability to provide its services. Failure to attract and retain such personnel or to ensure that their experience and knowledge is not
lost when they leave the business through retirement, redundancy or otherwise may adversely affect the standards of SHF's service
and may have an adverse impact on SHF's business, prospects, liquidity, financial condition and results of operations.
Failure
by SHF's directors, officers or employees to comply with applicable policies, regulations and rules could materially and adversely
affect us.
SHF
has adopted an employee handbook which includes policies and guidelines for its directors, officers and employees. SHF's adoption
of these policies and guidelines is not a representation or warranty that all persons subject to such standards are or will be in complete
compliance. The failure of a director, officer or employee of SHF to comply with the applicable policies and guidelines may result in
liability or other legal consequences, adverse publicity and termination of the relationship, which could materially adversely affect
SHF.
Changes
in accounting rules, assumptions or judgments could materially and adversely affect SHF.
Accounting
rules and interpretations for certain aspects of SHF's financial reporting are highly complex and involve significant assumptions
and judgment. These complexities could lead to a delay in the preparation and dissemination of SHF's financial statements. Furthermore,
changes in accounting rules and interpretations or in SHF's accounting assumptions or judgments, such as asset impairments and
contingencies are likely to significantly impact SHF's financial statements. In some cases, SHF could be required to apply a new
or revised standard retroactively, resulting in restating financial statements from prior period(s). Any of these circumstances could
have a material adverse effect on SHF's business, prospects, liquidity, financial condition and results of operations. For additional
information, see the financial statements of SHF and related footnotes included elsewhere in this prospectus.
20
If
SHF fails to implement and maintain an effective system of internal controls, it may not be able to accurately determine its financial
results or prevent fraud. As a result, investors could lose confidence in SHF's financial results, which could materially and adversely
affect SHF.
Effective
internal controls are necessary for SHF to provide reliable financial reports and effectively prevent fraud. SHF may in the future discover
areas of its internal controls that need improvement. We cannot be certain that SHF will be successful in maintaining adequate internal
control over its financial reporting and financial processes. Furthermore, as SHF grows its business, its internal controls will become
more complex, and SHF will require significantly more resources to ensure its internal controls remain effective. Additionally, the existence
of any material weakness or significant deficiency would require management to devote significant time and incur significant expense
to remediate any such material weakness or significant deficiency and management may not be able to remediate any such material weakness
or significant deficiency in a timely manner. The existence of any material weakness in SHF's internal control over financial reporting
could also result in errors in its financial statements that could require SHF to restate past financial statements, cause SHF to fail
to meet its reporting obligations and cause investors to lose confidence in SHF's reported financial information, all of which
could materially and adversely affect SHF.
Risks
Related to an Investment in Our Securities
Resales
of the shares of Class A Common Stock could depress the market price of the Class A Common Stock of the post-combination
company.
There
may be a large number of shares of Class A Common Stock of the post-combination company that could be sold in the market
following the completion of the Business Combination or shortly thereafter. Following the Business Combination, there were approximately
18,715,912 shares of Class A Common Stock of the post-combination company outstanding. Such sales of shares of Class A Common
Stock of the post-combination company or the perception of such sales may depress the market price of the Class A Common Stock,
public warrants or public units of the post-combination company. The shares held by the Company's public stockholders will
be freely tradeable. Class A Common Stock issued to the Seller pursuant to the Business Combination will be freely tradeable following
the latter of (i) expiration of the lock-up on the earlier of (A) six months following the closing of the Business Combination and (B)
subsequent to the closing of the Business Combination, the earlier of (x) the date that the last sale price of the Class A Common
Stock equals or exceeds $12.50 per share as quoted on Nasdaq (adjusted for stock splits, stock dividends, reorganizations, recapitalizations
and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days following the closing of the Business
Combination or (y) the date on which the Company completes a liquidation, merger, capital stock exchange, reorganization or other similar
transaction that results in all of the Company's stockholders having the right to exchange their shares of the Company for cash,
securities or other property, as set forth in the Seller Lock-up Agreement and (ii) the registration of the resale thereof pursuant to
a registration statement that we have agreed to promptly file after the completion of the Business Combination. Class A Common Stock
of the post-combination company held by the Sponsor as a result of the conversion of its Class B Stock will be freely tradeable following
the latter of (i) expiration of the lock-up period set forth in the letter agreement entered into by our Sponsor, directors, and officers
in connection with the IPO and (ii) the registration of the resale thereof pursuant to an exercise of registration rights set forth in
that certain IPO Registration Rights Agreement. Class A Common Stock of the post-combination company held by the Northern Lights
Restricted Stockholders (other than the Sponsor) as a result of the conversion of their Class B Stock will be freely tradeable upon the
registration of the resale thereof pursuant to an exercise of those certain registration rights set forth in the IPO Registration Rights
Agreement.
We
may not receive any proceeds from the exercise of Warrants, and if we do we may be unable to invest the portion of the net proceeds from
this offering on acceptable terms.
We
will receive up to an aggregate of approximately $77.9 million from the exercise of the Warrants, assuming the exercise in full of all
of the Warrants for cash. However, will only receive proceeds to the extent holders of Warrants elect to exercise. We can provide no
assurances as to the amount of proceeds we will receive from the exercise of Warrants or whether we will receive any proceeds. We will
have broad discretion in the use of any proceeds received from the exercise of Warrants. Delays in investing the net proceeds from the
exercise of the Warrants may impair our performance. We cannot assure you that we will be able to identify uses of proceeds that meet
our investment objectives or that any investment that we make will produce a positive return. We may be unable to invest the net proceeds
from the exercise of the Warrants on acceptable terms within the time period that we anticipate or at all, which could harm our financial
condition and operating results.
There
is no guarantee that the Warrants will be in the money, and they may expire worthless.
The
exercise price for the Warrants is $11.50 per share of Class A Common Stock, which exceeds the market price of the shares of Class A
Common Stock, which was $7.31 per share based on the closing price of the Class A Common Stock on October 6, 2022. There is no guarantee
that the Warrants will be in the money at any given time prior to their expiration. If the trading price of Class A Common Stock remains
below the exercise price of the Warrants, the Warrants may expire worthless. If all of the Warrants were exercised in full for cash,
we would receive an aggregate of approximately $77.9 million. We do not expect the holders of the Warrants to exercise their Warrants
and therefore, we do not expect to receive cash proceeds from any such exercise, for so long as the Warrants remain out of the money.
The Warrants will become exercisable upon the earlier of the effectiveness of the registration statement of which this prospectus forms
a part registering the shares of Class A Common Stock underlying the Public Warrants and Private Placement Warrants and April 21, 2022
(the 61st business day following the completion of the Business Combination). We intend to seek to go effective on the registration statement
of which this prospectus forms a part as soon as possible, but we will not be able to go effective on the registration statement of which
this prospectus forms a part prior to April 21, 2022. We can provide no assurances that the trading price of our Class A Common Stock
will remain at levels where it would be attractive to exercise our outstanding Warrants until the time that such warrants become exercisable.
The
market for our securities has been
volatile and may continue to be volatile, which would adversely affect the liquidity and price of our securities.
The
price of our securities may fluctuate significantly due to the market's reaction to the Business Combination and general market
and economic conditions. An active trading market for our securities following the Business Combination may never develop or, if developed,
it may not be sustained. In addition, the price of our securities after the Business Combination can vary due to general economic conditions
and forecasts, our general business condition and the release of our financial reports. Additionally, if our securities are not listed
on, or become delisted from, Nasdaq for any reason, and are quoted on the OTC Bulletin Board or OTC Pink, an inter-dealer automated quotation
system for equity securities that is not a national securities exchange, the liquidity and price of our securities may be more limited
than if we were quoted or listed on Nasdaq or another national securities exchange. You may be unable to sell your securities unless
a market can be established or sustained.
21
If
the Business Combination's benefits do not meet the expectations of investors, stockholders or financial analysts, the market price
of our securities may decline.
If
the benefits of the Business Combination do not meet the expectations of investors or securities analysts, the market price of the Company's
securities prior to the closing of the Business Combination may decline. The market values of our securities at the time of the Business
Combination may vary significantly from their prices on the date of closing  the Business Combination.
In
addition, following the Business Combination, fluctuations in the price of our securities could contribute to the loss of all or part
of your investment. Immediately prior to the Business Combination, there has not been a public market for SHF stock and trading in the
shares of our Class A Common Stock, public units and public warrants has not been active. Accordingly, the valuation ascribed
to SHF and our Class A Common Stock, public units and public warrants in the Business Combination may not be indicative of the
price of the post-combination company that will prevail in the trading market following the Business Combination. If an active market
for our securities develops and continues, the trading price of our securities following the Business Combination could be volatile and
subject to wide fluctuations in response to various factors, some of which are beyond our control. Any of the factors listed below could
have a material adverse effect on your investment in our securities and our securities may trade at prices significantly below the price
you paid for them. In such circumstances, the trading price of our securities may not recover and may experience a further decline.
Factors
affecting the trading price of the post-combination company's securities following the Business Combination may include:
●
actual or anticipated fluctuations in our quarterly financial results or the quarterly financial results of companies perceived to be
similar to us;
●
changes in the market's expectations about our operating results;
●
the public's reaction to our press releases, our other public announcements and our filings with the SEC;
●
speculation in the press or investment community;
●
success of competitors;
●
our operating results failing to meet the expectation of securities analysts or investors in a particular period;
●
changes in financial estimates and recommendations by securities analysts concerning the post-combination company or the market in general;
●
operating and stock price performance of other companies that investors deem comparable to the post-combination company;
●
our ability to market new and enhanced products on a timely basis;
●
changes in laws and regulations affecting our business;
●
commencement of, or involvement in, litigation involving the post-combination company;
●
changes in the post-combination company's capital structure, such as future issuances of securities or the incurrence of additional
debt;
●
the volume of shares of the Class A Common Stock, public warrants and public units of the post-combination company available for
public sale;
22
●
the volume of our public units or public warrants available for public sale;
●
any material change in our Board or management;
●
sales of substantial amounts of Class A Common Stock by our directors, officers or significant stockholders or the perception
that such sales could occur;
●
the realization of any of the risk factors presented in this prospectus;
●
additions or departures of key personnel;
●
failure to comply with the requirements of Nasdaq;
●
failure to comply with the Sarbanes-Oxley Act of 2002 or other laws or regulations;
●
actual, potential or perceived control, accounting or reporting problems;
●
changes in accounting principles, policies and guidelines; and
●
general economic and political conditions such as recessions, interest rates, fuel prices, international currency fluctuations and acts
of war or terrorism.
Broad
market and industry factors may materially harm the market price of our securities irrespective of our operating performance. The stock
market in general and Nasdaq have experienced price and volume fluctuations that have often been unrelated or disproportionate to the
operating performance of the particular companies affected. The trading prices and valuations of these stocks, and of our securities,
may not be predictable. A loss of investor confidence in the market for the stocks of other companies which investors perceive to be
similar to the post-combination company could depress our stock price regardless of our business, prospects, financial conditions or
results of operations. A decline in the market price of our securities also could adversely affect our ability to issue additional securities
and our ability to obtain additional financing in the future.
In
the past, securities class action litigation has often been initiated against companies following periods of volatility in their stock
price. This type of litigation could result in substantial costs and divert our management's attention and resources, and could
also require us to make substantial payments to satisfy judgments or to settle litigation.
The
Company's stockholders may not realize a benefit from the Business Combination commensurate with the ownership dilution they will
experience in connection with the Business Combination and the PIPE.
If
the Company is unable to realize the full strategic and financial benefits currently anticipated from the Business Combination, the Company's
stockholders will have experienced substantial dilution of their ownership interests in their respective companies without receiving
any commensurate benefit, or only receiving part of the commensurate benefit to the extent the Company is able to realize only part of
the strategic and financial benefits currently anticipated from the Business Combination and the PIPE.
Our
only significant asset will be our ownership interest in SHF and such ownership may not be sufficient to pay dividends or make distributions
or loans to enable us to pay any dividends on our Class A Common Stock or satisfy our other financial obligations.
Following
the closing of the Business Combination, we will have no direct operations and no significant assets other than our ownership of SHF.
We and certain investors, the Sponsor, and directors and officers of the Sponsor and its affiliates will become stockholders of the post-combination
company at that time. We will depend on SHF for distributions, loans and other payments to generate the funds necessary to meet our financial
obligations, including our expenses as a publicly traded company and to pay any dividends with respect to our Class A Common Stock.
The financial condition and operating requirements of SHF may limit our ability to obtain cash from SHF. The earnings from, or other
available assets of, SHF may not be sufficient to pay dividends or make distributions or loans to enable us to pay any dividends on our
Class A Common Stock or satisfy our other financial obligations.
23
The
Company may be a "controlled company" within the meaning of the applicable rules of Nasdaq and, as a result, may qualify
for exemptions from certain corporate governance requirements. If the Company relies on these exemptions, its stockholders will not have
the same protections afforded to stockholders of companies that are subject to such requirements.
Upon
the closing of the Business Combination, depending on the number of shares of Class A Common Stock redeemed by the Company's
public stockholders, the Seller may control a majority of the voting power of the Company's Class A Common Stock, and the
Company may then be a "controlled company" within the meaning of applicable rules of Nasdaq. Under these rules, a company
of which more than 50% of the voting power for the election of directors is held by an individual, group or another company is a "controlled
company" and may elect not to comply with certain corporate governance requirements, including the requirements:
●
that
    a majority of the board consists of independent directors;
●
for
    an annual performance evaluation of the nominating and corporate governance and compensation committees;
●
that
    the controlled company has a nominating and corporate governance committee that is composed entirely of independent directors with
    a written charter addressing the committee's purpose and responsibilities; and
●
that
    the controlled company has a compensation committee that is composed entirely of independent directors with a written charter addressing
    the committee's purpose and responsibility.
While
the Company does not intend to rely on these exemptions, the Company may use these exemptions now or in the future. As a result, the
Company's stockholders may not have the same protections afforded to stockholders of companies that are subject to all of the Nasdaq
corporate governance requirements.
We
may be required to take write-downs or write-offs, restructuring and impairment or other charges that could have a significant negative
effect on our financial condition, results of operations and our stock price, which could cause you to lose some or all of your investment.
Although
we have conducted due diligence on SHF, we cannot assure you that this diligence will surface all material issues that may be present
in SHF's business, that it would be possible to uncover all material issues through a customary amount of due diligence, or that
factors outside of SHF's business and outside of our and SHF's control will not later arise. As a result of these factors,
we may be forced to later write down or write off assets, restructure operations, or incur impairment or other charges that could result
in losses. Even if our due diligence successfully identifies certain risks, unexpected risks may arise and previously known risks may
materialize in a manner not consistent with our preliminary risk analysis. Even though these charges may be non-cash items and not have
an immediate impact on our liquidity, the fact that we report charges of this nature could contribute to negative market perceptions
about the post-combination company or its securities. Accordingly, any of our stockholders who choose to remain stockholders following
the Business Combination could suffer a reduction in the value of their shares. Such stockholders are unlikely to have a remedy for such
reduction in value.
The
Company's ability to be successful following the Business Combination will depend upon the efforts of the Company's Board
and key personnel and the loss of such persons could negatively impact the operations and profitability of the Company's post-Business
Combination business.
The
Company's ability to be successful following the Business Combination will be dependent upon the efforts of the Company's
board of directors and key personnel. We cannot assure you that the Company's Board and key personnel will be effective or successful
or remain with the Company. In addition to the other challenges they will face, such individuals may be unfamiliar with the requirements
of operating a public company, which could cause the Company to have to expend time and resources helping them become familiar with such
requirements.
24
The
unaudited pro forma financial information included in the section entitled
"
Unaudited Pro Forma Condensed Combined Financial
Statements
"
may not be representative of the Company's financial condition or results of operations if the Business
Combination is consummated and accordingly, you will have limited financial information on which to evaluate the financial performance
of the Company and your investment decision.
The
Company and SHF previously operated as separate companies. The Company and SHF have had no prior history as a combined company and their
respective operations have not previously been managed on a combined basis. The pro forma financial information is presented for informational
purposes only and is not necessarily indicative of the financial position or results of operations that would have actually occurred
had the Business Combination been completed at or as of the dates indicated, nor is it indicative of the future operating results or
financial position of the Company. The pro forma statement of earnings does not reflect future nonrecurring charges resulting from the
Business Combination. The unaudited pro forma financial information does not reflect future events that may occur after the Business
Combination and does not consider potential impacts of current market conditions on revenues or expenses. The pro forma financial information
included in the section entitled "
Unaudited Pro Forma Condensed Combined Financial Statements
" has been derived from
the Company's and SHF's historical financial statements and certain adjustments and assumptions have been made regarding
the
post-combination company
after giving effect to the Business Combination. Differences
between preliminary estimates in the pro forma financial information and the final acquisition accounting will occur and could have an
adverse impact on the pro forma financial information and the Company's financial position and future results of operations.
In
addition, the assumptions used in preparing the pro forma financial information may not prove to be accurate and other factors may affect
the Company's financial condition or results of operations following the Closing. Any potential decline in the Company's
financial condition or results of operations may cause significant variations in the Company's stock price.
A
significant portion of our total outstanding shares are restricted from immediate resale but may be sold into the market in the near
future. This could cause the market price of our Class A Common Stock, public warrants or public units or the Class A Common
Stock, public warrants or public units of the post-combination company to drop significantly, even if SHF's business is doing
well.
Sales
of a substantial number of shares of our Class A Common Stock, public warrants or public units in the public market could occur
at any time prior to the Business Combination and sales of a substantial number of shares of the Class A Common Stock, public
warrants or public units of the post-combination company could occur at any time following the Business Combination. These sales, or
the perception in the market that the holders of a large number of shares intend to sell shares, could reduce the market price of our
Class A Common Stock, public warrants or public units or the Class A Common Stock, public warrants or public units of the
post-combination company, as applicable. Following the Business Combination, our Sponsor and the initial officers and directors ("Northern
Lights Restricted Stockholders"), including our Sponsor, hold approximately 18.2% of the Class A Common Stock of the post-combination
company. Pursuant to the IPO Registration Rights Agreement, the Northern Lights Restricted Stockholders are entitled to registration
of the shares of Class A Common Stock into which the Founder Shares will automatically convert at the time of the consummation
of the Business Combination. In addition, holders of our Private Placement Warrants and their permitted transferees can demand that we
register the Private Placement Warrants and the shares of Class A Common Stock issuable upon exercise of the Private Placement
Warrants and holders of warrants that may be issued upon conversion of the Working Capital Loan may demand that we register such warrants
or the Class A Common Stock issuable upon exercise of such warrants. The holders of these securities are entitled to make up to
three demands, excluding short form demands, that the Company register such securities. These holders also have certain "piggy-back"
registration rights with respect to registration statements filed subsequent to the consummation of the initial business combination.
The
Northern Lights Restricted Stockholders entered into letter agreements pursuant to which, they agreed that, with certain limited exceptions,
the Founder Shares (which were converted into shares of Class A Common Stock of the post-combination company at the closing of
the Business Combination) may not be transferred until 150 days after the closing of the Business Combination. We also entered into the
Lock-Up Agreement at the closing of the Business Combination, with each of the Seller and PCCU, substantially in the form attached as
Annex C
. In addition, given that the lock-up period on the Founder Shares is potentially shorter than most other blank check companies,
these shares may become registered and available for sale sooner than Founder Shares in such other companies.
25
The
terms of our proposed PIPE financing to be completed in conjunction with our proposed business combination could have an adverse impact
of the trading prices of the Class A Common Stock.
Concurrently
with entering into the Purchase Agreement, the Company entered into the PIPE Securities Purchase Agreements with the PIPE Investors,
pursuant to which, among other things, the PIPE Investors agreed to subscribe for and purchase, and the Company agreed to issue and sell
to the PIPE Investors, the PIPE Shares and the PIPE Warrants. The terms of the PIPE Shares provide for an initial conversion price of
$10.00 per share of Class A Common Stock, which conversion price is subject to downward adjustment on each of the dates that are
10 days, 55 days, 100 days, 145 days and 190 days after the effectiveness of a registration statement registering the shares of Class
A Common Stock issuable upon conversion of the PIPE Shares to the lower of the Conversion Price and the greater of (i) 80% of the volume
weighted average price of the Class A Common Stock for the prior five trading days and (ii) $2.00 (the "Floor Price"); provided
that, so long as a PIPE Investor continues to hold any PIPE Shares, such PIPE Investor will be entitled to receive the aggregate shares
of Class A Common Stock that would be issuable based upon its initial purchase of PIPE Shares at the adjusted Conversion Price. Additionally,
the Floor Price will be reduced to $1.25 if and only if the Company's stockholders provide the approval contemplated by Nasdaq
Listing Standard Rule 5635(d) with respect to the issuance of the Conversion Shares based on a reduction of the Floor Price to $1.25
(the "Requisite Stockholder Approval"); provided, however, that no holder of Conversion Shares issued prior to obtaining
the Requisite Stockholder Approval will be allowed to vote such Conversion Shares for or against such proposal. Further, pursuant to
the Certificate of Designation, as soon as practicable, but in any event not later than one hundred and twenty days (120) days after
September 28, 2022, the Company will call a special meeting of its stockholders to obtain the Requisite Stockholder Approval for the
reduction of the Floor Price to $1.25 and (ii) the Company's Board of Directors (the "Board") will recommend approval
of such proposal; if the Requisite Stockholder Approval is not obtained at such a meeting, the Company will call additional meetings,
and the Board will make such recommendation, at least once every six (6) months thereafter until the Requisite Stockholder Approval is
obtained (each such meeting, a "Subsequent Stockholder Meeting"). If the Requisite Stockholder Approval is received and,
on the date that the Requisite Stockholder Approval is received, if a prior scheduled downward adjustment of the Conversion Price would
have resulted in a Conversion Price lower than the prior Floor Price (the "Theoretical Adjustment Price"), then such Conversion
Price shall be downwardly adjusted to the Theoretical Adjustment Price effective, automatically and without further action of the Company
or any PIPE Investor, on the trading day immediately following the trading day upon which the Requisite Stockholder Approval is obtained
regardless of whether a scheduled downward adjustment of the Conversion Price would have otherwise occurred on such trading day; provided,
however, in no event shall the Theoretical Adjustment Price be less than $1.25. However, so long as the PIPE Investor continues to hold
any PIPE Shares, such PIPE Investor will be entitled to receive the aggregate shares of Class A Common Stock that would be issuable
based upon its initial purchase of PIPE Shares at the adjusted conversion price. In addition, until the date that is the later of (a)
the ninetieth (90th) day following the date that is one hundred ninety (190) days following the effective date of a registration statement
filed pursuant to that certain registration rights agreement to be entered into by the Company with the PIPE Investors or (b) solely
if as of the date that is one hundred ninety (190) days following the effective date of a registration statement filed pursuant to that
certain registration rights agreement to be entered into by the Company with the PIPE Investors all the conversion shares issuable upon
conversion of the preferred stock outstanding as of such date (without regard to any limitations on conversion set forth herein) are
either not (i) registered pursuant to an effective registration statement filed pursuant to that certain registration rights agreement
to be entered into by the Company with the PIPE Investors or (ii) available to be freely resold by the holders of preferred stock (to
the extent any such holder is not an affiliate of the Company) pursuant to Rule 144 of the Securities Act (as applicable, a "Commencement
Date Free Trading Failure"), the ninetieth (90th) day following the date of the Company's subsequent cure of such Commencement
Date Free Trading Failure, the conversion price is subject to adjustment for certain issuances of Class A Common Stock at a price
per share less than the conversion price such that the conversion price will be adjusted to equal the price at which the new shares are
issued. The conversion price is also subject to other customary adjustments for stock dividends, stock splits and similar corporate actions.
26
The
PIPE Warrants were issued in the form attached as an exhibit to the Amended and Restated Securities Purchase Agreement. The PIPE Warrants
have an exercise price of $11.50 per share of Class A Common Stock to be paid in cash (except if the shares underlying the warrants are
not covered by an effective registration statement after the six-month anniversary of the closing date, in which case cashless exercise
is permitted), subject to adjustment to a price equal to the greater of (i) 125% of the Conversion Price if at any time there is an adjustment
to the Conversion Price and the exercise price after such adjustment is greater than 125% of the Conversion Price as adjusted and (ii)
$5.00. The PIPE Warrants are also subject to adjustment for other customary adjustments for stock dividends, stock splits and similar
corporate actions. The PIPE Warrants are exercisable for a period of five years following the Closing, or September 28, 2027. After exercise
of a PIPE Warrant, the Company may be required to pay certain penalties if it fails to deliver the Class A Common Stock within a specified
period of time.
The
effect of the adjustments to the conversion price and the exercise price of the PIPE Warrants could have an adverse effect on the market
trading price of our Class A Common Stock.
The
grant of registration rights to PCCU and the Seller in connection with the proposed business combination pursuant to the Purchase Agreement,
and to the PIPE Investors in connection with the PIPE Securities Purchase Agreements, may adversely affect the market price of our Class
A Common Stock.
In connection with the closing
of the Business Combination contemplated by the Purchase Agreement, we will enter into a registration rights agreement with PCCU and
the Seller in which we will agree to file a registration statement to register the resale of the Class A Common Stock to be issued
to the Seller. In addition, we entered into a registration rights agreement with the PIPE Investors, pursuant to which, among other things,
we are obligated to file a registration statement to register the resale of the shares of Class A Common Stock issuable upon conversion
of the PIPE Shares and the shares of Class A Common Stock issuable upon exercise of the PIPE Warrants. The existence of these
shares available for resale pursuant to one or more registration statements could also have an adverse impact on the market prices of
our Class A Common Stock.
The
underwriters of the Company's initial public offering may waive or release parties to the lock-up agreements entered into in connection
with this Business Combination, which could adversely affect the price of the Company's securities, including its common stock.
The
Northern Lights Restricted Stockholders have entered into lock-up agreements pursuant to which they will be subject to certain restrictions
with respect to the sale or other disposition of the Company's common stock for a period begin at Closing and end the earliest
of: (i) the six-month anniversary of the Closing, (ii) on the date on which the closing stock price for the Company's common stock
equals or exceeds $12.00 per share for any 20 trading days within any 30-trading day period commencing at least 150 days after the Closing,
and (iii) such date on which the Company completes a liquidation, merger, stock exchange, reorganization or other similar transaction
that results in all of the Company's stockholders having the right to exchange their shares of the Company's common stock
for cash, securities or other property. The underwriters, at any time and without notice, may release all or any portion of the common
stock subject to the foregoing lock-up agreements. If the restrictions under the lock-up agreements are waived, then the common stock,
subject to compliance with the Securities Act or exceptions therefrom, will be available for sale into the public markets, which could
cause the market price of the Class A Common Stock to decline and impair the Company's ability to raise capital. Sales of
a substantial number of shares upon expiration of the lock-up and market stand-off agreements, the perception that such sales may occur,
or early release of these agreements, could cause the market price of Class A Common Stock to fall or make it more difficult for
you to sell your common stock at a time and price that you deem appropriate.
The
Company may issue additional shares of common or preferred stock under the Equity Incentive Plan or otherwise after completion of the
Business Combination, any one of which would dilute the interest of the Company's stockholders and likely present other risks.
The
Company's Second Amended and Restated Certificate of Incorporation authorizes the issuance of up to 130,000,000 shares of Class
A Common Stock and 1,250,000 shares of preferred stock, par value $0.0001 per share. There are currently 111,249,088 authorized but
unissued shares of Class A Common Stock available for issuance, which amount does not take into account shares reserved for issuance
upon exercise of outstanding warrants. There are currently 20,450 shares of preferred stock issued and outstanding. The Company
may issue additional shares of common or preferred stock to under the Equity Incentive Plan or as needed after completion of the Business
Combination for working capital or other purposes.
27
The
issuance of additional shares of common or preferred stock:
●
may
    significantly dilute the equity interest of existing investors;
●
may
    subordinate the rights of holders of common stock if preferred stock is issued with rights senior to those afforded the Company's
    common stock;
●
could
    cause a change in control if a substantial number of common stock is issued, which may affect, among other things, the Company's
    ability to use its net operating loss carry forwards, if any, and could result in the resignation or removal of the Company's
    present officers and directors; and
●
may
    adversely affect prevailing market prices for the Company's Units, Class A Common Stock and/or Warrants.
Our
quarterly operating results may fluctuate significantly and could fall below the expectations of securities analysts and investors due
to seasonality and other factors, some of which are beyond our control, resulting in a decline in our stock price.
Our
quarterly operating results may fluctuate significantly because of several factors, including:
●
labor availability and costs for hourly and management personnel;
●
profitability of our services, especially in new markets and
due to seasonal fluctuations;
●
changes in interest rates;
●
impairment of long-lived assets;
●
macroeconomic conditions, both nationally and locally;
●
negative publicity relating to products we serve;
●
changes in consumer preferences and competitive conditions;
●
expansion to new markets; and
●
fluctuations in commodity prices.
If,
following the Business Combination, securities or industry analysts do not publish or cease publishing research or reports about the
post-combination company, its business, or its market, or if they change their recommendations regarding the Class A Common Stock
of the post-combination company adversely, then the price and trading volume of the Class A Common Stock of the post-combination
company could decline.
The
trading market for our Class A Common Stock, public warrants or public units will be influenced by the research and reports that
industry or securities analysts may publish about us, our business, our market, or our competitors. Securities and industry analysts
do not currently, and may never, publish research on the Company or the post-combination company. If no securities or industry analysts
commence coverage of the post-combination company, the stock price and trading volume of the Class A Common Stock, public warrants
and public units of the post-combination company would likely be negatively impacted. If any of the analysts who may cover the post-combination
company change their recommendation regarding our stock adversely, or provide more favorable relative recommendations about our competitors,
the price of the Class A Common Stock, public warrants and public units of the post-combination company would likely decline.
If any analyst who may cover the Company were to cease coverage of the post-combination company or fail to regularly publish reports
on it, we could lose visibility in the financial markets, which could cause the stock price or trading volume of the Class A Common
Stock, public warrants and public units of the post-combination company to decline.
28
We
may be unable to obtain additional financing to fund the operations and growth of the post-combination company.
We
may require additional financing to fund the operations or growth of the post-combination company. The failure to secure additional financing
could have a material adverse effect on the continued development or growth of the post-combination company. None of our officers, directors
or stockholders is required to provide any financing to us in connection with or after the Business Combination.
Changes
in laws, regulations or rules, or a failure to comply with any laws, regulations or rules, may adversely affect our business, investments
and results of operations.
We
are subject to laws, regulations and rules enacted by national, regional and local governments and Nasdaq. In particular, we are required
to comply with certain SEC, Nasdaq and other legal or regulatory requirements of businesses providing financial services. Compliance
with, and monitoring of, applicable laws, regulations and rules may be difficult, time consuming and costly. These laws, regulations,
and rules include, without limitation, the following:
·
As
    a commercial lender making loans to CRBs, we will be subject to various state laws relating to usury that govern or limit interest
    rates and other fees charged on loans, permitted contractual loan terms, collection practices and creditor remedies.
·
As
    an employer, we will be subject to state and federal laws relating to employment practices, health and safety of employees, employee
    benefits and other employment-related matters.
·
As
    a company whose common stock is listed for trading on Nasdaq, we are subject to Nasdaq's continued listing requirements, which
    include requirements relating corporate governance matters, the size of the public float of our shares, and the minimum bid price
    of our shares. We are also required to notify Nasdaq of various corporate actions, including the intention to complete the Business
    Combination.
·
We
    are an SEC reporting company and therefore we are required to comply with the various rules and regulations of the SEC that relate
    to, among other things, the timing and content of annual, quarterly and current reports, the process to register additional shares
    for sale to the public or for resale by existing investors, and disclosures in connection with meetings of our stockholders. Changes
    in these rules and regulations can have a significant impact on us, such as the rules proposed by the SEC on March 30, 2022 regarding
    the disclosure requirements in connection with business combination transactions involving SPACs. These rules, if adopted as proposed,
    would, among other things, limit the use of projections in SEC filings in connection with proposed business combination transactions
    by amending the scope of a safe harbor for the use of financial projections; increasing the potential liability of certain participants
    in proposed business combination transactions. While the public comment period for these rules is still ongoing, if adopted, these
    rules may materially adversely affect our ability to complete the Business Combination and may increase the costs and our potential
    liability related thereto.
As
our business expands to additional states, we will be required to review and comply with those states' laws that apply to our services
and business activities. We will also be required to determine whether we will become subject to additional areas of regulation if we
expand the types of activities in which we engage. For example, because we do not hold customer deposits or offer loans for consumer
or personal purposes, we are not currently required have a financial institution charter or lending license in the states in which we
currently provide services or loans. If we do not identify activities that would require a regulatory application, license or other approval,
or if the interpretation and application of the laws to which we are currently subject change, those additional laws, rules, and regulations
or changes therein could have a material adverse effect on our business, investments and results of operations. A failure to comply with
any applicable laws, regulations or rules, as interpreted and applied, could have a material adverse effect on our business and results
of operations.
29
We
have not registered the shares of Class A Common Stock issuable upon exercise of the warrants under the Securities Act or any
state securities laws at this time, and such registration may not be in place when an investor desires to exercise warrants, thus precluding
such investor from being able to exercise its warrants except on a cashless basis and potentially causing such warrants to expire worthless.
We
have not registered the shares of Class A Common Stock issuable upon exercise of the warrants under the Securities Act or any
state securities laws at this time. While under the terms of the warrant agreement we have agreed to use our best efforts to file a registration
statement under the Securities Act covering such shares and maintain a current prospectus relating to the Class A Common Stock
issuable upon exercise of the warrants, until the expiration of the warrants in accordance with the provisions of the warrant agreement,
we cannot assure you that we will be able to do so. For example, if any facts or events arise which represent a fundamental change in
the information set forth in such registration statement or prospectus, the financial statements contained or incorporated by reference
therein are not current or correct or the SEC issues a stop order, such registration will likely not be available. If the shares issuable
upon exercise of the warrants are not registered under the Securities Act, holders have the right to exercise their warrants on a cashless
basis for unregistered shares of Class A Common Stock in accordance with Section 3(a)(9) of the Securities Act or another exemption.
However, no such warrant will be exercisable and we will not be obligated to issue any shares to holders seeking to exercise their warrants,
unless the issuance of the shares upon such exercise is registered or qualified under the securities laws of the state of the exercising
holder or an exemption from state registration is available. Notwithstanding the above, if our Class A Common Stock is at the
time of any exercise of a warrant not listed on a national securities exchange such that it satisfies the definition of a "covered
security" under Section 18(b)(1) of the Securities Act, we may, at our option, require holders of warrants who exercise their warrants
to do so on a "cashless basis" in accordance with Section 3(a)(9) of the Securities Act and, in the event we so elect, we
will not be required to file or maintain in effect a registration statement, but we will be required to use our best efforts to register
the shares under applicable blue sky laws to the extent an exemption is not available. We will not be required to settle any warrant
in cash or issue securities or other compensation in exchange for the warrants if we are unable to register or qualify the shares underlying
the warrants under applicable state securities laws and there is no exemption available. If the issuance of the shares upon exercise
of the warrants is not so registered or qualified or exempt from registration or qualification, the holder of such warrant shall not
be entitled to exercise such warrant and such warrant may have no value and expire worthless. In such event, holders who acquired their
warrants as part of a purchase of units will have paid the full unit purchase price solely for the shares of Class A Common Stock
included in the units. If and when the warrants become redeemable by us, we may exercise our redemption right even if we are unable
to register or qualify the underlying shares of Class A Common Stock for sale under all applicable state securities laws.
We
may seek warrant holder approval to amend the terms of the warrants in a manner that may be adverse to holders. As a result, the exercise
price of your warrants could be increased, the exercise period could be shortened and the number of shares of our Class A Common
Stock purchasable upon exercise of a warrant could be decreased, all without your approval.
Our
public warrants were issued in registered form under a warrant agreement between Continental Stock Transfer & Trust Company, as warrant
agent, and us. The warrant agreement provides that the terms of the warrants may be amended without the consent of any holder to cure
any ambiguity or correct any defective provision, but requires the approval by the holders of at least 65% of the then-outstanding public
warrants to make any change that adversely affects the interests of the registered holders. Accordingly, we may amend the terms of the
warrants in a manner adverse to a holder if holders of at least 65% of the then-outstanding public warrants approve of such amendment.
Although our ability to amend the terms of the warrants with the consent of at least 65% of the then-outstanding public warrants is unlimited,
examples of such amendments could be amendments to, among other things, increase the exercise price of the warrants, shorten the exercise
period or decrease the number of shares of Class A Common Stock purchasable upon exercise of a warrant.
30
We
may redeem unexpired warrants prior to their exercise at a time that is disadvantageous to warrant holders, thereby making their warrants
worthless.
We
have the ability to redeem outstanding warrants at any time after they become exercisable and prior to their expiration, at a price of
$0.01 per warrant, provided that the last reported sales price of our Class A Common Stock equals or exceeds $18.00 per share
(as adjusted for stock splits, stock dividends, reorganizations, recapitalization and the like) for any 20 trading days within a 30 trading-day
period ending on the third trading day prior to the date on which we give proper notice of such redemption to the warrant holders and
provided certain other conditions are met. If and when the warrants become redeemable by us, we may exercise our redemption right even
if we are unable to register or qualify the underlying securities for sale under all applicable state securities laws. Redemption of
the outstanding warrants could force the warrant holders (i) to exercise their warrants and pay the exercise price therefor at a time
when it may be disadvantageous for them to do so, (ii) to sell their warrants at the then-current market price when they might otherwise
wish to hold their warrants or (iii) to accept the nominal redemption price which, at the time the outstanding warrants are called for
redemption, is likely to be substantially less than the market value of their warrants. None of the Private Placement Warrants will be
redeemable by us so long as they are held by our Sponsor or its permitted transferees.
Warrants
will become exercisable for Class A Common Stock, which would increase the number of shares eligible for future resale in the
public market and result in dilution to our stockholders.
We
issued warrants to purchase 5,750,000 shares of Class A Common Stock as part of our IPO and, on the IPO closing date, we issued
Private Placement Warrants to our Sponsor to purchase 264,088 shares of Class A Common Stock at $11.50 per share. In addition,
prior to consummating an initial business combination, nothing prevents us from issuing additional securities in a private placement
so long as they do not participate in any manner in the Trust Account or vote as a class with the Class A Common Stock on a business
combination. The shares of Class A Common Stock issued upon exercise of our warrants will result in dilution to the then existing
holders of Class A Common Stock and increase the number of shares eligible for resale in the public market. Sales of substantial
numbers of such shares in the public market could adversely affect the market price of our Class A Common Stock, public warrants
or public units or the Class A Common Stock, public units or public warrants of the post-combination company.
The
Private Placement Warrants are identical to the warrants sold as part of the units issued in our IPO except that, so long as they are
held by our Sponsor or its permitted transferees, (i) they will not be redeemable by us, (ii) they (including the Class A Common Stock
issuable upon exercise of these warrants) may not, subject to certain limited exceptions, be transferred, assigned or sold by our
Sponsor until 30 days after the completion of an initial business combination, (iii) they may be exercised by the holders on a cashless
basis and (iv) are subject to registration rights.
Anti-takeover
provisions contained in our Second Amended and Restated Certificate of Incorporation and bylaws, as well as provisions of Delaware law,
could impair a takeover attempt, which could limit the price investors might be willing to pay in the future for our common stock.
Our
Second Amended and Restated Certificate of Incorporation contains provisions that may discourage unsolicited takeover proposals that
stockholders may consider to be in their best interests. We are also subject to anti-takeover provisions under Delaware law, which could
delay or prevent a change of control. Together, these provisions may make more difficult the removal of management and may discourage
transactions that otherwise could involve payment of a premium over prevailing market prices for our securities. These provisions include:
●
a prohibition on stockholder action by written consent, which forces stockholder action to be taken at an annual or special meeting of
our stockholders;
●
a denial of the right of stockholders to call a special meeting;
●
a vote of 66 2/3% required to approve certain amendments to the Second Amended and Restated Certificate of Incorporation and the bylaws;
and
●
the designation of Delaware as the exclusive forum for certain disputes.
31
Our
Second Amended and Restated Certificate of Incorporation provides that the Court of Chancery of the State of Delaware will be the sole
and exclusive forum for certain stockholder litigation matters, which could limit our stockholder's ability to obtain a favorable
judicial forum for disputes with us or our directors, officers, employees or stockholders.
Our
Second Amended and Restated Certificate of Incorporation provides, to the fullest extent permitted by law, that internal corporate claims
may be brought only in the Court of Chancery in the State of Delaware (or, if the Court of Chancery does not have, or declines to accept,
jurisdiction, another state court or a federal court located within the State of Delaware). In addition, our Second Amended and Restated
Certificate of Incorporation provides that the federal district courts of the United States will be the exclusive forum for resolving
any complaint asserting a cause of action arising under the Securities Act. This forum selection provision does not apply to claims brought
to enforce a duty or liability created by the Exchange Act. Any person or entity purchasing or otherwise acquiring or holding any interest
in our stock shall be deemed to have notice of and consented to the forum provision in our Second Amended and Restated Certificate of
Incorporation.
This
choice of forum provision may limit a stockholder's ability to bring a claim in a judicial forum that it finds favorable for disputes
with us or any of our directors, officers, other employees or stockholders, which may discourage lawsuits with respect to such claims.
Alternatively, if a court were to find the choice of forum provision contained in our Second Amended and Restated Certificate of Incorporation
to be inapplicable or unenforceable in an action, we may incur additional costs associated with resolving such action in other jurisdictions,
which could harm our business, operating results and financial condition. For example, under the Securities Act, federal courts have
concurrent jurisdiction over all suits brought to enforce any duty or liability created by the Securities Act, and investors cannot waive
compliance with the federal securities laws and the rules and regulations thereunder. Accordingly, there is uncertainty as to whether
a court would enforce such a forum selection provision as written in connection with claims arising under the Securities Act.
The
JOBS Act permits "emerging growth companies" like us to take advantage of certain exemptions from various reporting requirements
applicable to other public companies that are not emerging growth companies.
We
qualify as an "emerging growth company" as defined in Section 2(a)(19) of the Securities Act, as modified by the Jumpstart
Our Business Startups Act of 2012, which we refer to as the "JOBS Act." As such, we take advantage of certain exemptions
from various reporting requirements applicable to other public companies that are not emerging growth companies for as long as we continue
to be an emerging growth company, including (i) the exemption from the auditor attestation requirements with respect to internal control
over financial reporting under Section 404 of the Sarbanes-Oxley Act of 2002 (
"SOX"
), (ii) the exemptions from say-on-pay,
say-on-frequency and say-on-golden parachute voting requirements and (iii) reduced disclosure obligations regarding executive compensation
in our periodic reports and proxy statements. As a result, our stockholders may not have access to certain information they deem important.
We will remain an emerging growth company until the earliest of (i) the last day of the fiscal year (a) following July 28, 2026, the
fifth anniversary of our IPO, (b) in which we have total annual gross revenue of at least $1.07 billion or (c) in which we are deemed
to be a large accelerated filer, which means the market value of our Class A Common Stock, public warrants and public units that
is held by non-affiliates exceeds $700 million as of the last business day of our prior second fiscal quarter, and (ii) the date on which
we have issued more than $1.0 billion in non-convertible debt during the prior three-year period. We cannot predict if investors will
find our common stock less attractive if we choose to rely on these exemptions. If some investors find our common stock less attractive
as a result of any choices to reduce future disclosure, there may be a less active trading market for our common stock and the price
of our common stock may be more volatile. SHF had total revenues during calendar year 2021 of approximately $7.0 million. If the post-combination
company continues to expand its business through acquisitions and/or continues to grow revenues organically post-Business Combination,
we may cease to be an emerging growth company prior to December 31, 2026.
In
addition, Section 107 of the JOBS Act also provides that an emerging growth company can take advantage of the exemption from complying
with new or revised accounting standards provided in Section 7(a)(2)(B) of the Securities Act as long as we are an emerging growth company.
An emerging growth company can therefore delay the adoption of certain accounting standards until those standards would otherwise apply
to private companies. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the
requirements that apply to non-emerging growth companies, but any such election to opt out is irrevocable. We have elected to avail ourselves
of such extended transition period, which means that when a standard is issued or revised and it has different application dates for
public or private companies, we, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt
the new or revised standard. This may make comparison of our financial statements with another public company that is neither an emerging
growth company nor an emerging growth company that has opted out of using the extended transition period difficult or impossible because
of the potential differences in accounting standards used.
32
We
cannot predict if investors will find our Class A Common Stock, public warrants or public units or the Class A Common Stock,
public warrants or public units of the post-combination company less attractive because we will rely on these exemptions. If some investors
find our Class A Common Stock, public warrants or public units or the Class A Common Stock of the post-combination company
less attractive as a result, there may be a less active trading market for our Class A Common Stock, public warrants or public
units or the Class A Common Stock, public warrants or public units of the post-combination company and more stock price volatility.
Our
internal controls over financial reporting may not be effective and our independent registered public accounting firm may not be able
to certify as to their effectiveness, which could have a significant and adverse effect on our business and reputation.
As
a public company, we are required to comply with the SEC's rules implementing Sections 302 and 404 of SOX, which require management
to certify financial and other information in our quarterly and annual reports and provide an annual management report on the effectiveness
of internal control over financial reporting. To comply with the requirements of being a public company, and we may need to undertake
various actions, such as implementing additional internal controls and procedures and hiring additional accounting or internal audit
staff. The standards required for a public company under Section 404 of SOX are significantly more stringent than those required of SHF
as a privately-held company. Further, as an emerging growth company, our independent registered public accounting firm is not required
to formally attest to the effectiveness of our internal controls over financial reporting pursuant to Section 404 until the date we are
no longer an emerging growth company. At such time, our independent registered public accounting firm may issue a report that is adverse
in the event that it is not satisfied with the level at which the controls of the post-combination company are documented, designed or
operating.
Testing
and maintaining these controls can divert our management's attention from other matters that are important to the operation of
our business. If we identify material weaknesses in the internal control over financial reporting of the post-combination company or
are unable to comply with the requirements of Section 404 or assert that our internal control over financial reporting is effective,
or if our independent registered public accounting firm is unable to express an opinion as to the effectiveness of our internal controls
over financial reporting when we no longer qualify as an emerging growth company, investors may lose confidence in the accuracy and completeness
of our financial reports and the market price of our common stock could be negatively affected, and we could become subject to investigations
by the SEC or other regulatory authorities, which could require additional financial and management resources.
We
have identified a material weakness in our internal control over financial reporting. This material weakness could continue to adversely
affect our ability to report our results of operations and financial condition accurately and in a timely manner.
Our
management is responsible for establishing and maintaining adequate internal control over financial reporting designed to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance
with GAAP. Our management is likewise required, on a quarterly basis, to evaluate the effectiveness of our internal controls and to disclose
any changes and material weaknesses identified through such evaluation in those internal controls. A material weakness is a deficiency,
or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material
misstatement of our annual or interim financial statements will not be prevented or detected on a timely basis.
As
described elsewhere in this prospectus, we identified a material weakness in our internal control over financial reporting related
to the accounting for our public shares. As a result of this material weakness, our management concluded that our internal control over
financial reporting was not effective as of September 30, 2021. We restated our June 28, 2021 audited balance sheet included in the Company's
Current Report on Form 8-K filed on July 2, 2021 and June 30, 2021 Financial Statements on Form 10-Q filed on August 13, 2021 to reclassify
11,500,000 shares of Class A Common Stock in temporary equity.
33
To
respond to this material weakness, we have devoted, and plan to continue to devote, significant effort and resources to the remediation
and improvement of our internal control over financial reporting. While we have processes to identify and appropriately apply applicable
accounting requirements, we plan to enhance these processes to better evaluate our research and understanding of the nuances of the complex
accounting standards that apply to our financial statements. Our plans at this time include providing enhanced access to accounting literature,
research materials and documents and increased communication among our personnel and third-party professionals with whom we consult regarding
complex accounting applications. The elements of our remediation plan can only be accomplished over time, and we can offer no assurance
that these initiatives will ultimately have the intended effects.
As
required by Rules 13a-15 and 15d-15 under the Exchange Act, our Chief Executive Officer and Chief Financial Officer carried out an evaluation
of the effectiveness of the design and operation of our disclosure controls and procedures. Based upon their evaluation, our Chief Executive
Officer and Chief Financial Officer concluded that our disclosure controls and procedures were not effective as of December 31, 2021
or June 30, 2022 due to the material weakness in accounting for complex financial instruments.
Any
failure to maintain such internal control could adversely impact our ability to report our financial position and results from operations
on a timely and accurate basis, which could result a material adverse effect on our business. If our financial statements are not accurate,
investors may not have a complete understanding of our operations. Likewise, if our financial statements are not filed on a timely basis,
we could be subject to sanctions or investigations by the stock exchange on which our ordinary shares are listed, the SEC or other regulatory
authorities. In addition, we would likely incur additional accounting, legal and other costs in connection with any remediation steps.
Failure to timely file will cause us to be ineligible to utilize short form registration statements on Form S-3 in the future, which
may impair our ability to obtain capital in a timely fashion to execute our business strategies or issue shares to effect an acquisition.
Ineffective internal controls could also cause investors to lose confidence in our reported financial information, which could have a
negative effect on the trading price of our stock.
We
can give no assurance that the measures we have taken and plan to take in the future will remediate the material weakness identified
or that any additional material weaknesses or restatements of financial results will not arise in the future due to a failure to implement
and maintain adequate internal control over financial reporting or circumvention of these controls. In addition, even if we are successful
in strengthening our controls and procedures, in the future those controls and procedures may not be adequate to prevent or identify
irregularities or errors or to facilitate the fair presentation of our financial statements.
34
USE
OF PROCEEDS
All
of the Class A Common Stock offered by the Selling Stockholders pursuant to this prospectus will be sold by the Selling Stockholders
for their respective accounts. We will not receive any of the proceeds from these sales.
We
will receive up to an aggregate of approximately $66.1 million from the exercise of the Public Warrants, assuming the exercise in full
of all of the Public Warrants for cash. We will receive up to an aggregate of approximately $11.8 million from the exercise of the
PIPE Warrants, assuming the exercise in full of all of the PIPE Warrants for cash. We expect to use the net proceeds from the exercise
of the Warrants for general corporate purposes. We will have broad discretion over the use of proceeds from the exercise of the Warrants. There is no assurance that the holders of the Warrants will elect to exercise any or all of such Warrants. To
the extent that the Warrants are exercised on a "cashless basis," the amount of cash we would receive from the exercise
of the Warrants will decrease.
35
DETERMINATION
OF OFFERING PRICE
The
offering price of the shares of Class A Common Stock underlying the Warrants is determined by reference to the
exercise price of the Warrants of $11.50 per share. The Public Warrants are listed on the NASDAQ under the symbol "SHFSW."
We
cannot currently determine the price or prices at which shares of our Class A Common Stock may be sold by the Selling Stockholders
under this prospectus.
36
MARKET
INFORMATION FOR COMMON STOCK AND DIVIDEND POLICY
Market
Information
Our
Class A Common Stock and Public Warrants are currently listed on the NASDAQ under the symbols "SHFS" and "SHFS,"
respectively. Prior to the consummation of the Business Combination, the Company's units, common stock and warrants were listed
on the NASDAQ under the symbols "NLITU," "NLIT," and "NLITW." As of September 28, 2022, following
the completion of the Business Combination, there were seven holders of record of our Class A Common Stock, which amount does
not include participants of The Depository Trust Company or beneficial owners holding shares through nominee names. We currently do not
intend to list the PIPE Shares or PIPE Warrants offered hereby on any stock exchange or stock market.
Dividend
Policy
We
have not paid any cash dividends on our Class A Common Stock to date. We may retain future earnings, if any, for future operations,
expansion and debt repayment and has no current plans to pay cash dividends for the foreseeable future. Any decision to declare and pay
dividends in the future will be made at the discretion of the Board and will depend on, among other things, our results of operations,
financial condition, cash requirements, contractual restrictions and other factors that the Board may deem relevant. In addition, our
ability to pay dividends may be limited by covenants of any existing and future outstanding indebtedness we or our subsidiaries incur.
We do not anticipate declaring any cash dividends to holders of the Class A Common Stock in the foreseeable future.
Securities
Authorized for Issuance under Equity Compensation Plan
As
of September 28, 2022, there were up to approximately 4,037,147 shares of Class A Common Stock initially authorized for issuance
under our 2022 Stock Incentive Plan (the "Incentive Plan") , which our stockholders approved on June 28, 2022 in connection
with the Business Combination. The Incentive Plan became effective immediately upon the Closing.
We
intend to file a registration statement on Form S-8 under the Securities Act to register the shares of Class A Common Stock issued
or issuable under the Incentive Plan. Any such Form S-8 registration statement will become effective automatically upon filing. Once
these shares are registered, they can be sold in the public market upon issuance, subject to applicable restrictions.
37
UNAUDITED
PRO FORMA CONDENSED COMBINED FINANCIAL STATEMENTS
Introduction
The
following unaudited pro forma condensed combined financial information presents the combination of the financial information of NLIT
and SHF, adjusted to give effect to the Business Combination and related transactions. The following unaudited pro forma condensed combined
financial information has been prepared in accordance with Article 11 of Regulation S-X as amended by the final rule, Release No. 33-10786
"Amendments to Financial Disclosures about Acquired and Disposed Businesses."
The
unaudited pro forma condensed combined balance sheet as of June 30, 2022 combines the historical balance sheet of NLIT and the historical
balance sheet of SHF on a pro forma basis as if the Business Combination and related transactions, summarized below, had been consummated
on June 30, 2022. The unaudited pro forma condensed combined statement of operations for the year ended December 31, 2021 combines the
historical statements of operations of NLIT and SHF for such periods on a pro forma basis as if the Business Combination and related
transactions, summarized below, had been consummated on January 1, 2021, the beginning of the earliest period presented. The unaudited
pro forma condensed combined statement of operations for the six months ended June 30, 2022 combines the historical statements of operations
of NLIT and SHF for such periods on a pro forma basis as if the Business Combination and related transactions, summarized below, had
been consummated on January 1, 2021.
Description
of the Business Combination and Related Transactions
On
February 11, 2022, the Company entered into the Purchase Agreement with SHF, the Seller and PCCU, pursuant to which, among other things
and subject to the terms and conditions contained in the Purchase Agreement, the Company will acquire 100% of the issued and outstanding
membership interests of SHF. After giving effect to the Business Combination, SHF will continue as a subsidiary of the Company, and the
Seller, PCCU, or both will hold a portion of the Company's Class A Common Stock. The transaction closed September 28, 2022.
Subject
to the terms of the Purchase Agreement set forth therein, the aggregate consideration paid in connection with the Business Combination
was $185.0 million, paid in $115.0 million worth of newly-issued Class A Common Stock and $70.0 million in cash consideration.
Other
related events in connection with the Business Combination are summarized below:
●
The
    2,875,000 of Founder Class B Stock converted at the Closing to an equal number of shares of Class A Common Stock.
●
Upon
    Closing of the Business Combination, 11,386,139 shares of Class A Common Stock were issued to the Seller as set forth in and
    pursuant to the terms of the Purchase Agreement.
The
    Seller was due to receive a cash payment of $3.1 million at the consummation of the Business Combination, which represented the amount
    of SHF's cash on hand at July 31, 2021 less accrued but unpaid liabilities. In addition, pursuant to the terms of the purchase
    agreement, the Company is responsible for reimbursing the Seller for its transaction expenses.
●
Approximately
    $56.9 million of the $70.0 million of cash proceeds due to PCCU was deferred and is due to the Seller. Approximately $21.9 million
    of the amount is payable to PCCU beginning December 15, 2022. The residual $35.0 million is due in six quarterly installments of
    $6.4 million thereafter. Interest accrues at an effective annual rate of approximately 7.7%. 1,200,000 Founder shares were escrowed
    until the amount is paid in full.
●
Immediately
    prior to the Closing, 20,450 shares of Series A Convertible Preferred were purchased by the PIPE Investors pursuant to the PIPE Securities
    Purchase Agreements for an aggregate value of $20,450,000. The shares of Series A Convertible Preferred are convertible into 2,045,000
    shares of Class A Common Stock assuming a purchase price of $10.00 per share of Class A Common Stock. 20% of the aggregate
    value was deposited into a third party escrow account for purposes of paying the PIPE Investors any required Registration Delay Payments.
    Upon the filing of a registration statement 10 calendar days subsequent to closing, 17.5% of the escrow amount will be released with
    the remaining amount released once all securities are included in an effective registration statement.
38
●
Forward
    Purchase Agreement.
On June 16, 2022, NLIT entered into a Forward Purchase Agreement with Midtown East Management NL, LLC ("Midtown
    East").
Subsequent to entering into the Forward
    Purchase Agreement, the Company, the Target, and Midtown East entered into assignment and novation agreements with Verdun Investments
    LLC ("
Verdun
") and Vellar Opportunity Fund SPV LLC – Series 1 ("
Vellar
"), pursuant to
    which Midtown East assigned its obligations as to 1,666,666 shares of the shares of Class A Common Stock to be purchased under
    the Forward Purchase Agreement to each of Verdun and Vellar.
In accordance with and as contemplated
    by the Forward Purchase Agreement, Midtown East, Verdun and Vellar collectively purchased approximately 3.8 million shares of NLIT
    Class A common stock from stockholders prior to the Closing. As contemplated by the Forward Purchase Agreement:
◌
Prior
    to the Closing, Midtown East, Verdun and Vellar purchased approximately 3.8 million shares of NLIT Class A common stock directly
    from investors at market price in the public market. Midtown East and other counterparties waived their redemption rights with respect
    to the acquired shares;
◌
One
    business day following the Closing, NLIT paid approximately $39.3 million from the cash held in its trust account to Midtown East;
    Verdun and Vellar for the shares purchased and approximately $0.3 million in related expense amounts.
◌
At
    any time prior to the Maturity Date (defined as the earlier of i) the third anniversary of the Closing of the Business Combination,
    ii) the shares are delisted from The Nasdaq Stock Market or (iii) during any 30 consecutive Scheduled Trading Day-period following
    the closing of the Business Combination, the VWAP Price for 20 Scheduled Trading Days during such period shall be less than $3.00
    per share), Midtown East, Verdun and Vellar may elect an optional early termination to sell some or all of the shares (the "Terminated
    Shares") of Class A Common Stock in the open market. If Midtown East, Verdun and Vellar sell any shares prior to the
    Maturity Date, the pro-rata portion of the Reset Price will be released from the escrow account and paid to SHF. Midtown East, Verdun
    and Vellar shall retain any proceeds in excess of the Reset Price that is paid to SHF.
◌
At
    the Maturity Date, Midtown East, Verdun and Vellar shall be entitled to (1) the product of the shares then held by them multiplied
    by the Forward Price, and (2) an amount, in cash or shares at the sole discretion of NLIT, equal to (a) in the case of cash, the
    product of (i)(x) 3.8 million shares less (y) the number of Terminated Shares and (ii) $2.00 (the "Maturity Cash Consideration")
    and (b) in the case of shares, (i) the Maturity Cash Consideration divided by (ii) the VWAP Price for the 30 Scheduled Trading Days
    prior to the Maturity Date.
The
unaudited pro forma condensed combined balance sheet does not purport to represent, and is not necessarily indicative of, what the actual
financial condition of the combined company would have been had the Business Combination taken place on June 30, 2022, nor is it indicative
of the financial condition of the combined company as of any future date. The unaudited pro forma condensed combined statements of operations
do not purport to represent, and are not necessarily indicative of, what the actual results of operations of the combined company would
have been had the Business Combination taken place on January 1, 2021, nor are they indicative of the results of operations of the combined
company for any future period. The unaudited pro forma condensed combined financial information should be read in conjunction with:
●
the
    accompanying notes to the unaudited pro forma condensed combined financial statements;
●
the
    historical audited financial statements of NLIT as of December 31, 2021 and for the period from February 26, 2021 (inception) through
    December 31, 2021, included in NLIT's Annual Report on Form 10-K filed on March 25, 2022.
●
the
    historical unaudited financial statements of NLIT as of, and for the three months ended, March 31, 2022, included in NLIT's
    Quarterly Report on Form 10-Q filed on May 16, 2022;
39
●
the
    historical unaudited financial statements of NLIT as of, and for the three and six months ended, June 30, 2022, included in NLIT's
    Quarterly Report on Form 10-Q filed on August 22, 2022;
●
the
    historical audited financial statements of SHF as of, and for the year ended, December 31, 2021, included in this prospectus;
●
the
    historical unaudited financial statements of SHF as of, and for the three months ended, March 31, 2022, included in NLIT's
    definitive proxy statement filed with the SEC on June 10, 2022; and
●
the
    historical unaudited financial statements of SHF as of, and for the three and six months ended, June 30, 2022, included in this
    prospectus; and
●
the
    section of this prospectus titled
"Management's
    Discussion and Analysis of Financial Condition and Results of Operations".
The
unaudited pro forma condensed combined financial information has been prepared to illustrate the effect of the Business Combination and
related transactions. It has been prepared in accordance with Article 11 of Regulation S-X and is for informational purposes only and
is subject to a number of uncertainties and assumptions as described in the accompanying notes. The pro forma financial information reflects
transaction related adjustments management believes are necessary to present fairly SHF's pro forma results of operations and financial
position following the closing of the Business Combination and related transactions as of and for the periods indicated. The related
transaction accounting adjustments are based on currently available information and assumptions management believes are, under the circumstances
and given the information available at this time, reasonable, and reflective of adjustments necessary to report SHF's financial
condition and results of operations. One-time direct and incremental transaction costs associated with the PIPE offering and incurred
prior to, or concurrent with, the Closing are reflected in the unaudited pro forma condensed combined balance sheet as a direct reduction
to SHF's additional capital. The final accounting of the Business Combination, including transaction costs, will be finalized by
SHF and reported in the first reporting period following the Closing. Therefore, it is likely that the actual adjustments will differ
from the pro forma adjustments and it is possible the difference may be material. SHF believes that its assumptions and methodologies
provide a reasonable basis for presenting all of the significant effects of the Business Combination and related transactions contemplated
based on information available to management at the time and that the pro forma adjustments give appropriate effect to those assumptions
and are properly applied in the unaudited pro forma condensed combined financial information.
Accounting
for the Business Combination
The
Business Combination will be accounted for as a reverse recapitalization, with no goodwill or other intangible assets recorded, in accordance
with accounting principles generally accepted in the United States of America. Under this method of accounting, NLIT is treated as the
acquired company for financial reporting purposes. Accordingly, for accounting purposes, the Business Combination is treated as the equivalent
of SHF issuing shares for the net assets of NLIT, accompanied by a recapitalization. The net assets of NLIT are recognized at fair value
(which is expected to be consistent with carrying value), with no goodwill or other intangible assets recorded.
SHF
has been determined to be the accounting acquirer based on evaluation of the following facts and circumstances:
●
Old
    SHF's owner has the largest single voting power position in the post-Business Combination company;
●
Old
    SHF management constitutes the majority of management of the post-Business Combination company;
●
Old
    SHF's prior operations comprise the ongoing operations of SHF;
●
Old
    SHF is the larger entity based on historical revenues, assets and business operations; and
●
SHF
    assumed Old SHF's operating name and assumed Old SHF's headquarters.
Basis
of Pro Forma Presentation
The
following summarizes the pro forma shares of Class A Common Stock issued and outstanding immediately after the Closing, taking
into consideration actual redemptions:
Shares
SHF Stockholders
11,386,139
Public Stockholders
3,926,598
PIPE Investors
(1)
-
Founder Shares
3,403,175
Total Shares
18,715,912
(1)
PIPE
    investors initial shares represent preferred stock without voting rights. Preferred stock initially converts at $10 per share which
    would result in an additional 2,045,000 shares of Class A Common Stock.
40
UNAUDITED
PRO FORMA CONDENSED COMBINED BALANCE SHEET
As
of June 30, 2022
(A)
(B)
Transaction
SHF
NLIT
Accounting
Pro Forma
(Historical)
(Historical)
Adjustments
Combined
Assets
Current assets:
Cash and cash equivalents
$
6,382,448
$
172,441
$
40,443,959
(1)
$
6,467,851
(39,285,754
)
(2)
16,360,000
(3)
(4,555,044
)
(4)
(13,050,199
)
(5)
Accounts receivable
721,636
-
-
721,636
Contract assets
27,710
-
-
27,710
Short-term loans receivable
55,711
-
-
55,711
Due from PIPE investors
-
-
4,090,000
(3)
4,090,000
Prepaid expenses and other current assets
34,233
205,000
-
239,233
Total Current Assets
7,221,738
377,441
4,002,962
11,602,141
Property, plant and equipment
13,191
-
-
13,191
Long-term loans receivable, net
1,865,367
-
-
1,865,367
Deferred offering costs
-
201,405
(201,405
)
(6)
-
Prepaid expenses
-
-
900,000
(4)
900,000
Other assets
1,867
-
-
1,867
Forward purchase receivable
-
-
39,285,754
(2)
39,285,754
Deferred tax asset
-
-
45,573,626
(7)
45,573,626
Marketable securities held in Trust Account
-
118,450,000
(118,450,000
)
(1)
-
Total Assets
$
9,102,163
$
119,028,846
$
(28,889,063
)
$
99,241,946
Liabilities and Stockholders' Equity
Current Liabilities
Accounts payable and accrued expenses
$
383,499
$
2,187,553
$
4,295,245
(8), (5), (4)
$
6,866,297
Due to seller - current portion
-
-
32,476,743
(9)
32,476,743
Note payable - underwriting fees
-
-
2,166,250
(10)
2,166,250
Deferred revenue
-
-
-
-
Total current liabilities
383,499
2,187,553
38,938,237
41,509,289
Warrant liabilities
-
1,394,453
-
1,394,453
Forward purchase derivative liability
-
795,942
-
795,942
Advance from sponsor
-
1,150,000
-
1,150,000
Indemnity liability
288,505
-
-
288,505
Net deferred loan origination fees
118,116
-
-
118,116
Due to seller
-
-
24,473,058
(9)
24,473,058
Deferred underwriter fee payable
-
4,025,000
(4,025,000
)
(10)
-
Total Liabilities
790,120
9,552,948
59,386,295
69,729,363
Common stock subject to possible redemption
-
79,259,819
(79,259,819
)
(11)
-
Parent-Entity Net Investment and Stockholders' Equity
Preferred Stock
-
-
2
(3)
2
Class A common stock
-
433
12
(11)
1,872
1,139
(5)
288
(12)
Class B common stock
-
288
(288
)
(12)
-
Additional paid in capital
-
38,039,801
1,253,766
(11)
23,065,848
20,449,998
(3)
(1,306,085
)
(13)
(80,968,970
)
(5)
44,997,742
(7)
(201,405
)
(6)
801,000
(14)
Parent Entity Net Investment and Accumulated deficit
8,312,043
(7,824,443
)
(1,642,066
)
(4)
6,444,861
7,824,443
(5)
575,884
(7)
(801,000
)
(14)
Total Parent-Entity Net Investment and Stockholders' Equity
8,312,043
30,216,079
(9,015,540
)
29,512,582
Total Liabilities and Parent-Entity Net Investment and Stockholders' Equity
$
9,102,163
$
119,028,846
$
(28,889,063
)
$
99,241,946
41
UNAUDITED
PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS
Six
Months Ended June 30, 2022
(A)
(B)
Transaction
SHF
NLIT
Accounting
Pro Forma
(Historical)
(Historical)
Adjustments
Combined
Revenue
$
3,523,899
$
-
$
-
$
3,523,899
Operating Expenses
Compensation and employee benefits
1,517,522
-
-
1,517,522
Professional services
319,030
-
-
319,030
Rent expense
51,328
-
-
51,328
Corporate allocations
-
-
-
-
Provision for loan losses
306,065
-
-
306,065
Selling, general and administrative expenses
492,010
2,593,830
-
3,085,840
Total operating expenses
2,685,955
2,593,830
-
5,279,785
Operating income (loss)
837,944
(2,593,830
)
-
(1,755,886
)
Interest expense
-
-
(598,435
)
(1)
(598,435
)
Interest earned on marketable securities held in trust account
-
147,108
(147,108
)
(2)
-
Change in fair value of warrant liability
-
1,432,423
-
1,432,423
Change in fair value of forward purchase option derivative liability
-
(14,872
)
-
(14,872
)
Offering costs allocated to warrants
-
-
-
-
Other income (expense), net
-
-
-
-
Unrealized gain from marketable securities held in Trust Account
-
-
-
-
Income (loss) before taxes
837,944
(1,029,171
)
(745,543
)
(936,770
)
Provision for income taxes
-
(13,526
)
575,884
(3)
562,358
Net income (loss)
$
837,944
$
(1,042,697
)
$
(169,659
)
$
(374,412
)
Weighted average shares outstanding, basic
-
14,903,175
3,812,737
(4)
18,715,912
Basic net loss per share
$
-
$
(0.07
)
$
(0.02
)
Weighted average shares outstanding, diluted
-
14,903,175
3,812,737
(4)
18,715,912
Diluted net loss per share
$
-
$
(0.07
)
$
(0.02
)
42
UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT
OF OPERATIONS
Year Ended December 31, 2021
(C)
(D)
Transaction
SHF
NLIT
Accounting
Pro Forma
(Historical)
(Historical)
Adjustments
Combined
Revenue
$
7,005,579
$
-
$
-
$
7,005,579
Operating Expenses
Compensation and employee benefits
2,135,243
-
801,000
(5)
2,936,243
Professional services
292,143
-
-
292,143
Rent expense
73,482
-
-
73,482
Corporate allocations
648,533
-
-
648,533
Provision for loan losses
1,399
-
-
1,399
Selling, general and administrative expenses
567,892
719,110
1,642,066
(6)
2,929,068
Total operating expenses
3,718,692
719,110
2,443,066
6,880,868
Operating income (loss)
3,286,887
(719,110
)
(2,443,066
)
124,711
Interest expense
-
-
(2,780,838
)
(1)
(2,780,838
)
Change in fair value of warrant liability
-
2,204,598
-
2,204,598
Offering costs allocated to warrants
-
(261,838
)
-
(261,838
)
Unrealized gain from marketable securities held in Trust Account
-
21,508
(21,508
)
(2)
-
Income (loss) before taxes
3,286,887
1,245,158
(5,245,412
)
(713,367
)
Provision for income taxes
-
-
633,795
(3)
633,795
Net income (loss)
$
3,286,887
$
1,245,158
$
(4,611,617
)
$
(79,572
)
Weighted average shares outstanding, basic
-
10,138,768
8,577,144
(4)
18,715,912
Basic net income (loss) per share
$
-
$
0.12
$
-
Weighted average shares outstanding, diluted
-
10,138,768
8,577,144
(4)
18,715,912
Diluted net income (loss) per share
$
-
$
0.12
$
-
43
NOTES TO UNAUDITED PRO FORMA CONDENSED COMBINED
FINANCIAL STATEMENTS
1.
Basis of Presentation
The unaudited pro forma condensed combined financial
information has been adjusted to give effect to transaction accounting adjustments related to the Business Combination linking the effects
of the Business Combination to the historical financial information.
The Business Combination will be accounted for as
a reverse recapitalization in accordance with the Financial Accounting Standards Board's Accounting Standards Codification Topic
805, Business Combinations. SHF has been determined to be the accounting acquirer. Under the reverse recapitalization model, the Business
Combination will be treated as SHF issuing equity for the net assets of the Company, with no goodwill or intangible assets recorded.
The pro forma adjustments have been prepared as if
the Business Combination had been consummated on June 30, 2022, in the case of the unaudited pro forma condensed combined balance sheet,
and on January 1, 2021, the beginning of the earliest period presented, in the case of the unaudited pro forma condensed combined statements
of operations.
The pro forma combined balance sheet as of June 30,
2022 has been prepared using the following:
●
SHF's historical combined balance sheet as of June 30, 2022.
●
The Company's historical balance sheet as of June 30, 2022.
The pro forma combined statement of operations for
the six months ended June 30, 2022 has been prepared using the following:
●
SHF's historical and Carved-Out combined statement of operations for the six months ended June 30, 2022.
●
The Company's historical statement of operations for the six months ended June 30, 2022.
The pro forma combined statement of operations for
the year ended December 31, 2021 has been prepared using the following:
●
SHF's historical and Carved-Out combined statement of operations for the years ended December 31, 2021 and 2020.
●
The Company's historical statement of operations for the period from February 26, 2021 (inception) through December 31, 2021.
The adjustments presented in the unaudited pro forma
condensed combined financial information have been identified and presented to provide relevant information necessary for an accurate
understanding of the
post-combination
company after giving effect to the Business Combination.
Management has made significant estimates and assumptions in its determination of the pro forma adjustments. As the unaudited pro forma
condensed combined financial information has been prepared based on these preliminary estimates, the final amounts recorded may differ
materially from the information presented.
The pro forma adjustments reflecting the consummation
of the Business Combination are based on certain currently available information and certain assumptions and methodologies that management
believes are reasonable under the circumstances. The unaudited condensed pro forma adjustments, which are described in the accompanying
notes, may be revised as additional information becomes available and is evaluated. Therefore, it is likely that the actual adjustments
will differ from the pro forma adjustments and it is possible the difference may be material. Management believes that its assumptions
and methodologies provide a reasonable basis for presenting all of the significant effects of the Business Combination based on information
available to management at this time and that the pro forma adjustments give appropriate effect to those assumptions and are properly
applied in the unaudited pro forma condensed combined financial information.
The unaudited pro forma condensed combined financial
information is not necessarily indicative of what the actual results of operations and financial position would have been had the Business
Combination taken place on the dates indicated, nor are they indicative of the future consolidated results of operations or financial
position of the post-combination company. They should be read in conjunction with the historical financial statements and notes thereto
of SHF and the Company.
2.
Adjustments to Unaudited Pro Forma Condensed Combined Balance Sheet as of June 30, 2022
The following unaudited pro forma condensed combined
financial information has been prepared in accordance with Article 11 of Regulation S-X.
The Transaction Accounting Adjustments included in
the unaudited pro forma condensed combined balance sheet as of June 30, 2022 are as follows:
(A)
Derived from the unaudited combined balance sheet of SHF as of June 30, 2022.
(B)
Derived from the unaudited balance sheet of the Company as of June 30, 2022.
(1)
To reflect the release of cash from marketable securities held in the Trust Account less the redemption amount associated with 7,573,402 redeemed shares at the redemption price of $10.30 per share.
(2)
Represents the reduction of cash for the Prepayment Amount relating to the Forward Purchase Agreement and the recognition of the corresponding receivable, pursuant to the Forward Purchase Agreement. Reflects shares purchased under the forward purchase agreement equal to 3,804,872 shares at a redemption price of approximately $10.33 per share.
44
(3)
Reflects proceeds received of $20,450,000 from the PIPE Investors in exchange for the issuance of 20,450 PIPE Shares at a price of $1,000 per share less $4,090,000 in amounts placed in escrow. 20% of the aggregate value was deposited into a third-party escrow account for purposes of paying the PIPE Investors any required Registration Delay Payments. Upon the filing of a registration statement 10 calendar days subsequent to closing, 17.5% of the escrow amount will be released with the remaining amount released once all relevant securities are included in an effective registration statement.
(4)
To reflect the payment of an aggregate of approximately $4.6 million of estimated legal, financial advisory, prepaid insurance, and other professional fees related to the Business Combination including the payment of $0.5 million of accounts payable and accrued expenses, $3.0 million of deferred underwriting fees, the prepayment of $0.9 million of a Directors' and Officers' liability insurance policy and $0.1 million in direct incremental costs of the Business Combination and $0.1 million of direct costs associated with the PIPE Shares. Direct, incremental costs of the Business Combination related to the legal, financial advisory, accounting and other professional fees of approximately $1.6 million is reflected as an adjustment to accumulated deficit assuming the transaction occurred on January 1, 2021.
(5)
To reflect the recapitalization of SHF through (a) the contribution
    of all the share capital in SHF to the Company common stock, (b) the issuance of 11,386,139 shares of Class A Common Stock,
    (c) the elimination of the historical accumulated deficit of the Company of $7.8 million, the accounting acquiree, the legal acquiror,
    (d) the cash payment of $13.1 million to the Seller representing the $70 million cash payment less $56.9 million due to seller, and
    (e) the accrual for the payment of $3.1 million to PCCU (included in the accounts payable and accrued expenses line item), at the
    consummation of the Business Combination, which represents the amount of cash on hand at July 31, 2021 less accrued but unpaid liabilities.
    The amount due to seller is payable with interest in six equal quarterly installments of $6,416,667 beginning April 1, 2023.
(6)
Deferred offering costs associated with the PIPE capital raise is reclassified to additional paid in capital upon transaction closing.
(7)
The blended statutory rate for the entity post business combination would be 21%, the consolidated combined pro forma information results in a higher effective tax rate of approximately 62% primarily due to permanent differences associated with the change in the fair value of the Company's warrants. Refer to footnote (3) below for a reconciliation of the federal statutory rate to the effective tax rate. Deferred income taxes reflect: i) temporary differences in the recognition of revenue and expenses between financial statement and income tax reporting, ii) goodwill amortization for tax purposes and iii) a net operating loss carryforward with no expiration. Deferred income taxes as of June 30, 2022 consisted of the following:
Deferred Tax Assets:
Transaction costs
$
851,798
Start-up costs
18,756
Share offer
196,440
Amortization – Goodwill
39,921,858
Net operating loss
3,907,735
Loan loss reserve
78,553
Interest expense disallowance
595,895
Other
2,046
Depreciation
545
Total deferred tax assets
$
45,573,626
For tax purposes, the transaction will be treated as a taxable asset acquisition, resulting in an estimated tax basis Goodwill balance of approximately $180.6 million, creating a deferred tax asset reported as Additional Paid-in Capital in the equity section of the balance sheet as of the date of the business combination
(8)
Represents i) the accrual for the payment of $3.1 million due to PCCU, at the consummation of the Business Combination, which consists of the amount of cash on hand at July 31, 2021 less accrued but unpaid liabilities and ii) $1.2 million in accrued liabilities associated with incremental, direct transaction expense.
(9)
Reflects the hold back of $56.9 million in cash proceeds due to the Seller. $21.9 million is payable to PCCU on or before December 15, 2022. The remaining amount is payable to PCCU beginning April 1, 2023 and is due in six quarterly installments thereafter. Interest accrues at an effective rate of approximately 7.7%. 1,200,000 Founder shares were escrowed until the amount is paid in full.
(10)
Deferred underwriting payable of $4,025,000 related to the IPO in addition to $1,141,250 in underwriting fees associated with the PIPE Shares. Of the total, $3,000,000 was paid in cash at closing (see Note (4)) with $2,166,250 due pursuant to a note payable with $715,750 due on October 14, 2022 and $362,625 on each of October 31, 2022, November 30, 2022, December 31, 2022 and January 31, 2023.
(11)
Represents the common stock subject to redemption for cash amounting to $79.3 million less the redemption amount of $78.0 million. The $78.0 million, or 7,573,402 shares, represents the actual redemption amount, after giving effect to payments to redeeming stockholders at approximately $10.30 per share based on a consummation of the Business Combination on June 30, 2022. Including shares purchased under the forward purchase agreement, 3,926,598 shares were not redeemed.
(12)
Reflects the conversion of the 2,875,000 Class B Common Stock to Class
    A Common Stock on a one for one basis.
(13)
Represents $1,141,250 in underwriting fees and $164,835 in direct legal costs associated with the sale of the PIPE shares.
(14)
During January 2022, the Sponsor offered its Chief Financial Officer the right to acquire 90,000 Founder Shares at the original per share cost. Shares will only be acquired in conjunction with a Business Combination closing. Pursuant to ASC 805-20-55-50 and 55-51 liabilities that will be triggered by consummation of a business combination should be recorded only when the business combination is consummated. In practice, this interpretation of the meaning of probable is applied to other event-based performance conditions subject to significant uncertainty, such as IPOs and other change-in-control and liquidity events. Accordingly, the achievement performance is not deemed to be probable until the consummation of the event, and therefore no compensation cost is recognized until the IPO, change of control, or other liquidity event occurs. As such, the fair value associated with these shares at the time of the offer will be reflected as expense in conjunction with the transaction close. In addition, on March 24, 2021, the Sponsor transferred10,000 shares to the Company's Chief Financial Officer and 10,000 shares to each of the Company's three independent directors. 93,175 in shares was also allocated to an advisor. As these shares were transferred prior to the Company IPO, any value associated with these shares is considered negligible as Founder shares were purchased at $0.009 per share in the prior month.
45
Unaudited Condensed Combined Pro Forma Adjustments
to the Statements of Operations
3.
Adjustments to Unaudited Pro Forma Condensed Combined Statements of Operations for the Six Months Ended June 30, 2022 and Year Ended December 31, 2021
The transaction accounting
adjustments included in the unaudited pro forma condensed combined statements of operations for the six months ended June 30, 2022 and
year ended December 31, 2021 are as follows:
(A)
Derived from the unaudited combined statement of operations of SHF for the six months ended June 30, 2022.
(B)
Derived from the unaudited statement of operations of the Company for the six months ended June 30, 2022.
(C)
Derived from the audited combined statement of operations of SHF for the year December 31, 2021.
(D)
Derived from the audited statement of operations of the Company for the period from February 26, 2021 (inception) through December 31, 2021.
(1)
Represents interest expense associated with the cash hold back. $56.9 million in cash proceeds has been held back and is due to the Seller. $21.9 million is payable to PCCU on or before December 15, 2022. The remaining amount is payable to PCCU beginning April 1, 2023 and is due in six quarterly installments thereafter. Interest accrues at an effective rate of approximately 7.7%. 1,200,000 Founder shares were escrowed until the amount is paid in full.
(2)
Represents an adjustment to eliminate interest income and unrealized gains on marketable securities held in the trust account as of the beginning of the period.
(3)
The blended statutory rate for the entity post business combination would be 21%, the consolidated combined pro forma information under both scenarios results in a higher effective tax rate of approximately 62% and 89% for the six months ended June 30, 2022 and the year ended December 31, 2021. The lower effective tax rate is primarily due to a permanent tax difference associated with the change in the fair value of warrants. The following table represents the income tax impact of the pro forma adjustments for the six months ended June 30, 2022 and the year ended December 31, 2021 and a reconciliation of the federal statutory rate and effective income tax rate:
As of
June 30,
2022
December 31, 2021
Federal:
Current
$
—
$
—
Deferred
(492,509
)
(542,036
)
State and local:
Current
—
—
Deferred
(83,375
)
(91,759
)
(575,884
)
(633,795
)
Change in valuation allowance
—
—
Income tax provision
$
(575,884
)
$
(633,795
)
Tax rate:
Six Months
Ended
June 30,
2022
Year
Ended
December 31,
2021
Tax benefit at federal statutory rate
21.0
%
21.0
%
Increase (decrease) in tax provision resulting from:
Warrants – fair market value change
31.6
55.0
State tax
8.9
12.9
Effective income tax rate
61.5
%
88.9
%
46
(4)
The calculation of weighted average shares outstanding for basic and diluted net income per share assumes that the Company's IPO occurred as of the beginning of the earliest period presented. In addition, as the Business Combination is being reflected as if it had occurred at the beginning of the period presented, the calculation of weighted average shares outstanding for basic and diluted net income per share assumes that the shares have been outstanding for the entire period presented. This calculation is retroactively adjusted to eliminate the number of shares redeemed for the entire period. Assuming a conversion price of $10 per share, excludes 2,045,000 in converted PIPE Shares as this amount is considered anti-dilutive.
(5)
Represents the estimated expense associated with the Chief Financial Officer's right to acquire 90,000 Founder Shares at the original per share cost. This right was exercised in conjunction with the closing. See footnote #14 in the above balance sheet section.
(6)
Represents an adjustment to eliminate the effect of the pro forma balance sheet adjustment presented in footnote #4 above in the aggregate amount of $1.6 million for the direct, incremental costs of the Business Combination, assuming those adjustments were made as of the beginning of the fiscal year presented.
4.
Net Income per Share
Represents the net income per share calculated using
the historical weighted average shares outstanding, and the issuance of additional shares in connection with the Business Combination
and related transactions, assuming the shares were outstanding since January 1, 2021. As the Business Combination and related transactions
are being reflected as if they had occurred at the beginning of the period presented, the calculation of weighted average shares outstanding
for basic and diluted net income per share assumes that the shares issued in connection with the Business Combination have been outstanding
for the entire period presented.
Pro Forma
Combined
Six Months Ended June 30, 2022
Net loss
$
(374,412
)
Weighted average shares outstanding – basic
18,715,912
Basic net loss per share
$
(0.02
)
Weighted average shares outstanding – diluted (1)
18,715,912
Diluted net loss per share
$
(0.02
)
Year Ended December 31, 2021
Net loss
$
(79,572
)
Weighted average shares outstanding – basic
18,715,912
Basic net loss per share
$
(0.00
)
Weighted average shares outstanding – diluted (1)
18,715,912
Diluted net loss per share
$
(0.00
)
Weighted average shares calculations, basic
Pro Forma
Combined
Company public shares
3,926,598
Company initial stockholders'
3,403,175
SHF stockholders
11,386,139
Weighted average shares outstanding – basic
18,715,912
Weighted average shares calculations, diluted
Pro Forma
Combined
Company public shares
3,926,598
Company initial stockholders'
3,403,175
PIPE Investors (1)
-
SHF stockholders
11,386,139
Weighted average shares outstanding – diluted
18,715,912
(1)
Assuming a conversion price of $10 per share, excludes 2,045,000 in converted PIPE Shares as this amount is considered anti-dilutive.
47
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
References in this section
to "we," "us," or "our" refer to SHF. References to "management" refer to our officers
and board of managers. The following discussion and analysis of our financial performance and results of operations should be read in
conjunction with our condensed consolidated financial statements.
Forward Looking Statements
All statements other than
statements of historical facts contained in this report, including statements regarding future operations, are forward-looking statements.
In some cases, forward-looking statements may be identified by words such as "believe," "may," "will,"
"estimate," "continue," "anticipate," "intend," "could," "would,"
"expect," "objective," "plan," "potential," "seek," "grow," "target,"
"if," and similar expressions intended to identify forward-looking statements. We have based these forward-looking statements
largely on our current expectations and projections about future events and trends that we believe may affect our financial condition,
results of operations, business strategy, short-term and long-term business operations, objectives, and financial needs.
Overview
Founded in 2015 by PCCU (please
see "Business Reorganization" below for a description of SHF's organization), SHF's mission is to provide access
to reliable and compliant financial services for the legal cannabis industry. Through that mission and as an early leader with over seven
years of experience, SHF is a leading provider of access to reliable and compliance driven banking, lending and other financial services
to financial institutions desiring to provide those services to the cannabis industry.
Through our proprietary platform
and on a multi-state level, SHF provides access to the following banking related services through PCCU and other financial institutions:
●
Business checking and savings accounts
●
Cash management accounts
●
Savings and investment options
●
Commercial lending
●
Courier services (via third party relationships)
●
Remote deposit services
●
Automated Clearing House (ACH) payments and origination
●
Wire payments
Our services allow Cannabis
Related Businesses (herein referred to as "CRBs") to obtain services from financial institutions that allow them to run their
business more efficiently and effectively with improved financial insight into their business and access to resources to help them grow.
Due to limited availability of payment and other banking solutions for the cannabis industry, most businesses transact with high volumes
of cash. Our fintech platform benefits CRBs and financial institutions by providing CRBs with access to financial institutions and financial
institutions access to increased deposits with the comfort of knowing that those deposits have been compliantly monitored and validated.
By facilitating the daily deposits of cash receipts between CRBs and financial institutions, the risks associated with high cash on hand
are mitigated, creating a safer atmosphere for the CRB's employees and the financial institutions at which the deposit accounts
are held. Because SHF is not a financial institution, SHF does not hold customer deposits. All deposit accounts are held by SHF's
financial institution clients and all transmissions of funds to and from deposit accounts are handled directly by the financial institutions.
In an industry with limited capital and financing options, we offer access to loan options at what we believe to be competitive rates
often with less punitive terms than the current industry average. Our financial institution clients offer loan options including senior
secured debt and operating lines of debt. Collateral types include real estate, equipment, and other business assets. We also provide
access to lending options for ancillary service providers serving the cannabis industry as these businesses also can have difficulty finding
reliable financial services.
48
To ensure access to consistent
and dependable banking access to CRBs, we provide our compliance, validation and monitoring services to financial institutions in a compliance
driven environment ensuring strict adherence to the Bank Secrecy Act/FinCEN guidance and related anti money laundering provisions. Since
inception, SHF has assisted PCCU in processing more than $12 billion in cannabis related funds and, through its relationship with PCCU
and other financial institutions, SHF has successfully navigated 16 state and federal banking exams.
In strategically selected
geographic areas, SHF licenses to other financial institutions its proprietary software and Safe Harbor Program (the "Program")
to provide compliance-related services to CRBs. As part of the Program, we provide the following to financial institutions interested
in licensing the Program to assist in compliant cannabis banking:
●
Initial customer due diligence – Know Your Customer
●
Customer application management
●
Program management support
●
Compliance monitoring
●
Regulatory exam assistance
Business Reorganization
SHF is the result of Carved-Out Operations (as defined
below) of PCCU, a Colorado based credit union. The predecessor to SHF, Eagle Legacy Services, PLLC d/b/a Safe Harbor Services ("SHS"
or "Oldco"), was established as a limited liability company, acting as a credit union service organization in accordance with
applicable laws, in order to provide financial, lending and operational services primarily to the cannabis industry and cannabis related
businesses ("CRBs"). SHS was a wholly owned subsidiary of PCCU. In addition to SHS, the Carved-Out Operations consist of certain
Credit Union branches (the "Branches") of PCCU and SHF. As the business began to scale in 2020, PCCU created two new entities:
SHF Holding Co, LLC ("Holdco"), an interim holding company that is directly wholly owned by PCCU, and SHF, an operating entity
wholly owned by Holdco. PCCU's Board of Directors approved the contribution of certain assets and operating activities associated
with operations from both the Branches and Oldco to Holdco. Holdco then contributed the same assets and related operations to SHF with
PCCU's investment in SHF maintained at the Holdco level (the "reorganization"). The reorganization effectively occurred
July 1, 2021. In conjunction with the reorganization, all Branches' employees and certain PCCU employees were terminated from PCCU
and hired as SHF employees. Collectively, SHS, the Branches and SHF represent the "Carved-Out Operations." After the reorganization,
SHF contains the entirety of the Carved-Out Operations and Oldco was dissolved. SHF does business as Safe Harbor Financial.
Effective July 1, 2021, SHF entered into an Account
Servicing Agreement with PCCU, which governed the fees paid by PCCU to SHF for the services provided by SHF until this agreement was amended
as described below. Through the Account Servicing Agreement, SHF provided compliance, validation and monitoring services, and facilitated
other financial services offered by PCCU to its CRB deposit accounts held and controlled by PCCU. SHF assumed the responsibility for the
expenses associated with the services it provided. These costs include employees to manage customer onboarding and compliance, rent and
office expense, insurance and other operating expenses necessary to service these accounts. Under the agreement, PCCU paid to SHF all
revenue generated from these accounts. Amounts due to SHF were due monthly in arrears and upon receipt of invoice. The agreement was for
an initial term of 3 years from the effective date and renewed thereafter for 1-year terms until either SHF or PCCU provided sixty days
prior written notice. Pursuant to this agreement as amended and restated (as described below), SHF reported revenue of $1,808,640 and
$3,436,731 for the three and six months ended June 30, 2022, $0 for the three and six month periods ended June 30, 2021, and $3,168,243
for the period July 1, 2021 to December 31, 2021.
49
Effective July 1, 2021, SHF entered into a Support
Services Agreement with PCCU, which governed the fees paid by SHF to PCCU for the services provided by PCCU until this agreement was amended
as described below. In connection with PCCU hosting the deposit accounts and the related loans and providing certain infrastructure support,
PCCU received from SHF a monthly fee per deposit account. In addition, 25% of any investment income associated with CRB deposits was paid
to PCCU. The respective duties and obligations as per the agreement commenced on the effective date and continued unless terminated by
either SHF or PCCU upon giving sixty days prior written notice. Pursuant to this agreement as amended and restated (as described below),
SHF reported expense of $131,742 and $215,550 for the three months and six months ended June 30, 2022, $0 for the three-month and six-month
periods ended June 30, 2021, and $190,908 for the period July 1, 2021 to December 31, 2021.
Pursuant to the Purchase Agreement, SHF entered
into amended agreements with PCCU under similar terms as the July 2021 agreements. In addition, and in conjunction with the Purchase
Agreement, SHF and PCCU entered into a Loan Servicing Agreement. These agreements are intended to reflect that SHF now bears the substantial
expenses (i.e., employees, training and technology) resulting from taking on the account onboarding, validation and monitoring functions
that PCCU would otherwise have borne directly.
Significant terms of the Amended and Restated Account
Servicing Agreement and Amended and Restated Support Services Agreement are as follows:
●
Pursuant to the Amended and Restated Account Servicing Agreement, SHF's fees for such services will equal all cannabis-related income, including all lending-related income (such as loan origination fees, interest income on CRB-related loans, participation fees and servicing fees), investment income, interest income, account activity fees, processing fees, flat fees, and other revenue generated from cannabis and multi-state hemp accounts that are hosted on PCCU's core system. The Amended and Restated Account Servicing Agreement is for an initial term of three years and will renew for additional one-year terms unless a party provides 120 days' notice of non-renewal, provided that PCCU may not provide notice of non-renewal until 30 months following the signing date. The Amended and Restated Account Servicing Agreement initially provided that the agreement would terminate within 60 days of SHF no longer qualifying as a "credit union service organization" (a "CUSO") or within 60 days of the assumption by a third party of all CRB-related accounts; however, on May 23, 2022, SHF and PCCU entered into the Second Amended and Restated Account Servicing Agreement, which removed the provision providing for the termination of the agreement within 60 days of SHF no longer qualifying as CUSO, as SHF will cease to qualify as a CUSO following the closing of the Business Combination.
●
Pursuant to the Amended and Restated Support Services Agreement, PCCU will continue to provide to SHF certain operational and administrative services relating to, among other things, human resources, employee benefits, IT and systems, accounting and marketing and capacity for CRB depository accounts for a monthly fee equal to $30.96 per account in 2022 and $25.32 per account in 2023 and 2024. In addition, as it pertains to CRB deposits held at PCCU, investment and interest income earned on these deposits (excluding interest income on loans funded by PCCU) will be shared 25% to PCCU and 75% to SHF. SHF will also reimburse PCCU for any of its out-of-pocket expenses relating to the services provided to SHF. Finally, under the Amended and Restated Support Services Agreement, PCCU will continue to allow its ratio of CRB-related deposits to total assets to equal at least 65% unless otherwise dictated by regulatory, regulator or policy requirements. The Amended and Restated Support Services Agreement has the same term and termination provisions as the Amended and Restated Account Servicing Agreement, including a provision providing for the termination of the agreement within 60 days of SHF no longer qualifying as a "credit union service organization." On May 23, 2022, SHF and PCCU entered into the Second Amended and Restated Support Services Agreement, which removed the provision providing for the termination of the agreement within 60 days of SHF no longer qualifying as a CUSO, as SHF will cease to qualify as a CUSO following the closing of the Business Combination.
50
Effective February 11, 2022, SHF entered into a Loan
Servicing Agreement with PCCU. The agreement sets forth the application, underwriting and approval process for loans from PCCU to CRB
customers and the loan servicing and monitoring responsibilities provided by both PCCU and SHF. For the loans subject to this agreement,
SHF originates the loans and performs all compliance analysis, credit analysis of the potential borrower, due diligence and underwriting
and all administration, including hiring and incurring the costs of all related personnel or third-party vendors necessary to perform
these services. PCCU receives a monthly servicing fee at an annual rate of 0.25% of the then-outstanding principal balance of each loan
funded by PCCU. Under the Loan Servicing Agreement, SHF has agreed to indemnify PCCU from all claims related to default-related loan losses
as defined in the Loan Servicing Agreement. The agreement is for an initial term of three years and will renew for additional one-year
terms unless a party provides 120 days' notice of non-renewal or there is a termination for cause, provided that PCCU may not provide
notice of non-renewal until 30 months following the signing date. Pursuant to this agreement, the Company reported expenses of $3,731
and $5,104 for the three-month and six-month periods ended June 30, 2022 and $0 for the three-month and six-month periods ended June 30,
2021.
The SHF lending services program currently depends
on PCCU as its largest funding source for new loans to CRBs. Under PCCU's loan policy for loans to CRBs, PCCU's board of directors
has approved aggregate lending limits at the lessor of 1.3125 times PCCU's net worth or 65% of total CRB deposits. Concentration
limits for the deployment of loans are further categorized as (i) real estate secured, (ii) construction, (iii) unsecured and (iv) mixed
collateral with each category limited to a percentage of PCCU's net worth. In addition, loans to any one borrower or group of associated
borrowers are limited by applicable National Credit Union Association regulations to the greater of $100,000 or 15% of PCCU's net
worth.
Purchase Agreement and Public Company Costs
On February 11, 2021, SHF
entered into the Purchase Agreement with the Company, and assuming a favorable vote of the Company's stockholders and SHF's
managers and satisfaction or waiver of all other closing conditions, the Company will purchase all of the i
ssued
and outstanding membership interests of SHF in exchange for an aggregate of $185,000,000, consisting of (i) 11,386,139 shares
of the Company's Class A Common Stock with an aggregate value equal to $115,000,000 and (ii) $70,000,000 in cash paid to
the Seller. At the closing, the Company will deposit 1,831,683 shares of the Class A Common Stock with an escrow agent to be held
in escrow for a period of 12 months following the closing to satisfy potential indemnification claims of the parties.
On September 19, 2022, the
parties entered into an amendment to the Purchase Agreement to extend the Outside Date from August 31, 2022 until September 28, 2022 and
provide for the deferral of $30,000,000 of the $70,000,000 in cash due to the Seller at the Closing, and on September 22, 2022, the parties
agreed to a second amendment to the Purchase Agreement providing for the deferral of a total of $50,000,000 of the $70,000,000 due to
the Seller at the Closing.
On September 28, 2022, the
parties agreed to a Third Amendment to Unit Purchase Agreement (the "Third Amendment") providing for the deferral of a total
of $56,949,800.66 (the "Deferred Cash Consideration") of the $70,000,000 due to the Seller at the closing. The purpose of
deferral is to provide the Company with additional cash to support its post-closing activities. Pursuant to the Third Amendment, the Company
will pay the Deferred Cash Consideration in one payment of $21,949,800.66 on or before December 15, 2022, and the $35,000,000 balance
in six equal installments of $6,416,667, payable beginning on the first business day following April 1, 2023 and on the first business
day of each of the following five fiscal quarters, for a total of $38,500,002. Further, PCCU agreed to defer $3,143,388, representing
certain excess cash of SHF due to PCCU under the Purchase Agreement, and the reimbursement of certain reimbursable expenses under the
Purchase Agreement. The Deferred Cash Consideration may be prepaid by the Company, in whole or in part, at any time. The purpose of deferral
is to provide the Company with additional cash to support its post-closing activities.
51
In consideration of the agreement
to the foregoing amendments to the Purchase Agreement, and to secure the Company's payment thereof, Luminous Capital USA Inc., an
affiliate of the Sponsor ("
Luminous
"), has agreed to escrow 1,200,000 of the shares of the Company's Class A
Common Stock (the "
Escrowed Shares
") to be received by Luminous at the closing of the Business Combination, such escrow
to be evidenced by an escrow agreement with a third-party escrow agent reasonably acceptable to the parties and Luminous. The Escrowed
Shares will be released to Luminous upon payment in full of the Deferred Cash Consideration. Luminous will meanwhile be entitled to vote
all such Escrowed Shares.
The Company will amend and
restate its Amended and Restated Certificate of Incorporation in the form of the Second Amended and Restated Certificate of Incorporation
included in this prospectus as Annex B to, among other matters: (a) change its name to "SHF Holdings Inc.," or such
other name as mutually agreed to by the parties to the Purchase Agreement; (b) expand the board of directors to seven individuals divided
into three classes; and (c) remove and change certain provisions in the existing Amended and Restated Certificate of Incorporation related
to the Company's status as a blank check company. Additionally, each then-outstanding share of Class B Stock of the Company will
be converted into one share of Class A Common Stock.
SHF will be deemed the accounting
predecessor and the post-combination company will be the successor SEC registrant, which means that SHF's financial statements for
previous periods will be disclosed in the post-combination company's future periodic reports filed with the SEC.
While the legal acquirer
in the Purchase Agreement is the Company, for financial accounting and reporting purposes under U.S. GAAP, the Company will be the accounting
acquirer and the transaction will be accounted for as a "reverse recapitalization." A reverse recapitalization does not result
in a new basis of accounting, and the financial statements of the
post-combination company
represent
the continuation of the financial statements of SHF in many respects. Under this method of accounting, the Company will be treated as
the "acquired" company for financial reporting purposes. For accounting purposes, SHF will be deemed to be the accounting
acquirer in the Business Combination and, consequently, the Business Combination will be treated as a recapitalization of SHF (i.e., a
capital transaction involving the issuance of stock by the Company for the stock of SHF). Accordingly, the consolidated assets, liabilities,
and results of operations of SHF will become the historical financial statements of the post-combination company, and the Company's
assets, liabilities and results of operations will be consolidated with SHF's beginning on the acquisition date. Operations prior
to the closing of the merger will be presented as those of SHF's in future reports. The net assets of the Company will be recognized
at historical cost (which is expected to be consistent with carrying value), with no goodwill or other intangible assets recorded. The
most significant change in the post-combination company's future reported financial position and results are expected to be an estimated
decrease in cash (as compared to SHF's consolidated balance sheet at March 31, 2022) of approximately $6.1 million assuming 85.7%
of the Company's public stockholders elect to have their shares redeemed, or an estimated increase in cash of approximately $94.4
million, assuming no stockholder redemptions.
As a consequence of the Business
Combination, SHF will become the successor to an SEC-registered and Nasdaq-listed company which requires SHF to hire additional personnel
and implement procedures and processes to address public company regulatory requirements and customary practices. SHF expects to incur
additional annual expenses as a public company for, among other things, directors' and officers' liability insurance, director
fees and additional internal and external accounting and legal and administrative resources, including increased audit and legal fees.
See the section entitled
"Unaudited Pro Forma Condensed Combined Financial Information
" for the estimated impact of
these additional expenses following closing of the Business Combination. We incurred approximately $0.1 million to $0.2 million in additional
costs prior to closing of the Business Combination, which were not direct costs of the transaction but rather public company readiness
costs and thus were expensed to operating expense during the first and second quarters of 2022.
52
Key Metrics
In addition to the measures
presented in our consolidated financial statements, our management regularly monitors certain measures in the operation of our business.
These key metrics are discussed below.
Earnings Before Interest
Taxes Depreciation and Amortization (EBITDA) and Adjusted EBITDA
To provide investors with
additional information regarding our financial results, we have disclosed EBITDA and Adjusted EBITDA, both of which are non-GAAP financial
measures that we calculate as net income before taxes and depreciation and amortization expense in the case of EBITDA and further adjusted
to exclude non-cash, unusual and/or infrequent costs in the case of Adjusted EBITDA. Below we have provided a reconciliation of net income
(the most directly comparable GAAP financial measure) to EBITDA and from EBITDA to Adjusted EBITDA.
We present EBITDA and Adjusted
EBITDA because these metrics are a key measure used by our management to evaluate our operating performance, generate future operating
plans, and make strategic decisions regarding the allocation of investment capacity. Accordingly, we believe that EBITDA and Adjusted
EBITDA provide useful information to investors and others in understanding and evaluating our operating results in the same manner as
our management.
EBITDA and Adjusted EBITDA
have limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our results as
reported under GAAP. Some of these limitations are as follows:
●
although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and both EBITDA and Adjusted EBITDA do not reflect cash capital expenditure requirements for such replacements or for new capital expenditure requirements;
●
EBITDA and Adjusted EBITDA do not reflect changes in, or cash requirements for, our working capital needs; and
●
EBITDA and Adjusted EBITDA do not reflect tax payments that may represent a reduction in cash available to us.
Because of these limitations,
you should consider EBITDA and Adjusted EBITDA alongside other financial performance measures, including net loss and our other GAAP results.
A reconciliation of net income
to non-GAAP EBITDA and Adjusted EBITDA is as follows:
Three Months Ended June 30,
2022
2021
Net income
$
336,344
$
717,171
Interest expense
—
—
Depreciation and amortization expense
1,134
420
Taxes
—
—
EBITDA
337,478
717,591
Other adjustments –
Loan loss provision
$
237,874
$
6,825
Loan origination fees
118,116
—
Adjusted EBITDA
693,468
724,416
Six Months Ended June 30,
2022
2021
Net income
$
837,944
$
1,605,574
Interest expense
—
—
Depreciation and amortization expense
1,952
865
Taxes
—
—
EBITDA
839,896
1,606,439
Other adjustments –
Loan loss provision
$
306,065
$
11,927
Deferred loan origination fees
118,116
—
Adjusted EBITDA
1,264,077
1,618,366
53
The decrease in our income
on an EBITDA and Adjusted EBITDA basis for the six months ended June 30, 2022 is due to decreased revenue and increased operating expenses,
as discussed under "—
Discussion of our Results of Operations
" below. Other adjustments include estimated future
loan losses not yet realized including amounts indemnified to PCCU for loans funded by them. Effective February 2022, SHF entered into
a Loan Servicing Agreement with PCCU, pursuant to which SHF has agreed to indemnify PCCU for claims associated with CRB activities including
any loan default related losses for loans funded by PCCU. Deferred loan origination fees represents the change in net deferred loan origination
fees. When included with a new loan origination, we receive an upfront loan origination fee in conjunction with new loans funded by our
financial institution partners. For accounting purposes, the cash received for loan origination fees is initially deferred and recognized
as interest income utilizing the interest method.
Other Metrics
For our business operations,
we monitor the following key metrics.
Total account balances,
number of accounts and average account balances
Our lending capacity is dependent
on the size of our managed deposit base and number of active accounts. In addition, fees are generated based on open accounts and account
activity. We monitor account activity including deposits, withdrawals and ending account balance daily. Total account balances represent
the balance of onboarded and monitored deposits on hand at financial institution clients at period end. Average account balance represents
the total account balance divided by the number of accounts at the period end.
Account fees per average active accounts managed
Currently a significant amount
of our fees is generated from account openings, active accounts and account activity. As a result, we monitor account openings and closings
on a daily, weekly and monthly basis. We strive to meet the appropriate balance between depository balances and fees and therefore review
account fees per average number of active accounts managed.
Six Months Ended June 30,
2022
2021
Change ($)
Change (%)
Average monthly ending deposit balance
(1
)
$
143,785,877
$
179,614,518
$
(35,828,641
)
(19.9
)%
Account fees
(2
)
$
2,809,764
$
3,094,267
$
(284,503
)
(9.2
)%
Average active accounts
(3
)
615
531
84
15.8
%
Average account balance
(4
)
$
233,798
$
338,257
$
(104,459
)
(30.9
)%
Average fees per account
(4
)
$
4,569
$
5,827
$
(1,259
)
(21.6
)%
Three Months Ended June 30,
2022
2021
Change ($)
Change (%)
Average monthly ending deposit balance
(1
)
$
144,303,668
$
185,270,404
$
(40,966,733
)
(22.1
)%
Account fees
(2
)
$
1,342,895
$
1,598,713
$
(255,818
)
(16.0
)%
Average active accounts
(3
)
619
533
86
16.1
%
Average account balance
(4
)
$
233,124
$
347,599
$
(114,475
)
(32.9
)%
Average fees per account
(4
)
$
2,169
$
2,999
$
(830
)
(27.7
)%
(1)
Represents the average of monthly ending account balances
54
(2)
Reported account activity fee revenue
(3)
Represents the average of monthly ending active accounts
(4)
Refer to the below section –
Discussion of Results of our Operations
for additional discussion of trends.
While the average number
of accounts increased for the three and six months ended June 30, 2022 as compared to the three months ended June 30, 2021, the average
account size and account fees decreased as we experienced some churn of larger clients replaced by smaller businesses. We expect this
trend to shift as we lead with our lending program typically requiring borrowers to place deposits with financial institutions with which
we have relationships. This may be partially offset by expected decreases in deposits pursuant to inflation and the state of the US economy
for the remainder of 2022 and beyond.
SHF's lending operations
are considered early stage, as it began its focused efforts on expanding its lending in 2021. We are focused on enhancing and growing
our lending platform. Incremental lending key metrics will be monitored as this portion of our business grows in volume. Metrics will
include average loan balance, average life to repayment, average effective interest rate and loan status, amongst others.
Components of our Results
of Operations
Revenue
SHF generates interest and
fee income through providing a variety of services to PCCU to facilitate its banking services to CRBs including, among other things, Bank
Secrecy Act and other regulatory compliance and reporting, onboarding, responding to account inquiries, responding to customer service
inquiries relating to CRB deposit accounts held at financial institution clients, and sourcing and originating loans. In addition, SHF
provides these similar services and outsourced support to other financial institutions providing banking to the cannabis industry. These
services are provided under the Safe Harbor Master Program Agreement.
Operating expenses
Operating expenses consist
of compensation and benefits, professional services, rent expense, parent allocations, provisions for loan losses and other general and
administrative expenses.
Compensation and benefits
consist of employee wages and associated benefits while professional services consist of legal, general consulting and accounting fees.
PCCU allocations include
corporate allocations such as information technology, customer support, marketing, executive compensation and other general and administrative
expenses attributed to the Carved-Out Operations based on the size of the specifically identifiable CRB's deposit balances, deposit
activity and accounts relative to the totals of consolidated PCCU. These allocations were discontinued effective July 1, 2021 in conjunction
with the business reorganization.
SHF reports a provision for
loan losses both as it relates to loans funded internally and those carried by PCCU or other financial institutions. SHF indemnifies PCCU
for losses on loans to borrowers sourced by SHF and funded by PCCU. SHF anticipates comparable arrangements with other financial institutions
that fund loans to borrowers sourced by SHF.
55
Other general and administrative
expenses consist of various miscellaneous items including account hosting fees, insurance expense, travel meals and entertainment and
other office and operating expense.
Discussion of our Results
of Operations —2022 Compared to 2021 (Three Months Ended June 30)
Revenue
Three Months Ended June 30,
2022
2021
Change ($)
Change (%)
Account fees
$
1,342,895
$
1,598,713
(255,818
)
(16.0
)%
Safe Harbor Program
44,149
120,855
(76,706
)
(63.5
)%
Investment income
283,147
82,050
201,097
245.1
%
Loan interest income
182,598
28,696
153,902
536.3
%
Total Revenue
$
1,852,789
$
1,830,314
22,475
1.2
%
Account fee income consists
of deposit account fees, activity fees and onboarding income. Historically, SHF has received from PCCU fees based on cannabis related
deposit account activity. During 2021, we reduced our fee percentage for cannabis specific accounts in order to ensure we were competitive
with the market. During January 2022, we implemented a flat fee for certain CRB accounts based on historical and anticipated deposit levels.
In addition, we receive a flat fee and lower rates for ancillary accounts, which are accounts are provided to businesses servicing the
cannabis industry in general but that do not manufacture, possess, distribute or transport cannabis. The ratio of ancillary accounts to
cannabis specific accounts increased during 2021.
SHF licenses similar account
services and outsourced support to other financial institutions providing banking to the cannabis industry. These services are provided
under the Safe Harbor Master Program Agreement. Revenue from the licensing of this program has intentionally decreased as we strategically
narrow the financial institutions permitted to license the program.
Investment income increased
as a result of recent Federal Reserve interest rate increases.
Loan interest income has
increased as SHF increases its focus on providing lending services. At the end of 2020, SHF serviced two loans as compared to four at
the end of 2021. In addition, for the period ending June 30, 2022, SHF sourced six incremental loans funded by PCCU under the Loan Servicing
Agreement. SHF anticipates significantly increasing its loan services during 2022 with approximately $26.8 million of SHF sourced loans
in underwriting as of September 30, 2022.
Operating expenses
As discussed in the
Business
Reorganization
section above, PCCU allocations were discontinued effective July 1, 2021 and SHF entered into both an account servicing
agreement and support service agreement. There is no impact on revenue as a result of implementing these agreements.
Three Months Ended June 30,
2022
2021
Change ($)
Change (%)
Compensation and employee benefits
$
794,997
$
482,687
312,310
64.7
%
Professional services
188,214
37,612
150,602
400.4
%
Rent expense
26,303
9,065
17,238
190.2
%
Parent allocations
—
367,407
(367,407
)
(100
)%
Provision for loan losses
237,874
6,825
231,049
3385.3
%
General and administrative expenses
269,057
209,547
59,510
28.4
%
Total Operating Expenses
$
1,516,445
$
1,113,143
403,302
36.2
%
Compensation and employee
benefits increased primarily as a result of Sundie Seefried, our CEO, and one of our Vice Presidents resigning from PCCU effective July
1, 2021 and beginning employment at SHF the same date. Prior to the July 1, 2021 reorganization a portion of their costs would have been
included in the Parent allocations. Amounts also increased as SHF increased head count in conjunction with anticipated growth.
56
Professional services expense
increased primarily due to audit fees incurred and increased consulting fees as we increase our lending activity and prepare for the Business
Combination and to become a public company.
Parent allocations decreased
to zero as they were discontinued in conjunction with the reorganization discussed in the
Business Reorganization
section above.
Provision for loan losses
has increased as SHF focuses on increasing lending activity.
General and administrative
expenses increased across various categories including: i) approximately $131,742 in account and investment fees hosting fees as a result
of the reorganization, ii) approximately $61,010 in increased advertising and marketing as we focus on growth, iii) $10,718 in travel,
meals, and entertainment, iv) $6,181 in dues and subscriptions, and v) $3,731 in loan servicing fees, offset by a decrease of $155,469
in other operating expenses due to a legal settlement during the three months ending June 30, 2021.
Proforma Summary Financial
Statements
As discussed in the
Business
Reorganization
section above, parent allocations were discontinued effective July 1, 2021 and SHF entered into both an account servicing
agreement and support service agreement with PCCU. Had the effect of these agreements been applied to period prior to July 1, 2021, we
estimate the following impact to the summary financial statements
2021 (Unaudited)
Three Months Ended June 30,
Reported
Adj
Adjusted
Revenue
(1)
$
1,830,314
$
—
$
1,830,314
Operating expense
(2)
1,113,143
(48,986
)
1,064,157
Net income
$
717,171
$
48,986
$
766,157
(1)
The reported financial statements include all CRB account related revenue. As a result, no adjustment is necessary for revenue
(2)
Adjustments to operating expense include the removal of corporate allocations and the inclusion of fees under the new Services Agreements including (i) per account hosting fee, (ii) 25% shared investment income fee and (iii) loan servicing fee equal to 25 basis points of the average outstanding loan principal balance. In the audited financial statements, no loans were held at PCCU subject to the loan servicing fee. In addition, as corporate allocations were removed we included an adjustment for the PCCU CEO base salary prior to July 1, 2021 plus a 30% benefit charge as this individual became the SHF CEO effective July 1, 2021. The 30% benefit charge is consistent with the historical experience of SHF.
Discussion of our Results
of Operations —2022 Compared to 2021 (Six Months Ended June 30)
Revenue
Six Months Ended June 30,
2022
2021
Change ($)
Change (%)
Account fees
$
2,809,764
$
3,094,267
(284,503
)
(9.2
)%
Safe Harbor Program
87,168
275,850
(188,681
)
(68.4
)%
Investment income
377,133
160,061
217,072
135.6
%
Loan interest income
249,834
50,417
199,417
395.5
%
Total Revenue
$
3,523,899
$
3,580,595
(56,695
)
(1.6
)%
57
Account fee income consists
of deposit account fees, activity fees and onboarding income. Historically, SHF has charged fees based on cannabis related deposit account
activity. During 2022, we reduced our fee percentage for cannabis specific accounts in order to ensure we were competitive with the market
and for many accounts implemented a flat fee structure for certain CRB accounts based on historical and anticipated deposit levels. In
addition, we receive a flat fee and lower rates for ancillary accounts, which are accounts provided to businesses servicing the cannabis
industry in general but do not manufacture, possess, distribute or transport cannabis. The ratio of ancillary accounts to cannabis specific
accounts increased during 2022.
SHF provides similar account
services and outsourced support to other financial institutions providing banking to the cannabis industry. These services are provided
under the Safe Harbor Master Program Agreement. Revenue has decreased as we narrow the financial institutions and states we allow under
this program and instead focus on servicing CRBs directly.
Investment income increased
as a result of recent Federal Reserve interest rate increases.
Loan interest income has
increased as SHF increases its focus on lending. For the six months ended June 30, 2021, SHF serviced 4 loans as compared to 10 loans
for the six months ended June 30, 2022.
Operating expenses
As discussed in the
Business
Reorganization
section above, PCCU allocations were discontinued effective July 1, 2022 and SHF entered into both an account servicing
agreement and support service agreement. There is no impact on revenue as a result of implementing these agreements.
Six Months Ended June 30,
2022
2021
Change ($)
Change (%)
Compensation and employee benefits
$
1,517,522
$
991,328
526,194
53.1
%
Professional services
319,030
62,269
256,761
412.3
%
Rent expense
51,328
23,866
27,462
115.1
%
Parent allocations
—
648,533
(648,533
)
(100
)%
Provision for loan losses
306,065
11,927
294,138
2466.2
%
General and administrative expenses
492,010
237,098
254,912
107.5
%
Total Operating Expenses
$
2,685,955
$
1,975,021
710,934
36
%
Compensation and employee
benefits increased partially as a result of Sundie Seefried, our CEO, and one of our Vice President's resigning from PCCU effective
July 1, 2021 and beginning employment at SHF the same date. Prior to the July 1, 2021 reorganization a portion of their costs would have
been included in the Parent allocations. Amounts also increased as SHF increased head count in conjunction with anticipated growth.
Professional services expense
increased primarily due to audit fees incurred and increased consulting fees as we increase our lending activity and prepare to become
a public company.
Parent allocations decreased
to zero as they were discontinued in conjunction with the reorganization discussed in the
Business Reorganization
section above.
Provision for loan losses increased in conjunction with increased lending activity.
Provision for loan losses
has increased as SHF focuses on increasing lending activity.
General and administrative
expenses increased across various categories including: i) approximately $215,550 in account and hosting fees as a result of the reorganization,
ii) approximately $143,436 in increased advertising and marketing as we focus on growth, iii) $27,697 in travel, meals, and entertainment,
iv) $9,836 in dues and subscriptions, v) $5,104 in loan servicing fees, and vi) $4,343 in business insurance, offset by a decrease of
$155,312 in other operating expenses.
58
Proforma Summary Financial
Statements
As discussed in the
Business
Reorganization
section above, parent allocations were discontinued effective July 1, 2021 and SHF entered into both an account servicing
agreement and support service agreement with PCCU. Had the effect of these agreements been applied to period prior to July 1, 2021, we
estimate the following impact to the summary financial statements:
2021
Six Months Ended June 30,
Reported
Adj
Adjusted
Revenue
(1)
$
3,580,595
$
—
$
3,580,595
Operating expense
(2)
1,975,021
(13,592
)
1,961,429
Net income
$
1,605,574
$
13,592
$
1,619,166
(1)
The reported financial statements include all CRB account related revenue. As a result, no adjustment is necessary for revenue
(2)
Adjustments to operating expense include the removal of corporate allocations and the inclusion of fees under the new Services Agreements including (i) per account hosting fee, (ii) 25% shared investment income fee and (iii) loan servicing fee equal to 25 basis points of the average outstanding loan principal balance. In the audited financial statements, no loans were held at PCCU subject to the loan servicing fee. In addition, as corporate allocations were removed we included an adjustment for the PCCU CEO base salary prior to July 1, 2021 plus a 30% benefit charge as this individual became the SHF CEO effective July 1, 2021. The 30% benefit charge is consistent with the historical experience of SHF.
Financial Condition
Cash, cash equivalents,
and restricted cash
Cash, cash equivalents, and
restricted cash totaled $6,382,448 and $5,495,905 as of June 30, 2022, December 31, 2021, respectively.
Cash flows
As compared to the six months
ended June 30, 2021, cash provided by operations decreased $523,801 to $1,235,414 for the six months ended June 30, 2022, mainly due to
reduced net income from operations with an additional amount resulting from changes across operating assets and liabilities. See discussion
under "—
Discussion of our Results of Operations
" above for more information.
Contract assets and
liabilities
Deferred revenue is primarily related to contract
liabilities associated with Safe Harbor agreements. As of December 31, 2021, SHF reported a contract asset and liability of $18,317 and
$8,333, respectively. As of June 30, 2022, SHF reported a contract asset of $27,710 with no contract liability.
59
Liquidity
SHF has reported working
capital of $6,838,239 at June 30, 2022 and $5,922,023 at December 31, 2021.
Pursuant to the Purchase
Agreement, as long as the post combination business includes at least $5,000,000 in net tangible assets, PCCU is entitled to retain all
cash on hand less current liabilities prior to July 31, 2021, which is approximately $3.1 million. The business combination assumes $70,000,000
cash payment to PCCU funded by $60,000,000 in PIPE capital with the residual assumed to be funded with non-redemptions of the existing
public stockholders of the Company. Depending on redemptions, SHF will have access to additional funding at closing through the cash released,
in excess of amounts necessary fund the cash portion of the transaction, from the Company's trust account in accordance with the
terms of the business combination. At this time, SHF is focused on completing the contemplated business combination which is subject to
satisfaction of the remaining conditions to closing. Regardless, we believe our cash on hand and other capital sources including cash
flow from operations will be sufficient to fund our operations for at least the following 12 months.
Critical Accounting Policies
and Estimates
Our consolidated financial
statements and accompanying notes are prepared in accordance with GAAP. Preparing consolidated financial statements requires management
to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, and expenses, as well as disclosure
of contingent assets and liabilities. An appreciation of our critical accounting policies is necessary to understand our financial results.
In some cases, we could reasonably use different accounting policies and estimates, and changes in our estimates are reasonably likely
to occur from period to period. Accordingly, actual results could differ materially from our estimates, and our financial condition or
results of operations could be affected. We base our estimates on our experience and other assumptions that we believe are reasonable,
and we evaluate these estimates on an ongoing basis. We refer to accounting estimates of this type as critical accounting policies and
estimates, which we discuss further below.
Revenue recognition
SHF adopted Accounting Standards Codification ("ASC")
Topic 606, Revenue from Contracts with Customers ("ASC 606"). The core principle of ASC 606 requires that an entity recognize
revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which SHF expects
to be entitled in exchange for those goods or services. ASC 606 defines a five-step process to achieve this core principle and, in doing
so, it is possible more judgment and estimates may be required within the revenue recognition process than required under existing accounting
principles generally accepted in the United States of America ("U.S. GAAP") including identifying performance obligations
in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price
to each separate performance obligation. SHF adopted ASC 606 for all applicable contracts using the modified retrospective method, which
would have required a cumulative-effect adjustment, if any, as of the date of adoption. The adoption of ASC 606 did not have a material
impact on SHF's financial statements as of the date of adoption. As a result, a cumulative-effect adjustment was not required.
Revenue is recorded at a point in time when the performance
obligation is satisfied, and no contingencies exist. Revenue consists primarily of fees earned on deposit accounts held at PCCU but serviced
by SHF such as bank account charges, onboarding income, account activity fee income and other miscellaneous fees.
In addition, SHF recognizes revenue from the Master
Program Agreement. The Master Program Agreement is a non-exclusive and non-transferable right to implement and utilize the Safe Harbor
Program. The Safe Harbor Program has two performance obligations; an implementation fee recognized when the contract is effective and
a service fee recognized ratable over the contract term as the compliance program is executed.
Lastly, SHF also records revenue for interest on loans
and investment income allocated by PCCU based on specific customer balances.
Amounts received in advance of the service being provided
is recorded as a liability under deferred revenue on the combined balance sheets. Typical Safe Harbor Program contracts are three-year
contracts with amounts due monthly, quarterly or annually based on contract terms.
Customers consist of financial institutions providing
services to CRBs. Revenues are concentrated in the United States.
60
Allowance for loan losses
The allowance for loan losses is a valuation allowance
for probable incurred credit losses, increased by the provision for loan losses and decreased by charge-offs less recoveries. Management
estimates the required allowance for loan losses balance using past loan loss experience, known and inherent risks in the nature and volume
of the portfolio, information about specific borrower situations and estimated collateral values, economic conditions, and other factors.
Allocations of the allowance for loan losses may be made for specific loans, but the entire allowance is available for any loan that,
in management's judgment, should be charged-off. Loan losses are charged against the allowance for loan losses when management believes
the uncollectibility of a loan balance is confirmed.
The allowance for loan losses consists of specific
and general components. The specific component relates to loans that are individually classified as impaired or loans otherwise classified
as substandard or doubtful. The general component covers non-classified loans and is based on historical loss experience adjusted for
current factors.
Due to the nature of uncertainties related to any
estimation process, Management's estimate of loan losses inherent in the loan portfolio may change in the near term. However, the
amount of the change that is reasonably possible cannot be estimated.
A loan is considered impaired when, based on current
information and events, full payment under the loan terms is not expected. Impairment is generally evaluated in total for smaller-balance
loans of similar nature such as a commercial loan and commercial lines of credit, but may be evaluated on an individual loan basis if
deemed necessary. If a loan is impaired, a portion of the allowance is allocated so that the loan is reported, net, at the present value
of estimated future cash flows using the loan's existing rate or at the fair value of collateral if repayment is expected solely
from the collateral.
The loans SHF intends to originate will be secured
by various types of assets of the borrowers, including real property and certain personal property, including value associated with other
assets to the extent permitted by applicable laws and the regulations governing the borrowers. The documents governing the loans also
include a variety of provisions intended to provide remedies against the value associated with licenses. Collection procedures are designed
to ensure that neither SHF nor its financial institution clients who provide funding for a loan, nor a third-party agent engaged to assist
with the liquidation or foreclosure process, will take possession of cannabis inventory, cannabis paraphernalia, or other cannabis-related
assets, nor will they take title to real estate used in cannabis-related businesses. Upon default of a loan, a third-party agent will
be engaged to work with the borrower to have the borrower sell collateral securing the loan to a third party or to institute a foreclosure
proceeding to have such collateral sold to generate funds towards the payoff of the loan. Applicable regulations under state law that
govern CRBs generally do not permit the taking of title to real estate involved in commercial sales of cannabis, whether through foreclosure
or otherwise, without prior regulatory approval. The sale of a license or other realization of the value of licenses also requires the
approval of state and local regulatory authorities. A defaulted loan may also be sold if such a sale would yield higher proceeds or that
a sale could be accomplished more quickly than a foreclosure proceeding while yielding proceeds comparable to what would be expected from
a foreclosure sale. Such sale of the loan would be conducted through a third-party administrative agent. However, SHF can provide no assurances
that a sale of such loans would be possible or that the sales price of such loans would be sufficient to recover the outstanding principal
balance, accrued interest, and fees.
61
Indemnity liability
The indemnification component of the Loan Servicing
Agreement is accounted for in accordance with
ASC 450-20 Loss Contingencies
. In determining the applicability of ASC 450-20, we
considered that the agreement outlines a broad indemnification of all claims related to the cannabis-related business. The most immediate
and potentially significant of these are potential default-related loan losses. In the lending industry, it is inherently anticipated
future loan losses will result from currently issued debt. SHF's indemnity obligation is subordinate to PCCU's and other financial
institution clients' other means of collecting on the loans including foreclosure of the collateral, recourse against personal and/or
corporate guarantors and other default remedies available in the loan agreements. Since borrowers are not party to the agreement between
SHF and PCCU, any indemnity payments do not relieve borrowers of their obligation to PCCU nor would such payments preclude PCCU's
right to future recoveries from the debtor. Therefore, as defined in ASC 450-20, the indemnification clause represents a general loss
contingency in that it is an existing condition, situation or set of circumstances involving uncertainty as to possible loss to the Company
that will ultimately be resolved when one or more future events occur or fail to occur. SHF's indemnity liability reflects SHF management's
estimate of probable loan losses inherent under the agreement at the balance sheet date. Management uses a disciplined process and methodology
to establish the liability, and the estimates are sensitive to risk ratings assigned to individual loans covered by the agreement as well
as economic assumptions driving the estimation model. Individual loan risk ratings are evaluated quarterly by SHF management based on
each situation.
In addition to default-related loan losses, SHF continuously
monitors all other circumstances pursuant to the agreement and identifies events that may necessitate a loss contingency under the Loan
Servicing Agreement. A loss contingency is reported when it is both probable that a future event will confirm that a loss had been incurred
on or before the related balance sheet date and the loss is reasonably estimable.
Emerging Growth Company Status
SHF is an emerging growth company ("
EGC
"),
as defined in the JOBS Act. Under the JOBS Act, EGCs can delay adopting new or revised accounting standards issued until such time as
those standards apply to private companies. In electing this relief, the JOBS Act does not preclude an EGC from adopting a new or revised
accounting standard earlier than the time that such standard applies to private companies. SHF has elected to use this relief and will
do so until the earlier of the date that it (a) is no longer an emerging growth company or (b) affirmatively and irrevocably opts out
of the extended transition period provided in the JOBS Act. As a result of the elected JOBS Act relief, these combined and consolidated
financial statements may not be comparable to companies that do not elect JOBS Act relief or choose to early adopt different accounting
pronouncements than SHF.
Internal Control Over Financial Reporting
In connection with the audit of our financial statements
for the year ended December 31, 2020, two material weaknesses were identified in our internal controls over financial reporting. A material
weakness is a deficiency, or a combination of deficiencies, in internal controls over financial reporting such that there is a reasonable
possibility that a material misstatement of SHF's annual or interim consolidated financial statements will not be prevented or detected
on a timely basis.
One material weakness was identified related to a
failure to complete an analysis of the accounting impact of ASC Topic 606, Revenue from Contracts with Customers particularly as it related
to revenue recognition associated with our Safe Harbor Program revenue, and one material weakness was identified associated with our application
of carve out accounting guidance and our failure to exclude certain specifically identifiable expenses from corporate allocations. We
have implemented a plan to remediate these material weaknesses, through measures that include the following:
●
we are in process of hiring a Chief Financial Officer with public accounting and previous experience as a public company executive.
●
we are utilizing third-party consultants and specialists, to supplement our internal resources.
●
we have enhanced our reconciliation and review controls including review by our parent CFO.
With the implementation of this plan, the material
weaknesses have been remediated for the year ended December 31, 2021. SHF's principal financial and accounting officer has concluded
that during the period covered by this report, our disclosure controls and procedures were effective at a reasonable assurance level and,
accordingly, provided reasonable assurance that the information required to be disclosed by us in reports filed under the Exchange Act
is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms.
62
We have begun our implementation of Sarbanes-Oxley
and we plan to continue to assess our internal controls and procedures and to take further action as necessary or appropriate to address
any other matters we identify. See also the section titled "
Risk Factors — Risks Related to New Safe Harbor's Business
Following the Business Combination
."
Related Party Relationships
Corporate allocations
Corporate allocations include overhead expenses such
as information technology, customer support, marketing, executive compensation and other general and administrative expenses that are
attributed to the Branches proportionately based on the relative size of the specific identifiable customer deposits to the consolidated
PCCU.
Account Servicing Agreement
Effective July 1, 2021, SHF entered into an Account
Servicing Agreement with PCCU. SHF provides services as per the agreement to CRB accounts at PCCU. In addition to providing the services,
SHF assumes the costs associated with the CRB accounts. These costs include employees to manage account onboarding, monitoring and compliance,
rent and office expense, insurance and other operating expenses necessary to service these accounts. Under the agreement, PCCU agrees
to pay SHF all revenue generated from CRB accounts. Amounts due to SHF are due monthly in arrears and upon receipt of invoice. The agreement
is for an initial term of 3 years from the effective date. It shall renew thereafter for 1-year terms until either SHF or PCCU provide
sixty days prior written notice. Pursuant to this agreement, SHF reported revenue of $1,808,640 and $3,436,731 for the three month and
six month periods ended June 30, 2022 and $0 for the three and six month periods ended June 30, 2022.
As described elsewhere in this prospectus,
on February 11, 2022, SHF and PCCU entered into the Amended and Restated Account Servicing Agreement, pursuant to which SHF provides
services including, among other things, Bank Secrecy Act compliance and reporting, onboarding, responding to account inquiries, and responding
to customer service inquiries relating to accounts at PCCU held for cannabis-related businesses ("CRBs"). Pursuant to the
Amended and Restated Account Servicing Agreement, SHF's fees for such services will equal all cannabis-related income, including
all lending-related income (such as loan origination fees, interest income on CRB-related loans, participation fees and servicing fees),
investment income, interest income, account activity fees, processing fees, flat fees, and other revenue generated from cannabis and
multi-state hemp accounts that are hosted on PCCU's core system. The Amended and Restated Account Servicing Agreement is for an
initial term of three years and will renew for additional one-year terms unless a party provides 120 days' notice of non-renewal,
provided that PCCU may not provide notice of non-renewal until 30 months following the signing date. The Amended and Restated Account
Servicing Agreement initially provided that the agreement would terminate within 60 days of SHF no longer qualifying as a "credit
union service organization" or within 60 days of the assumption by a third party of all CRB-related accounts; however, on May 23,
2022, SHF and PCCU entered into the Second Amended and Restated Account Servicing Agreement, which agreement amended and restated the
Amended and Restated Account Servicing Agreement to remove the provision providing for the termination of the agreement within 60 days
of SHF no longer qualifying as a "credit union service organization," as SHF will cease to qualify as a CUSO following the
closing of the Business Combination.
Support Services Agreement
Effective July 1, 2021, SHF entered into a Support
Services Agreement with PCCU. In connection with PCCU hosting the depository accounts and the related loans and providing certain infrastructure
support, PCCU receives (and SHF pays) a monthly fee per depository account. In addition, 25% of any investment income associated with
CRB deposits is paid to PCCU. The respective duties and obligations as per the agreement commenced on the effective date and continue
unless terminated by either SHF or PCCU upon giving sixty days prior written notice. Pursuant to these agreements and as amended and restated
on February 11, 2022, the Company reported expenses of $131,742 and $215,550 for the three and six month periods ended June 30, 2022 and
$0 for the three and six month periods ended June 30, 2021.
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As described elsewhere in this prospectus,
on February 11, 2022, SHF and PCCU entered into the Amended and Restated Support Services Agreement, pursuant to which PCCU will continue
to provide to SHF certain operational and administrative services relating to, among other things, human resources, employee benefits,
IT and systems, accounting and marketing for a monthly fee equal to $30.96 per account in 2022 and $25.32 per account in 2023 and 2024.
In addition, as it pertains to CRB deposits held at PCCU, investment and interest income earned on these deposits (excluding interest
income on loans funded by PCCU) will be shared 25% to PCCU and 75% to SHF. SHF will also reimburse PCCU for any of its out-of-pocket
expenses relating to the services provided to SHF. The Amended and Restated Support Services Agreement also sets forth certain agreements
of PCCU to limit bonus distributions to its members to $30,000,000 during any 12-month period following the effective date of the agreement
and to allow its ratio of CRB-related deposits to total assets to equal at least 65% unless otherwise dictated by regulatory, regulator
or policy requirements. The Amended and Restated Support Services Agreement has the same term and termination provisions as the Amended
and Restated Account Servicing Agreement, including a provision providing for the termination of the agreement within 60 days of SHF
no longer qualifying as a "credit union service organization." On May 23, 2022, SHF and PCCU entered into the Second Amended
and Restated Support Services Agreement, which agreement amended and restated the Amended and Restated Support Services Agreement to
remove the provision providing for the termination of the agreement within 60 days of SHF no longer qualifying as a "credit union
service organization," as SHF will cease to qualify as a CUSO following the closing of the Business Combination.
Loan Servicing Agreement
Effective February 11, 2022, SHF entered into a Loan
Servicing Agreement with PCCU. The agreement sets forth the application, underwriting and approval process for loans from PCCU to CRB
customers and the loan servicing and monitoring responsibilities provided by both PCCU and SHF. PCCU will receive a monthly servicing
fee at the annual rate of 0.25% of the then-outstanding principal balance of each loan funded by PCCU. For the loans that are subject
to this agreement, SHF originates the loans and performs all compliance analysis, credit analysis of the potential borrower, due diligence
and underwriting and all administration, including hiring and incurring the costs of all related personnel or third-party vendors necessary
to perform these services. Under the Loan Servicing Agreement, SHF has agreed to indemnify PCCU from all claims related to default-related
loan losses as defined in the Loan Servicing Agreement. The agreement is for an initial term of three years and will renew for additional
one-year terms unless a party provides 120 days' notice of non-renewal or there is a termination for cause, provided that PCCU may
not provide notice of non-renewal until 30 months following the signing date.
Pursuant to this agreement, the Company reported expenses
of $3,731 and $5,104 for the three and six month periods ended June 30, 2022 and $0 for the three and six month periods ended June 30,
2021.
Operating leases
Effective July 1, 2021, SHF entered into a one-year
gross lease with the Parent to lease space in its existing office at a monthly rent of $5,400. Effective July 1, 2022, the Company amended
its existing lease to a month-to-month lease and therefore no asset or liability amounts are reported pursuant to ASC 842.
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BUSINESS
Unless otherwise indicated
or the context otherwise requires, references in this section to "Safe Harbor," "we," "us," "our"
and other similar terms refer to SHF prior to the Business Combination and to the Company and SHF, on a consolidated basis, after giving
effect to the Business Combination. The description of Safe Harbor's operations included herein also refers, as appliable, to the
operations of its predecessor, as described in more detail in the Combined Financial Statements for SHF, LLC included elsewhere in this
prospectus.
Summary of Safe Harbor's Business
Safe Harbor is a market-leading
service provider to financial institutions for the legal U.S. cannabis marketplace and has been successful in doing so since its inception
in 2015. We believe Safe Harbor is a marketplace leader in:
●
Onboarding, verification and monitoring of customer accounts maintained at our client financial institutions;
●
building a national presence by providing services to financial institutions who have CRB customers in 20 states, with the foundation to scale and expand our services to financial institutions in all state-legal cannabis markets across the United States and its territories;
●
developing proprietary onboarding and compliance software maintaining the highest standard of "Know Your Customer" ("KYC") and Bank Secrecy Act ("BSA") compliance;
●
compliant lending services and assisting in underwriting for loans to CRBs and ancillary service providers to CRBs; and
●
successfully navigating the high scrutiny that comes with 16 state and federal examinations in its more than seven-year operating history.
Safe Harbor was conceived in 2015
as a solution to a major problem that plagued the nascent legalized cannabis industry in Colorado - access to reliable and compliant financial
services. Cannabis related funds were already finding their way into the financial system, including via hidden, misrepresented accounts
and unlawful banking practices. Based upon our research we determined that the appropriate step was to protect the financial system from
criminal activity and provide legitimacy to the legal state CRBs. From decades of regulatory and banking experience, we created a detailed
compliance program to assist financial institutions desiring to provide safe and sound financial services that would accomplish industry
accountability and protect the financial system. The compliance program provides onboarding, validation and monitoring services to financial
institutions desiring to provide traditional banking services to all types of marijuana, hemp, and CBD businesses, and to ancillary businesses
that provide services to the cannabis industry. These ancillary businesses include payroll companies, payment processors, and professionals
providing services to and receiving payment from CRBs. As the lawful cannabis industry grew beyond Colorado, Safe Harbor evolved its business
practices to build a national footprint and currently provides services to financial institutions that provide banking services in 20
states where cannabis is either legal medicinally or for full adult use. The below schedule demonstrates states where CRBs are located
for which SHF has provided onboarding and monitoring services and those where some form of cannabis use is legal, representing immediate
opportunity for expansion.
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1
Includes medical and/or adult use cannabis.
Does not include states that have legalized CBD-only.
Source: Wall Street analysis and
industry reports
Safe Harbor has capitalized on
the opportunity to do what financial institutions would not do directly – provide access to financial services to the underserved
cannabis industry. Among the factors preventing most financial institutions from providing similar services are:
●
conflicting state and federal laws regarding legalization;
●
the high-risk nature of cannabis due to its black market history and undocumented, illegally earned legacy funds;
●
FinCEN guidance issued in 2014 (the "2014 FinCen Guidance") explaining how financial institutions might serve the cannabis industry, creating potential for differing interpretations and inconsistent standards;
●
under-the-radar operations of CRBs and the complex nature of the corporate structures created to separate and protect assets, which creates steep learning curves necessitating the specialized cannabis sector training, onboarding, monitoring and funds validation;
●
BSA obligations to which few financial institutions are willing to dedicate the significant necessary resources, and fear of non-compliance, which can result in millions of dollars in fines assessed against the financial institution.
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The lack of a "safe harbor"
regulatory provision that would protect officers and directors from prosecution for providing financial services to companies that produce
and sell cannabis products provides the business opportunity that we have sought to fulfill.
During April 2021, the United
States House of Representatives passed the SAFE Banking Act of 2021 (the "SAFE Act"). The SAFE Act would prohibit federal
regulators from fining and penalizing financial institutions and their management/executive team who service legitimate businesses including
those in the cannabis industry (i.e. those legal operating in states that have approved cannabis for medicinal and/or adult use). The
SAFE Act has not been brought to or passed by the Senate and therefore is not law. Even with the passage of the SAFE Act, we do not believe
the above barriers to entry would be significantly reduced. We feel due to the high cash nature of the business, which we believe will
persist in the near and mid term, and the illicit history of cannabis, many potential competitors will remain hesitant to serve the industry
resulting in an outsized opportunity for SHF.
Since inception (including its
predecessor, Eagle Legacy Services, LLC, a subsidiary of PCCU), Safe Harbor has onboarded over $12 billion in cannabis related funds into
the financial system with what we believe to be the highest level of monitoring and validation. In conjunction with its financial institution
clients, Safe Harbor has successfully completed 16 state and federal exams without interruption resulting in reliable financial services.
Safe Harbor's onboarded deposits currently consist of nearly 600 accounts that were onboarded and validated in a methodical manner
to ensure continuity of service while under significant regulator scrutiny. Safe Harbor's services started with only 10 test CRBs
resulting in current onboarded accounts representing approximately 60 times growth since Safe Harbor began operations. Safe Harbor has
successfully grown its onboarded deposits at a rapid pace, with a compound annual growth rate ("CAGR") of 69% from 2015 to
2021. Onboarded deposits processed in 2021 were approximately $3.6 billion.
Safe Harbor's onboarding
process for CRBs desiring banking services through PCCU or another financial institution is a multi-step process that is designed to fulfill
the financial institution's "know your customer" requirements and the diligence expectations set forth in the 2014 FinCEN
Guidance related to providing services to CRBs, particularly developing an understanding of the normal and expected activity for the business.
●
The account opening process begins with an application and supporting documentation provided by the CRB, which are uploaded and logged so that, following a quality control review, open items and questions are flagged for follow up. All account-related documentation is stored in a secure database that allows Safe Harbor's oversight, audit and exam functions to have access to all of the CRB's documents.
●
As part of Safe Harbor's diligence process, background checks are performed on all business owners, with the need for additional background checks of indirect owners or investors determined in the application review stage.
●
Other diligence includes, among other things, as applicable, confirmation of licensure, on-site visits to review business processes and inspect business locations, verification of sources of funds, review of business and inventory records, and review of other information necessary for a full understanding of the prospective customer's business and historical operations.
●
The account opening process is completed with the assistance of a financial institution staff member.
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Currently, substantially all deposits
are maintained by PCCU, Safe Harbor's parent, and all transmissions of funds to or from these deposit accounts are handled directly
by PCCU. We have expanded, and intend to continue to expand, our relationships with other financial institutions that similarly hold the
CRB deposit accounts and handle transmissions of funds to and from the accounts. Although we do not hold the deposit accounts, we believe
that account retention is a measure of our ability to efficiently and compliantly onboard, validate and monitor CRB accounts. For the
year ended December 31, 2021, our account retention rate, representing onboarded accounts active at the end of the year as compared to
onboarded accounts open at January 1, 2021, is 83.4%. For the three months ended March 31, 2022, our account retention rate, representing
onboarded accounts active at the end of March 31, 2022 as compared to onboarded accounts open at January 1, 2022, is 94.2%. The largest
10 CRB accounts held at PCCU for the period ended December 31, 2021 represented less than 12% of fee income from onboarded deposits, which
is currently our largest source of revenue. For the three months ended March 31, 2022 and March 31, 2021, the largest 10 CRB accounts
based on fee income from onboarded deposits represented approximately 10.3% and 13.1%, respectively, of fee income from onboarded deposits.
Building upon the existing foundation, we believe SHF has the ability to continue to grow the financial institution clients for which
it onboards deposits and related fee income at a strong pace. In addition, we plan to add access to additional financial services to the
Safe Harbor platform, such as merchant processing, custodial relationships, insurance products, broker/dealer services, payment processing
services and investment services, although in each case these services would be provided by a third party holding necessary licenses.
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We hope to leverage our current
operational capabilities to build a "one stop shop" with reliable, proven compliance and service programs for financial institutions
under the Safe Harbor brand. Access to additional services may either be developed through contractual relationships with third parties
or acquired via our merger and acquisition strategy as described below. We feel Safe Harbor is well positioned to become a leading provider
of access to financial services to cannabis, hemp and CBD businesses and ancillary businesses providing services to CRBs across the U.S.
What Safe Harbor Does
Safe Harbor has developed and
commercialized a fully compliant financial services platform for financial institutions providing banking services to CRBs to access and
maintain reliable financial services as long as both the financial institution client and the CRB meet regulatory requirements. Our platform
has been streamlined and finetuned for the past 7 years which enables Safe Harbor staff to efficiently guide financial institution clients
and the CRBs desiring banking services through the onboarding, validation and monitoring process. Our automated platform provides for
an efficient and effective management tool allowing our employees to provide continuity of service while enabling compliance staff to
monitor BSA activities.
Through the Safe Harbor platform,
our financial institution clients have the ability to provide CRBs with access to traditional financial services including wires, debit,
ACH, remote deposit capture, business checking and savings accounts, courier and vaulting services, cash management accounts and commercial
lending. We believe our services have been implemented consistent with applicable law and regulations, ensuring our financial institution
clients will be able to provide CRBs with reliable access to these services. We feel our history of developing processes that satisfy
regulatory standards has resulted in a solid reputation with related authorities and solidifies our ability to continue to grow existing
services and reduces barriers in expanding into new service offerings.
Safe Harbor maintains relationships
with PCCU, its current parent, and other financial institutions in which the CRB funds are deposited and monetary transactions are performed.
SHF's agreements with the financial institution allow the Safe Harbor platform to interface with the financial institution's
core banking systems and extract data necessary to monitor the deposit accounts onboarded by Safe Harbor. Financial transactions, such
as funds transmissions to or from the accounts, occur through PCCU's and other financial institution client's infrastructure.
When a CRB or ancillary service
provider approaches PCCU or other financial institution for which Safe Harbor provides its onboarding services, an initial onboarding
fee is assessed based on the type and complexity of the business. Onboarding is an important part of the KYC requirements set forth in
federal guidance. The onboarding process can require a great deal of time depending on the business complexity and the fee we assess is
based upon the complexity and required time to complete the process. Additionally, Safe Harbor assesses monthly deposit and activity fees,
which have historically been the majority of our revenue. These fees are also based on business type and size. Monitoring and validating
deposit activity is paramount to the success of the Safe Harbor platform. We believe our compliance-first focus reassures regulators and
law enforcement that Safe Harbor continues to focus on the safety and soundness of the financial system.
Investment income is also generated
when PCCU or other financial institution clients invest CRB deposits. Under the Account Servicing Agreement with PCCU, PCCU retains 25%
of this related investment income. Through its relationship with PCCU, depository amounts invested are typically restricted to low-risk
assets with high liquidity and low returns. Amounts invested are regulatorily restricted depending on the regulating authorities of the
financial institutions with whom we contract.
The level of CRB deposits onboarded
by Safe Harbor and held at PCCU allows for robust lending capacity. During 2020, Safe Harbor implemented a commercial lending program,
which will be a strong pillar for future revenue and profit growth. The focus will primarily include senior secured lending with smaller
loans considered for unsecured lending. Collateral types would include real estate, equipment, and other business assets. The commercial
lending program is built on:
●
stringent collateral package requirements with ample loan to value coverage;
●
strong underwriting of collateral and creditworthiness of borrower; and
●
a deep knowledge and understanding of the industry, borrowers' operations and the cannabis industry business cycle.
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Currently, lending is primarily
funded through PCCU using the funds from CRB deposit accounts onboarded by Safe Harbor. Safe Harbor is currently seeking relationships
with additional financial institutions that would fund Safe Harbor's loans and other sources of working capital with which Safe
Harbor could fund the loans directly. Safe Harbor has created a lending program tailored specifically to the unique needs of CRBs while
also achieving strong returns on quality loans. We believe lending-related income will represent the most significant portion of our revenue
by 2023. While third parties are presently used to provide loan underwriting and servicing, Safe Harbor plans on building out a full-service
internal lending function to improve the efficiency of our lending process and to increase future profitability.
We feel we have taken a creative
and methodical approach in building the Safe Harbor platform, which has allowed us to nationally scale our business. The platform's
policies, training, monitoring and other processes are well established with talented and expert level knowledge. We also plan to further
expand the officer level suite with talent that we believe will further our success. We anticipate this combination will provide a competitive
advantage for us as we focus on continued growth.
Industry Overview
Safe Harbor operates as a fintech
within the financial services sector of the large and quickly expanding United States ("U.S.") cannabis industry. The cannabis
industry is one of the fastest emerging consumer end markets in the U.S. According to the 2021 Annual Marijuana Business Factbook, the
industry is expected to grow from a $20 billion market in 2020 to $46 billion by 2025, representing a 14%% and 20% CAGR in medicinal and
adult use respectively
.
As of March 2022, 38 states plus the District of Columbia have legalized medical cannabis, and 18 states
plus the District of Columbia have legalized adult-use cannabis. Additional states that have recently enacted efforts to legalize, such
as New York and New Jersey, are expected to contribute significantly to the 2025 market size, which is when they are expected to be fully
operational and supported by proper infrastructure
Safe Harbor management is well
positioned to assist growing markets; having created a reliable reputation and network over the past seven years. The team is often called
upon to work with state and federal officials, regulators, law enforcement and financial service providers to share experience and knowledge
on navigating access to financial services. We believe this expertise will allow us to enter new markets with greater ease.
Further momentum with pending
legislative and regulatory changes is expected to drive expansion of the total addressable market as more states continue to legalize
cannabis for adult-use and medical use. According to a 2022 report from New Frontier Data, an expected 52 million U.S. adults will consume
cannabis at least once in 2022 across both legal and unregulated markets. That number is projected to grow by roughly 4% per year over
the next eight years, reaching an estimated 71 million U.S. consumers by 2030.
Over 89 million Americans (26%
of the U.S. population) live in states where possession and use of cannabis remain illegal. Currently, approximately 91% of U.S. adults
say marijuana should be legal for medical use only or medical and adult-use. This would greatly increase potential end users and we believe
reduce stigma around the use of cannabis and cannabis related products.
The Safe Harbor strategy is to
be a first-mover in future new legal markets through its platform offering access to financial services, which already allows financial
institutions to offer their services to CRBs in multiple states.
We believe there is currently
a very small subset of the financial services industry willing to provide a full suite of financial services to CRBs and these providers
are extremely fragmented. Safe Harbor has been a front runner in assisting financial institutions that desire to provide reliable financial
services to the industry and is well known amongst the leaders in the cannabis financial services arena. Going forward, we feel this positions
Safe Harbor well to further optimize market position and become the leading provider of access to financial services focused on the cannabis
industry.
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The below charts demonstrate the
historical and projected U.S. cannabis retail market size and the current state of legalization bifurcated between legalized for medicinal
purposes and full adult use legalization including recreational.
Key Challenges
Legal Environment
Cannabis remains a controlled
substance under the CSA. The conflict between federal and state laws allows for prosecution at the federal level, assets remain subject
to seizure, and there are potential punitive actions by third parties (including regulated) against financial institutions and financial
services providers for entering the business. The only quasi-protective measure in place is the Rohrabacher-Blumenauer Amendment to the
Appropriations Budget. However, this amendment is not specifically for financial institutions and is only for the general purpose of prohibiting
the use of federal funds to prosecute CRBs in states that have created a regulatory framework for medical cannabis only. The uncertainty
of the legal landscape has increased with the previous Attorney General's January 2018 rescission of the Cole Memorandum, which
was guidance issued in August 2013 from then Deputy Attorney General James M. Cole to federal prosecutors that de-prioritized the enforcement
of federal marijuana prohibitions. Although, in our opinion, the authority to prosecute cannabis related violations appears to remain
vested in each state's Attorney General, we believe that the 2014 FinCEN Guidance provide an important framework for compliance
to parties providing services to CRBs. We also believe that the successful completion of 16 regulatory examinations of our financial institution
clients for which we provide onboarding services demonstrates that it is possible to structure onboarding, validation and monitoring services
in a compliant manner.
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Pending Legislation
Legislation pending at the federal
level such as the SAFE Banking Act described above will provide limited protection to financial institutions banking the industry and
other financial services providers in as much as the companies and their officers will not be prosecuted or fined simply for servicing
the cannabis industry. However, legislation will not protect financial institutions from breaches of Bank Secrecy Act ("BSA")
regulations, which may lead to significant penalties, often resulting in substantial fines assessed by FinCEN. Given inherent risks associated
with the cannabis industry such as the remaining illicit market and illegal past, the need to bank the industry at an elevated level of
compliance will not change if the legislation passes at the federal level unless BSA changes, which is unlikely.
Complexity of Business
The nature of the cannabis business
is such that businesses utilize sophisticated business structures for asset protection and to create ways to maximize tax efficiencies.
This makes for very complex business structures with some companies having twenty plus related entities that financial institutions must
monitor for adherence to anti-money laundering ("AML")/BSA regulations. This understanding, diligence and underwriting is
labor-intensive work requiring significant hands-on resources.
Regulatory Uncertainty
Due to the divergence between
cannabis-related state and federal law, we believe venturing into providing access to banking and financial services for CRBs remains
"cutting edge." We feel that the scrutiny and pressure under which financial institutions and financial services providers
must operate to maintain compliant while servicing CRBs, coupled with the pending status of further federal legislation, causes most financial
institutions and financial services providers to shy away from the industry. We, however, view this as an opportunity.
While post-Business Combination
SHF will not be regulated as a subsidiary of a regulated financial institution, our agreements with our financial institution partners
and the nature of our services typically require we provide these services in a compliant manner. This primarily relates to offering services
that are compliant with the 2014 FinCEN Guidance and the BSA. In addition, given our history of being born from a credit union, our services
historically have been subject to regulatory oversight from the National Credit Union Administration ("NCUA"). As we will
no longer be a credit union service organization post-Business Combination, this will no longer be the case. SHF will nevertheless continue
to be subject to a range of laws, rules, and regulations, including those applicable to SHF as a wholly owned subsidiary of an SEC registrant.
In order to ensure we provide
our services in an appropriate manner, we maintain policies and procedures we believe to be aligned with the requirements of 2014 FinCEN
Guidance and the BSA. These policies and procedures are continuously assessed by management and formally reviewed at least annually. All
employees are provided ongoing and annual training to ensure our services are delivered in an appropriate manner. An external audit firm
is engaged to audit our compliance with certain policies on a quarterly and annual basis.
BSA/AML Regulations and Ramifications
BSA penalties for non-compliance
are significant. For example, during March 2022, FinCEN issued a consent order issuing a $140 million civil penalty to a financial institution
for failing to address previously identified AML program issues and other BSA compliance issues. This fine was unrelated to CRBs, which
we believe provides a higher risk industry. We believe that most institutions cannot withstand such a penalty and will not take that risk.
BSA talent is difficult to find and delegating such legal risk to BSA staff takes a great deal of trust, training, and additional resources
to monitor activities and protect the financial institution. We believe our history and experience of providing compliant financial services
and in conjunction with our financial institution clients successfully completing 16 regulatory examinations reduces our risk in this
area and provides us with a competitive advantage. We are committed to providing services in a compliance first fashion.
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Certification Program for Financial Institutions
Standardization between financial
service providers and various regulating agencies (FDIC/OCC/NCUA) has created a difficult situation for law enforcement when determining
which entities are protecting the financial system. Safe Harbor has worked with state attorneys general to build comfort and understanding
on what constitutes a safe and sound program, ensuring no illicit funds enter the financial system. An example of this collaboration led
to the development of a New Mexico cannabis banking certification program upon which financial institutions can obtain certification and
law enforcement can rely on these certifications to make better assumptions with regards to those financial service providers truly assisting
with their priorities. Safe Harbor's test certifications for Hemp/Cannabis/Testing and financial institutions have been successfully
completed and presented to law enforcement for their review. At this point, they have supported the efforts and the program will move
forward to include annual certification requirements with minimum standards. Safe Harbor will continue to work with law enforcement to
complete a certification program for cannabis banking financial institutions; setting a standard upon which law enforcement can rely.
Cannabis Focused Fintech Competition
Financial regulators have created
a real or perceived barrier to entry for most financial institutions. This has created the utilization of fintech models to provided financial
services to the cannabis industry. Unregulated fintechs, i.e., those not formally regulated by federal agencies, are not subject to the
same restrictions as chartered financial institutions (i.e., concentration limits on the percentage of balance sheet composed of higher
risk cannabis deposits). Fintechs may enjoy this less restricted environment for a period of time but we anticipate these companies will
become subject to increasing regulatory requirements. We believe competition at the fintech level remains limited, as the emerging cannabis
market requires the creation of sustainable fintech models that understand the regulatory environment, combining technology and regulation.
While not fully regulated, fintech models are responsible for moving funds through the financial system via banking partners and must
therefore be aware of regulations surrounding the movement of funds and implement BSA programs themselves.
How Safe Harbor Addresses These Challenges
Safe Harbor's solutions
are designed to address the key challenges faced by financial institutions desiring to provide banking services to CRBs. Today's
industry participants lack sufficient and reliable access to traditional financial services. We believe our solutions offer valuable services
making communities safer, drive growth in local economies and foster long-term partnerships.
Safe Harbor serves financial institutions
desiring to provide banking services to the regulated cannabis industry and maintains a high standard of accountability, transparency,
monitoring, reporting and risk mitigation measures while meeting BSA obligations in-line with the 2014 FinCEN Guidance relating to CRBs.
BSA obligations vary depending on the growth and complexity of the CRB banking customers' business, resulting in financial service
providers constantly adjusting activities to meet expectations. Safe Harbor's program has actual "hands-on" experience
in the market since January 2015. We have increased BSA activities every year to manage to the emerging market risks and growth of the
portfolio. This experience has allowed for the formulation of best practices and standardized processes that provide for a better understanding
of these risks in order to mitigate them. We believe that the Safe Harbor brand has been optimized on a national level to include sound
and recognized exposure with financial institutions, legislators, governing officials, attorneys' generals, regulators and the overall
cannabis industry.
We have developed proprietary
software built specifically for the cannabis industry from input gathered from our experience handling the onboarding of CRB accounts
for PCCU. Our software enables our financial institution clients to manage the customer onboarding process, including applications and
intake, "know your customer" diligence, and ongoing compliance monitoring, coupled with financial services relationship monitoring.
Our software is continuously improved based on our experience and is updated to include new options and functions associated with the
emerging cannabis market. Our software is able to run on different core banking systems, so as a result we are able to offer this software
to financial institution clients who desire to use our software for diligence and monitoring purposes for their own CRB customers without
our assistance. Ultimately, we believe that our software can be updated to accommodate new industries and to enhance existing processes
for increased efficiencies.
Financial institutions
continue to shy away from banking the cannabis market due to cannabis remaining a Schedule 1 drug, thus illegal under federal law.
Because there is no "safe harbor" for financial institutions seeking to provide banking services to CRBs, it provides us
the opportunity to capitalize on our knowledge and position as a market leader. We believe most financial institutions will not
enter the market until federal legalization occurs -- especially the large, multi-state financial institutions. Even then, the
industry will still be considered a higher-risk banking sector needing strong experience and vetted programs. The 2014 FinCEN
Guidance issued in February 2014 detailed the regulatory agency's compliance and monitoring expectations for financial
institutions servicing the cannabis industry. In our opinion, this created a window of opportunity allowing for the ability to serve
the cannabis industry. We believe this window of opportunity, along with our proven track record, reduces the risk of any negative
consequences as a result of servicing the cannabis industry.
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It is our opinion that many competitors
will attempt to enter the financial services market without understanding the complexity or regulatory demands and we believe many will
quit once they assess required resources to maintain a compliant program. We have seen several financial institutions divest their balance
sheet of cannabis risk in the last year due to regulatory pressures and demands on BSA dedicated resources.
Banking, or the lack of banking
provided to the cannabis industry, remains a national issue due to the conflict in federal and state laws, reputational risk, and AML/BSA
regulatory requirements. CRBs have been unbanked or even banked secretly. Many financial institutions start serving the industry only
to quickly close down their cannabis focused operations due to i) lack of industry knowledge, ii) regulatory pressure, iii) cash management
volume, and iv) the labor-intensive monitoring and reporting requirements.
Traditional fintech operations
typically have difficulty obtaining banking relationships in which to conduct business as the financial institution still remains liable
for BSA obligations and yet the fintech retains control of all safety and soundness processes - a high and potentially expensive financial
institution risk without direct control. Safe Harbor, under the umbrella of our parent financial institution, PCCU, methodically built
its platform in a regulated manner under the supervision of financial regulators. This allows Safe Harbor to continue to operate with
attention and activities based upon required regulations and provide financial institution partners with whom we work confidence in our
ability to manage the higher-risk cannabis industry. Going forward, Safe Harbor will continue to operate in a manner to ensure a smooth
transition once regulations are standardized for businesses providing financial services under a fintech model.
Our Competitive Strengths
We believe that we are a leading
service provider to financial institutions desiring to provide banking services for the U.S. cannabis industry, and our key competitive
strengths are the following:
We are a leading provider of services to financial
institutions desiring to provide banking services to CRBs in the U.S.
We are one of the largest providers
of access to financial service solutions to U.S. cannabis operators with nearly 600 accounts that were onboarded using our services, over
$12 billion in funds monitored since inception (including our predecessor, Eagle Legacy Services, LLC, which was a subsidiary of PCCU)
and approximately $3.6 billion in cannabis-related business deposits sourced by us in 2021. Since 2015, the accounts onboarded by us has
grown from 10 accounts in Colorado to nearly 600 accounts across 20 states with compounded annual growth rate of deposit activity of approximately
69%. These accounts represent a diverse base of multi-state operators, single-state operators, and ancillary businesses that provide services
to CRBs. As the number of CRBs continues to grow and future new markets are created, we believe that our reliable suite of financial compliance,
onboarding and monitoring service offerings, coupled with our established position in the industry, will enable us to continue to grow
the number of financial institutions to which we provide our services in new markets and deepen our existing leadership position. We believe
that our experience to date in onboarding CRB accounts, growing geographic footprint, and established position as a leading provider of
access to financial services all support our efforts as a first mover in new markets and make it more difficult for incumbents and new
entrants to replicate our success.
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We have a currently unique cost of capital advantage,
robust pipeline of lending opportunities, and underwriting expertise.
Access to capital is a critical
need for CRBs to expand their existing operations, build out facilities in new markets, and to fund acquisition opportunities. Our relationships
allow us to provide lending services from the CRB account balances held at our financial institution clients to their existing and new
customers, providing a cost of capital advantage that we believe is currently unique as compared to specialty lenders or other competitors
in the space reliant on outside capital to finance loans. As of December 31, 2021, our lending capacity from existing deposits alone was
approximately $95 million. Since December 2021, our lending capacity has increased due to the increase in PCCU's net worth and applicable
lending capacity ratio. As part of this transaction, we anticipate PCCU's net worth to increase substantially as SHF's largest
shareholder. Additionally, as these deposits continue to grow through new customers or expansion of existing operations, we will expand
our lending capacity through our own business growth. Due to this lower cost of capital advantage, we target senior secured loans with
competitive interest rates which we believe are significantly lower than competitors while allowing us similar or greater net interest
spreads. Our cost-of-capital advantage may be eroded, however, as other financial institutions that have a similarly low cost of capital
increasingly enter the CRB lending space.
Since launching our commercial
lending program in 2020, we have grown our actionable pipeline of qualified lending opportunities to approximately $500 million, representing
established public and private CRBs across 10 different states. Our pipeline consists of existing CRBs whose accounts Safe Harbor onboarded,
including both single and multi state operators. We believe that as our lending program expands and additional marketing efforts are deployed,
our pipeline of opportunities will continue to grow.
We believe our proprietary onboarding
platform and experience with CRBs have developed differentiated knowledge of CRBs and insights into underwriting loans. While third parties
are currently used to provide loan underwriting and servicing services, Safe Harbor plans on building out a full-service internal lending
function to improve the efficiency of our lending process and to increase future profitability. Through our third-party loan underwriting
and servicing providers, we utilize various forms of collateral in underwriting including real estate, equipment, license values, receivables,
and other business assets to determine collateral packages. Our internal team is led by experienced cannabis investors and supported by
a rigorous loan committee process and external underwriting resources.
Our collection procedures are
designed to ensure that neither we nor our financial institution clients who provide funding for a loan, nor a third-party agent engaged
to assist with the liquidation or foreclosure process, will take possession of cannabis inventory, cannabis paraphernalia, or other cannabis-related
assets, nor will they take title to real estate used in cannabis-related businesses. Upon default of a loan, a third-party agent will
be engaged to work with the borrower to have the borrower sell collateral securing the loan to a third party or to institute a foreclosure
proceeding to have such collateral sold to generate funds towards the payoff of the loan. Applicable regulations under state law that
govern CRBs generally do not permit the taking of title to real estate involved in commercial sales of cannabis, whether through foreclosure
or otherwise, without prior regulatory approval. The sale of a license or other realization of the value of licenses also requires the
approval of state and local regulatory authorities. A defaulted loan may also be sold if such sale would yield higher proceeds or that
a sale could be accomplished more quickly than a foreclosure proceeding while yielding proceeds comparable to what would be expected from
a foreclosure sale. Such sale of the loan would be conducted through a third-party administrative agent. However, we can provide no assurances
that a sale of such loans would be possible or that the sales price of such loans would be sufficient to recover the outstanding principal
balance, accrued interest, and fees.
As the industry continues to expand,
we believe our existing client relationships and industry expertise will continue what we believe to be our competitive advantage as a
commercial lending solution for CRBs.
We have deep expertise in financial services
and regulations and the unique challenges faced by financial institutions.
We entered the cannabis market
in 2015 and have leveraged management's expertise in financial regulation and compliance to solve the issues faced by financial
institutions seeking to serve the cannabis industry, as well as cannabis customers seeking financial service solutions. We have designed
specific onboarding practices and compliance monitoring procedures that we believe are difficult to replicate without expertise and experience
to support internal operations.
Safe Harbor was sought out by
financial institutions wanting to enter the cannabis banking market. Consequently, we created a program to train, support and license
our processes and procedures while providing onboarding services to financial institutions; helping them build their own cannabis portfolios.
We selectively choose financial institutions that will further our model at this point to leverage balance sheets and to create a network
of financial institutions with whom to syndicate large cannabis loans; sharing the risk and expanding our access to balance sheets with
trusted partners.
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In 2016, due to incoming inquiries
from other financial service providers, Safe Harbor's CEO wrote a book outlining the process to start a cannabis banking program
to assist others with providing financial services to the cannabis market. The book assisted many financial service providers navigate
their way through the risks associated with serving the cannabis industry.
We are uniquely positioned to consolidate the
highly fragmented cannabis financial services providers.
As a leading service provider
to financial institutions desiring to provide banking services to CRBs and a recognized leader in compliance services for financial institutions,
we are well positioned to consolidate offerings across the cannabis financial services value chain. Our deep customer knowledge drives
our growth strategy and allows us to target additional services with an existing customer base and add customers through new offerings.
We plan to create significant value, attract additional financial institution clients, and deepen our relationship with existing financial
institution clients through leveraging our account data and insight to develop or acquire additional financial service offerings.
We have assembled a highly experienced and complementary
senior management team to execute our strategy.
Our Chief Executive Officer, Sundie
Seefried, has over 35 years of financial services experience, over 30 years as a financial institution executive, with 20 of those as
the CEO, and is a nationally recognized CEO and industry thought leader in cannabis financial services. Our Chief Strategic Business Development
Officer, Tyler Beuerlein, has over eight years' experience in cannabis financial services and developing bank and credit union relationships.
We continue to build out a team that we believe can execute on a national strategy and already well versed on the intricacies of the cannabis
market. The existing expertise, requiring no steep learning curve, will provide us the competitive advantage to lead the market while
others are learning and building expertise.
Our Growth Strategies
Our goal is to become the leading
cannabis focused fintech and provider of access to financial services, providing one-stop shop for financial institution clients desiring
to provide services across all verticals in the cannabis space. In order to achieve our goal, we plan to implement organic and M&A
growth strategies along with expanding in keeping with the changing regulatory landscape in the U.S. and abroad.
As of March 31, 2022, we had onboarded
and were monitoring approximately 600 accounts spanning various CRB sectors, including but not limited to cultivators, manufactures, retailers,
technology providers, and point of sale providers, including small single state operators to some of the largest multi-state cannabis
companies. Deposits processed through our platform for our financial institution clients have steadily increased since our inception.
Refer to the below chart for onboarded deposit activity by year.
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We believe our reputation in the
cannabis industry and the financial solutions we provide to financial institutions desiring to provide banking services to CRBs provide
us with the opportunity to expand our operational footprint and grow revenue through selling additional services and providing incremental
value to CRBs through lending services. The revenue growth of the accounts monitored by us will lead to larger deposit driven fees along
with an expanding "sticky" deposit base, which will in turn allows us to provide loan services that further assist the CRBs
in their growth. This creates a "flywheel" effect that will benefit us. Through being one of the first providers of access
to financial services focused on cannabis, we have created the go-to name for access to compliant cannabis financial services and, through
our value-added services relating to time-consuming and intensive onboarding, validation and monitoring processes, we continue to see
year over year revenue and profit growth.
New Medical and Recreational Cannabis Markets
Across the U.S., legalization
efforts have continued at a swift pace. Generally, states begin with smaller medical cannabis use programs before transitioning to full
adult-use recreational markets. As new markets open, CRBs in new states typically have trouble with access to financial services and do
not understand how to properly deal with the unique nuances that come with compliantly banking cannabis companies. We plan on leveraging
our positioning from a regulatory perspective to be a responsive first-mover by offering our services to financial institutions in new
recreational and medical cannabis markets as they become legal, which will give us an ability to expand operations into these new states.
We believe our extensive understanding of how to handle this cash intensive business puts us in a unique position to not only assist through
providing our compliance services to financial institutions, and participating in the educational process to ensure a properly banked
cannabis industry in each new state. Furthermore, our lending services will enable us to assist in providing sources of capital to early
entrants into these newly legalized states and further build a moat around our business model. We have also begun to look at new markets
outside the U.S. that are at the beginning stages of legalization efforts. We will leverage our compliance first expertise as we work
with regulators to build out compliant financial service solutions for these jurisdictions.
Further Penetrate Existing Legal Markets
We plan to leverage our existing
position in the market as a reputable solution along with our additional value-added services to grow within the legal cannabis markets
in which we currently operate. While we believe that we are currently one of the larger firms focused on providing access to financial
services for cannabis, we are geographically concentrated in the state of Colorado and believe through increased marketing, we are in
a strong position to grow the deposits onboarded and monitored by us and the resulting revenue driven by fees from these deposits and
lending services through expansion into new markets in states where cannabis is legal and into existing states where cannabis is legal
and in which we have onboarded fewer accounts. It is important to note that, historically, our growth has been driven primarily through
word of mouth surrounding our compliant solution and value-added services. We believe that without past constraints as a result of being
wholly owned by PCCU, we will be able to increase our account onboarding capacity and capture meaningful business in all currently legal
cannabis markets. These constraints have included the following:
● We have been expanding our management
team in anticipation of the closing beyond our prior senior staffing levels, such as adding Tyler Beuerlein as our Chief Strategic Business
Development Officer, and engaging other consultants and advisors to assist in the development of our lending program and to expand our
business development efforts.
● As a wholly owned subsidiary of
a credit union, the capacity for our lending services and our ability to onboard additional CRB accounts needing access to deposit services
are limited by regulations and PCCU policies that limit, for example, the types and amounts of loans offered to our CRB customers and
the aggregate amount of deposits held by PCCU for CRBs. To the extent that we continue to work with PCCU to provide loans to CRBs and
host CRB deposits, those regulatory limitations and PCCU policies will continue to apply to loans made and deposits hosted by PCCU. We
are not restricted from seeking arrangements with other financial institutions following the closing and therefore our business plan includes
a focus on expanding the funding sources for our loan services and expanding the number of financial institutions to whom we will provide
our account onboarding, validation and monitoring services.
● We have depended on PCCU for various
services, including operational, financial, marketing, IT and human resources. PCCU will continue to provide many of these services for
us following the closing under our Amended and Restated Support Services Agreement. We currently intend to bring certain functions in
house, such as financial reporting and marketing, following the closing. Our ability to bring operational functions in house will enable
us to focus our resources in the manner we determine will best serve our needs.
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Lending
Through the introduction of our
lending services program in 2020, we have begun to add new revenue streams to the business reflecting our recent focus on ramping up our
lending services business. Our lending services program is among the first commercial cannabis lending services programs in the United
States. We believe that the rates offered by our financial institution clients are extremely competitive relative to the specialty asset
lenders, private investment funds and public REITs that have been most active in the CRB lending space, as well as with financial institutions
that have begun lending to CRBs. We believe that our advantage associated with our lending services is the materially lower cost of capital
relative to the other non-financial-institution lenders because our loans to date have been, and we anticipate in the future will be,
made from funding provided by deposits held at PCCU and other financial institutions with which we may have future deposit custody relationships.
Deposits are traditionally a low cost of funds for financial institutions. By comparison, specialty lenders and other non-financial-institution
lenders typically obtain funds for lending activities through debt or equity capital raises or warehouse lines of credit, both of which
are generally more costly sources of capital. We believe that the current cost of capital advantage associated with our lending services
will allow us to lend at lower rates while obtaining similar gross yields. Furthermore, our lending services program can allow for further
deposit growth of deposit accounts we onboard due to our more recent strategy of adding depository accounts for businesses who obtain
a loan through our services. As we increase lending services, we may also increase the deposits held by our financial institution clients,
which then in turn may increase our lending services. Our cost-of-capital advantage may be eroded, however, as other financial institutions
that have a similarly low cost of capital increasingly enter the CRB lending space.
On June 7, 2022, we announced
the closing of a $5.0 million senior secured loan to Solar Cannabis Co. ("Solar"), headquartered in Somerset, Massachusetts
(the "Solar Loan") by PCCU. Solar was referred to us by Luminous Capital Inc., an affiliate of the Sponsor. The Solar Loan
was underwritten and closed in accordance with PCCU's customary underwriting standards and closing procedures and funded by PCCU.
Pursuant to a consulting agreement dated January 5, 2022 by and between Luminous Capital Inc. and Solar, Luminous Capital Inc. received
a fee of $50,000 from Solar in connection with the closing of the Solar Loan. The payment of this fee to Luminous Capital Inc. was disclosed
to, and reviewed and approved by, the boards of directors of the Company and PCCU and the board of managers of SHF.
Growth Through Potential Acquisitions
Initially, our M&A strategy
will focus on opportunities that expand the services we can offer, increase our lending capacity and complement our technology platform.
We also intend to focus on growing depository account compliance services and lending services market share through direct acquisitions
by our financial institution clients of accounts that we will then service. In the long run, a sound M&A strategy will be important
to the end goal of Safe Harbor being the one stop shop for access to cannabis focused financial services. We believe approaching potential
candidates in a disciplined manner will enhance our reputation as a trustworthy partner and encourage others to come to the table. Our
objective is to attract the best of the best with proven track records. Targets will be assessed, amongst other things, based on various
attributes including:
●
existing proven models,
●
enhanced and incremental revenue and service offerings,
●
accretive internal talent and expertise to grow the cannabis business and
●
technological and other competitive differentiation.
For each transaction, potential synergies and efficiencies
resulting in increased profitability will be analyzed in conjunction with thorough due diligence.
Business Development and Sales
We have added a very high level,
well networked individuals to continue to expand our national presence. Tyler Beuerlein has networked at multiple levels, establishing
a high level of credibility with financial institutions, regulators and the cannabis industry. He has personally assisted numerous cannabis
entities with securing banking across the country and will now bring that talent and network to Safe Harbor.
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Marketing
Historically, Safe Harbor has
grown almost entirely through word of mouth and organic growth. While still robust, growth was constrained by our present owner, PCCU,
due to cannabis client concentration limits and other balance sheet constraints. Thus, marketing was not necessary. As the market has
evolved and with increased competition, marketing will be leveraged at a higher level than in the past. We have accomplished great success
without marketing, and we are confident that allocating marketing dollars to our activities in conjunction with our business development
activities will prove fruitful.
In 2022, we formally produced
our first marketing plan for the next level of success and will be focusing on the following activities to ensure greater exposure and
brand awareness:
●
utilization of a well-known public relations and investor relations firm,
●
new website to optimize search engine optimization,
●
referral relationships and success fees,
●
multiple conference participation and speaking engagements,
●
customer retention promotions, and
●
email and e-blast campaigns along with more traditional direct mail marketing activities.
Technology
We are constantly looking to enhance
our proprietary software solution built specifically for the cannabis industry. As the market changes or Safe Harbor expands its lines
of businesses, we intend to continue to build out our software to ensure efficiencies and fulfilment of necessary BSA obligations and
incremental services. Likewise, our proprietary onboarding software will be updated to accommodate new industries as well as enhance present
processes for increased efficiencies. We anticipate further expanding our technology to enhance how we work with our financial institution
clients and ultimately, consistent with applicable laws and regulations, to allow for greater ability to onboard, validate and monitor
CRB deposit accounts and provide our lending services to our financial institution clients.
Revenue Concentration
As previously discussed, we provide
BSA and other compliance onboarding, validation and monitoring services for PCCU and other financial institutions, which hold the deposit
accounts for CRBs and ancillary businesses. We provided these services in connection with approximately 572 account holders, which were
composed of 291 CRBs and 281 ancillary businesses at December 31, 2021 and approximately 590 account holders composed of 307 CRBs and
283 ancillary businesses at March 31, 2022. The fees for accounts we onboarded are generated at the account holder level. Currently, fee
income from onboarded accounts represents our largest revenue stream. No single account holder was responsible for more than 2% of deposit
fee income for the year ended December 31, 2020 and 2021, respectively. No single account holder was responsible for more than 2% and
3% of deposit fee income for the three months ended March 31, 2021 and 2022, respectively. No single account holder accounted for more
than 6.4% and 7.6% of account balances onboarded at December 31, 2020 and 2021, respectively. No single account holder accounted for more
than 12.0% and 7.2% of account balances at March 31, 2021 and 2022, respectively. The 10 largest accounts onboarded by us resulted in
approximately 9.4% and 11.9% of fee income for onboarded accounts for the years ended December 31, 2020 and 2021, respectively, and resulted
in approximately 13.1% and 10.3% of fee income for onboarded accounts for the three months ended March 31, 2021 and 2022, respectively.
Currently, we do have a higher concentration of revenue from accounts for CRBs in Colorado but that has begun to shift throughout 2021
and will continue into the future as we execute a national marketing program.
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All fees and related revenue for
the ongoing monitoring and validation services are collected by Safe Harbor's financial institution clients or their third party
agents and subsequently paid to SHF. Depository and account activity fees are debited from the CRB deposit accounts held at the financial
institution clients. Amounts are remitted to Safe Harbor typically one month in arrears. When providing lending services, typically the
full loan amount is funded by the financial institution client to a third party processor prior to payment to the borrower. Any loan origination
fees due to Safe Harbor are remitted to Safe Harbor from the processor at the time of loan closing. Loan interest is currently collected
by either a third party servicer or the financial institution client. Related loan interest due to Safe Harbor is typically paid one to
two months in arears. Interest income is generated from depository cash held at the financial institution. Safe Harbor's portion
of interest income is paid to Safe Harbor by the financial institution client.
Regulation
In the conduct of its business,
Safe Harbor is subject to various laws, regulations and rules enacted by national, regional and local governments relating to, among other
things, laws and regulations associated with lending and the cannabis industry. As a subsidiary of a credit union and a credit union service
organization (a "CUSO"), Safe Harbor's services historically have been subject to regulatory oversight from the NCUA.
Following the closing of the Business Combination, Safe Harbor will no longer be a CUSO. Nevertheless, to ensure we provide our services
in a manner compliant with our financial institution partners' regulatory requirements, Safe Harbor maintains policies and procedures
consistent with the requirements of the 2014 FinCen Guidance and the BSA.
●
The 2014 FinCEN Guidance clarify how financial institutions can provide services to CRBs businesses consistent with their BSA obligations. The 2014 FinCEN Guidance provide that the decision to open, close, or refuse any particular account or relationship should be made by each financial institution based on a number of factors specific to that institution, including the institution's business objectives, an evaluation of the risks associated with offering a particular product or service, and its capacity to manage those risks effectively. The 2014 FinCEN Guidance specify that thorough customer due diligence is a critical aspect of making this assessment, which diligence should include: (i) verifying with the appropriate state authorities whether the business is duly licensed and registered; (ii) reviewing the license application (and related documentation) submitted by the business for obtaining a state license to operate its marijuana-related business; (iii) requesting from state licensing and enforcement authorities available information about the business and related parties; (iv) developing an understanding of the normal and expected activity for the business, including the types of products to be sold and the type of customers to be served (e.g., medical versus recreational customers); (v) ongoing monitoring of publicly available sources for adverse information about the business and related parties; (vi) ongoing monitoring for suspicious activity, including for any of the red flags described in this guidance; and (vii) refreshing information obtained as part of customer due diligence on a periodic basis and commensurate with the risk. The 2014 FinCEN Guidance also provide guidance with respect to a financial institution's or service provider's obligations to file suspicious activity reports, or SARs, on CRBs. The 2014 FinCEN Guidance also describes "red flags" that point to activities that signal potential illegal activities. Finally, the 2014 FinCEN Guidance reminds financial institutions of their obligations to file currency transaction reports for CRBs engaging in cash transactions in excess of $10,000 per day.
●
The Currency and Foreign Transactions Reporting Act of 1970, which is commonly referred to as the "Bank Secrecy Act," or BSA, requires U.S. financial institutions to assist U.S. government agencies to detect and prevent money laundering. Specifically, the BSA requires financial institutions to keep records of cash purchases of negotiable instruments, file currency transaction reports, and to report suspicious activity that might signify money laundering, tax evasion, or other criminal activities.
To the extent that Safe Harbor
provides the funding for a loan, its commercial lending activities are subject to various state laws relating to usury that govern or
limit interest rates and other fees charged on loans, permitted contractual loan terms, collection practices and creditor remedies.
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As Safe Harbor's business
expands to additional states, we will be required to review and comply with those states' laws that apply to our services and business
activities. We will also be required to determine whether we will become subject to additional areas of regulation if we expand the types
of activities in which we engage. For example, because we do not hold customer deposits or offer loans for consumer or personal purposes,
we are not currently required to have a financial institution charter or lending license in the states in which we currently provide services
or loans. If we do not identify activities that would require a regulatory application, license or other approval, or if the interpretation
and application of the laws to which we are currently subject change, those additional laws, rules and regulations or changes therein
could have a material adverse effect on our business, investments and results of operations. A failure to comply with any applicable laws,
regulations or rules, as interpreted and applied, could have a material adverse effect on our business and results of operations.
Competition
We operate in an increasingly
competitive market for compliance, customer intake and management, and lending services. Our competitors for our compliance and customer-focused
services include both traditional financial institutions and fintech companies. Some of our competitors are substantially larger and more
established and have considerably greater financial, technical and marketing resources than we do. Although we believe that some of our
competition is fragmented, with competitors offering technology that enhances customer banking experiences or offers compliance-focused
solutions directly to the financial institution but not a combined suite of offerings consisting of compliance focused software and monitoring
coupled with personalized financial services relationship management and lending capabilities, there can be no assurances that our services
will enable us to successfully compete against our competitors. In addition, lending competitors include both private investment funds
and public REITS focused on the cannabis industry as well as specialty asset lenders. More recently, traditional financial institutions
have begun offering loans to CRBs. Because they have a cost of funds more comparable to ours, we may face greater competition in providing
loans to CRBs.
Intellectual Property
We have filed an application to
register the mark "Safe Harbor Financial" in the United States. We also rely on non-disclosure agreements, invention assignment
agreements, intellectual property assignment agreements, or license agreements with employees, independent contractors, consumers, software
providers and other third parties, which protect and limit access to and use of our proprietary intellectual property.
Circumstances outside our control
could pose a threat to our intellectual property rights. For more information, see the section entitled "Risk Factors—Risks
Related to Safe Harbor's Intellectual Property."
Facilities
Our corporate headquarters is
located in Arvada, Colorado pursuant to a month-to-month lease from PCCU. Safe Harbor is currently looking at moving to a space that is
better suited for growth and to attract and retain top-tier talent. We believe we can obtain this required space on commercially reasonable
terms.
Available Information
SHF's Internet address is
https://shfinancial.org/. The information contained on SHF's website is not incorporated by reference into this filing and should
not be considered part of this filing. SHF's principal executive offices are located at 5269 W. 62nd Avenue, Arvada, Colorado 80003
and its telephone number is (303) 431-3435. SHF was organized in the State of Colorado on May 1, 2020.
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MANAGEMENT
Management and Board of Directors
Our directors and executive officers (as of October
7, 2022) are as follows:
Name
Position
Sundie Seefried
Chief Executive Officer
Chris Fameree
Chief Financial Officer
Donald T. Emmi
Chief Legal Officer
Tyler Beuerlein
Chief Strategic Business Development Officer
John Darwin
Director
Joshua Mann
Director
Jonathan Summers
Independent Director
Karl Racine
Independent Director
Jonathon F. Niehaus
Independent Director
Jennifer Meyers
Independent Director
Richard Carleton
Independent Director
Information about Executive Officers and Directors
Certain information about the
anticipated executive officers and directors of the Company is provided below:
Sundie Seefried.
Ms. Seefried
currently serves as the Chief Executive Officer of the Company, a position she has held since July 2021. Prior to joining the Company,
Ms. Seefried served as the Chief Executive Officer of PCCU from 2001 until June 2021 and as the Chief Executive Officer of Eagle Legacy
Services, LLC from January 2020 until March 2021. Ms. Seefried previously served as a board member of the Colorado Division of Financial
Services from 2019 until 2021, and as a board member of the Credit Union Association from 2007 until 2015. Ms. Seefried received her Bachelor
of Science in Business Management from the University of Maryland and her Master of Business Administration from Regis University, Colorado.
Donald T. Emmi.
Mr. Emmi
currently serves as Chief Legal Officer for the Company. Before this role, Mr. Emmi was Managing Partner of Hunsaker | Emmi, P.C., a position
he has held since December 2004. Mr. Emmi was a partner of Hoban Law Group, P.C. from September 2019 until July 2021 when it was merged
with Clark Hill, PLC. Following the merger, Mr. Emmi serves in an of counsel capacity to Clark Hill, PLC. Mr. Emmi previously served as
an officer and director of Test Kitchen, Inc., a product manufacturer, from December 2020 until April 2021; and as a director of Pure
Harvest Corporate Group, Inc. from December 2020 until December 2021. Mr. Emmi is also the former Chair of the National Cannabis Industry
Association Banking and Financial Services Committee 2020 (Vice Chair 2019). Mr. Emmi received his undergraduate degree from East Stroudsburg
University of Pennsylvania and his Juris Doctor from the University of Denver Sturm College of Law. Prior to practicing law, Mr. Emmi
was a licensed Series 7 and 63 securities dealer and served in the United States Air Force from 1999 until 2007.
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Chris Fameree
. Mr. Fameree
serves as the Chief Financial Officer of the Company. Before this role, Mr. Fameree was the Managing Director of Diligence Solutions Group,
a comprehensive due diligence and quality of earnings firm. Previously, Mr. Fameree served as a Senior Manager in the Transaction Advisory
Services Group and Audit Group of a large regional CPA firm. During this time, Mr. Fameree participated in numerous business combinations
and due diligence assignments. These transactions ranged from $10.0 million to over $100.0 million in value. Mr. Fameree also worked at
PricewaterhouseCoopers, where he served lead roles on engagements from international Fortune 500 companies to closely held private manufacturers.
Mr. Fameree has over 15 years of combined public accounting and industry experience and has led and participated in numerous engagements,
including due diligence engagements, financial statement audits, and other advisory projects. Mr. Fameree received his BBA in Accounting
from the University of Wisconsin and is a licensed Certified Public Accountant in North Carolina and Wisconsin.
Tyler Beuerlein.
Mr. Beuerlein
currently serves as the Chief Strategic Business Development Officer of the Company, a position he has held since April 2022. Prior to
his employment with the Company, from February 2015 to April 2022, he served as the Chief Revenue Officer and Chief Business Development
Officer for Hypur Ventures, a venture capital fund dedicated strategic investments in businesses that operate in the legal cannabis industry.
Mr. Beuerlein was the former Chairman of the National Cannabis Industry Association Banking and Financial Services Committee (2020). Additionally,
he has been appointed to be on both the Marijuana Business Daily's Advisory Board and ATACH Cannabis Beverage Council. He is also
a member of the Forbes Business Development Council. Formerly, Mr. Beuerlein founded and managed a large beverage company and was a Professional
athlete in the New York Mets Organization.
Jonathan Summers
. Mr. Summers
has served as the chairman of 3 Billion Pairs Genetic Corporation, an artificial intelligence company, since January 2022. Mr. Summers
has also been serving as the chairman of EXMceuticals Inc., a Canadian-listed medical cannabis company since May 2019. Mr. Summers has
also served as a director of Pathfinder Minerals, a mineral exploration company, since March 2021 and also serves as a member of the audit
committee thereof. He also serves on the advisory board for Mocha Holdings LLC, a data privacy company. From May 1996 until May 2011,
Mr. Summers served in various roles at Goldman Sachs, most recently serving as a Managing Director. Mr. Summers served as the Founding
Partner and the Head of Business Development for Everett Capital Advisors, a $700.0 million London-based investment fund from October
2015 to October 2019, and served as the Founding Principal and Head of Business Development for Myriad Asset Management, a $5.0 billion
Hong Kong-based multi-strategy asset management firm, from September 2011 to December 2014. Mr. Summers holds a Master in Modern History
(1st class) from Oxford University. We believe Mr. Summers is well-qualified to serve as a member of our board of directors due to his
experience in investment banking and in strategically growing businesses, and his contacts and relationships.
Jonathon F. Niehaus.
Mr.
Niehaus currently serves as the Managing Partner of Interactive Global Solutions, a consulting company, a position he has held since January
2011. Mr. Niehaus also currently serves as a manager of SHF, a position he has held since February 2022. From 2003 until 2011, Mr. Niehaus
serves as a Global SVP for First Data Corporation and the Western Union Company. Mr. Niehaus received his Bachelor of Science in Journalism
and Communications from the University of Iowa.
Jennifer Meyers.
Ms. Meyers
currently serves as the Chief Financial Officer of PCCU, a position she has held since October 2021. Ms. Meyers previously served as the
Chief Financial Officer of Clean Energy Credit Union from July 2020 until October 2021. Prior to joining Clean Energy Credit Union, Ms.
Meyers served as a Finance Executive and Strategist for DaLand LLC, a credit union service organization, from May 2019 until May 2020.
Ms. Meyers also previously served as the Chief Financial Officer of Westerra Credit Union from April 2009 until February 2019. Ms. Meyers
received her Bachelor of Science in Accounting and her Master of Accountancy from the University of Denver.
Richard Carleton.
Mr. Carleton
currently serves as the Chief Executive Officer of the Canadian Securities Exchange, a position he has held since July 2011. Mr. Carleton
also currently serves as a director of Tetra Trust, a licensed trust company, and of Blue Oceans ATS, a U.S. registered alternative trading
system, positions he has held since June 2021 and April 2021, respectively. Mr. Carleton also serves as a board member of the Empire Club
of Canada and of the Private Capital Markets Association of Canada, positions he has held since 2018 and 2017, respectively. Mr. Carleton
received his Bachelor of Arts in History from the University of Ottawa and his LLB from the University of Toronto.
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John Darwin.
Mr. Darwin
served as the Co-Chief Executive Officer of Northern Lights Acquisition Corp. Mr. Darwin is a co-founder and Managing Partner of Luminous
Capital Inc., where he identifies engagements, guides debt and equity investment strategy, and manages operations of private and public
portfolio companies. Previously, Mr. Darwin was co-founder and President of OCG, Inc. (ONE Cannabis), a United States-based cannabis dispensary
franchisor. While at OCG, Inc., Mr. Darwin grew the franchise business from inception to operations across multiple states and negotiated
a sale to Item 9 Labs Corp. (OTCQX: INLB), a publicly traded cannabis company. Mr. Darwin has over eight years of vertically integrated
cannabis operational and venture capital experience, with experience managing large scale cultivation, vertically integrated operations,
and multi-national brand strategies. Prior to the cannabis industry, Mr. Darwin held various roles in private equity and corporate finance
and has a decade of professional finance and transaction experience. Mr. Darwin received his BBA in Finance from Southern Methodist University
Cox School of Business.
Joshua Mann
. Mr. Mann served
as the Co-Chief Executive Officer of Northern Lights Acquisition Corp. Mr. Mann is a co-founder and a Managing Partner of Luminous Capital
Inc., where he helps guide the firm's public company engagements, equity financing relationships, and cross border portfolio operations.
Previously, Mr. Mann served as interim CEO of INDVR Brands (CSE: IDVR), a Colorado-based, Canada-listed company focused on the creation
and distribution of unique and high-growth brands in the legal United States cannabis market. Mr. Mann led the restructuring of INDVR
Brands and negotiated multi-state transactions, management overhaul, and streamlined operations for future expansion. Mr. Mann has over
five years of cannabis brand and Canadian operational experience and over 13 years of structured finance and investment banking experience,
with prior experience at Wildhorse Capital Partners, Blackbird Energy Inc, and Stifel Nicolaus Weisel. Mr. Mann has assisted cannabis
companies in structuring multiple reverse takeovers, go-public transactions, and raising over $70.0 million in capital. Mr. Mann received
his BA in Economics from the University of Calgary.
Board of Directors
Our Board directs our business
and affairs, as provided by Delaware law, and conducts its business through meetings of the Board and its standing committees.
In accordance with our Second
Amended and Restated Certificate of Incorporation, our Board consists of three classes of directors, with the first class consisting of
two directors with an initial term that expires at the annual meeting of stockholders held in 2025; the second class consisting of three
directors with an initial term that expires at the annual meeting of stockholders held in 202; and the third class consisting of two directors
with an initial term that expires at the annual meeting of stockholders held in 2024. At each annual meeting of stockholders, directors
elected to succeed those directors whose terms expire shall be elected for a term of office to expire at the third succeeding annual meeting
of stockholders after their election.
Committees of the Board of Directors
The Board has three standing committees:
Audit Committee, Compensation Committee, and Nominating and Corporate Governance Committee. While the Audit Committee has primary responsibility
for risk oversight, both the Audit Committee and the entire board of directors are actively involved in risk oversight on behalf of the
Company and both receive reports on the Company's risk management activities from the Company's executive management team
on a regular basis. The members of both the Audit Committee and the board of directors also engage in periodic discussions with the Company's
Chief Executive Officer, Chief Financial Officer, Chief Legal Officer, and other senior officers as they deem appropriate to ensure that
risk is being properly managed at the Company. In addition, it is expected that each committee of the board of directors will consider
risks associated with its respective area of responsibility.
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Audit Committee
Our audit committee consists of
Mr. Summers, Mr. Niehaus, and Mr. Carleton. Under Nasdaq Global Market listing standards and applicable SEC rules, we are required to
have at least three members of the audit committee, all of whom must be independent. Mr. Summers, Mr. Niehaus, and Mr. Carleton each meet
the independent director standard under the Nasdaq Global Market listing standards and under Rule 10A-3(b)(1) of the Exchange Act, and
Mr. Summers will serve as chairperson of the audit committee
The Audit Committee has established
a procedure whereby complaints or concerns regarding accounting, internal controls or auditing matters may be submitted anonymously to
the Audit Committee by email.
Compensation Committee
Mr. Carleton, Mr. Niehaus, and
Ms. Meyers serve as members of our compensation committee. Under the Nasdaq Global Market listing standards and applicable SEC rules,
our compensation committee must consist of all independent members. Mr. Carleton, Mr. Niehaus, and Ms. Meyers meet the independent director
standard under the Nasdaq Global Market listing standards, and Mr. Carleton will serve as chairperson of the compensation committee.
The Compensation Committee acts
on behalf of and in conjunction with the Board to establish or recommend the compensation of executive officers of the Company and to
provide oversight of the Company's overall compensation programs and philosophy.
Nominating and Corporate Governance Committee
Our nominating and corporate governance
committee consists of Messrs. Racine, Summers, Niehaus, Carleton and Ms. Meyers. Under the Nasdaq Global Market listing standards and
applicable SEC rules, our nominating and corporate governance committee must consist of all independent members. Messrs. Racine, Summers,
Niehaus, Carleton and Ms. Meyers meet the independent director standard under the Nasdaq Global Market listing standards, and Mr. Racine
will serve as chairperson of the nominating and corporate governance committee.
The Nominating and Corporate Governance
Committee is responsible for evaluating the composition, size and governance of the board and its committees and making recommendations
regarding future planning and the appointment of directors to the committees, establishing a policy for considering stockholder nominees
to the board, reviewing the corporate governance principles and making recommendations to the board regarding possible changes; and reviewing
and monitoring compliance with the Company's Code of Business Conduct and Ethics.
Code of Ethics
We have adopted a Code of Ethics
applicable to our directors, executive officers and employees that complies with the rules and regulations of the Nasdaq. The Code of
Ethics codifies the business and ethical principles that govern all aspects of our business. We have previously filed a copy of our form
Code of Ethics as Exhibit 14 to our registration statement on Form S-1 in connection with our IPO, filed on June 1, 2021. You may review
this document by accessing our public filings at the SEC's web site at www.sec.gov. In addition, a copy of the Code of Ethics will
be provided without charge upon request to us in writing at 10 East 53rd Street, Suite 3001, New York City, New York 10022 or by telephone
at (510) 323-2526. We intend to disclose any amendments to or waivers of certain provisions of our Code of Ethics in a Current Report
on Form 8-K.
The Company has adopted an amended
and restated Code of Business Conduct and Ethics that applies to its officers and employees, including its principal executive officer,
principal financial officer, and principal accounting officer.
Company Executive Compensation
Director Compensation
Our compensation committee determines
the annual compensation to be paid to the members of our board of directors, if any. Directors' fees after the have yet to be determined,
but are expected to consist of two components: a cash payment and the issuance of restricted stock units. The directors who also serve
as an employee of the Company do not receive additional compensation for their service as a director.
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Executive Compensation
Overview
The Company has developed an executive
compensation program which is designed to align compensation with the Company's business objectives and the creation of stockholder
value, while enabling the Company to attract, motivate and retain individuals who contribute to the long-term success of the Company.
Decisions on the executive compensation
program, as described below, are determined and/or ratified by the Board with recommendations given by the Compensation Committee, which
will be established at the closing of the Business Combination. The following discussion is based on the present expectations as to the
executive compensation program adopted by the Board.
The decisions regarding executive
compensation reflect our belief that the executive compensation program must be competitive in order to attract and retain our executive
officers. The Compensation Committee will seek to implement our compensation policies and philosophies by linking a significant portion
of our executive officers' cash compensation to performance objectives and by providing a portion of their compensation as long-term
incentive compensation in the form of equity awards.
The compensation for our executive
officers has three primary components: base salary, an annual cash incentive bonus and long-term incentive compensation in the form of
equity awards.
Base Salary
It has been SHF's historical
practice to assure that base salary is fair to the executive officers, competitive within the industry and reasonable in light of SHF's
cost structure. Our Compensation Committee will determine base salaries and manage the base salary review process, subject to existing
employment agreements.
Annual Bonuses
The Company uses annual cash incentive
bonuses for the executive officers to tie a portion of their compensation to financial and operational objectives achievable within the
applicable fiscal year. The Company expects that, near the beginning of each year, the Compensation Committee will select the performance
targets, target amounts, target award opportunities and other term and conditions of annual cash bonuses for the executive officers, subject
to the terms of any employment agreement. Following the end of each year, the Compensation Committee will determine the extent to which
the performance targets were achieved and the amount of the award that is payable to the executive officers.
Equity Awards
The Company uses equity awards
to reward long-term performance of the executive officers. The Company believes that providing a meaningful portion of the total compensation
package in the form of equity awards will align the incentives of its executive officers with the interests of its stockholders and serve
to motivate and retain the individual executive officers. Equity awards are awarded under the Incentive Plan, which has been adopted by
the Board and is being submitted to our stockholders for approval at the special meeting.
In connection with the Company's
executive compensation program, the Company has granted equity awards to its executives.
Other Compensation
The Company maintains various
employee benefit plans, including medical, dental, life insurance and 401(k) plans, in which the executive officers participate.
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Summary Compensation Table
The following table summarizes
the compensation of the executive officers of the Company:
Name
Title
Base
Salary
Bonus
(1)
Equity Award
(2)
Sundie Seefried
Chief Executive Officer
$
350,000
$
—
550,000
Chris Fameree
Chief Financial Officer
$
285,000
$
150,000
350,000
Donald T. Emmi
Chief Legal Officer
$
285,000
$
22,500
350,000
Tyler Beuerlein
Chief Strategic Business Development Officer
$
300,000
$
—
350,000
(1)
Represents an initial signing bonus.
(2)
Represents an incentive stock option to purchase the number of shares of Class A Common Stock
    listed.
Employment Agreements
On February 11, 2022, concurrently
with the execution of the Purchase Agreement, the Company entered into the Executive Employment Agreement with Sundie Seefried which
became effective September 28.2022, pursuant to which Ms. Seefried serves as the Chief Executive Officer of the Company. The Executive
Employment Agreement provides for an annual base salary of $350,000, an initial incentive equity grant of options exercisable for 550,000
shares of the Company's Class A Common Stock that will vest over two years, a long-term equity incentive to be approved
by the Board following the closing, and other customary benefits. The Executive Employment Agreement, which is for a two-year term, also
provides for severance in the event of a termination by the Company without cause or by Ms. Seefried for good reason of one year's
base salary.
Additionally, in connection with
the Company's executive compensation program, the Company has entered into employment agreements with each of Messrs. Fameree, Emmi,
and Beuerlein.
EXECUTIVE COMPENSATION
NLIT
The following disclosure concerns
the compensation of the Company's officers and directors for the fiscal year ended December 31, 2021 (i.e., pre-Business Combination).
None of our officers or directors
have received any cash compensation for services rendered to us. We have agreed to pay our Sponsor or an affiliate of our Sponsor a total
of $10,000 per month for office space, utilities and secretarial and administrative support. After September 28, 2022, we ceased paying
these monthly fees. No compensation of any kind, including finder's and consulting fees, have been paid to our Sponsor, officers
and directors, or any of their respective affiliates, for services rendered prior to or in connection with the completion of our initial
business combination. However, these individuals will be reimbursed for any out-of-pocket expenses incurred in connection with activities
on our behalf such as identifying potential target businesses and performing due diligence on suitable business combinations. Our audit
committee will review on a quarterly basis all payments that were made to our Sponsor, officers or directors, or our or their affiliates.
Directors or members of our management team who remained
with us after our initial business combination may be paid consulting or management fees from the Company.
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SHF
The following discussion and
analysis of compensation arrangements of the named executive officers of SHF for the fiscal year ended December 31, 2021 (i.e., pre-Business
Combination) should be read together with the compensation tables and related disclosures provided below and in conjunction with SHF's
financial statements and related notes appearing elsewhere in this prospectus. This discussion may contain forward-looking statements
that are based on SHF's and the Company's current plans, considerations, expectations and determinations regarding future
compensation programs. Actual compensation programs that adopted following the completion of the business combination may differ materially
from the currently planned programs summarized in this discussion. Compensation information included in the following discussion is presented
in actual dollar amounts.
Because the Company is an emerging
growth company, we have opted to comply with the executive compensation rules applicable to "smaller reporting companies,"
when detailing the executive compensation of SHF's executives, as such term is defined under the Securities Exchange Act. This section
discusses the material elements of compensation awarded to, earned by or paid to the principal executive officer of SHF and the two next
most highly compensated executive officers of SHF. These individuals are referred to as SHF's "Named Executive Officers"
or SHF's "NEOs."
Summary Compensation Table
The following table presents information
regarding the compensation of SHF's sole executive officer for services rendered during the fiscal year ended December 31, 2021
(the "
2021 Fiscal Year
"):
Name
Title
Base
Salary
(1)
Sundie Seefried
Chief Executive Officer
$
350,000
(1) Represents base salary for the period from July
1, 2021 through December 31, 2021. Prior to July 1, 2021, Ms. Seefried was not compensated by SHF.
Base salary is a fixed element
within a total compensation package intended to attract and retain the talent necessary to successfully manage the business of SHF and
execute its business strategies. The base salary for SHF's sole executive officer was established based on the scope of her responsibilities,
taking into account relevant experience, internal pay equity, tenure, and other factors deemed relevant.
Outstanding Equity Awards at Fiscal Year-End
Ms. Seefried, SHF's sole
executive officer, did not hold any equity awards as of December 31, 2021.
Additional Narrative Disclosure
Retirement Benefits
Other than benefits under SHF's
401(k) plan, SHF has not provided the Ms. Seefried with any retirement benefits. Under SHF's 401(k) plan, employees, including Ms.
Seefried, are allowed to contribute portions of their eligible compensation to a tax-qualified retirement account. Currently, SHF provides
discretionary matching contributions equal to 100% of the first 5% of employees' eligible compensation contributed to the plan.
Employees are always vested in 100% of the matching contributions made to their tax-qualified retirement account per year.
Potential Payments Upon
Termination or Change in Control
Ms. Seefried is entitled
to a success fee bonus of 10.0% of the aggregate purchase price for the sale, spin-off, or similar transaction of SHF. Ms. Seefried will
be entitled to such bonus in connection with the Business Combination, with such bonus equaling approximately $18.5 million, which will
be paid in equal parts cash and stock in the Company.
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New Employment Agreement
On February 11, 2022, concurrently
with the execution of the Purchase Agreement, the Company entered into the Executive Employment Agreement with Sundie Seefried to be
effective as of the closing of the Business Combination, pursuant to which Ms. Seefried will serve as the Chief Executive Officer of
SHF and the Company. The Executive Employment Agreement provides for an annual base salary of $350,000, an initial incentive equity grant
of options exercisable for 550,000 shares of the Company's Class A Common Stock that will vest over two years, a long-term
equity incentive to be approved by the Board following the closing, and other customary benefits. The Executive Employment Agreement,
which is for a two-year term, also provides for severance in the event of a termination by the Company without cause or by Ms. Seefried
for good reason of one year's base salary.
Quantification of Potential Payments and Benefits
to the Sole Executive Officer of SHF in Connection with the Business Combination
The information set forth in the
table below is intended to comply with Item 402(t) of the SEC's Regulation S-K, which requires disclosure of information about certain
compensation for the sole executive officer of SHF that is based on, or otherwise relates to, the transactions contemplated by the Purchase
Agreement which is referred to as the purchase-related compensation. The table below excludes any amounts attributed to the employment
agreements described above under "
Additional Narrative Disclosure—New Employment Agreement
," as the severance
payable under that employment agreement is not subject to increase as a result of the Business Combination.
Name
Cash
($)
Equity
($)
Pension/NQDC
($)
Perquisites/Benefits
($)
Tax Reimbursements
($)
Other
($)
Total
($)
Sundie Seefried
—
—
—
—
—
$
18,500,000
(1)
$
18,500,000
(1)
Represents a success fee bonus of 10.0% of the aggregate purchase price to be paid pursuant to the Purchase Agreement, or approximately $18.5 million, which will be paid in equal parts cash and stock in the post-combination company.
CERTAIN RELATIONSHIPS AND RELATED PERSON TRANSACTIONS
SHF Related Party Transactions
Business Combination Registration Rights
Agreement
The Seller, PCCU, and the Company
have entered into a Business Combination Registration Rights Agreement in connection with the closing of the Business Combination. Pursuant
to the Business Combination Registration Rights Agreement, among other things, the Company is obligated to file a registration statement
to register the resale of certain securities of the Company held by the Seller and PCCU, as applicable.
Lock-Up Agreement
Concurrently with entering into
the Purchase Agreement, the Company, the Seller, and PCCU will enter into the Lock-Up Agreement, pursuant to which, among other things,
and subject to certain exceptions, the Company securities held by the Seller and PCCU, as applicable, are to be locked-up for a period
of six months from the date of the closing of the Business Combination, and to be subject to certain restrictions on sale thereafter,
in accordance with the terms set forth therein.
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Loan Servicing Agreement
SHF, LLC and PCCU were party to
that certain loan servicing agreement dated February 11, 2022 (the "Original Loan Servicing Agreement"), which sets forth
the application, underwriting, and approval process for loans from PCCU to borrowers that are cannabis-related businesses and the loan
servicing and monitoring responsibilities provided by SHF and PCCU. On September 21, 2022, SHF and PCCU entered into an amended and restated
loan servicing agreement (the "Amended and Restated Loan Servicing Agreement") to clarify certain provisions of the Original
Loan Servicing Agreement. In particular, the Amended and Restated Loan Servicing Agreement was updated to include the procedures to be
followed upon the default of a loan to ensure that neither SHF nor PCCU will take title to or possession of any cannabis-related assets,
including real property, that may be collateral for a loan funded by PCCU pursuant to the Amended and Restated Loan Servicing Agreement.
The parties agreed to certain other non-substantive updates to the Amended and Restated Loan Servicing Agreement. PCCU's servicing
fee at the annual rate of 0.25% of the then-outstanding principal balance of each loan funded by PCCUremains unchanged. In addition, SHF's
obligations in the Amended and Restated Loan Servicing Agreement to indemnify PCCU from all default-related loan losses (as defined in
the Amended and Restated Loan Servicing Agreement) remain unchanged.
Policies and Procedures for the Company's
Related Party Transactions
Our Audit Committee charter provides
that our Audit Committee must review and approve all transactions to which the Company is a participant and in which our executive officers,
directors, director nominees or principal stockholders or other related persons have a material interest, to the extent that disclosure
would be required under Item 404 of Regulation S-K. We believe that this policy requiring that any material transaction between us and
such related parties be approved by our Audit Committee ensures that such transactions are on terms no less favorable to us than reasonably
could have been obtained in arm's-length transactions with independent third parties. Our related party transactions entered into
between January 1, 2021 and the date of this prospectus, all of which were previously approved by our Audit Committee, are described
above.
Description of our Board and Board Committees
Number and Terms of Office of Officers and Directors
Our Board directs our business
and affairs, as provided by Delaware law, and conducts its business through meetings of the Board and its standing committees.
In accordance with our Second
Amended and Restated Certificate of Incorporation, our Board consists of three classes of directors, with the first class consisting of
two directors with an initial term that expires at the annual meeting of stockholders held in 2025; the second class consisting of three
directors with an initial term that expires at the annual meeting of stockholders held in 202; and the third class consisting of two directors
with an initial term that expires at the annual meeting of stockholders held in 2024. At each annual meeting of stockholders, directors
elected to succeed those directors whose terms expire shall be elected for a term of office to expire at the third succeeding annual meeting
of stockholders after their election.
Committees of the Board of Directors
Our board of directors has two
standing committees: an audit committee and a compensation committee. Subject to phase-in rules and a limited exception, the rules of
Nasdaq and Rule 10A-3 of the Exchange Act require that the audit committee of a listed company be comprised solely of independent directors,
and the rules of Nasdaq require that the compensation committee of a listed company be comprised solely of independent directors.
Audit Committee
We established an audit committee
of the board of directors. Jonathan Summers and Peter Torres serve as members of our audit committee, and Mr. Summers chairs the audit
committee. Under the Nasdaq listing standards and applicable SEC rules, we are required to have at least three members of the audit committee,
all of whom must be independent. Each of Messrs. Summers and Torres meet the independent director standard under Nasdaq listing standards
and under Rule 10-A-3(b)(1) of the Exchange Act. As noted above, John Burdiga, one of our independent directors, resigned on November
10, 2021, leaving a vacancy on the audit committee. Pursuant to applicable Nasdaq listing standards, we are afforded a grace period to
fill the vacancy resulting from Mr. Burdiga's resignation, which grace period is still in effect. In connection with the Business
Combination, we are in the process of identifying additional independent directors to fill the vacancy caused by Mr. Burdiga's resignation.
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Each member of the audit committee
is financially literate. Our board of directors has determined that Jonathan Summers qualifies as an "audit committee financial
expert" as defined in applicable SEC rules, and he currently serves as audit committee chair. We have adopted an audit committee
charter, which details the principal functions of the audit committee, including:
We have adopted an audit committee
charter, which details the principal functions of the audit committee, including:
● the appointment, compensation,
retention, replacement, and oversight of the work of the independent auditors and any other independent registered public accounting firm
engaged by us;
● pre-approving all audit
and permitted non-audit services to be provided by the independent auditors or any other registered public accounting firm engaged by
us, and establishing pre-approval policies and procedures;
● reviewing and discussing
with the independent auditors all relationships the auditors have with us in order to evaluate their continued independence;
● setting clear hiring policies
for employees or former employees of the independent auditors;
● setting clear policies
for audit partner rotation in compliance with applicable laws and regulations;
● obtaining and reviewing
a report, at least annually, from the independent auditors describing (i) the independent auditors' internal quality-control procedures
and (ii) any material issues raised by the most recent internal quality-control review, or peer review, of the audit firm, or by any inquiry
or investigation by governmental or professional authorities within the preceding five years respecting one or more independent audits
carried out by the firm and any steps taken to deal with such issues;
● reviewing and approving
any related party transaction required to be disclosed pursuant to Item 404 of Regulation S-K promulgated by the SEC prior to us entering
into such transaction; and
● reviewing with management,
the independent auditors, and our legal advisors, as appropriate, any legal, regulatory or compliance matters, including any correspondence
with regulators or government agencies and any employee complaints or published reports that raise material issues regarding our financial
statements or accounting policies and any significant changes in accounting standards or rules promulgated by the Financial Accounting
Standards Board, the SEC or other regulatory authorities.
Compensation Committee
We have established a compensation
committee of the board of directors. Jonathan Summers and Peter Torres serve as members of our compensation committee. Under the NASDAQ
listing standards and applicable SEC rules, we are required to have at least two members of the compensation committee, all of whom must
be independent.
We have adopted a compensation
committee charter, which details the principal functions of the compensation committee, including:
● reviewing and approving
on an annual basis the corporate goals and objectives relevant to our Co-Chief Executive Officers' compensation, evaluating our
Co-Chief Executive Officers' performance in light of such goals and objectives and determining and approving the remuneration (if
any) of our Co-Chief Executive Officer based on such evaluation;
● reviewing and approving
on an annual basis the compensation of all of our other officers;
91
●
reviewing on an annual basis our executive compensation policies and plans;
●
implementing and administering our incentive compensation equity-based remuneration plans;
●
assisting management in complying with our proxy statement and annual report disclosure requirements;
●
approving all special perquisites, special cash payments and other special compensation and benefit arrangements for our officers and
employees;
●
if required, producing a report on executive compensation to be included in our annual proxy statement; and
●
reviewing, evaluating and recommending changes, if appropriate, to the remuneration for directors.
Notwithstanding
the foregoing, as indicated above, other than the $10,000 per month administrative fee payable to our Sponsor or an affiliate of our
Sponsor and reimbursement of expenses, no compensation of any kind, including finders, consulting or other similar fees, will be paid
by us to any of our existing stockholders, officers, directors or any of their respective affiliates, prior to, or for any services they
render in order to effectuate the consummation of a business combination.
The
charter provides that the compensation committee may, in its sole discretion, retain or obtain the advice of a compensation consultant,
legal counsel or other adviser and will be directly responsible for the appointment, compensation and oversight of the work of any such
adviser. However, before engaging or receiving advice from a compensation consultant, external legal counsel or any other adviser, the
compensation committee will consider the independence of each such adviser, including the factors required by NASDAQ and the SEC.
Director
Nominations
We
do not have a standing nominating committee. In accordance with Rule 5605(e)(2) of the NASDAQ Rules, a majority of the independent directors
may recommend a director nominee for selection by the board of directors. The board of directors believes that the independent directors
can satisfactorily carry out the responsibility of properly selecting or approving director nominees without the formation of a standing
nominating committee. As there is no standing nominating committee, we do not have a nominating committee charter in place.
The
board of directors will also consider director candidates recommended for nomination by our stockholders during such times as they are
seeking proposed nominees to stand for election at the next annual meeting of stockholders (or, if applicable, a special meeting of stockholders).
Our stockholders that wish to nominate a director for election to our board of directors should follow the procedures set forth in our
bylaws.
We
have not formally established any specific, minimum qualifications that must be met or skills that are necessary for directors to possess.
In general, in identifying and evaluating nominees for director, our board of directors considers educational background, diversity of
professional experience, knowledge of our business, integrity, professional reputation, independence, wisdom, and the ability to represent
the best interests of our stockholders.
Compensation
Committee Interlocks and Insider Participation
None
of our officers currently serves, or in the past year has served, as a member of the board of directors or compensation committee of
any entity that has one or more officers serving on our board of directors.
Code
of Ethics
We
have adopted a Code of Ethics applicable to our directors, officers and employees. We have filed a copy of our Code of Ethics as an exhibit
to our registration statement in connection with our IPO. You may review our Code of Ethics by accessing our public filings at the SEC's
website at www.sec.gov. In addition, a copy of the Code of Ethics will be provided without charge upon request from us.
92
Limitation
on Liability and Indemnification of Officers and Directors
Our
Amended and Restated Certificate of Incorporation and the Second Amended and Restated Certificate of Incorporation provides that our
officers and directors will be indemnified by us to the fullest extent authorized by Delaware law, as it now exists or may in the future
be amended. In addition, our Amended and Restated Certificate of Incorporation provides that our directors will not be personally liable
for monetary damages to us or our stockholders for breaches of their fiduciary duty as directors, unless they violated their duty of
loyalty to us or our stockholders, acted in bad faith, knowingly or intentionally violated the law, authorized unlawful payments of dividends,
unlawful stock purchases or unlawful redemptions, or derived an improper personal benefit from their actions as directors.
We
have entered into agreements with our officers and directors to provide contractual indemnification in addition to the indemnification
provided for in our Amended and Restated Certificate of Incorporation. Our bylaws also will permit us to secure insurance on behalf of
any officer, director or employee for any liability arising out of his or her actions, regardless of whether Delaware law would permit
such indemnification.
We
have purchased a policy of directors' and officers' liability insurance that insures our officers and directors against the
cost of defense, settlement or payment of a judgment in some circumstances and insures us against our obligations to indemnify our officers
and directors.
These
provisions may discourage stockholders from bringing a lawsuit against our directors for breach of their fiduciary duty. These provisions
also may have the effect of reducing the likelihood of derivative litigation against officers and directors, even though such an action,
if successful, might otherwise benefit us and our stockholders. Furthermore, a stockholder's investment may be adversely affected
to the extent we pay the costs of settlement and damage awards against officers and directors pursuant to these indemnification provisions.
We
believe that these provisions, the directors' and officers' liability insurance and the indemnity agreements are necessary
to attract and retain talented and experienced officers and directors.
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PRINCIPAL
STOCKHOLDERS
The
following table sets forth information regarding the beneficial ownership of the Company's Class A Common Stock immediately following
the consummation of the Business Combination on September 28, 2022 by:
●
each
    person who is known by us to be the beneficial owner of more than five percent of our issued and outstanding ordinary shares,
●
each
    of our Named Executive Officers and directors; and
●
all
    of our executive officers and directors as a group.
Beneficial
ownership is determined in accordance with SEC rules and includes voting or investment power with respect to securities. Except as indicated
by the footnotes below, we believe, based on the information furnished to us, that the persons and entities named in the table below
will have sole voting and investment power with respect to all stock that they beneficially own, subject to applicable community property
laws.
Subject
to the paragraph above, the percentage ownership of issued shares is based on
18,715,912
shares
of Class A Common Stock issued and outstanding as of September 28, 2022.
The
beneficial ownership information below excludes the shares underlying the Company's warrants, the PIPE Shares, and the shares expected
to be issued or reserved under the Company's 2022 Stock Incentive Plan (as defined below).
Unless
otherwise indicated, we believe that all persons named in the table have sole voting and investment power with respect to all shares
beneficially owned by them. Unless otherwise noted, the business address of each of the following entities or individuals is 10 East
53rd Street, Suite 3001, New York, New York 10022.
Name and
    Address of Beneficial Owner
Shares
    of Class A Common Stock
%
    of Total Voting Power
(1)
Sundie Seefried
183,333
(2)
1.0
%
Chris Fameree
10,000
*
%
Donald Emmi
116,667
(2)
*
%
Tyler Beuerlein
116,667
(2)
*
%
John Darwin
3,627,263
(3)
19.1
%
Joshua Mann
3,627,263
(3)
19.1
%
Jonathan Summers
10,000
*
%
Karl Racine
-
-
Jonathon F. Niehaus
-
-
Richard Carleton
-
-
Jennifer Meyers
-
-
(All
    Executive Officers and Directors as a Group (11 persons)):
Greater
    than Five Percent Holders:
Partner Colorado Credit Union
11,386,139
60.8
%
5AK, LLC
3,627,263
19.1
%
Midtown East Management NL LLC
1,599,496
(4)
8.5
%
Verdun Investments LLC
1,180,376
(5)
6.3
%
Vellar Opportunities Fund Master, Ltd.
1,025,000
(6)
5.5
%
*
Less
    than 1%.
(1)
The
    percentage of beneficial ownership of the Company is calculated based on 18,715,912 shares of Class A Common Stock outstanding as
    of September 28, 2022. Where applicable, the percentage of beneficial ownership for each individual or entity post-Business Combination
    also reflects Class A Common Stock issuable upon exercise of the Sponsor's 264,088 private warrants held by the Sponsor, which
    have an exercise price of $11.50 per share, and upon exercise of stock awards that will be exercisable within 60 days after the consummation
    of the Business Combination.
(2)
Represents
    vested incentive stock options to purchase shares of the Issuer's Class A Common Stock, which options expire ten
    years from the grant date and have an exercise price per share equal to $6.67.
(3)
5AK,
    LLC is the record holder of the securities reported herein. John Darwin and Joshua Mann, the Company's directors, are each
    a control person of the member and manager of the Sponsor, Luminous Capital USA Inc. By virtue of this relationship, Messrs. Darwin
    and Mann may be deemed to share beneficial ownership of the securities held of record by the Sponsor. Messrs. Darwin and Mann each
    disclaims any such beneficial ownership except to the extent of his respective pecuniary interest.
(4)
According
    to Schedule 13G filed on July 1, 2022. The business address of Midtown East Management NL LLC is One Rockefeller Plaza, 32nd Floor,
    New York, NY 10020.
(5)
According
    to Schedule 13G filed on July 7, 2022. The business address of Verdun Investments LLC is 55 Post Rd West, 2nd Floor, Westport, CT
    06880.
(6)
According
    to Schedule 13G filed on August 11, 2022. The business address of Vellar Opportunities Fund Master, Ltd. is Solaris Avenue, Camana
    Bay, PO Box 1348 Grand Cayman KY1-1108, Cayman Islands.
94
SELLING
STOCKHOLDERS
The shares of Class A Common
Stock being offered by the selling stockholders are those issuable to the selling stockholders upon conversion of the preferred shares
and exercise of the warrants. For additional information regarding the issuance of the preferred shares and the warrants, see "Private
Placement of Preferred Shares" above. We are registering the shares of Class A Common Stock in order to permit the selling
stockholders to offer the shares for resale from time to time. Except for the ownership of the preferred shares and the warrants issued
pursuant to the Securities Purchase Agreement, the selling stockholders have not had any material relationship with us within the past
three years.
The table below lists the selling
stockholders and other information regarding the beneficial ownership (as determined under Section 13(d) of the Securities Exchange Act
of 1934, as amended, and the rules and regulations thereunder) of the shares of Class A Common Stock held by each of the selling
stockholders. The second column lists the number of shares of Class A Common Stock beneficially owned by the selling stockholders,
based on their respective ownership of shares of Class A Common Stock, preferred shares and warrants, as of October 7, 2022, assuming
conversion of the preferred shares and exercise of the warrants held by each such selling stockholder on that date but taking account
of any limitations on conversion and exercise set forth therein.
The third column lists the shares
of Class A Common Stock being offered by this prospectus by the selling stockholders and does not take in account any limitations
on (i) conversion of the preferred shares set forth therein or (ii) exercise of the warrants set forth therein.
In accordance with the terms
of a registration rights agreement with the holders of the preferred shares and the warrants, this prospectus generally covers the resale
of 150% of the sum of (i) the maximum number of shares of Class A Common Stock issued or issuable pursuant to Certificate of Designation
(assuming a conversion price equal to a floor price of $1.25), and (ii) the maximum number of shares of Class A Common
Stock issued or issuable upon exercise of the warrants, in each case, determined as if the outstanding preferred shares and warrants
were converted or exercised (as the case may be) in full, in each case, without regard to any limitations on conversion or exercise contained
therein solely for the purpose of such calculation. Because the conversion price of the preferred shares and the exercise price of the
warrants may be adjusted, the number of shares that will actually be issued may be more or less than the number of shares being offered
by this prospectus. The fourth column assumes the sale of all of the shares offered by the selling stockholders pursuant to this prospectus.
Under the terms of the preferred shares and the warrants,
a selling stockholder may not convert the preferred shares or exercise the warrants to the extent (but only to the extent) such selling
stockholder or any of its affiliates would beneficially own a number of shares of our Class A Common Stock which would exceed
4.99% of the outstanding shares of the Company. The number of shares in the second column reflects these limitations. The selling stockholders
may sell all, some or none of their shares in this offering. See "Plan of Distribution."
95
Selling
    Stockholders
Securities
    Beneficially Owned Prior to this Offering
Securities
    to be Registered in this Offering
(1)
Securities
    to be Beneficially Owned After this Offering
Selling
    Stockholder
Common
    Stock
(2)
Warrants
(3)
Common
    Stock
(2)
Warrants
(3)
Common
    Stock
(2)
%
Warrants
(3)(4)
%
Sabby Volatility
    Warrant Master Fund, Ltd.
(5)
4,250,000
250,000
4,250,000
—
—
—
—
—
Anson Investment Master Fund
    LP
(6)
3,400,000
200,000
3,400,000
—
—
—
—
—
Ionic Ventures LLC
(7)
2,125,000
125,000
2,125,000
—
—
—
—
—
Walleye Opportunities Master
    Fund Ltd.
(8)
1,700,000
100,000
1,700,000
—
—
—
—
—
Thomas E. Bernard
(9)
1,591,925
791,925
1,591,925
—
741,925
(10)
1.8
%
—
—
Anson East Master Fund
    LP
(11)
850,000
50,000
850,000
—
—
—
—
—
Hudson Bay Master Fund
    Ltd.
(12)
850,000
50,000
850,000
—
—
—
—
—
Leviston Resources LLC
(13)
850,000
50,000
850,000
—
—
—
—
—
M Hausman Inc.
(14)
637,500
37,500
637,500
—
—
—
—
—
Great Point Capital LLC
(15)
425,000
25,000
425,000
—
—
—
—
—
Adam Gefvert
(16)
340,000
20,000
340,000
—
—
—
—
—
FirstFire Global Opportunities
    Fund, LLC
(17)
212,500
12,500
212,500
—
—
—
—
—
Watson Family Trust
(18)
212,500
12,500
212,500
—
—
—
—
—
Tiger Trout Capital Puerto
    Rico LLC
(19)
212,500
12,500
212,500
—
—
—
—
—
Roland Brusco
(20)
170,000
10,000
170,000
—
—
—
—
—
Econn 2004 Community Property
    Trust
(21)
85,000
5,000
85,000
—
—
—
—
—
TT&J Holdings, LLC
(22)
85,000
5,000
85,000
—
—
—
—
—
Leonite Fund I, LP
(23)
85,000
5,000
85,000
—
—
—
—
—
Stephen J. Brownell
(24)
42,500
2,500
42,500
—
—
—
—
—
(1)
The
    amounts set forth in this column are the number of Class A Common Stock that may be offered for sale from time to time by each Selling
    Stockholder using this prospectus. These amounts do not represent any other shares of our Class A Common Stock, warrants, or other
    securities that the Selling Stockholder may own beneficially or otherwise.
(2)
Represents
    shares of Class A Common Stock, including the shares of Class A Common Stock to be issued upon (i) the conversion of shares of Series
    A Convertible Preferred Stock held by the Selling Stockholder assuming a conversion price of $1.25 and (ii) the exercise of warrants
    held by the Selling Stockholder, which shares of Series A Convertible Preferred Stock and warrants are not being registered for sale
    under this Registration Statement.
(3)
Represents
    certain warrants held by the Selling Stockholder, which warrants are not being registered for sale under this Registration Statement.
96
(4)
Assumes
    that each warrant held by the Selling Stockholder is exercised in full for shares of Class A Common Stock.
(5)
Sabby
    Management, LLC is the investment manager of Sabby Volatility Warrant Master Fund, Ltd. ("
Sabby
") and holds voting
    and investment power with respect to these securities in this capacity. As manager of Sabby Management, LLC, Hal Mintz also shares
    voting and investment power on behalf of Sabby. Each of Sabby Management, LLC and Mr. Mintz disclaims beneficial ownership over the
    securities listed except to the extent of their pecuniary interest therein.
(6)
Anson
    Advisors Inc. and Anson Funds Management LP are the co-investment advisers of Anson Investments Master Fund LP ("
AIMF
")
    and hold voting and dispositive power over the securities held by Anson in this capacity. Bruce Winson is the managing member of
    Anson Management GP LLC, which is the General Partner of Anson Funds Management LP. Moez Kassam and Amin Nathoo are Directors of
    Anson Advisors Inc. Mr. Winson, Mr. Kassam and Mr. Nathoo each disclaim beneficial ownership of these securities, except to the extent
    of their pecuniary interest therein. The principal business address of Anson is Maples Corporate Services Limited, PO Box 309, Ugland
    House, Grand Cayman, KY1-1004, Cayman Islands.
(7)
Brendan
    O'Neil and Keith Coulston are the managers of Ionic Ventures, LLC and in such capacity have joint voting and dispositive power
    over shares held by Ionic Ventures, LLC. Mr. O'Neil and Mr. Coulston each disclaim beneficial ownership of the reported securities
    except to the extent of their pecuniary interest therein. Ionic Ventures, LLC is not a licensed broker dealer or an affiliate of
    a licensed broker dealer. The address of Ionic Ventures, LLC is 3053 Fillmore Street, Ste. 256, San Francisco, CA 94123.
(8)
Walleye
    Capital LLC is the investment manager of Walleye Opportunities Master Fund Ltd. Andrew Carney is the Chief Executive Officer of Walleye
    Capital LLC and William England is the Chief Investment Officer of Walleye Capital LLC. As a result, Walleye Capital LLC, Mr. Carney,
    and Mr. England may be deemed to have shared voting and dispositive power with respect to the securities held by Walleye Opportunities
    Master Fund Ltd. The address for Walleye Capital LLC and U.S. address for Walleye Opportunities Master Fund Ltd. is 2800 Niagara
    Lane North, Plymouth, MN 55447.
(9)
Mr. Bernard's business address is 281 Northstar
    Drive, Aspen, CO 81611.
(10)
Represents 741,925 shares of Class A Common Stock issuable
    upon exercise of 741,925 Public Warrants held by Mr. Bernard, which Public Warrants were purchased on the open market.
(11)
Anson
    Advisors Inc. and Anson Funds Management LP are the co-investment advisers of Anson East Master Fund LP ("
AEMF
")
    and hold voting and dispositive power over the securities held by Anson in this capacity. Bruce Winson is the managing member of
    Anson Management GP LLC, which is the General Partner of Anson Funds Management LP. Moez Kassam and Amin Nathoo are Directors of
    Anson Advisors Inc. Mr. Winson, Mr. Kassam and Mr. Nathoo each disclaim beneficial ownership of these securities, except to the extent
    of their pecuniary interest therein. The principal business address of Anson is Maples Corporate Services Limited, PO Box 309, Ugland
    House, Grand Cayman, KY1-1004, Cayman Islands.
(12)
Hudson
    Bay Capital Management LP, the investment manager of Hudson Bay Master Fund Ltd., has voting and investment power over these securities.
    Sander Gerber is the managing member of Hudson Bay Capital GP LLC, which is the general partner of Hudson Bay Capital Management
    LP. Each of Hudson Bay Master Fund Ltd. and Sander Gerber disclaims beneficial ownership over these securities. The
    principal business address of Hudson Bay Master Fund Ltd. is 28 Havemeyer Place, 2nd Floor, Greenwich, CT 06830.
(13)
Roman
    Rogol has sole voting and dispositive control over the securities held by Leviston Resources LLC. The principal business address
    of Leviston Resources LLC is 1225 Ave. Ponce de Leon, San Juan, PR 00907.
(14)
The
    principal business address of M Hausman Inc. is 711 West 17th Street, Suite F-2, Costa Mesa, CA 92627. Stephen Brownell is the President
    of M Hausman Inc. As disclosed above, Mr. Brownell owns securities in an individual capacity.
(15)
Gabriel
    Mengin and Dan Dimiero, as principals of Great Point Capital, LLC, hold voting and dispositive power over the securities held by
    Great Point Capital, LLC. Great Point Capital, LLC is a broker-dealer. The principal business address of Great Point Capital, LLC
    is 200 West Jackson Blvd., Suite 1000, Chicago, IL 60606.
(16)
Mr.
    Gefvert's business address is 103 Ave. de Diego, Apt. 811, San Juan, PR 00911.
(17)
Eli
    Fireman has sole voting and dispositive control over the securities held by FirstFire Global Opportunities Fund, LLC. The principal
    business address of FirstFire Global Opportunities Fund, LLC is 1040 First Avenue, Suite 190, New York, NY 10022.
(18)
James
    C. Watson is the trustee of the Watson Family Trust and has sole voting and dispositive control over the securities held by the
    Watson Family Trust. The principal business address of the Watson Family Trust is 5345 W. University Blvd., Dallas, TX 75209.
(19)
Alan
    Masley is the managing member of Tiger Trout Capital Puerto Rico LLC and has sole voting and dispositive control over the securities
    held by Tiger Trout Capital Puerto Rico LLC. The principal business address of Tiger Trout Capital Puerto Rico LLC is 1357 Ashford
    Ave., Suite 2-267, San Juan, PR 00907.
(20)
Mr.
    Brusco's business address is 2405 Corman Road, Longview, WA 98632.
(21)
Gregory
    Econn is the trustee of the Econn 2004 Community Property Trust and has sole voting and dispositive control over the securities held
    by the Econn 2004 Community Property Trust. The principal business address of the Econn 2004 Community Property Trust is 113 Fremont
    Place, Los Angeles, CA 90005.
(22)
Teresa
    Hausman is the manager of TT&J Holdings, LLC and has sole voting and dispositive control over the securities held by TT&J
    Holdings, LLC. The principal business address of TT&J Holdings, LLC is 18 Linda Isle, Newport Beach, CA 92660.
(23)
Leonite
    Advisors LLC is the investment manager of Leonite Fund I, LP. Avi Geller is the Managing Member of Leonite Advisors LLC and may be
    deemed to be the beneficial owner of securities held by it. As a result, each of Leonite Advisors LLC and Mr. Geller may be deemed
    to be an indirect beneficial owner of the shares held directly by Leonite Fund I, LP. Mr. Geller disclaims beneficial ownership in
    such shares, except to the extent of his pecuniary interest therein. The address for Leonite Fund I, LP is 1 Hillcrest Center Drive,
    Suite 232, Spring Valley, NY 10977.
(24)
Mr.
    Brownell's business address is 4225 Executive Square, Suite 1150, La Jolla, CA 92037.
97
PLAN
OF DISTRIBUTION
We
are registering the shares of Class A Common Stock issuable upon conversion of the preferred shares and exercise of the warrants
to permit the resale of these shares of Class A Common Stock by the holders of the preferred shares and warrants from time to
time after the date of this prospectus. We will not receive any of the proceeds from the sale by the selling stockholders of the shares
of Class A Common Stock, although we will receive the exercise price of any Warrants not exercised by the selling stockholders
on a cashless exercise basis. We will bear all fees and expenses incident to our obligation to register the shares of Class A Common
Stock.
The
selling stockholders may sell all or a portion of the shares of Class A Common Stock held by them and offered hereby from time
to time directly or through one or more underwriters, broker-dealers or agents. If the shares of Class A Common Stock are sold
through underwriters or broker-dealers, the selling stockholders will be responsible for underwriting discounts or commissions or agent's
commissions. The shares of Class A Common Stock may be sold in one or more transactions at fixed prices, at prevailing market
prices at the time of the sale, at varying prices determined at the time of sale or at negotiated prices. These sales may be effected
in transactions, which may involve crosses or block transactions, pursuant to one or more of the following methods:
●
on
    any national securities exchange or quotation service on which the securities may be listed or quoted at the time of sale;
●
in
    the over-the-counter market;
●
in
    transactions otherwise than on these exchanges or systems or in the over-the-counter market;
●
through
    the writing or settlement of options, whether such options are listed on an options exchange or otherwise;
●
ordinary
    brokerage transactions and transactions in which the broker-dealer solicits purchasers;
●
block
    trades in which the broker-dealer will attempt to sell the shares as agent but may position and resell a portion of the block as
    principal to facilitate the transaction;
●
purchases
    by a broker-dealer as principal and resale by the broker-dealer for its account;
●
an
    exchange distribution in accordance with the rules of the applicable exchange;
●
privately
    negotiated transactions;
●
short
    sales made after the date the Registration Statement is declared effective by the SEC;
●
broker-dealers
    may agree with a selling security holder to sell a specified number of such shares at a stipulated price per share;
●
a
    combination of any such methods of sale; and
●
any
    other method permitted pursuant to applicable law.
The
selling stockholders may also sell shares of Class A Common Stock under Rule 144 promulgated under the Securities Act of 1933,
as amended, if available, rather than under this prospectus. In addition, the selling stockholders may transfer the shares of Class
A Common Stock by other means not described in this prospectus. If the selling stockholders effect such transactions by selling shares
of Class A Common Stock to or through underwriters, broker-dealers or agents, such underwriters, broker-dealers or agents may
receive commissions in the form of discounts, concessions or commissions from the selling stockholders or commissions from purchasers
of the shares of Class A Common Stock for whom they may act as agent or to whom they may sell as principal (which discounts, concessions
or commissions as to particular underwriters, broker-dealers or agents may be in excess of those customary in the types of transactions
involved). In connection with sales of the shares of Class A Common Stock or otherwise, the selling stockholders may enter into
hedging transactions with broker-dealers, which may in turn engage in short sales of the shares of Class A Common Stock in the
course of hedging in positions they assume. The selling stockholders may also sell shares of Class A Common Stock short and deliver
shares of Class A Common Stock covered by this prospectus to close out short positions and to return borrowed shares in connection
with such short sales. The selling stockholders may also loan or pledge shares of Class A Common Stock to broker-dealers that
in turn may sell such shares.
98
The
selling stockholders may pledge or grant a security interest in some or all of the preferred shares, warrants or shares of Class A
Common Stock owned by them and, if they default in the performance of their secured obligations, the pledgees or secured parties
may offer and sell the shares of Class A Common Stock from time to time pursuant to this prospectus or any amendment to this prospectus
under Rule 424(b)(3) or other applicable provision of the Securities Act amending, if necessary, the list of selling stockholders to
include the pledgee, transferee or other successors in interest as selling stockholders under this prospectus. The selling stockholders
also may transfer and donate the shares of Class A Common Stock in other circumstances in which case the transferees, donees,
pledgees or other successors in interest will be the selling beneficial owners for purposes of this prospectus.
To
the extent required by the Securities Act and the rules and regulations thereunder, the selling stockholders and any broker-dealer participating
in the distribution of the shares of Class A Common Stock may be deemed to be "underwriters" within the meaning of
the Securities Act, and any commission paid, or any discounts or concessions allowed to, any such broker-dealer may be deemed to be underwriting
commissions or discounts under the Securities Act. At the time a particular offering of the shares of Class A Common Stock is
made, a prospectus supplement, if required, will be distributed, which will set forth the aggregate amount of shares of Class A Common
Stock being offered and the terms of the offering, including the name or names of any broker-dealers or agents, any discounts, commissions
and other terms constituting compensation from the selling stockholders and any discounts, commissions or concessions allowed or re-allowed
or paid to broker-dealers.
Under
the securities laws of some states, the shares of Class A Common Stock may be sold in such states only through registered or licensed
brokers or dealers. In addition, in some states the shares of Class A Common Stock may not be sold unless such shares have been
registered or qualified for sale in such state or an exemption from registration or qualification is available and is complied with.
There
can be no assurance that any selling stockholder will sell any or all of the shares of Class A Common Stock registered pursuant
to the registration statement, of which this prospectus forms a part.
The
selling stockholders and any other person participating in such distribution will be subject to applicable provisions of the Securities
Exchange Act of 1934, as amended, and the rules and regulations thereunder, including, without limitation, to the extent applicable,
Regulation M of the Exchange Act, which may limit the timing of purchases and sales of any of the shares of Class A Common Stock
by the selling stockholders and any other participating person. To the extent applicable, Regulation M may also restrict the ability
of any person engaged in the distribution of the shares of Class A Common Stock to engage in market-making activities with respect
to the shares of Class A Common Stock. All of the foregoing may affect the marketability of the shares of Class A Common Stock
and the ability of any person or entity to engage in market-making activities with respect to the shares of Class A Common Stock.
We
will pay all expenses of the registration of the shares of Class A Common Stock pursuant to the registration rights agreement,
estimated to be $17,592.65 in total, including, without limitation, Securities and Exchange Commission filing fees and expenses
of compliance with state securities or "blue sky" laws; provided, however, a selling stockholder will pay all underwriting
discounts and selling commissions, if any. We will indemnify the selling stockholders against liabilities, including some liabilities
under the Securities Act in accordance with the registration rights agreements or the selling stockholders will be entitled to contribution.
We may be indemnified by the selling stockholders against civil liabilities, including liabilities under the Securities Act that may
arise from any written information furnished to us by the selling stockholder specifically for use in this prospectus, in accordance
with the related registration rights agreements or we may be entitled to contribution.
Once
sold under the registration statement, of which this prospectus forms a part, the shares of Class A Common Stock will be freely
tradable in the hands of persons other than our affiliates.
99
UNITED
STATES FEDERAL INCOME TAX CONSIDERATIONS
The
following discussion is a summary of certain material U.S. federal income tax considerations generally applicable to the ownership and
disposition of our Common Stock and Warrants, which we refer to collectively as our securities. This summary is based upon U.S. federal
income tax law as of the date of this prospectus, which is subject to change or differing interpretations, possibly with retroactive
effect. This summary does not discuss all aspects of U.S. federal income taxation that may be important to particular investors in light
of their individual circumstances, including investors subject to special tax rules (
e.g.
, financial institutions, insurance companies,
broker-dealers, dealers or traders in securities, tax-exempt organizations, taxpayers that have elected mark-to-market accounting, S
corporations, regulated investment companies, real estate investment trusts, passive foreign investment companies, controlled foreign
corporations, U.S. Holders (as defined below) that will hold Common Stock or Warrants as part of a straddle, hedge, conversion, or other
integrated transaction for U.S. federal income tax purposes, expatriates or former long-term residents of the United States, or investors
that have a functional currency other than the U.S. dollar), all of whom may be subject to tax rules that differ materially from those
summarized below. This summary does not discuss other U.S. federal tax consequences (
e.g.
, estate or gift tax), any state, local,
or non-U.S. tax considerations, or the Medicare tax or alternative minimum tax. In addition, this summary is limited to investors that
will hold our securities as "capital assets" (generally, property held for investment) under the Internal Revenue Code of
1986, as amended (the "Code") and that acquire our Common Stock and Warrants for cash pursuant to this prospectus. No ruling
from the Internal Revenue Service, (the "IRS") has been or will be sought regarding any matter discussed herein. No assurance
can be given that the IRS would not assert, or that a court would not sustain a position contrary to, any of the tax aspects set forth
below.
For
purposes of this summary, a "U.S. Holder" is a beneficial holder of securities who or that, for U.S. federal income tax purposes
is:
●
an
                                            individual who is a United States citizen or resident of the United States;
●
a
                                            corporation (or other entity taxable as a corporation) created in, or organized under the
                                            law of, the United States or any state or political subdivision thereof;
●
an
                                            estate the income of which is includible in gross income for United States federal income
                                            tax purposes regardless of its source; or
●
a
                                            trust (A) the administration of which is subject to the primary supervision of a United States
                                            court and which has one or more United States persons (within the meaning of the Code) who
                                            have the authority to control all substantial decisions of the trust or (B) that has in effect
                                            a valid election under applicable Treasury regulations to be treated as a United States person.
A
"Non-U.S. Holder" is a beneficial holder of securities who or that is neither a U.S. Holder nor a partnership for U.S. federal
income tax purposes.
If
a partnership (including an entity or arrangement treated as a partnership for U.S. federal income tax purposes) holds our securities,
the tax treatment of a partner, member, or other beneficial owner in such partnership will generally depend upon the status of the partner,
member, or other beneficial owner, the activities of the partnership, and certain determinations made at the partner, member, or other
beneficial owner level. If you are a partner, member, or other beneficial owner of a partnership holding our securities, you are urged
to consult your tax advisor regarding the tax consequences of the ownership and disposition of our securities.
100
THIS
DISCUSSION OF U.S. FEDERAL INCOME TAX CONSIDERATIONS IS FOR GENERAL INFORMATION PURPOSES ONLY AND IS NOT TAX ADVICE. PROSPECTIVE HOLDERS
SHOULD CONSULT THEIR TAX ADVISORS CONCERNING THE U.S. FEDERAL INCOME TAX CONSEQUENCES TO THEM OF OWNING AND DISPOSING OF OUR SECURITIES,
AS WELL AS THE APPLICATION OF ANY, STATE, LOCAL AND NON-U.S. INCOME, ESTATE, AND OTHER TAX CONSIDERATIONS.
U.S.
Holders
Taxation
of Distributions
If
we pay distributions or make constructive distributions (other than certain distributions of our stock or rights to acquire our stock)
to U.S. Holders of shares of our Common Stock, such distributions generally will constitute dividends for U.S. federal income tax purposes
to the extent paid from our current or accumulated earnings and profits, as determined under U.S. federal income tax principles. Distributions
in excess of our current and accumulated earnings and profits will constitute a return of capital that will be applied against and reduce
(but not below zero) the U.S. Holder's adjusted tax basis in our Common Stock. Any remaining excess will be treated as gain realized
on the sale or other disposition of the Common Stock and will be treated as described under "
U.S. Holders-Gain or Loss on Sale,
Taxable Exchange or Other Taxable Disposition of Common Stock
" below.
Dividends
we pay to a U.S. Holder that is a taxable corporation will generally qualify for the dividends received deduction if the requisite holding
period is satisfied. With certain exceptions (including dividends treated as investment income for purposes of investment interest deduction
limitations), and provided certain holding period requirements are met, dividends we pay to a non-corporate U.S. Holder will generally
constitute "qualified dividends" that will be subject to tax at the preferential tax rate accorded to long-term capital gains.
If the holding period requirements are not satisfied, a corporation may not be able to qualify for the dividends received deduction and
would have taxable income equal to the entire dividend amount, and non-corporate holders may be subject to tax on such dividend at ordinary
income tax rates instead of the preferential rates that apply to qualified dividend income.
Gain
or Loss on Sale, Taxable Exchange or Other Taxable Disposition of Common Stock
A
U.S. Holder generally will recognize gain or loss on the sale, taxable exchange or other taxable disposition of our Common Stock. Any
such gain or loss will be capital gain or loss, and will be long-term capital gain or loss if the U.S. Holder's holding period
for the Common Stock so disposed of exceeds one year. The amount of gain or loss recognized will generally be equal to the difference
between (1) the sum of the amount of cash and the fair market value of any property received in such disposition and (2) the U.S. Holder's
adjusted tax basis in its Common Stock so disposed of. A U.S. Holder's adjusted tax basis in its Common Stock will generally equal
the U.S. Holder's acquisition cost for such Common Stock (or, in the case of Common Stock received upon exercise of a Warrant,
the U.S. Holder's initial basis for such Common Stock, as discussed below), less any prior distributions treated as a return of
capital. The deductibility of capital losses is subject to limitations. Long-term capital gains recognized by non-corporate U.S. Holders
are generally eligible for reduced rates of tax. If the U.S. Holder's holding period for the Common Stock so disposed of is one
year or less, any gain on a sale or other taxable disposition of the shares would be subject to short-term capital gain treatment and
would be taxed at ordinary income tax rates. The deductibility of capital losses is subject to limitations.
Exercise
of a Warrant
Except
as discussed below with respect to the cashless exercise of a Warrant, a U.S. Holder generally will not recognize taxable gain or loss
upon the exercise of a Warrant for cash. The U.S. Holder's initial tax basis in the share of our Common Stock received upon exercise
of the Warrant will generally be an amount equal to the sum of the U.S. Holder's acquisition cost of the Warrant and the exercise
price of such Warrant. It is unclear whether a U.S. Holder's holding period for the Common Stock received upon exercise of the
Warrant would commence on the date of exercise of the Warrant or the day following the date of exercise of the Warrant; however, in either
case the holding period will not include the period during which the U.S. Holder held the Warrants.
101
The
tax consequences of a cashless exercise of a Warrant are not clear under current tax law. A cashless exercise may be nontaxable, either
because the exercise is not a realization event or because the exercise is treated as a recapitalization for U.S. federal income tax
purposes. In either situation, a U.S. Holder's initial tax basis in the Common Stock received generally should equal the holder's
adjusted tax basis in the Warrant. If the cashless exercise were treated as not being a realization event, it is unclear whether a U.S.
Holder's holding period for the Common Stock would commence on the date of exercise of the Warrant or the day following the date
of exercise of the Warrant; in either case, the holding period would not include the period during which the U.S. Holder held the Warrant.
If, instead, the cashless exercise were treated as a recapitalization, the holding period of the Common Stock generally would include
the holding period of the Warrant.
It
is also possible that a cashless exercise of a Warrant could be treated in part as a taxable exchange in which gain or loss is recognized.
In such event, a U.S. Holder could be deemed to have surrendered a portion of the Warrants being exercised having a value equal to the
exercise price of such Warrants in satisfaction of such exercise price. Although not free from doubt, such U.S. Holder generally should
recognize capital gain or loss in an amount equal to the difference between the fair market value of the Warrants deemed surrendered
to satisfy the exercise price and the U.S. Holder's adjusted tax basis in such Warrants. In this case, a U.S. Holder's initial
tax basis in the Common Stock received would equal the sum of the exercise price and the U.S. holder's adjusted tax basis in the
Warrants exercised. It is unclear whether a U.S. Holder's holding period for the Common Stock would commence on the date of exercise
of the Warrant or the day following the date of exercise of the Warrant; in either case, the holding period would not include the period
during which the U.S. Holder held the Warrant. Due to the uncertainty and absence of authority on the U.S. federal income tax treatment
of a cashless exercise, including when a U.S. Holder's holding period would commence with respect to the Common Stock received,
U.S. Holders are urged to consult their tax advisors regarding the tax consequences of a cashless exercise.
Sale,
Exchange, Redemption or Expiration of a Warrant
Upon
a sale, exchange (other than by exercise), redemption (other than a redemption for Common Stock), or expiration of a Warrant, a U.S.
Holder will recognize taxable gain or loss in an amount equal to the difference between (1) the amount realized upon such disposition
or expiration and (2) the U.S. Holder's adjusted tax basis in the Warrant. A U.S. Holder's adjusted tax basis in its Warrants
will generally equal the U.S. Holder's acquisition cost, increased by the amount of any constructive distributions included in
income by such U.S. Holder (as described below under "
U.S. Holders-Possible Constructive Distributions
"). Such gain
or loss generally will be treated as long-term capital gain or loss if the Warrant is held by the U.S. Holder for more than one year
at the time of such disposition or expiration. If a Warrant is allowed to lapse unexercised, a U.S. Holder will generally recognize a
capital loss equal to such holder's adjusted tax basis in the Warrant. The deductibility of capital losses is subject to certain
limitations.
A
redemption of Warrants for Common Stock described in this prospectus under "
Description of Securities-Warrants
" should
be treated as a "recapitalization" for U.S. federal income tax purposes. Accordingly, you should not recognize any gain or
loss on the redemption of Warrants for shares of our Common Stock. Your aggregate initial tax basis in the shares of Common Stock received
in the redemption should equal your aggregate adjusted tax basis in your Warrants redeemed and your holding period for the shares of
Common Stock received in redemption of your Warrants should include your holding period for your surrendered Warrants. However, there
is some uncertainty regarding this tax treatment and, accordingly, U.S. Holders should consult their tax advisors regarding the tax consequences
of a redemption of Warrants for Common Stock.
Possible
Constructive Distributions
The
terms of each Warrant provide for an adjustment to the number of shares of Common Stock for which the Warrant may be exercised or to
the exercise price of the Warrant in certain events, as discussed in the section of this prospectus captioned "
Description of
Securities-Warrants
." An adjustment which has the effect of preventing dilution generally should not be a taxable event. Nevertheless,
a U.S. Holder of Warrants would be treated as receiving a constructive distribution from us if, for example, the adjustment increases
the holder's proportionate interest in our assets or earnings and profits (e.g., through an increase in the number of shares of
Common Stock that would be obtained upon exercise) as a result of a distribution of cash to the holders of shares of our Common Stock
which is taxable to such holders as a distribution. Such constructive distribution would be subject to tax as described above under "
U.S.
Holders-Taxation of Distributions
" in the same manner as if such U.S. Holder received a cash distribution from us on Common
Stock equal to the fair market value of such increased interest.
102
Information
Reporting and Backup Withholding.
In
general, information reporting requirements may apply to dividends paid to a U.S. Holder and to the proceeds of the sale or other disposition
of our shares of Common Stock and Warrants, unless the U.S. Holder is an exempt recipient. Backup withholding may apply to such payments
if the U.S. Holder fails to provide a taxpayer identification number, a certification of exempt status or has been notified by the IRS
that it is subject to backup withholding (and such notification has not been withdrawn).
Backup
withholding is not an additional tax. Any amounts withheld under the backup withholding rules will be allowed as a credit against a U.S.
Holder's U.S. federal income tax liability and may entitle such holder to a refund, provided the required information is timely
furnished to the IRS.
Non-U.S.
Holders
Taxation
of Distributions
In
general, any distributions (including constructive distributions) we make to a Non-U.S. Holder of shares of our Common Stock, to the
extent paid out of our current or accumulated earnings and profits (as determined under U.S. federal income tax principles), will constitute
dividends for U.S. federal income tax purposes and, provided such dividends are not effectively connected with the Non-U.S. Holder's
conduct of a trade or business within the United States, we will be required to withhold tax from the gross amount of the dividend at
a rate of 30%, unless such Non-U.S. Holder is eligible for a reduced rate of withholding tax under an applicable income tax treaty and
provides proper certification of its eligibility for such reduced rate (usually on an IRS Form W-8BEN or W-8BEN-E, as applicable). In
the case of any constructive dividend (as described below under "
Non-U.S. Holders-Possible Constructive Distributions
"),
it is possible that this tax would be withheld from any amount owed to a Non-U.S. Holder by the applicable withholding agent, including
cash distributions on other property or sale proceeds from Warrants or other property subsequently paid or credited to such holder. Any
distribution not constituting a dividend will be treated first as reducing (but not below zero) the Non-U.S. Holder's adjusted
tax basis in its shares of our Common Stock and, to the extent such distribution exceeds the Non-U.S. Holder's adjusted tax basis,
as gain realized from the sale or other disposition of the Common Stock, which will be treated as described under "
Non-U.S.
Holders-Gain on Sale, Taxable Exchange or Other Taxable Disposition of Common Stock and Warrants
" below. In addition, if we
determine that we are likely to be classified as a "United States real property holding corporation" (see "
Non-U.S.
Holders-Gain on Sale, Exchange or Other Taxable Disposition of Common Stock and Warrants
" below), we will withhold 15% of any
distribution that exceeds our current and accumulated earnings and profits
Dividends
we pay to a Non-U.S. Holder that are effectively connected with such Non-U.S. Holder's conduct of a trade or business within the
United States (or if a tax treaty applies are attributable to a U.S. permanent establishment or fixed base maintained by the Non-U.S.
Holder) will generally not be subject to U.S. withholding tax, provided such Non-U.S. Holder complies with certain certification and
disclosure requirements (generally by providing an IRS Form W-8ECI). Instead, such dividends generally will be subject to U.S. federal
income tax, net of certain deductions, at the same graduated individual or corporate rates applicable to U.S. Holders. If the Non-U.S.
Holder is a corporation, dividends that are effectively connected income may also be subject to a "branch profits tax" at
a rate of 30% (or such lower rate as may be specified by an applicable income tax treaty).
Exercise
of a Warrant
The
U.S. federal income tax treatment of a Non-U.S. Holder's exercise of a Warrant will generally correspond to the U.S. federal income
tax treatment of the exercise of a Warrant by a U.S. Holder, as described under "
U.S. Holders-Exercise of a Warrant
"
above, although to the extent a cashless exercise results in a taxable exchange, the tax consequences to the Non-U.S. Holder would be
the same as those described below in "
Non-U.S. Holders-Gain on Sale, Exchange or Other Taxable Disposition of Common Stock and
Warrants
."
103
Redemption
of Warrants for Common Stock
A
redemption of Warrants for Common Stock described in this prospectus under "
Description of Securities-Warrants
" should
be treated as a "recapitalization" for U.S. federal income tax purposes. Accordingly, you should not recognize any gain or
loss on the redemption of Warrants for shares of our Common Stock. Your aggregate initial tax basis in the shares of Common Stock received
in the redemption should equal your aggregate adjusted tax basis in your Warrants redeemed and your holding period for the shares of
Common Stock received in redemption of your Warrants should include your holding period for your surrendered Warrants. However, there
is some uncertainty regarding this tax treatment and, accordingly, Non-U.S. Holders should consult their tax advisors regarding the tax
consequences of a redemption of Warrants for Common Stock.
Gain
on Sale, Exchange or Other Taxable Disposition of Common Stock and Warrants
A
Non-U.S. Holder generally will not be subject to U.S. federal income or withholding tax in respect of gain recognized on a sale, taxable
exchange or other taxable disposition of our Common Stock or Warrants or an expiration or redemption of our Warrants, unless:
●
the
                                            gain is effectively connected with the conduct of a trade or business by the Non-U.S. Holder
                                            within the United States (and, if an applicable tax treaty so requires, is attributable to
                                            a U.S. permanent establishment or fixed base maintained by the Non-U.S. Holder);
●
the
                                            Non-U.S. Holder is an individual who is present in the United States for 183 days or more
                                            in the taxable year of disposition and certain other conditions are met; or
●
we
    are or have been a "United States real property holding corporation" for U.S. federal income tax purposes at any time
    during the shorter of the five-year period ending on the date of disposition or the period that the Non-U.S. Holder held our Common
    Stock or Warrants and, in the case where shares of our Common Stock are regularly traded on an established securities market, the
    Non-U.S. Holder has owned, directly or constructively, more than 5% of our common stock at any time within the shorter of the five-year
    period preceding the disposition or such Non-U.S. Holder's holding period for the shares of our common stock. There can be
    no assurance that our Common Stock will be treated as regularly traded on an established securities market for this purpose.
Gain
described in the first bullet point above will be subject to tax at generally applicable U.S. federal income tax rates as if the Non-U.S.
Holder were a U.S. resident. Any gains described in the first bullet point above of a Non-U.S. Holder that is a foreign corporation may
also be subject to an additional "branch profits tax" at a 30% rate (or lower applicable treaty rate). Gain described in
the second bullet point above will generally be subject to a flat 30% U.S. federal income tax. Non-U.S. Holders are urged to consult
their tax advisors regarding possible eligibility for benefits under income tax treaties.
If
the third bullet point above applies to a Non-U.S. Holder and applicable exceptions are not available, gain recognized by such holder
on the sale, exchange or other disposition of our Common Stock or Warrants will be subject to tax at generally applicable U.S. federal
income tax rates. In addition, a buyer of our Common Stock or Warrants from such holder may be required to withhold U.S. income tax at
a rate of 15% of the amount realized upon such disposition. Non-U.S. Holders are urged to consult their tax advisors regarding the application
of these rules.
104
Possible
Constructive Distributions
The
terms of each Warrant provide for an adjustment to the number of shares of Common Stock for which the Warrant may be exercised or to
the exercise price of the Warrant in certain events, as discussed in the section of this prospectus captioned "
Description of
Securities-Warrants
." An adjustment which has the effect of preventing dilution generally should not be a taxable event. Nevertheless,
a Non-U.S. Holder of Warrants would be treated as receiving a constructive distribution from us if, for example, the adjustment increases
the holder's proportionate interest in our assets or earnings and profits (e.g., through an increase in the number of shares of
Common Stock that would be obtained upon exercise) as a result of a distribution of cash to the holders of shares of our Common Stock
which is taxable to such holders as a distribution. A Non-U.S. Holder would be subject to U.S. federal income tax withholding as described
above under "
Non-U.S. Holders-Taxation of Distributions
" under that section in the same manner as if such Non-U.S.
Holder received a cash distribution from us on Common Stock equal to the fair market value of such increased interest.
Foreign
Account Tax Compliance Act
Provisions
of the Code and Treasury Regulations and administrative guidance promulgated thereunder commonly referred as the "Foreign Account
Tax Compliance Act" ("FATCA") generally impose withholding at a rate of 30% in certain circumstances on dividends (including
constructive dividends) in respect of our securities which are held by or through certain foreign financial institutions (including investment
funds), unless any such institution (1) enters into, and complies with, an agreement with the IRS to report, on an annual basis, information
with respect to interests in, and accounts maintained by, the institution that are owned by certain U.S. persons and by certain non-U.S.
entities that are wholly or partially owned by U.S. persons and to withhold on certain payments, or (2) if required under an intergovernmental
agreement between the United States and an applicable foreign country, reports such information to its local tax authority, which will
exchange such information with the U.S. authorities. An intergovernmental agreement between the United States and an applicable foreign
country may modify these requirements. Accordingly, the entity through which our securities are held will affect the determination of
whether such withholding is required. Similarly, dividends in respect of our securities held by an investor that is a non-financial non-U.S.
entity that does not qualify under certain exceptions will generally be subject to withholding at a rate of 30%, unless such entity either
(1) certifies to us or the applicable withholding agent that such entity does not have any "substantial United States owners"
or (2) provides certain information regarding the entity's "substantial United States owners," which will in turn be
provided to the U.S. Department of Treasury. Withholding under FATCA was scheduled to apply to payments of gross proceeds from the sale
or other disposition of property that produces U.S.-source interest or dividends, however, the IRS released proposed regulations that,
if finalized in their proposed form, would eliminate the obligation to withhold on such gross proceeds. Although these proposed Treasury
Regulations are not final, taxpayers generally may rely on them until final Treasury Regulations are issued. Prospective investors should
consult their tax advisors regarding the possible implications of FATCA on their investment in our securities.
Information
Reporting and Backup Withholding
Information
returns will be filed with the IRS in connection with payments of dividends and the proceeds from a sale or other disposition of our
units, shares of Common Stock and Warrants. A Non-U.S. Holder may have to comply with certification procedures to establish that it is
not a United States person in order to avoid information reporting and backup withholding requirements. The certification procedures
required to claim a reduced rate of withholding under a treaty generally will satisfy the certification requirements necessary to avoid
the backup withholding as well. Backup withholding is not an additional tax. The amount of any backup withholding from a payment to a
Non-U.S. Holder will be allowed as a credit against such holder's U.S. federal income tax liability and may entitle such holder
to a refund, provided that the required information is timely furnished to the IRS.
THE
DISCUSSION ABOVE IS A GENERAL SUMMARY. IT DOES NOT COVER ALL TAX MATTERS THAT MAY BE IMPORTANT TO YOU. EACH PROSPECTIVE PURCHASER SHOULD
CONSULT ITS TAX ADVISOR ABOUT THE TAX CONSEQUENCES OF AN INVESTMENT IN OUR COMMON STOCK AND WARRANTS BASED ON THE INVESTOR'S CIRCUMSTANCES.
105
DESCRIPTION
OF SECURITIES
The
following summary of the material terms of our securities is not intended to be a complete summary of the rights and preferences of such
securities, and is qualified by reference to our Second Amended and Restated Certificate of Incorporation, our Bylaws and the
Warrant-related documents described herein, which are exhibits to the registration statement of which this prospectus is a part. We urge
you to read each of our Second Amended and Restated Certificate of Incorporation, the Bylaws and the Warrant-related documents
described herein in their entirety for a complete description of the rights and preferences of our securities.
Authorized
and Outstanding Stock
Our
Second Amended and Restated Certificate of Incorporation authorizes the issuance of 131,250,000 shares of capital stock, consisting
of (i) 130,000,000 shares of Class A Common Stock and (ii) 1,250,000 shares of preferred stock, par value $0.0001 per share. The outstanding
shares of our Class A Common Stock are duly authorized, validly issued, fully paid and non-assessable. As of the date of this
prospectus, there were 18,715,912 shares of Class A Common Stock outstanding, 20,450 shares of preferred stock outstanding
and 7,036,588 warrants outstanding.
Common
Stock
The
Class A Common Stock has such rights as are provided in the Second Amended and Restated Certificate of Incorporation.
Voting
Power
Except
as otherwise required by law or as otherwise provided in any certificate of designation for any series of preferred stock, under the
Second Amended and Restated Certificate of Incorporation, the holders of Class A Common Stock possess or will possess, as applicable,
all voting power for the election of our directors and all other matters requiring stockholder action and are entitled or will be entitled,
as applicable, to one vote per share on matters to be voted on by stockholders. Subject to certain limited exceptions, the holders of
Class A Common Stock shall at all times vote together as one class on all matters submitted to a vote of the holders of Class
A Common Stock under the Second Amended and Restated Certificate
of Incorporation.
Preemptive
or Other Rights
The
Second Amended and Restated Certificate of Incorporation does not provide for any preemptive or other similar rights.
Election
of Directors
Our
Board currently consists of seven directors. The Board is divided into three classes, with the first class consisting of two directors
with an initial term that expires in 2025, the second class consisting of three directors with an initial term that expires in 2023,
and the third class consisting of two directors with an initial term that expires in 2024. The directors shall serve until their respective
successors are duly elected and qualified, or until their earlier resignation, removal, or death. Under the terms of the Second Amended
and Restated Certificate of Incorporation, upon the effectiveness thereof, the term of a class of Directors in place at such time will
expire at the annual meeting of the stockholder until 2024.
Under
our Second Amended and Restated Certificate of Incorporation, directors are elected by a plurality voting standard, whereby each of our
stockholders may not give more than one vote per share towards any one director nominee.
106
Preferred
Stock
Prior
to the issuance of the PIPE Shares, the Company filed a Certificate of Designation of Preferences, Rights and Limitations of the Series
A Convertible Preferred Stock (the "Certificate of Designation") with the Secretary of State of the State of Delaware. Pursuant
to the Certificate of Designation, the Series A Convertible Preferred Stock has a stated value of $1,000 per share and will convert into
shares of Class A Common Stock at a price of $10.00 per share of Class A Common Stock (the "Conversion Price"). The Conversion
Price is subject to downward adjustment on each of the dates that are 10 days, 55 days, 100 days, 145 days and 190 days after the effectiveness
of a registration statement registering the shares of Class A Common Stock issuable upon conversion of the PIPE Shares to the lower of
the Conversion Price and the greater of (i) 80% of the volume weighted average price of the Class A Common Stock for the prior five trading
days and (ii) $2.00 (the "Floor Price"); provided that, so long as a PIPE Investor continues to hold any PIPE Shares, such
PIPE Investor will be entitled to receive the aggregate shares of Class A Common Stock that would be issuable based upon its initial
purchase of PIPE Shares at the adjusted Conversion Price. Additionally, the Floor Price will be reduced to $1.25 if and only if the Company's
stockholders provide the approval contemplated by Nasdaq Listing Standard Rule 5635(d) with respect to the issuance of the Conversion
Shares based on a reduction of the Floor Price to $1.25 (the "Requisite Stockholder Approval"); provided, however, that no
holder of Conversion Shares issued prior to obtaining the Requisite Stockholder Approval will be allowed to vote such Conversion Shares
for or against such proposal. Further, pursuant to the Certificate of Designation, as soon as practicable, but in any event not later
than one hundred and twenty days (120) days after September 28, 2022, the Company will call a special meeting of its stockholders to
obtain the Requisite Stockholder Approval for the reduction of the Floor Price to $1.25 and (ii) the Company's Board of Directors
(the "Board") will recommend approval of such proposal; if the Requisite Stockholder Approval is not obtained at such a meeting,
the Company will call additional meetings, and the Board will make such recommendation, at least once every six (6) months thereafter
until the Requisite Stockholder Approval is obtained (each such meeting, a "Subsequent Stockholder Meeting"). If the Requisite
Stockholder Approval is received and, on the date that the Requisite Stockholder Approval is received, if a prior scheduled downward
adjustment of the Conversion Price would have resulted in a Conversion Price lower than the prior Floor Price (the "Theoretical
Adjustment Price"), then such Conversion Price shall be downwardly adjusted to the Theoretical Adjustment Price effective, automatically
and without further action of the Company or any PIPE Investor, on the trading day immediately following the trading day upon which the
Requisite Stockholder Approval is obtained regardless of whether a scheduled downward adjustment of the Conversion Price would have otherwise
occurred on such trading day; provided, however, in no event shall the Theoretical Adjustment Price be less than $1.25.
In
addition, until the Price Protection Expiration Date (as such term is defined in the Certificate of Designation), the Conversion Price
is subject to adjustment for certain issuances of Class A Common Stock at a price per share less than the Conversion Price such that
the Conversion Price will be adjusted to equal the price at which the new shares are issued. The Conversion Price is also subject to
other customary adjustments for stock dividends, stock splits and similar corporate actions.
107
Warrants
Public
Stockholders' Warrants
Each
warrant entitles the registered holder to purchase one share of our Class A Common Stock at a price of $11.50 per
share. The warrants will expire on September 28, 2027, at 5:00 p.m., New York City time, or earlier upon redemption or liquidation.
We
are not be obligated to deliver any shares of Class A Common Stock pursuant to the exercise of a warrant and have no obligation
to settle such warrant exercise unless a registration statement under the Securities Act with respect to the shares of Class A Common
Stock underlying the warrants is then effective and a prospectus relating thereto is current, subject to our satisfying our obligations
described below with respect to registration. No warrant is exercisable and we are not obligated to issue shares of Class A Common
Stock upon exercise of a warrant unless Class A Common Stock issuable upon such warrant exercise has been registered, qualified
or deemed to be exempt under the securities laws of the state of residence of the registered holder of the warrants. In the event that
the conditions in the two immediately preceding sentences are not satisfied with respect to a warrant, the holder of such warrant is
not be entitled to exercise such warrant and such warrant may have no value and expire worthless. In the event that a registration statement
is not effective for the exercised warrants, the purchaser of a unit containing such warrant will have paid the full purchase price for
the unit solely for the share of Class A Common Stock underlying such unit.
We
have agreed that as soon as practicable, but in no event later than 15 business days, after the closing of our initial business combination,
we will use our best efforts to file with the SEC a registration statement for the registration, under the Securities Act, of the shares
of Class A Common Stock issuable upon exercise of the warrants. We will use our best efforts to cause the same to become effective
and to maintain the effectiveness of such registration statement, and a current prospectus relating thereto, until the expiration of
the warrants in accordance with the provisions of the warrant agreement. Notwithstanding the above, if our Class A Common Stock
is at the time of any exercise of a warrant not listed on a national securities exchange such that it satisfies the definition of a "covered
security" under Section 18(b)(1) of the Securities Act, we may, at our option, require holders of public warrants who exercise
their warrants to do so on a "cashless basis" in accordance with Section 3(a)(9) of the Securities Act and, in the event
we so elect, we will not be required to file or maintain in effect a registration statement, but we will be required to use our best
efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available.
Once
the warrants become exercisable, we may call the warrants for redemption:
●
in whole and not in part;
●
at a price of $0.01 per warrant;
●
upon not less than 30 days' prior written notice of redemption (the "
30-day redemption period
") to each warrant
holder; and
●
if, and only if, the reported last sale price of the Class A Common Stock equals or exceeds $18.00 per share (as adjusted for
stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading day period
ending three business days before we send the notice of redemption to the warrant holders.
●
if and when the warrants become redeemable by us, we may exercise our redemption right even if we are unable to register or qualify the
underlying securities for sale under all applicable state securities laws.
We
have established the last of the redemption criterion discussed above to prevent a redemption call unless there is at the time of the
call a significant premium to the warrant exercise price. If the foregoing conditions are satisfied and we issue a notice of redemption
of the warrants, each warrant holder will be entitled to exercise its warrant prior to the scheduled redemption date. However, the price
of the Class A Common Stock may fall below the $18.00 redemption trigger price (as adjusted for stock splits, stock dividends,
reorganizations, recapitalizations and the like) as well as the $11.50 warrant exercise price after the redemption notice is issued.
108
If
we call the warrants for redemption as described above, our management will have the option to require any holder that wishes to exercise
its warrant to do so on a "cashless basis." In determining whether to require all holders to exercise their warrants on a
"cashless basis," our management will consider, among other factors, our cash position, the number of warrants that are outstanding
and the dilutive effect on our stockholders of issuing the maximum number of shares of Class A Common Stock issuable upon the
exercise of our warrants. If our management takes advantage of this option, all holders of warrants would pay the exercise price by surrendering
their warrants for that number of shares of Class A Common Stock equal to the quotient obtained by dividing (x) the product of
the number of shares of Class A Common Stock underlying the warrants, multiplied by the excess of the "fair market value"
(defined below) over the exercise price of the warrants by (y) the fair market value. The "fair market value" shall mean
the average reported last sale price of the Class A Common Stock for the 10 trading days ending on the third trading day prior
to the date on which the notice of redemption is sent to the holders of warrants. If our management takes advantage of this option, the
notice of redemption will contain the information necessary to calculate the number of shares of Class A Common Stock to be received
upon exercise of the warrants, including the "fair market value" in such case. Requiring a cashless exercise in this manner
will reduce the number of shares to be issued and thereby lessen the dilutive effect of a warrant redemption. We believe this feature
is an attractive option to us if we do not need the cash from the exercise of the warrants after our initial business combination. If
we call our warrants for redemption and our management does not take advantage of this option, our Sponsor and its permitted transferees
would still be entitled to exercise their Private Placement Warrants for cash or on a cashless basis using the same formula described
above that other warrant holders would have been required to use had all warrant holders been required to exercise their warrants on
a cashless basis, as described in more detail below.
A
holder of a warrant may notify us in writing in the event it elects to be subject to a requirement that such holder will not have the
right to exercise such warrant, to the extent that after giving effect to such exercise, such person (together with such person's
affiliates), to the warrant agent's actual knowledge, would beneficially own in excess of 9.8% (or such other amount as a holder
may specify) of the shares of Class A Common Stock outstanding immediately after giving effect to such exercise.
If
the number of outstanding shares of Class A Common Stock is increased by a stock dividend payable in shares of Class A Common
Stock, or by a split-up of shares of Class A Common Stock or other similar event, then, on the effective date of such stock
dividend, split-up or similar event, the number of shares of Class A Common Stock issuable on exercise of each warrant will be
increased in proportion to such increase in the outstanding shares of Class A Common Stock. A rights offering to holders of Class
A Common Stock entitling holders to purchase shares of Class A Common Stock at a price less than the fair market value
will be deemed a stock dividend of a number of shares of Class A Common Stock equal to the product of  (i) the number of
shares of Class A Common Stock actually sold in such rights offering (or issuable under any other equity securities sold in such
rights offering that are convertible into or exercisable for Class A Common Stock) multiplied by (ii) one minus the quotient of 
(x) the price per share of Class A Common Stock paid in such rights offering divided by (y) the fair market value. For these purposes
(i) if the rights offering is for securities convertible into or exercisable for Class A Common Stock, in determining the price
payable for Class A Common Stock, there will be taken into account any consideration received for such rights, as well as any
additional amount payable upon exercise or conversion and (ii) fair market value means the volume weighted average price of Class A Common
Stock as reported during the ten trading day period ending on the trading day prior to the first date on which the shares of Class
A Common Stock trade on the applicable exchange or in the applicable market, regular way, without the right to receive such rights.
In
addition, if we, at any time while the warrants are outstanding and unexpired, pay a dividend or make a distribution in cash, securities
or other assets to the holders of Class A Common Stock on account of such shares of Class A Common Stock (or other shares
of our capital stock into which the warrants are convertible), other than (a) as described above, (b) certain cash dividends, (c) to
satisfy the redemption rights of the holders of Class A Common Stock in connection with a proposed initial business combination,
(d) to satisfy the redemption rights of the holders of Class A Common Stock in connection with a stockholder vote to amend our
amended and restated certificate of incorporation to modify the substance or timing of our obligation to redeem 100% of our Class A Common
Stock if we do not complete our initial business combination within 24 months from the closing of our initial public offering, or
(e) in connection with the redemption of our public shares upon our failure to complete our initial business combination, then the warrant
exercise price will be decreased, effective immediately after the effective date of such event, by the amount of cash and/or the fair
market value of any securities or other assets paid on each share of Class A Common Stock in respect of such event.
If
the number of outstanding shares of our Class A Common Stock is decreased by a consolidation, combination, reverse stock split
or reclassification of shares of Class A Common Stock or other similar event, then, on the effective date of such consolidation,
combination, reverse stock split, reclassification or similar event, the number of shares of Class A Common Stock issuable on
exercise of each warrant will be decreased in proportion to such decrease in outstanding shares of Class A Common Stock.
109
Whenever
the number of shares of Class A Common Stock purchasable upon the exercise of the warrants is adjusted, as described above, the
warrant exercise price will be adjusted by multiplying the warrant exercise price immediately prior to such adjustment by a fraction
(x) the numerator of which will be the number of shares of Class A Common Stock purchasable upon the exercise of the warrants
immediately prior to such adjustment, and (y) the denominator of which will be the number of shares of Class A Common Stock so
purchasable immediately thereafter.
In
case of any reclassification or reorganization of the outstanding shares of Class A Common Stock (other than those described above
or that solely affects the par value of such shares of Class A Common Stock), or in the case of any merger or consolidation of
us with or into another corporation (other than a consolidation or merger in which we are the continuing corporation and that does not
result in any reclassification or reorganization of our outstanding shares of Class A Common Stock), or in the case of any sale
or conveyance to another corporation or entity of the assets or other property of us as an entirety or substantially as an entirety in
connection with which we are dissolved, the holders of the warrants will thereafter have the right to purchase and receive, upon the
basis and upon the terms and conditions specified in the warrants and in lieu of the shares of our Class A Common Stock immediately
theretofore purchasable and receivable upon the exercise of the rights represented thereby, the kind and amount of shares of stock or
other securities or property (including cash) receivable upon such reclassification, reorganization, merger or consolidation, or upon
a dissolution following any such sale or transfer, that the holder of the warrants would have received if such holder had exercised their
warrants immediately prior to such event. If less than 70% of the consideration receivable by the holders of Class A Common Stock
in such a transaction is payable in the form of Class A Common Stock in the successor entity that is listed for trading on a national
securities exchange or is quoted in an established over-the-counter market, or is to be so listed for trading or quoted immediately following
such event, and if the registered holder of the warrant properly exercises the warrant within thirty days following public disclosure
of such transaction, the warrant exercise price will be reduced as specified in the warrant agreement based on the Black-Scholes value
(as defined in the warrant agreement) of the warrant.
The
warrants were issued in registered form under a warrant agreement between Continental Stock Transfer & Trust Company, as warrant
agent, and us. The warrant agreement provides that the terms of the warrants may be amended without the consent of any holder to cure
any ambiguity or correct any defective provision, but requires the approval by the holders of at least 65% of the then outstanding public
warrants to make any change that adversely affects the interests of the registered holders of public warrants.
The
warrants may be exercised upon surrender of the warrant certificate on or prior to the expiration date at the offices of the warrant
agent, with the exercise form on the reverse side of the warrant certificate completed and executed as indicated, accompanied by full
payment of the exercise price (or on a cashless basis, if applicable), by certified or official bank check payable to us, for the number
of warrants being exercised. The warrant holders do not have the rights or privileges of holders of Class A Common Stock or any
voting rights until they exercise their warrants and receive shares of Class A Common Stock. After the issuance of shares of Class
A Common Stock upon exercise of the warrants, each holder will be entitled to one vote for each share held of record on all matters
to be voted on by stockholders.
No
fractional shares will be issued upon exercise of the warrants. If, upon exercise of the warrants, a holder would be entitled to receive
a fractional interest in a share, we will, upon exercise, round down to the nearest whole number of shares of Class A Common Stock
to be issued to the warrant holder.
Private
Placement Warrants
The
Private Placement Warrants (including the Class A Common Stock issuable upon exercise of the Private Placement Warrants) will
not be transferable, assignable or salable until 30 days after the completion of our initial business combination (except, among other
limited exceptions as described below in "
Restrictions on Transfers of Founder Shares and Private Placement Warrants
,"
to our officers and directors and other persons or entities affiliated with our Sponsor) and they will not be redeemable by us so long
as they are held by our Sponsor or its permitted transferees. Otherwise, the Private Placement Warrants have terms and provisions that
are identical to those of the public warrants, including as to exercise price, exercisability and exercise period. If the Private Placement
Warrants are held by holders other than the Sponsor or its permitted transferees, the Private Placement Warrants will be redeemable by
us and exercisable by the holders on the same basis as the public warrants included in the public units.
110
If
holders of the Private Placement Warrants elect to exercise them on a cashless basis, they would pay the exercise price by surrendering
their warrants for that number of shares of Class A Common Stock equal to the quotient obtained by dividing (x) the product of
the number of shares of Class A Common Stock underlying the warrants, multiplied by the excess of the "fair market value"
(defined below) over the exercise price of the warrants by (y) the fair market value. The "fair market value" shall mean
the average reported last sale price of the Class A Common Stock for the 10 trading days ending on the third trading day prior
to the date on which the notice of warrant exercise is sent to the warrant agent. The reason that we have agreed that these warrants
will be exercisable on a cashless basis so long as they are held by the Sponsor or its permitted transferees is because at the time of
our initial public offering it was not known whether they would be affiliated with us following a business combination. If they remained
affiliated with us, their ability to sell our securities in the open market would be significantly limited. We expect to have policies
in place that prohibit insiders from selling our securities except during specific periods of time. Even during such periods of time
when insiders will be permitted to sell our securities, an insider cannot trade in our securities if he or she is in possession of material
non-public information. Accordingly, unlike public stockholders who could sell the shares of Class A Common Stock issuable upon
exercise of the warrants freely in the open market, the insiders could be significantly restricted from doing so. As a result, we believe
that allowing the holders to exercise such warrants on a cashless basis is appropriate.
Our
Sponsor has agreed not to transfer, assign or sell any of the Private Placement Warrants (including the Class A Common Stock issuable
upon exercise of any of these warrants) until the date that is 30 days after the date we complete our initial business combination, subject
to certain limited exceptions as set forth therein.
The
PIPE Warrants were issued in the form attached as an exhibit to the Amended and Restated Securities Purchase Agreement. The PIPE Warrants
have an exercise price of $11.50 per share of Class A Common Stock to be paid in cash (except if the shares underlying the warrants are
not covered by an effective registration statement after the six-month anniversary of the closing date, in which case cashless exercise
is permitted), subject to adjustment to a price equal to the greater of (i) 125% of the Conversion Price if at any time there is an adjustment
to the Conversion Price and the exercise price after such adjustment is greater than 125% of the Conversion Price as adjusted and (ii)
$5.00. The PIPE Warrants are also subject to adjustment for other customary adjustments for stock dividends, stock splits and similar
corporate actions. The PIPE Warrants are exercisable for a period of five years following the Closing, or September 28, 2027. After exercise
of a PIPE Warrant, the Company may be required to pay certain penalties if it fails to deliver the Class A Common Stock within a specified
period of time.
Restrictions
on Transfers of Founder Shares and Private Placement Units
The
Founder Shares, Private Placement Units, Private Placement Shares, Private Placement Warrants and shares of Class A Common Stock
underlying the Private Placement Units, and any shares of Class A Common Stock issued or issuable upon the exercise or conversion
of the Private Placement Warrants thereof are subject to transfer restrictions pursuant to lock-up provisions in a letter agreement with
us entered into by our Sponsor, officers and directors. Those lock-up provisions provide that such securities are not transferable or
salable (i) in the case of the Founder Shares, until the earlier of  (A) six months after the completion of our initial business
combination or (B) subsequent to our initial business combination, (x) if the last sale price of our Class A Common Stock equals
or exceeds $12.50 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any
20 trading days within any 30-trading day period commencing at least 150 days after our initial business combination, or (y) the date
on which we complete a liquidation, merger, capital stock exchange, reorganization or other similar transaction that results in all of
our stockholders having the right to exchange their shares of common stock for cash, securities or other property, and (ii) in the case
of the Private Placement Shares, Private Placement Units, and Private Placement Warrants and the Class A Common Stock underlying
such Private Placement Units, until 30 days after the completion of our initial business combination, except in each case (a) to our
officers or directors, any affiliates or family members of any of our officers or directors, any members of our Sponsor, or any affiliates
of our Sponsor, (b) in the case of an individual, by gift to a member of the individual's immediate family, to a trust, the beneficiary
of which is a member of the individual's immediate family or an affiliate of such person, or to a charitable organization; (c)
in the case of an individual, by virtue of laws of descent and distribution upon death of the individual; (d) in the case of an individual,
pursuant to a qualified domestic relations order; (e) by private sales or transfers made in connection with the consummation of a business
combination at prices no greater than the price at which the securities were originally purchased; (f) in the event of our liquidation
prior to the completion of our initial business combination; (g) by virtue of the laws of Delaware or our Sponsor's limited liability
company agreement upon dissolution of our Sponsor; (h) in the event of our liquidation, merger, capital stock exchange, reorganization
or other similar transaction which results in all of our stockholders having the right to exchange their shares of common stock for cash,
securities or other property subsequent to the completion of our initial business combination; provided, however, that in the case of
clauses (a) through (e) and (h) these permitted transferees must enter into a written agreement agreeing to be bound by these transfer
restrictions.
111
Dividends
We
have not paid any cash dividends on our Common Stock to date and do not intend to pay cash dividends prior to the completion of a business
combination. The payment of cash dividends in the future will be dependent upon our revenues and earnings, if any, capital requirements
and general financial condition subsequent to completion of a business combination. The payment of any cash dividends subsequent to a
business combination will be within the discretion of our Board at such time. In addition, our Board is not currently contemplating and
does not anticipate declaring any stock dividends in the foreseeable future. Further, if we incur any indebtedness, our ability to declare
dividends may be limited by restrictive covenants we may agree to in connection therewith.
Transfer
Agent and Warrant Agent
The
Transfer Agent for our Common Stock and warrant agent for our warrants is Continental Stock Transfer & Trust Company. We have agreed
to indemnify Continental Stock Transfer & Trust Company in its roles as transfer agent and warrant agent, its agents and each of
its stockholders, directors, officers and employees against all liabilities, including judgments, costs and reasonable counsel fees that
may arise out of acts performed or omitted for its activities in that capacity, except for any liability due to any gross negligence,
willful misconduct or bad faith of the indemnified person or entity.
Certain
Anti-Takeover Provisions of Delaware Law, the Company's Certificate of Incorporation and Bylaws
The
Second Amended and Restated Certificate of Incorporation and bylaws contains provisions that may discourage unsolicited takeover proposals
that stockholders may consider to be in their best interests. We are also subject to anti-takeover provisions under Delaware law, which
could delay or prevent a change of control. Together, these provisions may make more difficult the removal of management and may discourage
transactions that otherwise could involve payment of a premium over prevailing market prices for our securities. These provisions will
include:
●
a prohibition on stockholder action by written consent, which forces stockholder action to be taken at an annual or special meeting of
our stockholders;
●
a denial of the right of stockholders to call a special meeting;
●
a vote of 66 2/3% required to approve certain amendments to the Second Amended and Restated Certificate of Incorporation and the bylaws;
and
●
the designation of Delaware as the exclusive forum for certain disputes.
112
Forum
Selection Clause
Our
Second Amended and Restated Certificate of Incorporation and bylaws will provide that, unless we consent in writing to the selection
of an alternative forum, the sole and exclusive forum, to the fullest extent permitted by law, for (1) any derivative action or proceeding
brought on our behalf, (2) any action asserting a breach of a fiduciary duty owed by any director, officer or other employee to us or
our stockholders, (3) any action asserting a claim against us or any director, officer or other employee arising pursuant to the DGCL,
(4) any action to interpret, apply, enforce or determine the validity of our Second Amended and Restated Certificate of Incorporation
and bylaws, or (5) any other action asserting a claim that is governed by the internal affairs doctrine, shall be the Court of Chancery
of the State of Delaware (or another state court or the federal court located within the State of Delaware if the Court of Chancery does
not have or declines to accept jurisdiction), in all cases subject to the court's having jurisdiction over indispensable parties
named as defendants. In addition, our Second Amended and Restated Certificate of Incorporation will provide that the federal district
courts of the United States will be the exclusive forum for resolving any complaint asserting a cause of action arising under the Securities
Act but that the forum selection provision will not apply to claims brought to enforce a duty or liability created by the Exchange Act.
Although we believe these provisions benefit us by providing increased consistency in the application of Delaware law for the specified
types of actions and proceedings, the provisions may have the effect of discouraging lawsuits against us or our directors and officers.
Alternatively, if a court were to find the choice of forum provision contained in our Second Amended and Restated Certificate of Incorporation
and bylaws to be inapplicable or unenforceable in an action, we may incur additional costs associated with resolving such action in other
jurisdictions, which could harm our business, financial condition, and operating results. For example, under the Securities Act, federal
courts have concurrent jurisdiction over all suits brought to enforce any duty or liability created by the Securities Act, and investors
cannot waive compliance with the federal securities laws and the rules and regulations thereunder. Any person or entity purchasing or
otherwise acquiring any interest in our shares of capital stock shall be deemed to have notice of and consented to this exclusive forum
provision, but will not be deemed to have waived our compliance with the federal securities laws and the rules and regulations thereunder.
Advance
Notice of Director Nominations and New Business
Our
bylaws contain advance notice procedures with respect to stockholder proposals and the nomination of candidates for election as director.
In order for any matter to be "properly brought" before a meeting, a stockholder will have to comply with such advance notice
procedures and provide us with certain information. Our bylaws allow the presiding officer at a meeting of stockholders to adopt rules
and regulations for the conduct of meetings which may have the effect of precluding the conduct of certain business at a meeting if such
rules and regulations are not followed.
These
provisions may also defer, delay or discourage a potential acquirer from conducting a solicitation of proxies to elect the acquirer's
own slate of directors or otherwise attempting to influence or obtain control of the Company.
Rule
144
Rule
144 is not available for the resale of securities initially issued by shell companies (other than business combination related shell
companies) or issuers that have been at any time previously a shell company. However, Rule 144 also includes an important exception to
this prohibition if the following conditions are met:
●
the issuer of the securities that was formerly a shell company has ceased to be a shell company;
●
the issuer of the securities is subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act;
●
the issuer of the securities has filed all Exchange Act reports and material required to be filed, as applicable, during the preceding
12 months (or such shorter period that the issuer was required to file such reports and materials), other than Form 8-K reports; and
●
at least one year has elapsed from the time that the issuer filed current Form 10 type information with the SEC reflecting its status
as an entity that is not a shell company.
As
a result Sponsor and any other holder of Founder Shares or Private Placement Warrants, as applicable will be able to sell their private
placement securities pursuant to Rule 144 without registration one year after the Company has completed its initial business combination,
assuming the Company otherwise complies with the conditions set forth above.
The
Company anticipates that following the consummation of the Business Combination, it will no longer be a shell company, and so, once the
conditions set forth in the exceptions listed above are satisfied, Rule 144 will become available for the resale of the above noted restricted
securities.
113
Registration
Rights
The
Company provided the Seller with certain customary registration rights in connection with the Stock Consideration. Please see the section
entitled "
Proposal No. 1—Approval of the Business Combination
." Holders of Founder Shares (once converted to
Class A Common Stock upon consummation of the Business Combination) and Private Placement Warrants also have certain registration
rights. Please see the section entitled "
Certain Relationships and Related Transactions—Registration Rights
."
In addition, under the warrant agreement, the Company has agreed to register shares of Class A Common Stock underlying its warrants.
The foregoing summary of the Seller's registration rights is not complete and is qualified in its entirety by reference to the
complete text of the Purchase Agreement as set forth in
Annex A
.
The
foregoing summary of the Northern Lights Restricted Stockholders' registration rights is not complete and is qualified in its entirety
by reference to the complete text of the Business Combination Registration Rights Agreement, as set forth in Exhibit 10.4 to the Company's
Registration Statement on Form S-1, filed on June 1, 2021, and incorporated by reference herein. The foregoing summary of the warrant
holders' registration rights under the warrant agreement is not complete and is qualified in its entirety by reference to the complete
text of the warrant agreement, as set forth in Exhibit 4.4 to the Company's Registration Statement on Form S-1, filed on June 1,
2021, and incorporated by reference herein.
Listing
of Securities
Our
Common Stock and Public Warrants are listed on Nasdaq under the symbols "SHFS" and "SHFSW," respectively.
LEGAL
MATTERS
The
validity of any securities offered by this prospectus will be passed upon for us by Nelson Mullins Riley & Scarborough LLP.
EXPERTS
The
financial statements of Eagle Legacy Services, PLLC d/b/a Safe Harbor Services, SHF, LLC and Branches 52 and 53 as of December 31, 2021
and 2020 and for each of the two years in the period ended December 31, 2021, included in this prospectus have been so included in reliance
on the report of Elliott Davis, PLLC, an independent registered public accounting firm, included herein, given on the authority of said
firm as experts in auditing and accounting.
The
financial statements of Northern Lights Acquisition Corp. (now known as SHF Holdings, Inc.) as of December 31, 2021 , included in this
prospectus have been audited by Marcum LLP, an independent registered public accounting firm, as set forth in their report appearing
elsewhere herein, which includes an explanatory paragraph as to the Company's ability to continue as going concern, and
are included in reliance upon such report given on the authority of such firm as experts in accounting and auditing..
WHERE
YOU CAN FIND MORE INFORMATION
We
are required to file annual, quarterly and current reports, proxy statements and other information with the SEC as required by the Exchange
Act. You can read our SEC filings, including this prospectus, over the Internet at the SEC's website at
http://www.sec.gov
.
Our
website address is
www.shfinancial.org.
. Through our website, we make available, free of charge, the following documents as soon
as reasonably practicable after they are electronically filed with, or furnished to, the SEC, including our Annual Reports on Form 10-K;
our proxy statements for our annual and special stockholder meetings; our Quarterly Reports on Form 10-Q; our Current Reports on Form
8-K; Forms 3, 4, and 5 and Schedules 13D with respect to our securities filed on behalf of our directors and our executive officers;
and amendments to those documents. The information contained on, or that may be accessed through, our website is not a part of, and is
not incorporated into, this prospectus.
114
INDEX
TO FINANCIAL STATEMENTS
Page
SHF,
    LLC d/b/a Safe Harbor Financial
Unaudited
    Combined Financial Statements:
Combined Balance Sheets at June 30, 2022 (Unaudited) and December 31, 2021
F-2
Combined Statements of Net Income and Comprehensive Income for the three and six months ended June 30, 2022 and June 30, 2021 (Unaudited)
F-3
Combined Statements of Parent-Entity Net Investment for the three and six months ended June 30, 2022 and June 30, 2021 (Unaudited)
F-4
Combined Statements of Cash Flows at June 30, 2022 and June 30, 2021 (Unaudited)
F-5
Notes to Combined Financial Statements (Unaudited)
F-6
Audited
    Combined Financial Statements:
Report of Independent Registered Public Accounting Firm (PCAOB ID No. #149)
F-21
Combined Balance Sheets at December 31, 2021 and December 31, 2020
F-22
Combined Statements of Net Income and Comprehensive Income for the year ended December 31, 2021 and December 31, 2020
F-23
Combined Statements of Parent-Entity Net Investment at December 31, 2021 and December 31, 2020
F-24
Combined Statements of Cash Flows at December 31, 2021 and December 31, 2020
F-25
Notes to Combined Financial Statements
F-26
SHF,
    Holdings, Inc. (f/k/a Northern Lights Acquisition Corp.)
Unaudited
    Condensed Financial Statements:
Condensed Balance Sheet as of June 30, 2022 and December 31, 2021 (Unaudited)
F-39
Condensed Statements of Operations for the three months ended June 30, 2022 and June 30, 2021, the six months ended June 30, 2022 and for the period from February 26, 2021 (Inception) through June 30, 2021 (Unaudited)
F-40
Condensed Statements of Changes in Stockholders' Equity (Deficit) for the three months ended June 30, 2022 and June 30, 2021, the six months ended June 30, 2022 and for the period from February 26, 2021 (Inception) through June 30, 2021 (Unaudited)
F-41
Condensed Statements of Cash Flows for the six months ended June 30, 2022 and for the period from February 26, 2021 (Inception) through June 30, 2021 (Unaudited)
F-42
Notes to Condensed Financial Statements (Unaudited)
F-43
Audited
    Financial Statements:
Report of Independent Registered Public Accounting Firm
(PCAOB ID No. #688)
F-59
Balance Sheet as of December 31, 2021
F-60
Statement of Operations for the period from February 26, 2021 (inception) through December 31, 2021
F-61
Statement of Changes in Stockholders' Equity for the period from February 26, 2021 (inception) through December 31, 2021
F-62
Statement of Cash Flows for the period from February 26, 2021 (inception) through December 31, 2021
F-63
Notes to Financial Statements
F-64
F-
1
EAGLE
LEGACY SERVICES, PLLC D/B/A SAFE HARBOR SERVICES, SHF, LLC AND
BRANCHES 52 AND 53
CARVED
OUT OF PARTNER COLORADO CREDIT UNION
COMBINED
BALANCE SHEETS
June 30,
December 31,
2022
2021
(Unaudited)
(Audited)
ASSETS
Current Assets:
Cash and cash
    equivalents
$
6,382,448
$
5,495,905
Accounts receivable –
    parent
720,417
522,896
Accounts receivable –
    other
1,219
-
Contract assets
27,710
18,317
Prepaid expenses
19,471
6,021
Accrued interest receivable
14,762
7,556
Short-term
    loans receivable
55,711
52,833
Total Current Assets
7,221,738
6,103,528
Long-term loans receivable,
    net
1,865,367
1,410,727
Property and equipment,
    net
13,191
6,351
Security
    deposit
1,867
—
Total
    Assets
$
9,102,163
$
7,520,606
LIABILITIES AND PARENT-ENTITY
    NET INVESTMENT
Current Liabilities:
Accounts payable
$
119,462
$
43,626
Accrued expenses
264,037
129,546
Contract
    liabilities
—
8,333
Total Current Liabilities
383,499
181,505
Net deferred loan origination
    fees
118,116
—
Indemnity
    liability
288,505
—
Total Liabilities
790,120
181,505
Parent-Entity
    Net Investment
8,312,043
7,339,101
Total
    Liabilities and Parent-Entity Net Investment
$
9,102,163
$
7,520,606
The
accompanying notes are an integral part of the combined financial statements
F-
2
EAGLE
LEGACY SERVICES, PLLC D/B/A SAFE HARBOR SERVICES, SHF, LLC AND BRANCHES 52 AND 53
CARVED
OUT OF PARTNER COLORADO CREDIT UNION
COMBINED
STATEMENTS OF NET INCOME AND COMPREHENSIVE INCOME
(Unaudited)
For
                                            the three months ended
June
                                            30,
For
                                            the six months ended
June
                                            30,
2022
2021
2022
2021
Revenue
$
1,852,789
$
1,830,314
$
3,523,899
$
3,580,595
Operating Expenses
Compensation and employee
    benefits
794,997
482,687
1,517,522
991,328
Professional services
188,214
37,612
319,030
62,269
Rent expense
26,303
9,065
51,328
23,866
Corporate allocations
-
367,407
-
648,533
Provision for loan losses
237,874
6,825
306,065
11,927
General
    and administrative expenses
269,057
209,547
492,010
237,098
Total operating expenses
1,516,445
1,113,143
2,685,955
1,975,021
Net income and comprehensive
    income
$
336,344
$
717,171
$
837,944
$
1,605,574
The
accompanying notes are an integral part of the combined financial statements
F-
3
EAGLE
LEGACY SERVICES, PLLC D/B/A SAFE HARBOR SERVICES, SHF, LLC AND BRANCHES 52 AND 53
CARVED
OUT OF PARTNER COLORADO CREDIT UNION
COMBINED
STATEMENTS OF PARENT-ENTITY NET INVESTMENT
(Unaudited)
FOR
THE THREE MONTHS ENDED JUNE 30, 2022
Balance at April 1, 2022
$
7,900,700
Net income
336,344
Contribution
    from Parent
74,999
Balance at June 30,
    2022
$
8,312,043
FOR
THE THREE MONTHS ENDED JUNE 30, 2021
Balance at April 1, 2021
$
4,831,364
Net income
717,171
Contribution of loans receivable
    from Parent
682,500
Net
    change due to allocations and distributions to Parent
(699,787
)
Balance at June 30,
    2021
$
5,531,248
FOR
THE SIX MONTHS ENDED JUNE 30, 2022
Balance at January 1, 2022
$
7,339,101
Net income
837,944
Contribution
    from Parent
134,998
Balance at June 30,
    2022
$
8,312,043
FOR
THE SIX MONTHS ENDED JUNE 30, 2021
Balance at January 1, 2021
$
4,354,021
Net income
1,605,574
Contribution of loans receivable
    from Parent
1,192,750
Net
    change due to allocations and distributions to Parent
(1,621,097
)
Balance at June 30
    2021
$
5,531,248
The
accompanying notes are an integral part of the combined financial statements
F-
4
EAGLE
LEGACY SERVICES, PLLC D/B/A SAFE HARBOR SERVICES, SHF, LLC AND BRANCHES 52 AND 53
CARVED OUT OF PARTNER COLORADO CREDIT UNION
COMBINED
STATEMENTS OF CASH FLOWS
(Unaudited)
For
                                            the six months ended
June
                                            30,
2022
2021
CASH FLOWS FROM OPERATING
    ACTIVITIES:
Net income
$
837,944
$
1,605,574
Adjustments to reconcile net income to net
    cash provided by operating activities:
Depreciation expense
1,952
865
Provision for loan losses
306,065
11,927
Changes in operating assets and liabilities:
Accounts receivable and
    contract assets
(208,133
)
232,491
Prepaid expenses
(13,450
)
(36,565
)
Accrued interest receivable
(7,206
)
—
Accounts payable
75,836
(66,609
)
Accrued expenses
134,491
(28,382
)
Deferred loan origination
    fees
118,116
—
Contract liabilities
(8,333
)
39,914
Security
    deposit
(1,868
)
—
Net
    cash provided by operating activities
1,235,414
1,759,215
CASH FLOWS USED IN INVESTING
    ACTIVITIES:
Purchase of property and
    equipment
(8,792
)
—
New loan issuance
(500,000
)
—
Loans
    receivable repayment
24,923
16,689
Cash
    provided by (used in) investing activities
(483,869
)
16,689
CASH FLOWS USED IN FINANCING
    ACTIVITIES:
Net
    change in parent funding, allocations, and distributions to parent
134,998
(1,621,097
)
Net
    cash provided by (used in) financing activities
134,998
(1,621,097
)
Net increase in cash and cash equivalents
886,543
154,807
Cash and cash equivalents
    - beginning of period
5,495,905
3,001,363
Cash and cash equivalents
    - end of period
$
6,382,448
$
3,156,170
SUPPLEMENTAL CASH FLOW INFORMATION:
Non-Cash transactions:
Contribution
    of loan receivable from Parent
$
—
$
1,192,750
The
accompanying notes are an integral part of the combined financial statements
F-
5
EAGLE
LEGACY SERVICES, PLLC D/B/A SAFE HARBOR SERVICES, SHF, LLC AND BRANCHES 52 AND 53
CARVED
OUT OF PARTNER COLORADO CREDIT UNION
COMBINED
NOTES TO FINANCIAL STATEMENTS
Note
1. Business Description and Basis of Presentation
Business
Description
Eagle
Legacy Services, PLLC d/b/a Safe Harbor Services ("SHS" or "OldCo") was established as a limited liability company,
acting as a credit union service organization ("CUSO") in accordance with applicable laws, in order to provide access to
reliable and compliant financial services for the legal cannabis industry and cannabis related businesses ("CRBs"). SHS was
a wholly owned subsidiary of Partner Colorado Credit Union ("PCCU").
In
addition to SHS, the combined financial statements consist of the financial position, results of operations and cash flows of certain
branches (the "Branches") of PCCU.
During
the fourth quarter of 2020, PCCU created two new entities: SHF Holding Co., LLC ("Holdco"), an interim holding company that
is directly wholly owned by PCCU and SHF, LLC ("NewCo" or "SHF"), an operating entity wholly owned by Holdco.
As a result, SHF is a single member limited liability company with no shareholders.
PCCU's
Board of Directors approved the contribution of certain assets and operating activities associated with operations from both the Branches
and Oldco to Holdco. Holdco then contributed the same assets and related operations to SHF with PCCU's investment in SHF maintained
at the Holdco level (the "reorganization"). The reorganization effectively occurred July 1, 2021. In conjunction with the
reorganization, all of Branches' employees and certain Parent employees were terminated from PCCU and hired as SHF employees. Collectively,
SHS, the Branches and SHF represent the "Carved-Out Operations" or the "Company". After the reorganization, SHF
contains the entirety of the Carved-Out Operations and OldCo was dissolved. In addition, effective July 1, 2021, the Company entered
into an Account Servicing Agreement and Support Servicing Agreement which were subsequently amended and restated and are discussed in
Note 6.
The
Carved-Out Operations generate both interest income and fee income through providing a variety of services to financial institutions
desiring to service the cannabis industry including, among other things, Bank Secrecy Act and other regulatory compliance and reporting,
onboarding, responding to account inquiries, responding to customer service inquiries relating to CRB depository accounts held at PCCU,
and sourcing and managing loans. In addition to PCCU, the Carved-Out Operations provides these similar services and outsourced support
to other financial institutions providing banking to the cannabis industry. These services are provided to other financial institutions
under the Safe Harbor Master Program Agreement.
As
of and subsequent to July 1, 2021, the presented financial information represents SHF results on a stand-alone basis.
Definitive
Purchase Agreement
On
February 11, 2022, SHF and SHF Holding Co., LLC, the sole member of SHF, and PCCU, the sole member of SHF Holding, Co., LLC, entered
into a definitive purchase agreement (the Business Combination) with Northern Lights Acquisition Corp., a special purpose acquisition
company, and its sponsor, 5AK, LLC.
F-
6
Pursuant
to the purchase agreement, upon the closing of the contemplated transaction, Northern Lights Acquisition Corp. will purchase all of the
issued and outstanding membership interests of SHF in exchange for an aggregate of $185,000,000, consisting of (i) 11,386,139 shares
of the Company's Class A common stock with an aggregate value equal to $115,000,000 and (ii) $70,000,000 in cash. At transaction
close, 1,831,683 shares of the Class A Common Stock will be deposited with an escrow agent to be held in escrow for a period of 12 months
following the closing date to satisfy potential indemnification claims of the parties. In addition, $3,143,388 in cash and cash equivalents
representing the amount of cash on hand at July 31, 2021 less accrued but unpaid liabilities, will be paid to PCCU at the final transaction
close. On September 19, 2022, the parties entered into the first amendment to the purchase agreement to extend the date by which the
closing had to occur from August 31, 2022 until September 28, 2022 and provide for the deferral of $30 million of the $70 million in
cash due at the closing. On September 22, 2022, the parties entered into the second amendment to the purchase agreement to provide for
the deferral of a total of $50 of the $70 million due at the closing. On September 28, 2022, the parties entered into the third amendment
to the purchase agreement to provide for the deferral of a total of $56,949,800.66 million of the $70,000,000 due at the closing.
Pursuant
to the purchase agreement the Company entered into amended services agreements under similar terms as the July 2021 agreements. In addition,
in conjunction with the purchase agreement, SHF and Parent entered into a Loan Servicing Agreement. Refer to Note 6 for additional information.
Refer to Note 12 for a schedule demonstrating the estimated impact these agreements would have on the combined statements of net income
and comprehensive income for the three and six months ended June 30, 2021.
Basis
of Presentation
Financial
statements have not historically been prepared for the Carved-Out Operations. For the three and six months ended June 30, 2021, the combined
financial statements, consist of the balances of SHS and SHF as prepared on a stand-alone basis and the balances of the Branches on a
"carve-out" basis. For the three and six months ended June 30, 2022, the financial statements represent SHF on a stand-alone
basis as the period is post reorganization. As a result, corporate allocations are included in the three and six months ended June 30,
2021 with no comparable amount for the three and six months ended June 30, 2022. The financial statements of the Branches were derived
from the consolidated financial statements and accounting records of PCCU using branch specific information, where available, and corporate
allocations from PCCU. All intracompany transactions have been eliminated for all periods presented. These combined financial statements
reflect the Company's historical financial position, results of operations and cash flows as they have been historically managed
in conformity with Generally Accepted Accounting Principles in the United States ("U.S. GAAP").
All
depository asset accounts and liabilities are retained by PCCU as the Carved-Out Operations is not organized as a chartered financial
institution. Accordingly, none of the cash of PCCU has been attributed to these combined financial statements. Asset and liabilities
maintained by SHS and SHF have been included in these financial statements along with any specific assets and liabilities associated
with the Branches.
Liquidity
As
of June 30, 2022, the Company had $6,382,448 in cash and net working capital of $6,838,239. This compared to $5,495,905 in cash and net
working capital of $5,922,023 at December 31, 2021.
F-
7
EAGLE
LEGACY SERVICES, PLLC D/B/A SAFE HARBOR SERVICES, SHF, LLC AND BRANCHES 52 AND 53
CARVED
OUT OF PARTNER COLORADO CREDIT UNION
COMBINED
NOTES TO FINANCIAL STATEMENTS
Revenue
and expenses for the Branches were included based on specific identification as they relate to customer deposits, professional services,
compensation and employee benefits, rent expense, provision for loan losses and other general and administrative expenses. Corporate
allocations such as information technology, customer support, marketing, executive compensation and other general and administrative
expenses are attributed to the Branches proportionately based on the size of the specifically identifiable CRB's deposit balances,
deposit activity and accounts relative to the totals of the consolidated Parent. This allocation method was consistent for all periods
prior to July 2021. Allocated amounts are categorized as
Corporate allocations
on the Combined Statements of Net Income and Comprehensive
Income. Beginning in July 2021, a services agreement was entered into between Newco and PCCU (see Note 6). In exchange for services provided
to PCCU via the Carved-Out Operations, Newco receives 100% of CRB related revenue. PCCU receives (and Newco pays) a monthly per account
fee, split loan servicing fees and split investment income associated with Carved-Out Operations depository accounts. The fees are meant
to represent PCCU's cost for hosting depository accounts and funding related loans and providing certain limited infrastructure
support.
Management
has considered the basis on which the expenses have been allocated to be a reasonable reflection of the utilization of services provided
to or the benefits received by the Branches during the periods presented.
All
revenue and expenses of SHS and SHF are specific to the entity. Corporate allocations were not attributed for any of the periods presented.
Note
2. Summary of Significant Accounting Policies
Parent-Entity
Net Investment
Parent-Entity
Net Investment balance in the combined balance sheets represents PCCU's historical net investment in the Carved-Out Operations.
For purposes of these combined financial statements, investing requirements have been summarized as "Parent-Entity Net Investment"
and represents equity as no cash settlement with PCCU is required. No separate equity accounts are maintained for SHS, SHF or the Branches.
Use
of Estimates
The
preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect
the amounts reported in the financial statements and accompanying notes. Material estimates that are particularly subject to change in
the near term include the determination of the allowance for loan losses, and the fair value of financial instruments. Actual results
could differ from the estimates.
Cash
and cash equivalents
Cash
and cash equivalents include cash on hand, amounts due from financial institutions, and investments with maturities of three months or
less.
Concentrations
of Risk
The
Company's financial instruments that are exposed to concentrations of credit risk consist primarily of cash. Cash balances are
maintained principally in accounts at PCCU which is insured by the National Credit Union Share Insurance Fund ("NCUSIF")
up to regulatory limits. From time to time, cash balances may exceed the NCUSIF insurance limit. The Company has not experienced any
credit losses associated with its cash balances in the past.
Currently
the Company only services the cannabis industry. Cannabis remains illegal under federal law, and therefore, strict enforcement of federal
laws regarding cannabis would likely result in our inability to execute our business plan.
Currently
the Company substantially relies on its Parent to hold customer deposits and fund its originated loans. As of this time, substantially
all of the Company's revenue is generated by deposits and loans hosted by its Parent pursuant to various services agreements.
Accounts
receivable-Parent and allowance for doubtful accounts
Accounts
receivable are recorded based on account fee schedules. While fees are generated from individual CRB related accounts, amounts are initially
collected by the financial institutional partners and remitted in the subsequent month. As of June 31, 2022 and December 31, 2021, 99.8%
and 100% of the Accounts Receivable, respectively is due from Parent. Effective January 2021 through June 2021, PCCU elected to transfer
account servicing from SHS to the Branches. In accordance with this change, a policy was adopted wherein substantially all cash was collected
by PCCU and retained by PCCU outside of the Branches and SHS. As a result, minimal accounts receivable from Parent existed at June 30,
2021. This policy was eliminated in conjunction with the July 2021 reorganization and execution of the Account Servicing Agreement and
Support Servicing Agreement discussed at Note 6. The Company maintains allowances for doubtful accounts for estimated losses as a result
of a customers' inability to make required payments. The Company estimates anticipated losses from doubtful accounts based on days
past due as measured from the contractual due date and historical collection history. The Company also takes into consideration changes
in economic conditions that may not be reflected in historical trends, for example customers in bankruptcy, liquidation or reorganization.
Receivables are written-off against the allowance for doubtful accounts when they are determined uncollectible. Such determination includes
analysis and consideration of the particular conditions of the account, including time intervals since last collection, customer performance
against agreed upon payment plans, solvency of customer and any bankruptcy proceedings.
F-
8
EAGLE
LEGACY SERVICES, PLLC D/B/A SAFE HARBOR SERVICES, SHF, LLC AND BRANCHES 52 AND 53
CARVED
OUT OF PARTNER COLORADO CREDIT UNION
COMBINED
NOTES TO FINANCIAL STATEMENTS
At
June 30, 2022 and December 31, 2021, there were no recorded allowance for doubtful accounts.
Loans
receivable
PCCU
originates mortgage, commercial and consumer loans to members and other businesses. Commercial CRB loans originated by the Company and
funded by PCCU are typically managed by the Company. Certain CRB Loans were contributed to the Carved-out Operations. Such loans where
the Company has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at principal balance
outstanding, net of an allowance for loan losses and net deferred loan origination costs when applicable. Interest income on loans is
recognized over the term of the loan and is calculated using the simple-interest method on principal amounts outstanding.
Interest
income is not reported when full loan repayment is in doubt, typically when the loan is impaired, or payments are past due ninety days
or more. All interest accrued but not received for loans placed on nonaccrual is reversed against interest income. Interest received
on such loans is accounted for on the cash basis or cost recovery method, until qualifying for return to accrual. Loans are returned
to accrual status when all the principal and interest amounts are satisfied to where the loan is less than ninety days past due and future
payments are reasonably assured.
Loans
are evaluated for charge-off on a case-by-case basis and are typically charged off at the time of foreclosure.
Past-due
status is based on the contractual terms of the loans. In all cases, loans are placed on nonaccrual status or charged-off at an earlier
date if the collection of principal and interest is considered doubtful.
Allowance
for loan losses
The
allowance for loan losses is a valuation allowance for probable incurred credit losses, increased by the provision for loan losses and
decreased by charge-offs less recoveries. Management estimates the required allowance for loan losses balance using past loan loss experience,
known and inherent risks in the nature and volume of the portfolio, information about specific borrower situations and estimated collateral
values, economic conditions, and other factors. Allocations of the allowance for loan losses may be made for specific loans, but the
entire allowance is available for any loan that, in management's judgment, should be charged-off.
The
allowance for loan losses consists of specific and general components. The specific component relates to loans that are individually
classified as impaired or loans otherwise classified as substandard or doubtful. The general component covers non-classified loans and
is based on historical loss experience adjusted for current factors.
Due
to the nature of uncertainties related to any estimation process, Management's estimate of loan losses inherent in the loan portfolio
may change in the near term. However, the amount of the change that is reasonably possible cannot be estimated.
A
loan is considered impaired when, based on current information and events, full payment under the loan terms is not expected. Impairment
is generally evaluated in total for smaller-balance loans of similar nature such as commercial lines of credit, but may be evaluated
on an individual loan basis if deemed necessary. If a loan is impaired, a portion of the allowance is allocated so that the loan is reported,
net, at the present value of estimated future cash flows using the loan's existing rate or at the fair value of collateral if repayment
is expected solely from the collateral.
The
loans SHF intends to originate will be secured by various types of assets of the borrowers, including real property and certain personal
property, including value associated with other assets to the extent permitted by applicable laws and the regulations governing the borrowers.
The documents governing the loans also include a variety of provisions intended to provide remedies against the value associated with
licenses. Collection procedures are designed to ensure that neither SHF nor its financial institution clients who provide funding for
a loan, nor a third-party agent engaged to assist with the liquidation or foreclosure process, will take possession of cannabis inventory,
cannabis paraphernalia, or other cannabis-related assets, nor will they take title to real estate used in cannabis-related businesses.
Upon default of a loan, a third-party agent will be engaged to work with the borrower to have the borrower sell collateral securing the
loan to a third party or to institute a foreclosure proceeding to have such collateral sold to generate funds towards the payoff of the
loan. Applicable regulations under state law that govern CRBs generally do not permit the taking of title to real estate involved in
commercial sales of cannabis, whether through foreclosure or otherwise, without prior regulatory approval. The sale of a license or other
realization of the value of licenses also requires the approval of state and local regulatory authorities. A defaulted loan may also
be sold if such a sale would yield higher proceeds or that a sale could be accomplished more quickly than a foreclosure proceeding while
yielding proceeds comparable to what would be expected from a foreclosure sale. Such sale of the loan would be conducted through a third-party
administrative agent. However, SHF can provide no assurances that a sale of such loans would be possible or that the sales price of such
loans would be sufficient to recover the outstanding principal balance, accrued interest, and fees.
F-
9
EAGLE
LEGACY SERVICES, PLLC D/B/A SAFE HARBOR SERVICES, SHF, LLC AND BRANCHES 52 AND 53
CARVED
OUT OF PARTNER COLORADO CREDIT UNION
COMBINED
NOTES TO FINANCIAL STATEMENTS
Net
deferred loan origination fees
When
included with a new loan origination, we receive loan origination fees in conjunction with new loans funded by our financial institution
partners. Where applicable, the loan origination fee is netted with loan origination costs associated with originating a specific loan.
These loan origination costs are typically incremental direct costs (non-reimbursed) paid to third parties. Net loan origination fees
are initially deferred and recognized as interest income utilizing the interest method.
Indemnity
liability
Effective
February 11, 2022, SHF entered into a Loan Servicing Agreement with PCCU. Under the Loan Servicing Agreement, PCCU, in exchange for a
fee at an annual rate of 0.25% of the outstanding principal balance, funds certain loans. Under the Loan Servicing Agreement, SHF has
agreed to indemnify PCCU from all claims related to SHF's cannabis-related business, including but not limited to default-related
loan losses as defined in the Loan Servicing Agreement. The indemnification component of the Loan Servicing Agreement (refer to Note
6) is accounted for in accordance with
ASC 450-20 Loss Contingencies
. In determining the applicability of ASC 450-20, we considered
that the agreement outlines a broad indemnification of all claims related to the cannabis-related business. The most immediate and potentially
significant of these are potential default-related loan losses. In the lending industry, it is inherently anticipated future loan losses
will result from currently issued debt. SHF's indemnity obligation is subordinate to PCCU's and other financial institution
clients' other means of collecting on the loans including foreclosure of the collateral, recourse against personal and/or corporate
guarantors and other default remedies available in the loan agreements. Since borrowers are not party to the agreement between SHF and
PCCU, any indemnity payments do not relieve borrowers of their obligation to PCCU nor would such payments preclude PCCU's right
to future recoveries from the debtor. Therefore, as defined in ASC 450-20, the indemnification clause represents a general loss contingency
in that it is an existing condition, situation or set of circumstances involving uncertainty as to possible loss to the Company that
will ultimately be resolved when one or more future events occur or fail to occur. SHF's indemnity liability reflects SHF management's
estimate of probable loan losses inherent under the agreement at the balance sheet date. Management uses a disciplined process and methodology
to establish the liability, and the estimates are sensitive to risk ratings assigned to individual loans covered by the agreement as
well as economic assumptions driving the estimation model. Individual loan risk ratings are evaluated quarterly by SHF management based
on each situation.
In
addition to default-related loan losses, SHF continuously monitors all other circumstances pursuant to the agreement and identifies events
that may necessitate a loss contingency under the Loan Servicing Agreement. A loss contingency is reported when it is both probable that
a future event will confirm that a loss had been incurred on or before the related balance sheet date and the loss is reasonably estimable.
Property
and equipment, net
Property
and equipment is recorded at historical cost, net of accumulated depreciation. Depreciation is provided over the assets' useful
lives on a straight-line basis - 4-5 years for equipment and furniture and fixtures. Repairs and maintenance costs are expensed as incurred.
Management
periodically assesses the estimated useful life over which assets are depreciated or amortized. If the analysis warrants a change in
the estimated useful life of property and equipment, management will reduce the estimated useful life and depreciate or amortize the
carrying value prospectively over the shorter remaining useful life.
The
carrying amounts of assets sold or retired and the related accumulated depreciation are eliminated in the period of disposal and the
resulting gains and losses are included in the results of operations during the same period.
F-
10
EAGLE
LEGACY SERVICES, PLLC D/B/A SAFE HARBOR SERVICES, SHF, LLC AND BRANCHES 52 AND 53
CARVED
OUT OF PARTNER COLORADO CREDIT UNION
COMBINED
NOTES TO FINANCIAL STATEMENTS
Impairment
of long-lived assets
The
Company evaluates the recoverability of tangible assets periodically by taking into account events or circumstances that may warrant
revised estimates of useful lives or that indicate the asset may be impaired. There were no impairments for the three and six months
ended June 30, 2022 and the year ended December 31, 2021.
Federal
and State Tax Exemption
PCCU
is exempt from most federal, state, and local taxes under the provisions of the Internal Revenue Code and state tax laws. However, PCCU
is subject to unrelated business income tax. The Carved-Out Operations are wholly owned by PCCU and therefore, are exempt from most federal
and state income taxes. The Income Taxes Topic of the FASB ASC clarifies accounting for uncertainty in income taxes reported in the financial
statements. The interpretation provides criteria for assessment of individual tax positions and a process for recognition and measurement
of uncertain tax positions. Tax positions are evaluated on whether they meet the "more likely than not" standard for sustainability
on examination by tax authorities. Management has determined there are no material uncertain tax positions.
Fair
value measurements
The
Company utilizes the fair value hierarchy to apply fair value measurements. The fair value hierarchy is based on inputs to valuation
techniques that are used to measure fair values that are either observable or unobservable. Observable inputs reflect assumptions market
participants would use in pricing an asset or liability based on market data obtained from independent sources, while unobservable inputs
reflect a reporting entity's pricing based upon its own market assumptions. The basis for fair value measurements for each level
within the hierarchy is described below:
Level
1 —Quoted prices for identical assets or liabilities in active markets.
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; or model-derived valuations whose inputs are observable or whose significant value drivers are observable.
Level
3 —Valuations derived from valuation techniques in which one or more significant inputs to the valuation model are unobservable.
With
the exceptions of loans receivable, the Company considers the carrying amounts of its financial instruments (cash, accounts receivable
and accounts payable) in the balance sheet to approximate fair value because of the short-term or highly liquid nature of these financial
instruments. The fair values of loans receivables, for disclosure purposes only, are estimated using unobservable inputs, as more fully
disclosed in Note 10.
Revenue
recognition
The
Company adopted Accounting Standards Codification ("ASC") Topic 606, Revenue from Contracts with Customers ("ASC 606").
The core principle of ASC 606 requires that an entity recognize revenue to depict the transfer of promised goods or services to customers
in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. ASC
606 defines a five-step process to achieve this core principle and, in doing so, it is possible more judgment and estimates may be required
within the revenue recognition process than required under previous accounting principles generally accepted in the United States of
America ("U.S. GAAP") including identifying performance obligations in the contract, estimating the amount of variable consideration
to include in the transaction price and allocating the transaction price to each separate performance obligation. The Company adopted
ASC 606 for all applicable contracts using the modified retrospective method, which would have required a cumulative-effect adjustment,
if any, as of the date of adoption. The adoption of ASC 606 did not have a material impact on the Company's financial statements
as of the date of adoption. As a result, a cumulative- effect adjustment was not required.
Revenue
is recorded at a point in time when the performance obligation is satisfied, and no contingencies exist. Revenue consists primarily of
fees earned on deposit accounts held at PCCU but serviced by the Company such as bank account charges, onboarding income, account activity
fee income and other miscellaneous fees.
In
addition, the Company recognizes revenue from the Master Program Agreement. The Master Program Agreement is a non-exclusive and non-transferable
right to implement and utilize the Safe Harbor Program. The Safe Harbor Program has two performance obligations; an implementation fee
recognized when the contract is effective, and a service fee recognized ratable over the contract term as the compliance program is executed.
Lastly,
the Company also records revenue for interest on loans and investment income allocated by PCCU based on specific customer balances.
Amounts
received in advance of the service being provided is recorded as a liability under deferred revenue on the combined balance sheets. Typical
Safe Harbor Program contracts are three-year contracts with amounts due monthly, quarterly or annually based on contract terms.
F-
11
EAGLE
LEGACY SERVICES, PLLC D/B/A SAFE HARBOR SERVICES, SHF, LLC AND BRANCHES 52 AND 53
CARVED
OUT OF PARTNER COLORADO CREDIT UNION
COMBINED
NOTES TO FINANCIAL STATEMENTS
Customers
consist of financial institutions providing services to CRBs. Revenues are concentrated in the United States.
As
of June 30, 2022, the Company reported contract assets and contract liabilities of $27,710 and $0, respectively, from contracts with
customers. As of December 31, 2021, the Company reported a contract asset and liability of $18,317 and $8,333, respectively. During the
three and six months ending June 30, 2022, the Company recognized revenue $0 and $8,333, respectively related to the contract liability
outstanding at December 31, 2021.
Advertising/Marketing
costs
Advertising/Marketing
costs are expensed as incurred. For the three and six months ended June 30, 2022, advertising/marketing costs were $83,147 and $170,839
respectively. For the three and six months ended June 30, 2021, advertising/marketing costs were $22,137 and $27,403 respectively.
Software
development costs
The
Company applied agile development methodologies to their software development projects, which are characterized by a more dynamic development
process with more frequent and iterative revisions to the product features and functions as the software is being developed. Due to the
shorter development cycle and focus on rapid production associated with agile development, the costs incurred to get to, and have incurred
subsequent to the achievement of technological feasibility have been expensed as incurred.
Software
development costs amounted to $35,880 and $57,730 for the three and six months ended June 30, 2022, respectively. Software development
costs amounted to $30,973 and $57,526 for the three and six months ended June 30, 2021, respectively.
Recently
Issued Accounting Standards
From
time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board, or FASB, or other standard setting
bodies and adopted by the Company as of the specified effective date. Unless otherwise discussed, the impact of recently issued standards
that are not yet effective and are not expected to have a material impact on the Company's financial position or results of operations
upon adoption.
Financial
Instruments—Credit Losses
In
June 2016, the FASB issued ASU No. 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on
Financial Instruments, which introduces a model based on expected losses to estimate credit losses for most financial assets and certain
other instruments. In November 2019, the FASB issued ASU No. 2019-10 Financial Instruments — Credit Losses (Topic 326), Derivatives
and Hedging (Topic 815), and Leases (Topic 842). The update allows the extension of the initial effective date for entities which have
not yet adopted ASU No. 2016-02. The standard is effective for annual reporting periods beginning after December 15, 2022 for private
companies and SEC filers classified as smaller reporting entities, with early adoption permitted. Entities apply the standard's
provisions by recording a cumulative effect adjustment to retained earnings. The Company has not yet adopted ASU 2016-13 and is currently
assessing the impact of this new standard on its financial statements.
Collaborative
Arrangements
In
November 2018, the FASB issued ASU 2018-18, Collaborative Arrangements (Topic 808). This update clarifies the interaction between ASC
808, Collaborative Arrangements and ASC 606, Revenue from Contracts with Customers ("ASU 2018-18"). The update clarifies
that certain transactions between participants in a collaborative arrangement should be accounted for under ASC 606 when the counterparty
is a customer. In addition, the update precludes an entity from presenting consideration from a transaction in a collaborative arrangement
as revenue if the counterparty is not a customer for that transaction. ASU 2018-18 should be applied retrospectively to the date of initial
application of ASC 606 and early adoption is permitted.
F-
12
EAGLE
LEGACY SERVICES, PLLC D/B/A SAFE HARBOR SERVICES, SHF, LLC AND BRANCHES 52 AND 53
CARVED
OUT OF PARTNER COLORADO CREDIT UNION
COMBINED
NOTES TO FINANCIAL STATEMENTS
The
ASU's amendments were effective for public business entities for fiscal years beginning after December 15, 2019, including interim
periods therein. The adoption of this standard did not have a material impact on the Company's financial statements as the Company
does not have any collaborative agreements. However, there is a potential for the Company to enter into collaborative agreements in the
future, as it expands into additional markets.
Leases
In
February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-02,
Leases (Topic 842)
. FASB issued ASU 2016-02 to increase transparency and comparability among organizations by recognizing lease
assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. Certain qualitative and
quantitative disclosures are required, as well as a retrospective recognition and measurement of impacted leases. In June 2020, FASB
issued ASU 2020-05,
Revenue from Contracts with Customers (Topic 606) and Leases (Topic 842): Deferral of the Effective Dates for
Certain Entities
, which deferred the effective date of ASU 2016-02 to annual reporting periods beginning after December 15, 2021,
and interim periods within fiscal years beginning after December 15, 2022. Early adoption is permitted. Management is currently evaluating
this standard but anticipates the adoption of the new lease standard to be immaterial. Effective July 1, 2022, the Company amended its
existing lease to a month-to-month lease and therefore no asset or liability amounts are reported pursuant to ASC 842.
Note
3. Loans Receivable
Unsecured
loans receivable, net consist of the following:
June
                                            30,
2022
December
                                            31,
2021
(Unaudited)
Unsecured loans receivable, gross
$
500,000
$
-
Allowance
    for loan losses
(10,500
)
-
Unsecured loans receivable,
    net
489,500
-
Current portion
-
-
Noncurrent portion
$
489,500
$
-
Commercial
real estate loans receivable, net consist of the following:
June
                                            30,
2022
December
                                            31,
2021
(Unaudited)
Commercial real estate loans receivable,
    gross
$
1,453,379
$
1,478,301
Allowance
    for loan losses
(21,801
)
(14,741
)
Commercial real estate
    loans receivable, net
1,431,578
1,463,560
Current portion
(55,711
)
(52,833
)
Noncurrent portion
$
1,375,867
$
1,410,727
At
June 30, 2022, $500,000 of the loans receivable amount represented an unsecured loan at 8.5% interest with the residual balance consisting
of commercial loans collateralized with real estate. At December 31, 2021, loans receivable represented commercial loans collateralized
with real estate. Collateralized loans bear interest rates from 6.54% to 7.50%. All loans were current and considered performing at both
June 30, 2022 and December 31, 2021.
F-
13
EAGLE
LEGACY SERVICES, PLLC D/B/A SAFE HARBOR SERVICES, SHF, LLC AND BRANCHES 52 AND 53
CARVED
OUT OF PARTNER COLORADO CREDIT UNION
COMBINED
NOTES TO FINANCIAL STATEMENTS
Note
4. Allowance for Loan Losses
The
allowance for loan losses is maintained at a level believed to be sufficient to provide for estimated loan losses based on evaluating
known and inherent risks in the loan portfolio. The allowance is provided based upon management's analysis of the pertinent factors
underlying the quality of the loan portfolio. These factors include changes in the amount and composition of the loan portfolio, delinquency
levels, actual loss experience, current economic conditions, and detailed analysis of individual loans for which the full collectability
may not be assured. The detailed analysis includes methods to estimate the fair value of loan collateral and the existence of potential
alternative sources of repayment.
The
allowance may consist of specific and general components. While the allowance may consist of general and specific components, the allowance
is general in nature and is available for the loan portfolio in its entirety.
The
allowance for loan losses consists of the following activity for the three and six months ended June 30, 2022 and 2021:
Unsecured
    loan
Commercial
    real estate loans
Total
Six Months ended June 30, 2022:
Allowance for loan losses:
Beginning balance
$
—
$
14,741
$
14,741
Charge-offs
—
—
—
Recoveries
—
—
—
Provision
10,500
7,060
17,560
Ending balance
$
10,500
$
21,801
$
32,301
Three months ended June 30, 2022:
Allowance for loan losses:
Beginning balance
$
—
$
24,545
$
24,545
Charge-offs
—
—
—
Recoveries
—
—
—
Provision
    (benefit)
10,500
(2,744
)
7,756
Ending balance
$
10,500
$
21,801
$
32,301
Loans receivable at June 30, 2022
Individually evaluated for impairment
$
—
$
—
$
—
Collectively evaluated
    for impairment
500,000
1,453,379
1,953,379
$
500,000
$
1,453,379
$
1,953,379
Allowance for loan losses
    at June 30, 2022
Individually evaluated for impairment
$
—
$
—
$
—
Collectively evaluated
    for impairment
10,500
21,801
32,301
$
10,500
$
21,801
$
32,301
Unsecured
    loan
Commercial
    real estate loans
Total
Six Months ended June 30, 2021:
Allowance for loan losses:
Beginning balance
$
—
$
13,342
$
13,342
Charge-offs
—
—
—
Recoveries
—
—
—
Provision
—
11,927
11,927
Ending balance
$
—
$
25,269
$
25,269
Three months ended June 30, 2021:
Allowance for loan losses:
Beginning balance
$
—
$
18,444
$
18,444
Charge-offs
—
—
—
Recoveries
—
—
—
Provision
—
6,825
6,825
Ending balance
$
—
$
25,269
$
25,269
Loans receivable at June 30, 2021
Individually evaluated for impairment
$
—
$
-
$
-
Collectively evaluated
    for impairment
—
2,510,249
2,510,249
$
—
$
2,510,249
$
2,510,249
Allowance for loan losses
    at June 30, 2021
Individually evaluated for impairment
$
—
$
—
$
—
Collectively evaluated
    for impairment
—
25,269
25,269
$
—
$
25,269
$
25,269
At
June 30, 2022 and June 30, 2021, no loans were past due, classified as non-accrual or considered impaired.
F-
14
EAGLE
LEGACY SERVICES, PLLC D/B/A SAFE HARBOR SERVICES, SHF, LLC AND BRANCHES 52 AND 53
CARVED
OUT OF PARTNER COLORADO CREDIT UNION
COMBINED
NOTES TO FINANCIAL STATEMENTS
Note
5. Property and equipment, net
Property
and equipment consist of the following:
June
                                            30,
2022
December
                                            31,
2021
(Unaudited)
Equipment
$
36,872
$
28,080
Office furniture
7,070
7,070
43,942
35,150
Less: accumulated depreciation
(30,751
)
(28,799
)
Property and equipment,
    net
$
13,191
$
6,351
Depreciation
expense was $1,952 and $865 for the six months ended June 30, 2022 and June 30, 2021, respectively.
Note
6. Related party transactions
Corporate
allocations
Corporate
allocations include overhead expenses such as information technology, customer support, marketing, executive compensation and other general
and administrative expenses that are attributed to the Branches proportionately based on the relative size of the specific identifiable
customer deposits to the consolidated Parent.
Account
Servicing Agreement
Effective
July 1, 2021, SHF, LLC ("SHF") entered into an Account Servicing Agreement with PCCU. SHF provides services as per the agreement
to CRB accounts at PCCU. In addition to providing the services, SHF assumes the costs associated with the CRB accounts. These costs include
employees to manage account onboarding, monitoring and compliance, rent and office expense, insurance and other operating expenses necessary
to service these accounts. Under the agreement, PCCU agrees to pay SHF all revenue generated from CRB accounts. Amounts due to SHF are
due monthly in arrears and upon receipt of invoice. The agreement is for an initial term of 3 years from the effective date. It shall
renew thereafter for 1-year terms until either SHF or PCCU provide sixty days prior written notice. The agreement was amended and restated
in conjunction with the contemplated Business Combination with substantially similar terms.
Pursuant
to this agreement, as amended and restated, the Company reported revenue of $1,808,640 and $3,436,731 for the three-month and six-month
periods ended June 30, 2022 and $0 for the three and six month periods ended June 30, 2021.
Support
Services Agreement
Effective
July 1, 2021, SHF entered into a Support Services Agreement with PCCU. In connection with PCCU hosting the depository accounts and the
related loans and providing certain infrastructure support, PCCU receives (and SHF pays) a monthly fee per depository account. In addition,
25% of any investment income associated with CRB deposits is paid to PCCU. The respective duties and obligations as per the agreement
commenced on the effective date and continue unless terminated by either SHF or PCCU upon giving sixty days prior written notice. The
agreement was amended and restated in conjunction with the contemplated Business Combination with substantially similar terms.
F-
15
EAGLE
LEGACY SERVICES, PLLC D/B/A SAFE HARBOR SERVICES, SHF, LLC AND BRANCHES 52 AND 53
CARVED
OUT OF PARTNER COLORADO CREDIT UNION
COMBINED
NOTES TO FINANCIAL STATEMENTS
Pursuant
to these agreements and as amended and restated, the Company reported expense of $131,742 and $215,550 for the three-month and six-month
periods ended June 30, 2022 and $0 for the three-month and six-month periods ended June 30, 2021.
Significant
terms of the Amended and Restated Accounting Servicing Agreement and Support Services Agreement are as follows:
●
Pursuant
    to the Account Servicing Agreement, SHF's fees for such services will equal all cannabis-related income, including all lending-related
    income (such as loan origination fees, interest income on CRB-related loans, participation fees and servicing fees), investment income,
    interest income, account activity fees, processing fees, flat fees, and other revenue generated from cannabis and multi-state hemp
    accounts that are hosted on PCCU's core system. The Account Servicing Agreement and Support Services Agreement are for an initial
    term of three years and will renew for additional one-year terms unless a party provides 120 days' notice of non-renewal, provided
    that PCCU may not provide notice of non-renewal until 30 months following the signing date. The Account Servicing Agreement will
    also terminate within 60 days of SHF no longer qualifying as a "credit union service organization" (a
"CUSO
")
    or within 60 days of the assumption by a third party of all CRB-related accounts. On May 23, 2022, SHF and PCCU entered into the
    Second Amended and Restated Account Servicing Agreement and Support Services Agreement, which agreement amended and restated the
    Amended and Restated Account Servicing and Support Services Agreements to remove the provision providing for the termination of the
    agreements within 60 days of SHF no longer qualifying as a "credit union service organization," as SHF will cease to
    qualify as a CUSO following the closing of the Business Combination.
●
Pursuant
    to the Support Services Agreement, as amended, PCCU will continue to provide to SHF certain operational and administrative services
    relating to, among other things, human resources, employee benefits, IT and systems, accounting and marketing and capacity for CRB
    depository accounts for a monthly fee equal to $30.96 per account in 2022 and $25.32 per account in 2023 and 2024. In addition, investment
    income from CRB-related cash and investments (excluding loans) will be shared 25% to PCCU and 75% to SHF and SHF will reimburse PCCU
    for any of its out-of-pocket expenses relating to the services provided to SHF. The Amended and Restated Support Services Agreement
    also sets forth certain agreements of PCCU to limit bonus distributions to its members to $30,000,000 during any 12-month period
    following the effective date of the agreement. Finally, under the Support Services Agreement PCCU will continue to allow its ratio
    of CRB-related deposits to total assets to equal at least 65% unless otherwise dictated by regulatory, regulator or policy requirements.
    The below schedule demonstrates deposit capacity at June 30, 2022 and December 31, 2021.
June
                                            30,
2022
December
                                            31,
2021
(Unaudited)
(Unaudited)
PCCU total assets
$
588,723,409
$
575,170,939
Capacity at 65%
382,670,216
373,861,110
CRB related deposits
142,103,552
146,267,976
Incremental capacity
$
240,566,664
$
227,593,134
PCCU
policy also requires they maintain an internal ratio of net worth to total assets of at least 10%. CRB related deposit capacity maybe
limited if PCCU ratio declines below this threshold.
F-
16
EAGLE
LEGACY SERVICES, PLLC D/B/A SAFE HARBOR SERVICES, SHF, LLC AND BRANCHES 52 AND 53
CARVED
OUT OF PARTNER COLORADO CREDIT UNION
COMBINED
NOTES TO FINANCIAL STATEMENTS
Loan
Servicing Agreement
Effective
February 11, 2022, SHF entered into a Loan Servicing Agreement with PCCU. The agreement sets forth the application, underwriting and
approval process for loans from PCCU to CRB customers and the loan servicing and monitoring responsibilities provided by both PCCU and
SHF. PCCU will receive a monthly servicing fee at the annual rate of 0.25% of the then-outstanding principal balance of each loan funded
by PCCU. For the loans that are subject to this agreement, SHF originates the loans and performs all compliance analysis, credit analysis
of the potential borrower, due diligence and underwriting and all administration, including hiring and incurring the costs of all related
personnel or third-party vendors necessary to perform these services. Under the Loan Servicing Agreement, SHF has agreed to indemnify
PCCU from all claims related to default-related loan losses as defined in the Loan Servicing Agreement. The agreement is for an initial
term of three years and will renew for additional one-year terms unless a party provides 120 days' notice of non-renewal or there
is a termination for cause, provided that PCCU may not provide notice of non-renewal until 30 months following the signing date. The
agreement was amended and restated in conjunction with the contemplated Business Combination with substantially similar terms.
SHF's
loan program currently depends on PCCU as SHF's largest funding source for new loans to CRBs. Under PCCU's loan policy for
loans to CRBs, PCCU's Board of Directors has approved aggregate lending limits at the lessor of 1.3125 times PCCU's net worth
or 65% of total CRB deposits. Concentration limits for the deployment of loans are further categorized as i) real estate secured, ii)
construction, iii) unsecured and iv) mixed collateral with each category limited to a percentage of PCCU's net worth. In addition,
loans to any one borrower or group of associated borrowers are limited by applicable National Credit Union Association regulations to
the greater of $100,000 or 15% of PCCU's net worth.
The
below schedule demonstrates the ratio of CRB related loans funded by PCCU to the relative lending limits at June 30, 2022. No amounts
were funded prior to January 1, 2022.
June
                                            30,
2022
December
                                            31,
2021
(Unaudited)
(Unaudited)
CRB related deposits
$
142,103,552
$
146,267,976
Capacity at 65%
92,367,309
95,074,184
PCCU net worth
54,239,445
61,925,336
Capacity at 1.3125
71,189,272
81,227,003
Limiting capacity
$
71,189,272
$
81,227,003
PCCU loans funded
13,628,042
—
Amounts available under
    lines of credit
496,958
225,000
Incremental capacity
$
57,064,272
$
81,002,003
Pursuant
to this agreement, the Company reported expenses of $3,731 and $5,104 for the three-month and six-month periods ended June 30, 2022 and
$0 for the three-month and six-month periods ended June 30, 2021.
Collectively
the Account Servicing Agreement, Support Servicing Agreement and Loan Servicing Agreement are referred to as the "Parent Agreements".
Operating
leases
Effective
July 1, 2021, SHF entered into a one-year gross lease with PCCU to lease space in its existing office at a monthly rent of $5,400.
Effective
July 1, 2022, the Company amended its existing lease to a month-to-month lease and therefore no asset or liability amounts are reported
pursuant to ASC 842.
F-
17
EAGLE
LEGACY SERVICES, PLLC D/B/A SAFE HARBOR SERVICES, SHF, LLC AND BRANCHES 52 AND 53
CARVED
OUT OF PARTNER COLORADO CREDIT UNION
COMBINED
NOTES TO FINANCIAL STATEMENTS
Note
7. Revenue
Disaggregated
revenue
Revenue
by type are as follows:
For the
    three-month period ended June 30,
2022
2021
(Unaudited)
(Unaudited)
Deposit, activity, onboarding income
$
1,342,895
$
1,598,713
Safe Harbor Program income
44,149
120,855
Investment income
283,147
82,050
Loan interest income
182,598
28,696
Total
    Revenue
$
1,852,789
$
1,830,314
For the
    six-month period ended June 30,
2022
2021
(Unaudited)
(Unaudited)
Deposit, activity, onboarding income
$
2,809,764
$
3,094,267
Safe Harbor Program income
87,168
275,850
Investment income
377,133
160,061
Loan interest income
249,834
50,417
Total
    Revenue
$
3,523,899
$
3,580,595
Note
8. Employee benefits
PCCU
has a qualified, contributory 401(k) plan ("Plan") covering substantially all full-time employees. The Plan allows employees
to defer a portion of their salary into the Plan. PCCU matches a portion of employees' wage reductions. Plan costs are accrued
and funded on a current basis. The Carved-Out Operations incurred plan costs of $9,757 and $17,855 for the three-months and six-months
ended June 30, 2021. During July 2021, the Company adopted a similar 401(k) plan in conjunction with an agreement with a professional
employer organization. The Company incurred plan costs $13,640 and $25,430 for the three-months and six-months ended June 30, 2022.
Note
9. Commitments and contingencies
From
time to time, the Company is subject to claims in legal proceedings arising in the normal course of business. The Company does not believe
that it is currently party to any pending legal action that could reasonably be expected to have a material adverse effect on our business
or operating results.
Indemnity
Liability
As
discussed at Note 6, and pursuant to PCCU Agreements, PCCU funds loans originated and serviced by SHF either directly or through a third-party
vendor. SHF retains the associated interest and pays PCCU a fee at an annual rate of 0.25% of the outstanding loan principal. The below
schedule details outstanding amounts funded by PCCU and categorized as either collateralized loans or unsecured loans and lines of credit.
No loans were funded by PCCU prior to January 1, 2022.
June
                                            30,
2022
December
                                            31,
2021
(Unaudited)
(Unaudited)
Secured term loans
$
13,100,000
$
—
Unsecured loans and
    lines of credit
528,042
—
Total
    loans funded by Parent
$
13,628,042
$
—
F-
18
EAGLE
LEGACY SERVICES, PLLC D/B/A SAFE HARBOR SERVICES, SHF, LLC AND BRANCHES 52 AND 53
CARVED
OUT OF PARTNER COLORADO CREDIT UNION
COMBINED
NOTES TO FINANCIAL STATEMENTS
All
amounts were performing at June 30, 2022. Secured loans contained an interest rate ranging from 8.25% to 12.0%. Unsecured loans and lines
of credit contain variable rates ranging from Prime + 1.5% to Prime + 6%. Unsecured lines of credit had incremental availability of $496,958
and $225,000 at June 30, 2022 and December 31, 2022.
SHF's
indemnity liability reflects SHF management's estimate of probable loan losses inherent under the agreement at the balance sheet
date. Management uses a disciplined process and methodology to establish the liability, and the estimates are sensitive to risk ratings
assigned to individual loans covered by the agreement as well as economic assumptions driving the estimation model. Individual loan risk
ratings are evaluated at least a quarterly based on each situation by SHF management. Given the Company's limited lending history,
the estimate is based on risk adjusted national charge off rates as published by the US Federal Reserve.
The
indemnity liability activity is as follows:
June
    30,
2022
(Unaudited)
Beginning balance
$
—
Charge-offs
—
Recoveries
—
Provision
288,505
Ending balance
$
288,505
All
loans were current and considered performing at June 30, 2022.
SHF
has agreed to indemnify PCCU from all claims related to SHF's cannabis-related business. Other than potential loan losses, no other
circumstances were identified meeting the requirements of a loss contingency.
Expense
amounts included in the loan loss provision associated with the indemnity were $230,118 and $288,505 for the three and six months ending
June 30, 2022 and $0 for the three and six months ending June 30, 2021.
Note
10. Financial Instruments
FASB
ASC
825,
"Financial Instruments", requires disclosure of fair value information about financial instruments, whether
or
not
recognized in the balance sheet. In cases where quoted market prices are
not
available, fair values are based on
estimates using present value of future cash flows or other valuation techniques. Those techniques are significantly affected by the
assumptions used, including the discount rate and estimates of future cash flows. In that regard, the derived fair value estimates cannot
be substantiated by comparison to independent markets and, in many cases, could
not
be realized in immediate settlement of the
instruments. FASB ASC
825
excludes certain financial instruments and all nonfinancial instruments from its disclosure requirements.
With
the exceptions of loans receivable, the Company considers the carrying amounts of its financial instruments (cash, accounts receivable
and accounts payable) in the balance sheet to approximate fair value because of the short-term or highly liquid nature of these financial
instruments.
The
Company does not record loans at fair value on a recurring basis. Currently all loans are performing with no impairment. Utilizing rates
between 0% and 10%, which are considered Level 3 unobservable inputs, and a discounted cash flow model, we have estimated the fair value
of our loan portfolio as of June 30, 2022 to approximate $1,894,640 as compared to their carrying value, excluding allowances for loan
losses, of $1,953,379. The estimated fair value at December 31, 2021 was $1,417,637 as compared to a carrying value, excluding allowances
for loan losses, of $1,478,343.
F-
19
EAGLE
LEGACY SERVICES, PLLC D/B/A SAFE HARBOR SERVICES, SHF, LLC AND BRANCHES 52 AND 53
CARVED
OUT OF PARTNER COLORADO CREDIT UNION
COMBINED
NOTES TO FINANCIAL STATEMENTS
Note
11. Subsequent Events
As
previously disclosed, on February 11, 2022, SHF Holdings, Inc. (f/k/a Northern Lights Acquisition Corp.), and 5AK, LLC, the SHF Holdings,
Inc.'s sponsor, entered into a definitive unit purchase agreement SHF, LLC d/b/a Safe Harbor Financial, a Colorado limited liability
company, SHF Holding Co., LLC, the sole member of SHF, LLC, and Partner Colorado Credit Union, the sole member of the SHF Holding, LLC,
whereby SHF Holdings, Inc. will purchase all of the issued and outstanding membership interests of the SHF, LLC.
On
September 28, 2022, the parties consummated the Business Combination, resulting in SHF Holdings, Inc. purchasing all of the issued and
outstanding membership interests of the SHF, LLC in exchange for an aggregate of $185,000,000, consisting of (i) 11,386,139 shares of
the Company's Class A common stock with an aggregate value equal to $115,000,000 and (ii) $70,000,000 in cash, $56,949,800.66 of
which will be paid on a deferred basis.
The
purpose of deferral is to provide SHF Holdings, Inc. with additional cash to support its post-closing activities. Pursuant to the third
amendment to the unit purchase agreement, they will pay the deferred consideration in one payment of $21,949,800.66 on or before December
15, 2022, and the $35,000,000 balance in six equal installments of $6,416,667, payable beginning on the first business day following
April 1, 2023 and on the first business day of each of the following five fiscal quarters, for a total of $38,500,002. Further, Partner
Colorado Credit Union agreed to defer $3,143,388, representing certain excess cash of SHF, LLC due to the Seller under the definitive
unit purchase agreement, and the reimbursement of certain reimbursable expenses under the definitive unit purchase agreement.
Based
upon our review, other than the events included in the above notes, the Company did not identify any subsequent events that would have
required adjustment or disclosure in the financial statement.
Note
12. Proforma Basis of Presentation
Effective
July 1, 2021, and subsequent to the reorganization, SHF entered into an Account Servicing Agreement with PCCU. SHF shall provide services
as per the agreement to CRB accounts at PCCU. In addition to providing the services, SHF shall assume the costs associated with the CRB
accounts. Under the agreement, PCCU agrees to pay SHF all revenue generated from CRB accounts. Amounts due to SHF are due monthly in
arrears and upon receipt of invoice. The agreement is for an initial term of 3 years from the effective date. It shall renew thereafter
for 1-year terms until either SHF or PCCU provide sixty days prior written notice.
Effective
July 1, 2021, SHF entered into a Support Services Agreement with PCCU. In connection with PCCU hosting the depository accounts and the
related loans and providing certain infrastructure support, PCCU receives (and SHF pays) a monthly fee per depository account. The respective
duties and obligations as per the agreement commenced on the effective date and continue unless terminated by either SHF or PCCU upon
giving sixty days prior written notice.
On
February 11, 2022, SHF and SHF Holding Co., LLC, the sole member of SHF, and PCCU, the sole member of SHF Holding, Co., LLC entered into
a definitive purchase agreement with Northern Lights Acquisition Corp., a special purpose acquisition company and its sponsor, 5AK, LLC.
Refer to Note 6 for additional information. Pursuant to the purchase agreement the Company entered into amended services agreements under
similar terms as the July 2021 agreements.
The
below schedule demonstrates the estimated impact these agreements would have on the income statement for the three months and six months
ended June 30, 2021.
Three
    Months Ended
2021
    (Unaudited)
June
    30,
Reported
Adj
Adjusted
Revenue
(1)
$
1,830,314
$
—
$
1,830,314
Operating expense
(2)
1,113,143
(48,986
)
1,064,157
Net income and comprehensive
    income
$
717,171
$
48,986
$
766,157
Six
    Months Ended
2021
    (Unaudited)
June
    30,
Reported
Adj
Adjusted
Revenue
(1)
$
3,580,595
$
—
$
3,580,595
Operating expense
(2)
1,975,021
(13,592
)
1,961,429
Net income and comprehensive
    income
$
1,605,574
$
13,592
$
1,619,166
(1)
The
    reported financial statements include all CRB account related revenue. As a result, no adjustment is necessary for revenue.
(2)
Adjustments
    to operating expense include the removal of corporate allocations and the inclusion of fees under the new services agreements including
    i) the per account hosting fee, (ii) 25% shared investment income fee and (iii) loan servicing fee equal to 25 basis points of the
    average outstanding loan principal balance for loans funded by PCCU. During the three-months and six-months ended June 30, 2021,
    no loans were held at PCCU subject to the loan servicing fee. In addition, as corporate allocations were removed, we included an
    adjustment for PCCU CEO base salary prior to July 1, 2021 plus a 30% benefit charge as this individual became the Safe Harbor CEO
    effective July 1, 2021. The 30% benefit charge is consistent with the historical experience of the Company.
F-
20
Report
of Independent Registered Public Accounting Firm
To
the Board of Directors of Eagle Legacy Services, PLLC D/B/A Safeharbor Services and Branches 52 and 53 Carved Out of Partner Colorado
Credit Union
Opinion
on the Financial Statements
We
have audited the accompanying combined balance sheets of Eagle Legacy Services, PLLC D/B/A Safeharbor Services and Branches 52 and 53
Carved Out of Partner Colorado Credit Union (the "Company") as of December 31, 2021 and 2020, the related combined statements
of income and comprehensive income, parent-entity net investment, and cash flows for the years then ended, and the related notes to the
combined financial statements (collectively, the "financial statements"). In our opinion, the 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 their operations
and their cash flows for the years then ended, in conformity with accounting principles generally accepted in the United States of America.
Basis
for Opinion
These
financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's
financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board
(United States) (PCAOB) and are required to be independent with respect to the Company in accordance with 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 and in accordance with auditing standards generally accepted in the
United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were
we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an
understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the
Company's internal control over financial reporting. Accordingly, we express no such opinion.
Our
audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error
or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding
the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant
estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits
provide a reasonable basis for our opinion.
/s/
Elliott Davis, PLLC
We
have served as the Company's auditor since 2020.
Franklin,
Tennessee
April
15, 2022
elliottdavis.com
F-
21
EAGLE
LEGACY SERVICES, PLLC D/B/A SAFE HARBOR SERVICES, SHF, LLC AND
BRANCHES 52 AND 53
CARVED
OUT OF PARTNER COLORADO CREDIT UNION
COMBINED
BALANCE SHEETS
December
    31,
2021
December
    31,
2020
ASSETS
Current Assets:
Cash and cash
    equivalents
$
5,495,905
$
3,001,363
Accounts receivable –
    parent
522,896
247,858
Contract assets
18,317
—
Prepaid expenses
6,021
2,553
Accrued interest receivable
7,556
—
Short-term
    loans receivable
52,833
35,081
Total Current Assets
6,103,528
3,286,855
Long-term loans receivable,
    net
1,410,727
1,285,764
Property
    and equipment, net
6,351
2,352
Total
    Assets
$
7,520,606
$
4,574,971
LIABILITIES AND PARENT-ENTITY
    NET INVESTMENT
Current Liabilities:
Accounts payable
$
43,626
$
108,526
Accrued expenses
129,546
91,804
Contract
    liabilities
8,333
20,620
Total Current Liabilities
181,505
220,950
COMMITMENTS AND CONTINGENCIES
Parent-Entity
    Net Investment
7,339,101
4,354,021
Total
    Liabilities and Parent-Entity Net Investment
$
7,520,606
$
4,574,971
The
accompanying notes are an integral part of the combined financial statements
F-
22
EAGLE
LEGACY SERVICES, PLLC D/B/A SAFE HARBOR SERVICES, SHF, LLC AND BRANCHES 52 AND 53
CARVED
OUT OF PARTNER COLORADO CREDIT UNION
COMBINED
STATEMENTS OF NET INCOME AND COMPREHENSIVE INCOME
For
                                            the year ended
December
                                            31
2021
2020
Revenue
$
7,005,579
$
8,038,138
Operating Expenses
Compensation and employee
    benefits
2,135,243
1,729,190
Professional services
292,143
124,071
Rent expense
73,482
71,382
Corporate allocations
648,533
840,142
Provision for loan losses
1,399
13,342
General
    and administrative expenses
567,892
142,194
Total operating expenses
3,718,692
2,920,321
Other expenses
Interest
    expense
—
2,511
Net income and comprehensive
    income
$
3,286,887
$
5,115,306
The
accompanying notes are an integral part of the combined financial statements
F-
23
EAGLE
LEGACY SERVICES, PLLC D/B/A SAFE HARBOR SERVICES, SHF, LLC AND BRANCHES 52 AND 53
CARVED
OUT OF PARTNER COLORADO CREDIT UNION
COMBINED
STATEMENTS OF PARENT-ENTITY NET INVESTMENT
Balance at January 1, 2020
$
1,278,981
Net income
5,115,306
Contribution of loans receivable
    from Parent
1,341,000
Net
    change due to allocations and distributions to Parent
(3,381,266
)
Balance at December
    31, 2020
4,354,021
Net income
3,286,887
Contribution of loans receivable
    from Parent
1,185,691
Net
    change due to allocations and distributions to Parent
(1,487,498
)
Balance at December
    31, 2021
$
7,339,101
The
accompanying notes are an integral part of the combined financial statements
F-
24
EAGLE
LEGACY SERVICES, PLLC D/B/A SAFE HARBOR SERVICES, SHF, LLC AND BRANCHES 52 AND 53
CARVED OUT OF PARTNER COLORADO CREDIT UNION
COMBINED
STATEMENTS OF CASH FLOWS
Year
                                            ended
December
                                            31,
2021
2020
CASH FLOWS FROM OPERATING
    ACTIVITIES:
Net income
$
3,286,887
$
5,115,306
Adjustments to reconcile net income to net
    cash provided by operating activities:
Depreciation expense
1,921
5,859
Provision for loan losses
1,399
13,342
Changes in operating assets and liabilities:
Accounts receivable
(293,355
)
24,544
Prepaid expenses
(3,468
)
26,889
Accrued interest receivable
(7,556
)
—
Accounts payable
(64,900
)
(8,058
)
Accrued expenses
37,742
(180,938
)
Deferred
    revenue
(12,287
)
(46,741
)
Net
    cash provided by operating activities
2,946,383
4,950,203
CASH FLOWS USED IN INVESTING
    ACTIVITIES:
Purchase of property and
    equipment
(5,920
)
(981
)
Change
    in loans receivable, net
1,041,577
6,813
Cash
    provided by investing activities
1,035,657
5,832
CASH FLOWS USED IN FINANCING
    ACTIVITIES:
Repayments bridge loan-related
    party
—
(192,832
)
Net
    change in parent funding, allocations, and distributions to parent
(1,487,498
)
(3,381,266
)
Net
    cash used in financing activities
(1,487,498
)
(3,574,098
)
Net increase in cash and cash equivalents
2,494,542
1,381,937
Cash and cash equivalents
    - beginning of year
3,001,363
1,619,426
Cash and cash equivalents
    - end of year
$
5,495,905
$
3,001,363
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid during the year
    for:
Interest
$
—
$
2,511
Non-Cash transactions:
Contribution of loan
    receivable from Parent
$
1,185,691
$
1,341,000
The
accompanying notes are an integral part of the combined financial statements
F-
25
EAGLE
LEGACY SERVICES, PLLC D/B/A SAFE HARBOR SERVICES, SHF, LLC AND BRANCHES 52 AND 53
CARVED
OUT OF PARTNER COLORADO CREDIT UNION
COMBINED
NOTES TO FINANCIAL STATEMENTS
Note
1. Business Description and Basis of Presentation
Business
Description
Eagle
Legacy Services, PLLC d/b/a Safe Harbor Services ("SHS" or "OldCo") was established as a limited liability company,
acting as a credit union service organization in accordance with applicable laws, in order to perform a financial, lending and operational
services primarily to the cannabis industry and cannabis related businesses ("CRBs"). SHS is a wholly owned subsidiary of
Partner Colorado Credit Union (the "Credit Union" or "Parent").
In
addition to SHS, the combined financial statements consist of the financial position, results of operations and cash flows of certain
branches (the "Branches") of the Parent and SHF, LLC.
During
the fourth quarter of 2020, the Parent created two new entities: Safe Harbor Financial Holding, LLC ("Holdco"), an interim
holding company that is directly wholly owned by the Parent and SHF, LLC ("NewCo" or "SHF"), an operating entity
wholly owned by Holdco. As a result, SHF is a single member limited liability company with no shareholders.
The
Parent's Board of Directors approved the contribution of certain assets and operating activities associated with operations from
both the Branches and Oldco to Holdco. Holdco then contributed the same assets and related operations to SHF with the Parent's
investment in SHF maintained at the Holdco level (the "reorganization"). The reorganization effectively occurred July 1,
2021. In conjunction with the reorganization, all of Branches' employees and certain Parent employees were terminated from the
Credit Union and hired as SHF employees. Collectively, SHS, the Branches and SHF represent the "Carved-Out Operations" or
the "Company". After the reorganization, SHF contains the entirety of the Carved-Out Operations and OldCo was dissolved.
The
Carved-Out Operations generate both interest income and fee income through providing a variety of financial services to cannabis related
businesses including, among other things, Bank Secrecy Act and other regulatory compliance and reporting, onboarding, responding to account
inquiries, responding to customer service inquiries relating to CRB depository accounts held at the Parent, and sourcing and managing
loans. In addition, the Carved-Out Operations provides these similar services and outsourced support to other financial institutions
providing banking to the cannabis industry. These services are provided under the Safe Harbor Master Program Agreement.
Basis
of Presentation
Financial
statements have not historically been prepared for the Carved-Out Operations. The accompanying combined financial statements, consist
of the balances of SHS and SHF as prepared on a stand-alone basis and the balances of the Branches on a "carve-out" basis.
The financial statements of the Branches were derived from the consolidated financial statements and accounting records of the Credit
Union using branch specific information, where available, and corporate allocations from the Parent. All intracompany transactions have
been eliminated for all periods presented. These combined financial statements reflect the Company's historical financial position,
results of operations and cash flows as they have been historically managed in conformity with Generally Accepted Accounting Principles
in the United States ("U.S. GAAP").
All
depository asset accounts and liabilities are retained by the Parent as the Carved-Out Operations is not organized as a chartered financial
institution. Accordingly, none of the cash of the Credit Union has been attributed to these combined financial statements. Asset and
liabilities maintained by SHS and SHF have been included in these financial statements along with any specific assets and liabilities
associated with the Branches.
F-
26
EAGLE
LEGACY SERVICES, PLLC D/B/A SAFE HARBOR SERVICES, SHF, LLC AND BRANCHES 52 AND 53
CARVED
OUT OF PARTNER COLORADO CREDIT UNION
COMBINED
NOTES TO FINANCIAL STATEMENTS
Revenue
and expenses for the Branches were included based on specific identification as they relate to customer deposits, professional services,
compensation and employee benefits, rent expense, provision for loan losses and other general and administrative expenses. Corporate
allocations such as information technology, customer support, marketing, executive compensation and other general and administrative
expenses are attributed to the Branches proportionately based on the size of the specifically identifiable CRB's deposit balances,
deposit activity and accounts relative to the totals of the consolidated Parent. This allocation method was consistent for all periods
prior to July 2021. Allocated amounts are categorized as
Corporate allocations
on the Combined Statements of Net Income and Comprehensive
Income. Beginning in July 2021, a services agreement was entered into between Newco and the Parent (see Note 6). In exchange for managing
the Carved-Out Operations, Newco receives 100% of related revenue. The Parent receives (and Newco pays) a monthly per account fee, split
loan servicing fees and split investment income associated with Carved-Out Operations depository accounts. The fees are meant to represent
the Parent's cost for hosting depository accounts and related loans and providing certain limited infrastructure support.
Management
has considered the basis on which the expenses have been allocated to be a reasonable reflection of the utilization of services provided
to or the benefits received by the Branches during the periods presented.
All
revenue and expenses of SHS and SHF are specific to the entity. Corporate allocations were not attributed for any of the periods presented.
On
February 11, 2022, SHF and SHF Holding Co., LLC, the sole member of SHF, and the Parent, the sole member of SHF Holding, Co., LLC entered
into a definitive purchase agreement with Northern Lights Acquisition Corp., a special purpose acquisition company and its sponsor, 5AK,
LLC. Refer to Note 11 for additional information. Pursuant to the purchase agreement the Company entered into an amended services agreements
under similar terms as the July 2021 agreements. Refer to Note 12 for a schedule demonstrating the estimated impact these agreements
would have on the combined statements of net income and comprehensive income for the periods ending December 31, 2021 and December 31,
2020.
F-
27
EAGLE
LEGACY SERVICES, PLLC D/B/A SAFE HARBOR SERVICES, SHF, LLC AND BRANCHES 52 AND 53
CARVED
OUT OF PARTNER COLORADO CREDIT UNION
COMBINED
NOTES TO FINANCIAL STATEMENTS
Note
2. Summary of Significant Accounting Policies
Parent-Entity
Net Investment
The
Parent-Entity Net Investment balance in the combined balance sheets represents the Parent's historical net investment in the Carved-Out
Operations. For purposes of these combined financial statements, investing requirements have been summarized as "Parent-Entity
Net Investment" and represents equity as no cash settlement with the Parent is required. No separate equity accounts are maintained
for SHS, SHF or the Branches.
Use
of Estimates
The
preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect
the amounts reported in the financial statements and accompanying notes. Material estimates that are particularly subject to change in
the near term include the determination of the allowance for loan losses, and the fair value of financial instruments. Actual results
could differ from the estimates.
Cash
and cash equivalents
Cash
and cash equivalents include cash on hand, amounts due from financial institutions, and investments with maturities of three months or
less.
Concentrations
of Risk
The
Company's financial instruments that are exposed to concentrations of credit risk consist primarily of cash. Cash balances are
maintained principally in accounts at the Parent which is insured by the National Credit Union Share Insurance Fund ("NCUSIF")
up to regulatory limits. From time to time, cash balances may exceed the NCUSIF insurance limit. The Company has not experienced any
credit losses associated with its cash balances in the past.
Currently
the Company only services the cannabis industry. Cannabis remains illegal under federal law, and therefore, strict enforcement of federal
laws regarding cannabis would likely result in our inability to execute our business plan.
Currently
the Company substantially relies on its Parent to hold customer deposits and fund its originated loans. As of this time, substantially
all of the Company's revenue is generated by deposits and loans hosted by its Parent pursuant to various services agreements.
Accounts
receivable-Parent and allowance for doubtful accounts
Accounts
receivable are recorded based on the customer fee schedules. Amounts are initially collected by the financial institutional partners
and remitted in the subsequent month. As of December 31, 2021 and 2020, 100% of the Accounts Receivable is due from Parent. The Company
maintains allowances for doubtful accounts for estimated losses as a result of customers' inability to make required payments.
The Company estimates anticipated losses from doubtful accounts based on days past due as measured from the contractual due date and
historical collection history. The Company also takes into consideration changes in economic conditions that may not be reflected in
historical trends, for example customers in bankruptcy, liquidation or reorganization. Receivables are written-off against the allowance
for doubtful accounts when they are determined uncollectible. Such determination includes analysis and consideration of the particular
conditions of the account, including time intervals since last collection, customer performance against agreed upon payment plans, solvency
of customer and any bankruptcy proceedings.
F-
28
EAGLE
LEGACY SERVICES, PLLC D/B/A SAFE HARBOR SERVICES, SHF, LLC AND BRANCHES 52 AND 53
CARVED
OUT OF PARTNER COLORADO CREDIT UNION
COMBINED
NOTES TO FINANCIAL STATEMENTS
At
December 31, 2021 and 2020, there were no recorded allowance for doubtful accounts.
Loans
receivable
The
Parent originates mortgage, commercial and consumer loans to members and other businesses. Commercial CRB loans originated by the Parent
are managed by the Company. Certain CRB Loans to the Company's customers were contributed to the Carved-out Operations. Such loans
where the Company has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at principal
balance outstanding, net of an allowance for loan losses and net deferred loan origination costs when applicable. Interest income on
loans is recognized over the term of the loan and is calculated using the simple-interest method on principal amounts outstanding.
Interest
income is not reported when full loan repayment is in doubt, typically when the loan is impaired, or payments are past due ninety days
or more. All interest accrued but not received for loans placed on nonaccrual is reversed against interest income. Interest received
on such loans is accounted for on the cash basis or cost recovery method, until qualifying for return to accrual. Loans are returned
to accrual status when all the principal and interest amounts are satisfied to where the loan is less than ninety days past due and future
payments are reasonably assured.
Loans
are evaluated for charge-off on a case by case basis and are typically charged off at the time of foreclosure.
Past-due
status is based on the contractual terms of the loans. In all cases, loans are placed on nonaccrual status or charged-off at an earlier
date if the collection of principal and interest is considered doubtful.
Allowance
for loan losses
The
allowance for loan losses is a valuation allowance for probable incurred credit losses, increased by the provision for loan losses and
decreased by charge-offs less recoveries. Management estimates the required allowance for loan losses balance using past loan loss experience,
known and inherent risks in the nature and volume of the portfolio, information about specific borrower situations and estimated collateral
values, economic conditions, and other factors. Allocations of the allowance for loan losses may be made for specific loans, but the
entire allowance is available for any loan that, in management's judgment, should be charged-off.
The
allowance for loan losses consists of specific and general components. The specific component relates to loans that are individually
classified as impaired or loans otherwise classified as substandard or doubtful. The general component covers non-classified loans and
is based on historical loss experience adjusted for current factors.
Due
to the nature of uncertainties related to any estimation process, Management's estimate of loan losses inherent in the loan portfolio
may change in the near term. However, the amount of the change that is reasonably possible cannot be estimated.
A
loan is considered impaired when, based on current information and events, full payment under the loan terms is not expected. Impairment
is generally evaluated in total for smaller-balance loans of similar nature such as commercial lines of credit, but may be evaluated
on an individual loan basis if deemed necessary. If a loan is impaired, a portion of the allowance is allocated so that the loan is reported,
net, at the present value of estimated future cash flows using the loan's existing rate or at the fair value of collateral if repayment
is expected solely from the collateral. The Company's policy for foreclosure is that when all other collection efforts have been
exhausted, the Company enforces its first lien holder status and initiates foreclosure. Collateral normally consists of commercial real
estate and other borrower operating assets.
F-
29
EAGLE
LEGACY SERVICES, PLLC D/B/A SAFE HARBOR SERVICES, SHF, LLC AND BRANCHES 52 AND 53
CARVED
OUT OF PARTNER COLORADO CREDIT UNION
COMBINED
NOTES TO FINANCIAL STATEMENTS
Property
and equipment, net
Property
and equipment is recorded at historical cost, net of accumulated depreciation. Depreciation is provided over the assets' useful
lives on a straight-line basis - 4-5 years for equipment and furniture and fixtures. Repairs and maintenance costs are expensed as incurred.
Management
periodically assesses the estimated useful life over which assets are depreciated or amortized. If the analysis warrants a change in
the estimated useful life of property and equipment, management will reduce the estimated useful life and depreciate or amortize the
carrying value prospectively over the shorter remaining useful life.
The
carrying amounts of assets sold or retired and the related accumulated depreciation are eliminated in the period of disposal and the
resulting gains and losses are included in the results of operations during the same period.
Impairment
of long-lived assets
The
Company evaluates the recoverability of tangible assets periodically by taking into account events or circumstances that may warrant
revised estimates of useful lives or that indicate the asset may be impaired. There were no impairments for the years ended December
31, 2021 and 2020.
Federal
and State Tax Exemption
The
Credit Union is exempt from most federal, state, and local taxes under the provisions of the Internal Revenue Code and state tax laws.
However, the Credit Union is subject to unrelated business income tax. The Carved-Out Operations are wholly owned by the Credit Union
and therefore, are exempt from most federal and state income taxes. The Income Taxes Topic of the FASB ASC clarifies accounting for uncertainty
in income taxes reported in the financial statements. The interpretation provides criteria for assessment of individual tax positions
and a process for recognition and measurement of uncertain tax positions. Tax positions are evaluated on whether they meet the "more
likely than not" standard for sustainability on examination by tax authorities. Management has determined there are no material
uncertain tax positions.
Fair
value measurements
The
Company utilizes the fair value hierarchy to apply fair value measurements. The fair value hierarchy is based on inputs to valuation
techniques that are used to measure fair values that are either observable or unobservable. Observable inputs reflect assumptions market
participants would use in pricing an asset or liability based on market data obtained from independent sources, while unobservable inputs
reflect a reporting entity's pricing based upon its own market assumptions. The basis for fair value measurements for each level
within the hierarchy is described below:
Level
1 —Quoted prices for identical assets or liabilities in active markets.
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; or model-derived valuations whose inputs are observable or whose significant value drivers are observable.
Level
3 —Valuations derived from valuation techniques in which one or more significant inputs to the valuation model are unobservable.
With
the exceptions of loans receivable, the Company considers the carrying amounts of its financial instruments (cash, accounts receivable
and accounts payable) in the balance sheet to approximate fair value because of the short-term or highly liquid nature of these financial
instruments. The fair values of loans receivables, for disclosure purposes only, are estimated using unobservable inputs, as more fully
disclosed in Note 10.
F-
30
EAGLE
LEGACY SERVICES, PLLC D/B/A SAFE HARBOR SERVICES, SHF, LLC AND BRANCHES 52 AND 53
CARVED
OUT OF PARTNER COLORADO CREDIT UNION
COMBINED
NOTES TO FINANCIAL STATEMENTS
Revenue
recognition
The
Company adopted Accounting Standards Codification ("ASC") Topic 606, Revenue from Contracts with Customers ("ASC 606").
The core principle of ASC 606 requires that an entity recognize revenue to depict the transfer of promised goods or services to customers
in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. ASC
606 defines a five-step process to achieve this core principle and, in doing so, it is possible more judgment and estimates may be required
within the revenue recognition process than required under previous accounting principles generally accepted in the United States of
America ("U.S. GAAP") including identifying performance obligations in the contract, estimating the amount of variable consideration
to include in the transaction price and allocating the transaction price to each separate performance obligation. The Company adopted
ASC 606 for all applicable contracts using the modified retrospective method, which would have required a cumulative-effect adjustment,
if any, as of the date of adoption. The adoption of ASC 606 did not have a material impact on the Company's financial statements
as of the date of adoption. As a result, a cumulative- effect adjustment was not required.
Revenue
is recorded at a point in time when the performance obligation is satisfied, and no contingencies exist. Revenue consists primarily of
fees earned on deposit accounts held at the Parent but serviced by the Company such as bank account charges, onboarding income, account
activity fee income and other miscellaneous fees.
In
addition, the Company recognizes revenue from the Master Program Agreement. The Master Program Agreement is a non-exclusive and non-transferable
right to implement and utilize the Safe Harbor Program. The Safe Harbor Program has two performance obligations; an implementation fee
recognized when the contract is effective and a service fee recognized ratable over the contract term as the compliance program is executed.
Lastly,
the Company also records revenue for interest on loans and investment income allocated by the Parent based on specific customer balances.
Amounts
received in advance of the service being provided is recorded as a liability under deferred revenue on the combined balance sheets. Typical
Safe Harbor Program contracts are three-year contracts with amounts due monthly, quarterly or annually based on contract terms.
Customers
consist of CRBs and financial institutions providing services to CRBs. Revenues are concentrated in the United States.
As
of December 31, 2020, the Company did not have any contract assets or contract liabilities from contracts with customers. As of December
31, 2021, the Company reported a contract asset and liability of $18,317 and $8,333, respectively.
Advertising/Marketing
costs
Advertising/Marketing
costs are expensed as incurred. For the years ended December 31, 2021 and 2020, advertising/marketing costs were $74,282 and $9,120,
respectively.
Software
development costs
The
Company applied agile development methodologies to their software development projects, which are characterized by a more dynamic development
process with more frequent and iterative revisions to the product features and functions as the software is being developed. Due to the
shorter development cycle and focus on rapid production associated with agile development, the costs incurred to get to, and have incurred
subsequent to the achievement of technological feasibility have been expensed as incurred.
F-
31
EAGLE
LEGACY SERVICES, PLLC D/B/A SAFE HARBOR SERVICES, SHF, LLC AND BRANCHES 52 AND 53
CARVED
OUT OF PARTNER COLORADO CREDIT UNION
COMBINED
NOTES TO FINANCIAL STATEMENTS
Software
development costs amounted to $137,136 and $127,311 for the years ending December 31, 2021 and 2020, respectively.
Recently
Issued Accounting Standards
From
time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board, or FASB, or other standard setting
bodies and adopted by the Company as of the specified effective date. Unless otherwise discussed, the impact of recently issued standards
that are not yet effective and are not expected to have a material impact on the Company's financial position or results of operations
upon adoption.
Financial
Instruments—Credit Losses
In
June 2016, the FASB issued ASU No. 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on
Financial Instruments, which introduces a model based on expected losses to estimate credit losses for most financial assets and certain
other instruments. In November 2019, the FASB issued ASU No. 2019-10 Financial Instruments — Credit Losses (Topic 326), Derivatives
and Hedging (Topic 815), and Leases (Topic 842). The update allows the extension of the initial effective date for entities which have
not yet adopted ASU No. 2016-02. The standard is effective for annual reporting periods beginning after December 15, 2022 for private
companies and SEC filers classified as smaller reporting entities, with early adoption permitted. Entities apply the standard's
provisions by recording a cumulative effect adjustment to retained earnings. The Company has not yet adopted ASU 2016-13 and is currently
assessing the impact of this new standard on its financial statements.
Collaborative
Arrangements
In
November 2018, the FASB issued ASU 2018-18, Collaborative Arrangements (Topic 808). This update clarifies the interaction between ASC
808, Collaborative Arrangements and ASC 606, Revenue from Contracts with Customers ("ASU 2018-18"). The update clarifies
that certain transactions between participants in a collaborative arrangement should be accounted for under ASC 606 when the counterparty
is a customer. In addition, the update precludes an entity from presenting consideration from a transaction in a collaborative arrangement
as revenue if the counterparty is not a customer for that transaction. ASU 2018-18 should be applied retrospectively to the date of initial
application of ASC 606 and early adoption is permitted. The adoption of this standard will not have a material impact on the Company's
financial statements as the Company does not have any collaborative agreements. However, there is a potential for the Company to enter
into collaborative agreements in the future, as it expands into consumer markets.
Note
3. Loans Receivable
Loans
receivable consist of the following:
December
                                            31,
2021
December
                                            31,
2020
Short-term
    loans receivable
$
52,833
$
35,081
Total
    short-term loans receivable
52,833
35,081
Long-term loans receivable
1,425,468
1,299,106
Less:
    Allowance for loan losses
(14,741
)
(13,342
)
Total
    long-term loans receivable, net
$
1,410,727
$
1,285,764
At
December 31, 2020 and 2021, loans receivable represented commercial loans collateralized with real estate, bearing interest rates from
6.54% to 7.50% All loans were current and considered performing at both December 31, 2020 and 2021.
F-
32
EAGLE
LEGACY SERVICES, PLLC D/B/A SAFE HARBOR SERVICES, SHF, LLC AND BRANCHES 52 AND 53
CARVED
OUT OF PARTNER COLORADO CREDIT UNION
COMBINED
NOTES TO FINANCIAL STATEMENTS
Note
4. Allowance for loan losses
The
allowance for loan losses is maintained at a level believed to be sufficient to provide for estimated loan losses based on evaluating
known and inherent risks in the loan portfolio. The allowance is provided based upon management's analysis of the pertinent factors
underlying the quality of the loan portfolio. These factors include changes in the amount and composition of the loan portfolio, delinquency
levels, actual loss experience, current economic conditions, and detailed analysis of individual loans for which the full collectability
may not be assured. The detailed analysis includes methods to estimate the fair value of loan collateral and the existence of potential
alternative sources of repayment.
The
allowance may consist of specific and general components. While the allowance may consist of general and specific components, the allowance
is general in nature and is available for the loan portfolio in its entirety.
The
allowance for loan losses consists of the following activity:
December
    31,
2021
December
    31,
2020
Allowance for loan losses
Beginning balance
$
13,342
$
—
Charge-offs
—
—
Recoveries
—
—
Provision
1,399
13,342
Ending balance
$
14,741
$
13,342
Loans receivable:
Individually evaluated for impairment
$
—
$
—
Collectively evaluated
    for impairment
1,463,560
1,320,845
$
1,463,560
$
1,320,845
Allowance for loan losses:
Individually evaluated for impairment
$
—
$
—
Collectively evaluated
    for impairment
14,741
13,342
$
14,741
$
13,342
At
December 31, 2021 and December 31, 2020 no loans were past due, classified as non-accrual or considered impaired.
Note
5. Property and equipment, net
Property
and equipment consist of the following:
December
                                            31,
2021
December
                                            31,
2020
Equipment
$
28,080
$
22,160
Office furniture
7,070
7,070
35,150
29,230
Less: accumulated depreciation
(28,799
)
(26,878
)
Property and equipment,
    net
$
6,351
$
2,352
Depreciation
expense was $1,921 and $5,859 for the years ended December 31, 2021 and 2020, respectively.
F-
33
EAGLE
LEGACY SERVICES, PLLC D/B/A SAFE HARBOR SERVICES, SHF, LLC AND BRANCHES 52 AND 53
CARVED
OUT OF PARTNER COLORADO CREDIT UNION
COMBINED
NOTES TO FINANCIAL STATEMENTS
Note
6. Related party transactions
Bridge
loan
The
Credit Union provided a 24-month bridge loan of $350,000 to the Company on January 1, 2019, at an interest rate of 3.75%. Principal and
interest payments of $15,160 were due monthly in-arrears. The bridge loan was settled before its maturity date and had no outstanding
balance on December 31, 2021 and 2020.
Corporate
allocations
Corporate
allocations include overhead expenses such as information technology, customer support, marketing, executive compensation and other general
and administrative expenses that are attributed to the Branches proportionately based on the relative size of the specific identifiable
customer deposits to the consolidated Parent.
Account
Servicing Agreement
Effective
July 1, 2021, SHF, LLC ("SHF") entered into an Account Servicing Agreement with the Credit Union. SHF shall provide services
as per the agreement to CRB accounts at the Credit Union. In addition to providing the services, SHF shall assume the costs associated
with the CRB accounts. Under the agreement, the Credit Union agrees to pay SHF all revenue generated from CRB accounts. Amounts due to
SHF are due monthly in arrears and upon receipt of invoice. The agreement is for an initial term of 3 years from the effective date.
It shall renew thereafter for 1-year terms until either SHF or the Credit Union provide sixty days prior written notice. Pursuant to
this agreement, the Company reported revenue of $3,168,243 for the period July 1, 2021 to December 31, 2021.
Support
Services Agreement
Effective
July 1, 2021, SHF entered into a Support Services Agreement with the Credit Union. In exchange for hosting the depository accounts and
the related loans and providing certain infrastructure support, the Credit Union receives (and SHF pays) a monthly fee per depository
account. The respective duties and obligations as per the agreement commenced on the effective date and continue unless terminated by
either SHF or the Credit Union upon giving sixty days prior written notice. Pursuant to this agreement, the Company reported expense
of $190,908 for the period July 1, 2021 to December 31, 2021.
Operating
leases
Effective
July 1, 2021, SHF entered into a gross lease with the Parent to lease space in its existing office at a monthly rent of $5,400. The term
of this lease is for one year with the option to renew for one-year terms. The Company currently anticipates terminating the lease.
F-
34
EAGLE
LEGACY SERVICES, PLLC D/B/A SAFE HARBOR SERVICES, SHF, LLC AND BRANCHES 52 AND 53
CARVED
OUT OF PARTNER COLORADO CREDIT UNION
COMBINED
NOTES TO FINANCIAL STATEMENTS
Note
7. Revenue
Disaggregated
revenue
Revenue
by type are as follows:
Year Ended December
    31,
2021
2020
Deposit, activity, onboarding income
$
6,039,358
$
6,868,275
Safe Harbor Program income
478,041
573,309
Investment income
376,918
559,415
Loan interest income
102,961
25,280
Miscellaneous fee income
8,301
11,859
Total
    Revenue
$
7,005,579
$
8,038,138
Note
8. Employee benefits
The
Credit Union has a qualified, contributory 401(k) plan ("Plan") covering substantially all full-time employees. The Plan
allows employees to defer a portion of their salary into the Plan. The Credit Union matches a portion of employees' wage reductions.
Plan costs are accrued and funded on a current basis. The Carved-Out Operations incurred plan costs of $44,158 and $27,841 for the years
ended December 31, 2021 and 2020, respectively.
Note
9. Commitments and contingencies
From
time to time, the Company is subject to claims in legal proceedings arising in the normal course of business. The Company does not believe
that it is currently party to any pending legal action that could reasonably be expected to have a material adverse effect on our business
or operating results.
On
June 3, 2021, the Credit Union entered into a settlement agreement associated with a CRB customer resulting in a $150,000 payment from
the Branches which resolved certain legal matters.
Note
10. Financial Instruments
FASB
ASC
825,
"Financial Instruments", requires disclosure of fair value information about financial instruments, whether
or
not
recognized in the balance sheet. In cases where quoted market prices are
not
available, fair values are based on
estimates using present value of future cash flows or other valuation techniques. Those techniques are significantly affected by the
assumptions used, including the discount rate and estimates of future cash flows. In that regard, the derived fair value estimates cannot
be substantiated by comparison to independent markets and, in many cases, could
not
be realized in immediate settlement of the
instruments. FASB ASC
825
excludes certain financial instruments and all nonfinancial instruments from its disclosure requirements.
With
the exceptions of loans receivable, the Company considers the carrying amounts of its financial instruments (cash, accounts receivable
and accounts payable) in the balance sheet to approximate fair value because of the short-term or highly liquid nature of these financial
instruments.
The
Company does not record loans at fair value on a recurring basis. Currently all loans are performing with no impairment. Utilizing rates
between 0% and 10%, which are considered Level 3 unobservable inputs, and a discounted cash flow model, we have estimated the fair value
of our loan portfolio as of December 31, 2021 to approximate $1,417,637 as compared to their carrying value, excluding allowances for
loan losses, of $1,478,343. The estimated fair value at December 31, 2020 was $1,263,029 as compared to a carrying value, excluding allowances
for loan losses, of $1,334,187.
F-
35
EAGLE
LEGACY SERVICES, PLLC D/B/A SAFE HARBOR SERVICES, SHF, LLC AND BRANCHES 52 AND 53
CARVED
OUT OF PARTNER COLORADO CREDIT UNION
COMBINED
NOTES TO FINANCIAL STATEMENTS
Note
11. Subsequent Events
Management
has reviewed the events occurring through the date the combined financial statements were issued.
On
February 11, 2022, SHF and SHF Holding Co., LLC, the sole member of SHF, and Partner Colorado Credit Union ("Parent"), the
sole member of SHF Holding, Co., LLC entered into a definitive purchase agreement with Northern Lights Acquisition Corp., a special purpose
acquisition company and its sponsor, 5AK, LLC.
Pursuant
to the purchase agreement, upon the closing of the contemplated transaction, Northern Lights Acquisition Corp. will purchase all of the
issued and outstanding membership interests of SHF in exchange for an aggregate of $185,000,000, consisting of (i) 11,386,139 shares
of the Company's Class A common stock with an aggregate value equal to $115,000,000 and (ii) $70,000,000 in cash. At transaction
close, 1,831,683 shares of the Class A Common Stock will be deposited with an escrow agent to be held in escrow for a period of 12 months
following the closing date to satisfy potential indemnification claims of the parties.
Also,
concurrently with entering into the purchase agreement, SHF and the Parent entered into three agreements relating to their respective
services for each other that are effective as of the signing date, as follows:
●
SHF
    and the Parent entered into an Amended and Restated Account Servicing Agreement (the "
Account Servicing Agreement
")
    pursuant to which SHF provides services including, among other things, Bank Secrecy Act compliance and reporting, onboarding, responding
    to account inquiries, and responding to customer service inquiries relating to accounts at the Parent held for cannabis-related businesses.
    Pursuant to the Account Servicing Agreement, SHF's fees for such services will equal all cannabis-related income, including
    all lending-related income (such as loan origination fees, interest income on CRB-related loans, participation fees and servicing
    fees), investment income, interest income, account activity fees, processing fees, flat fees, and other revenue generated from cannabis
    and multi-state hemp accounts that are hosted on the Parent's core system. The Account Servicing Agreement is for an initial
    term of three years and will renew for additional one-year terms unless a party provides 120 days' notice of non-renewal, provided
    that the Parent may not provide notice of non-renewal until 30 months following the signing date. The Account Servicing Agreement
    will also terminate within 60 days of SHF no longer qualifying as a "credit union service organization" (a
"CUSO
")
    or within 60 days of the assumption by a third party of all CRB-related accounts.
●
In
    addition, SHF and the Parent entered into an Amended and Restated Support Services Agreement (the "
Support Services Agreement
")
    pursuant to which the Parent will continue to provide to SHF certain operational and administrative services relating to, among other
    things, human resources, employee benefits, IT and systems, accounting and marketing for a monthly fee equal to $30.96 per account
    in 2022 and $25.32 per account in 2023 and 2024. In addition, investment income from CRB-related cash and investments (excluding
    loans) will be shared 25% to the Parent and 75% to SHF and SHF will reimburse the Parent for any of its out-of-pocket expenses relating
    to the services provided to SHF.
●
SHF
    and the Parent also entered into a Loan Servicing Agreement (the
"Loan Servicing Agreement
") that sets forth the
    application, underwriting and approval process for loans from the Parent to CRB customers and the loan servicing and monitoring responsibilities
    provided by the Parent. The Loan Servicing Agreement provides that the Parent will receive a monthly servicing fee at the annual
    rate of 0.25% of the then-outstanding principal balance of each loan funded by the Parent. Under the Loan Servicing Agreement, SHF
    has agreed to indemnify the Parent from all claims related to SHF's cannabis-related business, including but not limited to
    default-related loan losses as defined in the Loan Servicing Agreement. The Loan Servicing Agreement is for an initial term of three
    years and will renew for additional one-year terms unless a party provides 120 days' notice of non-renewal or there is a termination
    for cause, provided that the Parent may not provide notice of non-renewal until 30 months following the signing date.
●
Pursuant
    to the purchase agreement, $3,143,388 in cash and cash equivalents representing the amount of cash on hand at July 31, 2021 less
    accrued but unpaid liabilities, will be paid to the Parent at the final transaction close.
F-
36
EAGLE
LEGACY SERVICES, PLLC D/B/A SAFE HARBOR SERVICES, SHF, LLC AND BRANCHES 52 AND 53
CARVED
OUT OF PARTNER COLORADO CREDIT UNION
COMBINED
NOTES TO FINANCIAL STATEMENTS
Note
12. Proforma Basis of Presentation
As
previously discussed, the Company's financial statements include combined financial statements of the Carved-Out Operations as
of December 31, 2020 and for the period January 1, 2020 to June 1, 2021 and stand-alone financial statements as of December 31, 2021
and for the period July 1, 2021 to December 31, 2021.
Effective
July 1, 2021, and subsequent to the reorganization, SHF entered into an Account Servicing Agreement with the Credit Union. SHF shall
provide services as per the agreement to CRB accounts at the Credit Union. In addition to providing the services, SHF shall assume the
costs associated with the CRB accounts. Under the agreement, the Credit Union agrees to pay SHF all revenue generated from CRB accounts.
Amounts due to SHF are due monthly in arrears and upon receipt of invoice. The agreement is for an initial term of 3 years from the effective
date. It shall renew thereafter for 1-year terms until either SHF or the Credit Union provide sixty days prior written notice.
Effective
July 1, 2021, SHF entered into a Support Services Agreement with the Credit Union. In exchange for hosting the depository accounts and
the related loans and providing certain infrastructure support, the Credit Union receives (and SHF pays) a monthly fee per depository
account. The respective duties and obligations as per the agreement commenced on the effective date and continue unless terminated by
either SHF or the Credit Union upon giving sixty days prior written notice.
On
February 11, 2022, SHF and SHF Holding Co., LLC, the sole member of SHF, and the Parent, the sole member of SHF Holding, Co., LLC entered
into a definitive purchase agreement with Northern Lights Acquisition Corp., a special purpose acquisition company and its sponsor, 5AK,
LLC. Refer to Note 11 for additional information. Pursuant to the purchase agreement the Company entered into an amended services agreements
under similar terms as the July 2021 agreements.
The
agreements would result in the same adjustments to the reported financial statements. The below schedule demonstrates the estimated impact
these agreements would have on the income statement for the periods ending December 31, 2021 and December 31, 2020.
Year
    Ended
2021
2020
December
    31,
Reported
Adj
Adjusted
Reported
Adj
Adjusted
Revenue
(1)
$
7,005,579
$
—
$
7,005,579
$
8,038,138
$
—
$
8,038,138
Operating expense
(2)
3,718,692
(13,592
)
3,705,100
2,920,321
41,240
2,961,561
Other expense
—
—
—
2,511
—
2,511
Net
    income and comprehensive income
$
3,286,887
$
13,592
$
3,300,479
$
5,115,306
$
(41,240
)
$
5,074,066
(1)
The
    reported financial statements include all CRB account related revenue. As a result, no adjustment is necessary for revenue.
(2)
Adjustments
    to operating expense include the removal of corporate allocations and the inclusion of fees under the new services agreements including
    i) the per account hosting fee, (ii) 25% shared investment income fee and (iii) loan servicing fee equal to 25 basis points of the
    average outstanding loan principal balance. In the audited financial statements, no loans were held at the Parent subject to the
    loan servicing fee. In addition, as corporate allocations were removed we included an adjustment for the Credit Union CEO base salary
    prior to July 1, 2021 plus a 30% benefit charge as this individual became the Safe Harbor CEO effective July 1, 2021. The 30% benefit
    charge is consistent with the historical experience of the Company.
F-
37
EAGLE
LEGACY SERVICES, PLLC D/B/A SAFE HARBOR SERVICES, SHF, LLC AND BRANCHES 52 AND 53
CARVED
OUT OF PARTNER COLORADO CREDIT UNION
COMBINED
NOTES TO FINANCIAL STATEMENTS
The
below schedule demonstrates the income statement for the year ending December 31, 2021 for the period prior to and subsequent to reorganization
with the period July 1, 2021 to December 31, 2021 representing the financials post reorganization.
For
                                            the Year Ended
December
                                            31, 2021
Jan21
    to
Jun21
(1)
Jul21
    to
Dec21
(2)
Total
Revenue
$
3,580,595
$
3,424,984
$
7,005,579
Operating Expenses
Compensation and employee
    benefits
991,328
1,143,915
2,135,243
Professional services
62,269
229,874
292,143
Rent expense
23,866
49,617
73,482
Corporate allocations
648,533
—
648,533
Provision for loan losses
(4,974
)
6,373
1,399
General
    and administrative expenses
237,098
330,794
567,892
Total
    operating expenses
1,958,120
1,760,572
3,718,692
Net income and comprehensive
    income
$
1,622,475
$
1,664,412
$
3,286,887
(1)
Represents
    Carved-Out financial statements prior to reorganization
(2)
Represents
    stand-alone financial statements post reorganization and under the July 1, 2021 services agreements.
Management
has concluded there is no substantial impact to the balance sheet or other financial statements as a result of the reorganization.
F-
38
NORTHERN
LIGHTS ACQUISITION CORP.
CONDENSED
BALANCE SHEETS
(Unaudited)
June
30, 2022
December
31, 2021
ASSETS
Current Assets
Cash
$
172,441
$
254,523
Prepaid expense
30,000
7,499
Prepaid insurance
175,000
175,000
Total current assets
377,441
437,022
Noncurrent assets
Prepaid insurance – noncurrent portion
-
87,500
Deferred offering costs
201,405
-
Investments held in Trust Account
118,450,000
117,321,508
Total assets
$
119,028,846
$
117,846,030
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities
Accounts payable and accrued expenses
2,074,027
306,792
Income tax payable
13,526
-
Franchise tax payable
100,000
168,767
Total current liabilities
2,187,553
475,559
Warrant liabilities
1,394,453
2,826,876
Advance from sponsor
1,150,000
-
Forward purchase option derivative liability
795,942
-
Deferred underwriter fee payable
4,025,000
4,025,000
Total liabilities
9,552,948
7,327,435
Commitments and Contingencies (Note 6)
Class A Common Stock subject to possible redemption;
7,695,128
shares  as of June 30, 2022 and
11,500,000
as of December 2021 at redemption value
79,259,819
117,300,000
Stockholders' Deficit
Preferred stock, $
0.0001
par value;
1,250,000
shares authorized;
none
issued and outstanding
-
-
Class A Common Stock, $
0.0001
par value;
125,000,000
shares authorized;
4,333,047
issued and outstanding - excluding
7,695,128
shares subject to redemption as of June 30, 2022.
528,175
issued and outstanding – excluding
11,500,000
subject to redemption as of December 31, 2021
433
53
Class B common stock, $
0.0001
par value;
12,500,000
shares authorized;
2,875,000
issued and outstanding as of June 30, 2022 and December 31, 2021
288
288
Additional paid in capital
38,039,801
-
Accumulated deficit
(
7,824,443
)
(
6,781,746
)
Total stockholders' equity (deficit)
30,216,079
(
6,781,405
)
Total liabilities and stockholders' deficit
$
119,028,846
$
117,846,030
The
accompanying notes are an integral part of these condensed unaudited financial statements
F-
39
NORTHERN
LIGHTS
ACQUISITION CORP.
CONDENSED
STATEMENTS OF OPERATIONS
(Unaudited)
For the
Period from
Three
Three
Six
February 26, 2021
(Inception)
Months Ended
Months Ended
Months Ended
Through
June 30, 2022
June 30, 2021
June 30, 2022
June 30, 2021
Forward purchase option expense
$
781,070
$
-
$
781,070
$
-
Formation and operating costs
1,032,004
10,105
1,701,791
10,900
Franchise tax expense
60,969
-
110,969
-
Loss from operation costs
(
1,874,043
)
(
10,105
)
(
2,593,830
)
(
10,900
)
Other income (expense):
Interest earned on marketable securities held in trust account
145,992
17
147,108
17
Unrealized loss from marketable securities held in trust account
-
(
9,495
)
-
(
9,495
)
Change in fair value of warrant derivative liabilities
(
70,796
)
(
1,462,306
)
1,432,423
(
1,462,306
)
Change in fair value of forward purchase option derivative liability
(
14,872
)
-
(
14,872
)
-
Offering costs allocated to warrants
-
(
261,838
)
-
(
261,838
)
Total other income (expense)
60,324
(
1,733,622
)
1,564,659
(
1,733,622
)
Loss before taxes
(
1,813,719
)
(
1,743,727
)
(
1,029,171
)
(
1,744,522
)
Income tax expense
13,526
-
13,526
-
Net loss
$
(
1,827,245
)
$
(
1,743,727
)
$
(
1,042,697
)
$
(
1,744,522
)
Basic and diluted weighted average shares outstanding Class A subject to redemption
11,332,753
10,302,592
11,415,914
10,302,592
Basic and diluted net loss per common stock subject to redemption.
$
(
0.12
)
$
(
0.00
)
$
(
0.07
)
$
(
0.00
)
Basic and diluted weighted average shares outstanding Class A, Class A non-redemption and Class B non-redemption
3,570,422
2,931,887
3,487,261
2,916,414
Basic and diluted net loss per common stock not subject to redemption
$
(
0.12
)
$
(
0.59
)
$
(
0.07
)
$
(
0.59
)
The
accompanying notes are an integral part of these condensed unaudited financial statements.
F-
40
NORTHERN
LIGHTS
ACQUISITION CORP.
CONDENSED
STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT)
(Unaudited)
Class
    A
Class
    B
Additional
Total
Stockholders
Common
    Stock
Common
    Stock
Paid
    in
Accumulated
Equity
Shares
Amount
Shares
Amount
Capital
Deficit
(Deficit)
Balance
    - April 1, 2022
528,175
$
53
2,875,000
$
288
$
-
$
(
5,997,198
)
$
(
5,996,857
)
Reclassification
    of temporary equity to permanent equity
3,804,872
380
-
-
38,809,314
-
38,809,694
Extension payment
-
-
-
-
(
769,513
)
-
(
769,513
)
Net
    loss
-
-
-
-
-
(
1,827,245
)
(
1,827,245
)
Balance
    - June 30, 2022
4,333,047
$
433
2,875,000
$
288
$
38,039,801
$
(
7,824,443
)
$
30,216,079
Class
    A
Class
    B
Additional
Total
Stockholders
Common
    Stock
Common
    Stock
Paid
    in
Accumulated
Equity
Shares
Amount
Shares
Amount
Capital
Deficit
(Deficit)
Balance
    - April 1, 2021
-
$
-
2,875,000
$
288
$
24,712
$
(
795
)
$
24,205
Sale
    of IPO Units, net of offering costs
12,028,175
1,203
-
-
118,303,708
-
118,304,911
Deferred
    underwriter fee
-
-
-
-
(
4,025,000
)
-
(
4,025,000
)
Warrant
    liabilities
-
-
-
-
(
5,031,474
)
-
(
5,031,474
)
Subsequent
    measurement of Class A Common Stock Subject to Redemption under ASC 480-10-S99
(1)
(
11,500,000
)
(
1,150
)
-
-
(
109,271,946
)
(
8,026,904
)
(
117,300,000
)
Net
    loss
-
-
-
-
-
(
1,743,727
)
(
1,743,727
)
Balance
    - June 30, 2021
528,175
$
53
2,875,000
$
288
$
-
$
(
9,771,425
)
$
(
9,771,084
)
Class
    A
Class
    B
Additional
Total
Stockholders
Common
    Stock
Common
    Stock
Paid
    in
Accumulated
Equity
Shares
Amount
Shares
Amount
Capital
Deficit
(Deficit)
Balance
    – January 1, 2022
528,175
$
53
2,875,000
$
288
$
-
$
(
6,781,746
)
$
(
6,781,405
)
Reclassification
    of temporary equity to permanent equity
3,804,872
380
-
-
38,809,314
-
38,809,694
Extension payment
-
-
-
-
(
769,513
)
-
(
769,513
)
Net
    loss
-
-
-
-
-
(
1,042,697
)
(
1,042,697
)
Balance
    – June 30, 2022
4,333,047
$
433
2,875,000
$
288
$
38,039,801
$
(
7,824,443
)
30,216,079
Class
    A
Class
    B
Additional
Total
Stockholders
Common
    Stock
Common
    Stock
Paid
    in
Accumulated
Equity
Shares
Amount
Shares
Amount
Capital
Deficit
(Deficit)
Balance
    - February 26, 2021
-
$
-
-
$
-
$
-
$
-
$
-
Issuance
    of Class B Common Stock to Sponsor
-
-
2,875,000
288
24,712
-
25,000
Sale
    of IPO Units, net of offering costs
12,028,175
1,203
-
-
118,303,708
-
118,304,911
Deferred
    underwriter fee
-
-
-
-
(
4,025,000
)
-
(
4,025,000
)
Warrant
    liabilities
-
-
-
-
(
5,031,474
)
-
(
5,031,474
)
Subsequent
    measurement of Class A Common Stock Subject to Redemption under ASC 480-10-S99
(1)
(
11,500,000
)
(
1,150
)
-
-
(
109,271,946
)
(
8,026,904
)
(
117,300,000
)
Net
    loss
-
-
-
-
-
(
1,744,522
)
(
1,744,522
)
Balance
    - June 30, 2021
528,175
$
53
2,875,000
$
288
-
$
(
9,771,425
)
$
(
9,771,084
)
The
accompanying notes are an integral part of these condensed unaudited financial statements
F-
41
NORTHERN
LIGHTS
ACQUISITION CORP.
CONDENSED
STATEMENTS OF CASH FLOWS
(Unaudited)
Six
    Months
Ended
June 30, 2022
For
    the Period from
February 26, 2021
(Inception) through
June 30, 2021
Cash
    flow from operating activities:
Net
    loss
$
(
1,042,697
)
$
(
1,744,522
)
Adjustments
    to reconcile net loss to net cash used in operating activities:
Unrealized
    gain from securities held in Trust Account
-
9,495
Interest
    earned on securities held in trust account
(
147,108
)
(
17
)
Initial fair value of forward purchase option reported as operating expense
781,070
-
Change
    in fair value of warrant and forward purchase option derivative liabilities
(
1,417,551
)
1,462,306
Offering
    costs allocated to warrants
261,838
Changes
    in operating assets and liabilities:
Prepaid
    insurance
87,500
(
350,000
)
Deferred
    operating cost
(
201,405
)
-
Prepaid
    expense
(
22,501
)
-
Income
    tax payable
13,526
-
Franchise
    tax payable
(
68,767
)
-
Accounts
    payable and accrued expenses
1,767,234
360,795
Net
    cash used in operating activities
(
250,699
)
(
105
)
Cash
    flow from investing activities:
Investment
    of cash in Trust Account
(
1,150,000
)
(
117,300,000
)
Cash
    transferred from Trust Account
168,617
-
Net
    cash used in financing activities
(
981,383
)
(
117,300,000
)
Cash
    flow from financing activities:
Proceeds
    from issuance of Class B common stock to Sponsor
-
25,000
Proceeds
    from sale of Units, net of Underwriting discount paid
-
113,275,000
Proceeds
    from sale of Private units
-
5,281,750
Proceeds
    from sponsor advance
1,150,000
-
Payment
    of offering costs
-
(
342,840
)
Net
    cash provided by financing activities
1,150,000
118,238,910
Net
    change in cash
(
82,082
)
938,805
Cash
    at the beginning of the period
254,523
-
Cash
    at the end of the period
$
172,441
$
938,805
Supplemental
    disclosure of non-cash financing activities:
Accrued
    deferred offering costs
$
176,405
$
-
Initial
    classification of warrant liabilities
$
-
$
5,031,474
Offering
    costs charged to additional paid in capital included in accrued expenses
$
-
$
78,100
Offering
    costs charged to additional paid in capital paid by promissory note-related party
-
$
92,737
The
accompanying notes are an integral part of these condensed unaudited financial statements
F-
42
NORTHERN
LIGHTS
ACQUISITION CORP.
NOTES
TO UNAUDITED CONDENSED FINANCIAL STATEMENTS
Note
1 —
Description of Organization and Business Operations
Northern
Lights Acquisition Corp. (the "Company") is a blank check company incorporated in Delaware on
February 26, 2021
. The Company
was formed for the purpose of effectuating a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or other
similar business combination with one or more businesses (the "Business Combination"). The Company is an early stage and
emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies.
As
of June 30, 2022, the Company had not yet commenced any operations. All activity for the period February 26, 2021 (inception) through
June 30, 2022, relates to the Company's formation and the initial public offering (the "Initial Public Offering"),
and, since the closing of the initial public offering, the Company has entered into a unit purchase agreement and a securities purchase
agreement (as described below). The Company has selected December 31 as
its fiscal year end.
The
registration statement for the Company's Initial Public Offering was declared effective on June 23, 2021. On June 28, 2021, the
Company consummated the Initial Public Offering of
11,500,000
units ("Units" and, with respect to the shares of Class A Common
Stock included in the Units offered, the "Public Shares"), generating gross proceeds of $
115,000,000
, which is described
in Note 3.
Simultaneously
with the closing of the Initial Public Offering, the Company consummated the sale of
528,175
private placement units (the "Private
Placement Units") at a price of $
10.00
per unit in a private placement to the Sponsor, generating gross proceeds of $
5,281,750
,
which is described in Note 4.
Following
the closing of the Initial Public Offering on June 28, 2021, an amount of $
117,300,000
($
10.00
per Unit) from the net proceeds of the
sale of the Units in the Initial Public Offering and the Private Placement Units was placed in a trust account ("Trust Account")
which may be invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act of
1940, as amended (the "Investment Company Act"), with a maturity of 185 days or less or in any open-ended investment company
that holds itself out as a money market fund meeting the conditions of Rule 2a-7 of the Investment Company Act, as determined by the
Company, until the earlier of: (i) the consummation of a Business Combination or (ii) the distribution of the Trust Account to the Company's
stockholders, as described below.
Transaction
costs of the Initial Public Offering amounted to $
6,263,677
, of which $
1,725,000
was for underwriting fees paid at the time of the IPO,
$
4,025,000
was for deferred underwriting commissions, and $
513,677
was for other offering costs.
Following
the closing of the Initial Public Offering $
938,853
of cash was held outside of the Trust Account available for working capital purposes.
As of June 30, 2022, we have $
172,441
of cash on our balance sheet and working capital deficit of $
1,810,112
.
The
Company's management has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering
and the sale of the Private Placement Units, although substantially all of the net proceeds are intended to be applied generally toward
consummating a Business Combination.
NASDAQ rules provide that the Business Combination must be with one or more target businesses that
together have a fair market value equal to at least 80% of the balance in the Trust Account (as defined below) (less any deferred underwriting
commissions and taxes payable on interest earned on the Trust Account) at the time of the signing of a definitive agreement to enter
a Business Combination
. The Company will only complete a Business Combination if the post-Business Combination company owns or acquires
50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient
for it not to be required to register as an investment company under the Investment Company Act. There is no assurance that the Company
will be able to successfully effect a Business Combination.
F-
43
NORTHERN
LIGHTS
ACQUISITION CORP.
NOTES
TO UNAUDITED CONDENSED FINANCIAL STATEMENTS
Note
1 — Description of Organization and Business Operations (Continued)
On
February 11, 2022, the Company and 5AK, LLC (our "Sponsor") entered into a definitive unit purchase agreement (the "Unit
Purchase Agreement") with SHF, LLC d/b/a Safe Harbor Financial, a Colorado limited liability company ("SHF"), SHF Holding
Co., LLC, the sole member of SHF (the "Seller"), and Partner Colorado Credit Union, the sole member of the Seller ("PCCU").
Pursuant to the Unit Purchase Agreement, upon the closing (the "Closing") of the Business Combination, we will purchase all
of the issued and outstanding membership interests of SHF in exchange for an aggregate of $
185,000,000
, consisting of (i)
11,386,139
shares of Class A Common Stock with an aggregate value equal to $
115,000,000
and (b) $
70,000,000
in cash. Pursuant to the original terms
of the Unit Purchase Agreement, the Unit Purchase Agreement could be terminated under certain customary and limited circumstances at
any time prior to the closing of the Business Combination, including, among others, if the Closing had not occurred by June 30, 2022
(the "Outside Date"). On June 30, 2022, the Company, the Sponsor, SHF, the Seller, and PCCU agreed to amend the Unit Purchase
Agreement to extend the Outside Date until July 29, 2022, with the ability for the deadline to be extended through September 28, 2022,
to provide the Company with additional time to complete the Business Combination (the "UPA Extension") as it awaits regulatory
approval.
Concurrently
with entering into the Unit Purchase Agreement, we entered into a securities purchase agreement (a "Securities Purchase
Agreement") with certain investors (collectively, the "PIPE Investors"), pursuant to which, among other things,
the PIPE Investors agreed to subscribe for and purchase, and we agreed to issue and sell to the PIPE Investors, an aggregate of
60,000
shares (the "PIPE Shares") of our Series A Convertible Preferred Stock, par value $
0.0001
per share (the "Series A Convertible Preferred Stock"), and warrants to purchase up to a number of shares of Class A
Common Stock equal to
50
%
of shares of the Class A Common Stock issuable upon conversion of the PIPE Shares (the "PIPE Warrants") for gross
proceeds of $
60.0
million (the "PIPE Financing"). The Securities Purchase Agreement could be terminated under certain customary and
limited circumstances at any time prior to the closing of the PIPE Financing, including, among others, if the closing had not
occurred by June 30, 2022. The Company is currently completing satisfaction of its remaining closing conditions, including
regulatory approvals, and is discussing with the PIPE Investors their continuing interest in the investment contemplated by the
Securities Purchase Agreement.
The
Company's stockholders approved the Business Combination at the special meeting of stockholders held on June 28, 2022. In connection
with the proposed Business Combination with SHF, the Company provided its public stockholders with the opportunity to redeem all or a
portion of their Class A Common Stock upon the completion of such Business Combination. Stockholders holding
7,554,784
shares of Class
A Common Stock submitted redemption requests in connection with the anticipated closing of the Business Combination. Following the extension
of the Outside Date, these stockholders who previously submitted redemption requests in connection with the closing of the Business Combination
may request that such redemption requests be reversed by contacting the Company's transfer agent, Continental Stock Transfer &
Trust Company. It is currently anticipated that all shareholders, with the exception of those parties described in the below Forward Purchase Agreement
section, will have an additional opportunity to redeem shares prior to the closing of the proposed Business Combination.
In
the event the proposed Business Combination with SHF is not consummated, in connection with an alternative proposed initial business
combination, the Company will provide its public stockholders with the opportunity to redeem all or a portion of their Public Shares
upon the completion of a Business Combination either (i) in connection with a stockholder meeting called to approve the Business Combination
or (ii) by means of a tender offer. In connection with a proposed Business Combination, the Company may seek stockholder approval of
a Business Combination at a meeting called for such purpose at which stockholders may seek to redeem their shares, regardless of whether
they vote for or against a Business Combination.
The Company will proceed with a Business Combination only if the Company has net tangible
assets of at least $
5,000,001
either immediately prior to or upon such consummation of a Business Combination and, if the Company seeks
stockholder approval, a majority of the outstanding shares voted are voted in favor of the Business Combination
.
The
Company initially had until June 28, 2022 to consummate a Business Combination. If the Company was unable to complete a Business Combination
within 12 months from the closing of the Initial Public Offering, such period could (i) be extended by the Company's stockholders
in accordance with the Company's amended and restated certificate of incorporation or (ii) at the election of the Company subject
to satisfaction of certain conditions, including the deposit of up to $
2,300,000
into the Trust Account, be extended up to six additional
months to December 28, 2022. On June 27, 2022, the Company, with proceeds advanced from an affiliate of the Sponsor, deposited $1,150,000
in the Trust Account extending operations for three months from June 28, 2022 to September 28, 2022. If the Company is unable to complete
a Business Combination by September 28, 2022, such period could (i) be extended by the Company's stockholders in accordance with
the Company's amended and restated certificate of incorporation or (ii) at the election of the Company subject to satisfaction
of certain conditions, including the deposit of up to $1,150,000 into the Trust Account, be extended an additional three months to December
28, 2022. If the Company is unable to complete a Business Combination by December 28, 2022 and such period is not extended by the Company's
stockholders in accordance with the Company's amended and restated certificate of incorporation, the Company will (i) cease all
operations except for the purpose of winding up, (ii) as promptly as reasonably possible but no more than ten business days thereafter,
redeem the public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account,
including interest earned on the funds held in the Trust Account and not previously released to the Company to pay taxes (less up to
$100,000 of interest to pay dissolution expenses), divided by the number of then outstanding public shares, which redemption will completely
extinguish public stockholders' rights as stockholders (including the right to receive further liquidation distributions, if any),
subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the remaining
stockholders and the Company's board of directors, proceed to commence a voluntary liquidation and thereby a formal dissolution
of the Company, subject in each case to its obligations under Delaware law to provide for claims of creditors and the requirements of
applicable law. On June 30, 2022, $168,617 in Trust Account interest income was released to the Company and utilized to pay franchise
taxes
.
The
underwriter has agreed to waive its rights to the deferred underwriting commission held in the Trust Account in the event the Company
does not complete a Business Combination within the Combination Period and, in such event, such amounts will be included with the funds
held in the Trust Account that will be available to fund the redemption of the Public Shares. In the event of such distribution, it is
possible that the per share value of the assets remaining available for distribution will be less than the Initial Public Offering price
per Unit ($
10.00
). There will be no redemption rights or liquidating distributions with respect to the Founder Shares (as defined below)
or the shares of Class A Common Stock and the warrants that are included as components of the Private Placement Units. Such warrants
will expire worthless if the Company fails to complete a Business Combination within the 12-month time period (or up to 18-month time
period).
F-
44
NORTHERN
LIGHTS
ACQUISITION CORP.
NOTES
TO UNAUDITED CONDENSED FINANCIAL STATEMENTS
Note
1 — Description of Organization and Business Operations (Continued)
The
Sponsor has agreed that it will be liable to the Company if and to the extent any claims by a third party for services rendered or products
sold to the Company, or a prospective target business with which the Company has entered into a written letter of intent, confidentiality
or similar agreement or Business Combination agreement, reduce the amount of funds in the Trust Account to below the lesser of (i) $10.20
per Public Share and (ii) the actual amount per Public Share held in the Trust Account as of the day of liquidation of the Trust Account,
if less than $10.20 per share due to reductions in the value of the trust assets, less taxes payable, provided that such liability will
not apply to any claims by a third party or prospective target business who executed a waiver of any and all rights to monies held in
the Trust Account (whether or not such waiver is enforceable) nor will it apply to any claims under the Company's indemnity of
the underwriter of Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended
(the "Securities Act")
. However, the Company has not asked the Sponsor to reserve for such indemnification obligations, nor
has the Company independently verified whether the Sponsor has sufficient funds to satisfy its indemnity obligations and believe that
the Sponsor's only assets are securities of the Company. Therefore, the Company cannot assure its stockholders that the Sponsor
would be able to satisfy those obligations. None of the Company's officers or directors will indemnify the Company for claims by
third parties including, without limitation, claims by vendors and prospective target businesses. The Company will seek to reduce the
possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors,
service providers, prospective target businesses or other entities with which the Company does business, execute agreements with the
Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account.
Liquidity
As
of June 30, 2022, the Company had $
172,441
in cash and a working capital deficit of $
1,810,112
. As described above, on June 28, 2021
the Company closed its IPO of
11,500,000
Units at $
10.00
per Unit, generating gross proceeds of $
115.0
million, and also consummated
the Private Placement of
528,175
Private Placement units to the Sponsor at a purchase price of $
10.00
per Private Placement unit, generating
gross proceeds of $
5,281,750
.
The
Company's liquidity needs prior to the consummation of its IPO were satisfied through the proceeds of $
25,000
from the sale of
the Founder Shares and proceed from the promissory note from sponsor of $
92,737
, which was repaid upon closure of the IPO. Subsequent
to the IPO, the Company's liquidity will be satisfied through a portion of the net proceeds from IPO held outside of the Trust
Account.
The
Company intends to complete its initial Business Combination before September 28, 2022, however, there can be no assurance that the
Company will be able to consummate the Business Combination by then. In the event that we are unable to consummate the Business
Combination before September 28, 2022, we anticipate identifying and accessing additional capital resources in order to extend the
Business Combination period to December 28, 2022. However, there can be no assurance that the Company will have access to sufficient
capital to extend the deadline to consummate the Business Combination. As a result, in connection with the Company's
assessment of going concern considerations in accordance with Financial Accounting Standard Board's Accounting Standards
Update ("ASU") 2014-15, "Disclosures of Uncertainties about an Entity's Ability to Continue as a Going
Concern," it is uncertain that the Company will have sufficient liquidity to fund the working capital needs of the Company
beyond September 28, 2022. Should a Business Combination not occur by September 28, 2022, Management has determined that given the
liquidity condition of the Company as well as the uncertainty regarding the Company's ability to extend the deadline to consummate the Business
Combination, there is substantial doubt about
the Company's ability to continue as a going concern. No adjustments have been made to the carrying amounts of assets or
liabilities should the Company be required to liquidate. The Company may need to raise additional capital through loans or
additional investments from its Sponsor, stockholders, officers, directors or third parties. The Company's officers, directors
and Sponsor may, but are not obligated to, loan the Company funds, from time to time or at any time, in whatever amount they deem
reasonable in their sole discretion, to meet the Company's working capital needs. Accordingly, the Company may not be able to
obtain additional financing. If the Company is unable to raise additional capital, the Company may be required to take additional
measures to conserve liquidity, which could include, but not necessarily be limited to, curtailing operations, suspending the
pursuit of a potential transaction, and reducing overhead expenses. The Company cannot provide any assurance that new financing will
be available to it on commercially acceptable terms, if at all. These conditions raise substantial doubt about the Company's
ability to continue as a going concern through September 28, 2022.
F-
45
NORTHERN
LIGHTS
ACQUISITION CORP.
NOTES
TO UNAUDITED CONDENSED FINANCIAL STATEMENTS
Note
1 — Description of Organization and Business Operations (Continued)
Deferred
offering costs
Deferred
offering costs consist of costs incurred in connection with preparation for the PIPE Financing to be executed in conjunction with the
Business Combination. These costs, together with the underwriting discounts and commissions, will be allocated among the freestanding
financial instruments that are included in the PIPE Financing. As of June 30, 2022, the Company had deferred offering costs of $
201,405
and accrued offering costs of $
176,405
which are included in accrued expenses on the accompanying condensed balance sheet. There were
no
deferred offering costs or accrued offering costs at December 31, 2021.
Forward
purchase agreement
On
June 16, 2022, the Company, SHF, and Midtown East Management NL LLC, a Delaware limited liability company ("
Midtown East
"),
entered into an agreement (the "
Forward Purchase Agreement
") for an OTC Equity Prepaid Forward Transaction (the "
Forward
Purchase Transaction
"). Pursuant to the terms of the Forward Purchase Agreement (a) Midtown East intends, but is not obligated,
to purchase shares of the Company's Class A Common Stock, par value $
0.0001
per share ("
Class A Common Stock
"),
after the date of the Forward Purchase Agreement from holders of Class A Common Stock, other than the Company or affiliates of the Company,
who have requested that their shares of Class A Common Stock be redeemed or indicated an interest in having their shares of Class A Common
Stock redeemed pursuant to the redemption rights set forth in the Company's Amended and Restated Certificate of Incorporation in
connection with the Business Combination (such holders, "
Redeeming Holders
") and (b) Midtown East has agreed to waive
any redemption rights in connection with the Business Combination with respect to any shares of Class A Common Stock it purchases in
accordance with the Forward Purchase Agreement (the "
Subject Shares
"). The number of Subject Shares shall be no more
than the lesser of (i)
5,000,000
and (ii) the maximum number of shares of Class A Common Stock such that Midtown East does not beneficially
own greater than
9.9
% of the Class A Common Stock on a post-combination pro forma basis. Midtown East will purchase any Additional Shares
(as defined in the Forward Purchase Agreement) at the Redemption Price (as defined in Section 9.2 of the Amended and Restated Certificate
of Incorporation of the Company (the "
Certificate of Incorporation
")), and has undertaken to purchase all Subject
Shares at a price no higher than the Redemption Price.
Subsequent
to entering into the Forward Purchase Agreement, the Company, the Target, and Midtown East entered into assignment and novation agreements
with Verdun Investments LLC ("
Verdun
") and Vellar Opportunity Fund SPV LLC – Series 1 ("
Vellar
"),
pursuant to which Midtown East assigned its obligations as to
1,666,666
shares of the shares of Class A Stock to be purchased under the
Forward Purchase Agreement to each of Verdun and Vellar. As of June 27, 2022, Midtown East had purchased an aggregate of
1,599,496
shares
of Class A Stock, Verdun had purchased an aggregate of
1,180,376
shares of Class A Stock, and Vellar had purchased an aggregate of
1,025,000
shares of Class A Stock (the "
Purchased Shares
") in the Forward Purchase Transaction at an average purchase price
per share of $
10.21
.
630,736
of the Purchased Shares were purchased from a holder of
5
% or more of the Class A Stock. Pursuant to the
Forward Purchase Agreement, Midtown East, Verdun, and Vellar have waived all redemption rights under the Certificate of Incorporation
that would require redemption by the Company of the Purchased Shares.
At
June 30, 2022, Midtown East and its assignees had purchased
3,804,872
in shares pursuant to this agreement. The related amount of $
38,809,694
has been reclassified from temporary to permanent equity. Also in connection with the Forward Purchase Agreement, the Company recognized
a liability for a freestanding derivative, referred to herein as the "forward purchase option derivative," on its Condensed
Consolidated Balance Sheets. Refer to Note 10 for further detail.
The
primary purpose of entering into the Forward Purchase Agreement is to help ensure the maximum redemption threshold condition in the Unit
Purchase Agreement will be met, increasing the likelihood that the transaction will close.
Risks
and Uncertainties
Management
is currently evaluating the impact of the COVID-19 pandemic and has concluded that while it is reasonably possible that the virus could
have a negative effect on the Company's financial position, results of its operations and/or search for a target company, the specific
impact is not readily determinable as of the date of the financial statement. The financial statements do not include any adjustments
that might result from the outcome of this uncertainty.
Additionally,
as a result of the military action commenced in February 2022 by the Russian Federation and Belarus in the country of Ukraine and related
economic sanctions, the Company's ability to consummate a Business Combination, including the proposed Business Combination with
SHF, or the operations of a target business with which the Company ultimately consummates a Business Combination, including SHF, may
be materially and adversely affected. Further, the Company's ability to consummate a transaction may be dependent on the ability
to raise equity and debt financing which may be impacted by these events, including as a result of increased market volatility, or decreased
market liquidity in third-party financing being unavailable on terms acceptable to the Company or at all. The impact of this action and
related sanctions on the world economy and the specific impact on the Company's financial position, results of operations and/or
ability to consummate a Business Combination are not yet determinable. The condensed financial statements do not include any adjustments
that might result from the outcome of this uncertainty.
Note
2 —
Summary of Significant Accounting Policies
Basis
of Presentation
The
accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States
of America ("US GAAP") and pursuant to the accounting and disclosure rules and regulations of the U.S. Securities and Exchange
Commission.
Emerging
Growth Company
The
Company is an "emerging growth company," as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our
Business Startups Act of 2012 (the "JOBS Act"), and it may take advantage of certain exemptions from various reporting requirements
that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required
to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced
disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements
of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously
approved.
Further,
Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting
standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do
not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting
standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements
that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of
such extended transition period, which means that when a standard is issued or revised and it has different application dates for public
or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies
adopt the new or revised standard. This may make comparison of the Company's financial statements with another public company,
which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period
difficult or impossible because of the potential differences in accounting standards used.
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ACQUISITION CORP.
NOTES
TO UNAUDITED CONDENSED FINANCIAL STATEMENTS
Note
2 — Summary of Significant Accounting Policies (Continued)
Use
of Estimates
The
preparation of the balance sheets 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 date of the financial statements and the
reported amounts of revenues and expenses during the reporting period.
Making
estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of
a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating
its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ
significantly from those estimates.
Cash
and Cash Equivalents
The
Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash
equivalents are carried at cost, which approximates fair value. The Company had $
172,441
and $
254,523
, respectively, in cash and no cash
equivalents as of June 30, 2022 and December 31, 2021.
Trust
Account
Upon
the closing of the Initial Public Offering and the Private Placement, $
117,300,000
($
10.00
per Unit) of the net proceeds of the Initial
Public Offering and certain of the proceeds of the Private Placement was held in a trust account ("Trust Account") located
in the United States with Continental Stock Transfer & Trust Company acting as trustee, and invested only in U.S. government treasury
obligations with a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 under the Investment
Company Act 1940, as amended (the "Investment Company Act"), which will be invested only in direct U.S. government treasury
obligations, as determined by the Company, until the earlier of: (i) the completion of a Business Combination and (ii) the distribution
of the Trust Account as described below.
On
June 27, 2022, the Company, with proceeds advanced from an affiliate of the Sponsor, deposited $
1,150,000
in the Trust Account extending
operations for three months from June 28, 2022. On June 30, 2022, $
168,617
in Trust Account interest income was released to the Company
and utilized to pay franchise taxes.
Income
Taxes
The
Company complies with the accounting and reporting requirements of ASC Topic 740, "Income Taxes," which requires an asset
and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed
for differences between the financial statement and tax bases of assets and liabilities that will result in future taxable or deductible
amounts, based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income.
Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. As of June
30, 2022 and December 31, 2021, the Company's deferred tax asset had a full valuation allowance recorded against it.
ASC
740-270-25-2 requires that an annual effective tax rate be determined and such annual effective rate applied to year to date income in
interim periods. If management is unable to estimate a portion of its ordinary income, but is otherwise able to reliably estimate the
remainder, ASC 740-270-25-3 provides that the tax applicable to that item be reported in the interim period in which the item occurs.
The tax (or benefit) related to ordinary income (or loss) shall be computed at an estimated annual effective tax rate and the tax (or
benefit) related to all other items shall be individually computed and recognized when the items occur. Management is unable to estimate
a portion of its ordinary income and as a result had computed the company's tax provision in accordance with ASC 740-270-25-3 The
Company's effective tax rate was (
0.75
%)
and
0.00
%
for the three months ended June 30, 2022 and 2021, respectively, and (
1.31
%)
and
0.00
%
for the six months ended June 30, 2022 and the period February 26, 2021 to June 30, 2021 respectively. The effective tax rate differs
from the statutory tax rate of
21
%
for the three months ended June 30, 2022 and 2021 and for the six months ended June 30, 2022 and the period February 26, 2021 to June
30, 2021, primarily due to changes in fair value in warrant liability, changes in fair value in the Forward Purchase Agreement derivative
liability, and the valuation allowance on the deferred tax assets.
ASC
Topic 740 also prescribes a recognition threshold and a measurement attribute for the financial statement recognition and
measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must
be more-likely-than-not to be sustained upon examination by taxing authorities. The Company recognizes accrued interest and
penalties related to unrecognized tax benefits, if any, as income tax expense. There were no unrecognized tax benefits and no
amounts accrued for interest and penalties as of June 30, 2022 and December 31, 2021. The Company is currently not aware of any issues under review that
could result in significant payments, accruals or material deviation from its position.
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NOTES
TO UNAUDITED CONDENSED FINANCIAL STATEMENTS
Note
2 — Summary of Significant Accounting Policies (Continued)
Offering
Costs Associated with the Initial Public Offering and PIPE Offering
Offering
costs consisted of legal, accounting, underwriting fees and other costs incurred that were directly related to the Initial Public Offering.
Offering costs are allocated to the separable financial instruments issued in the Initial Public Offering based on a relative fair value
basis, compared to total proceeds received. Offering costs associated with warrant liabilities are expensed as incurred, presented as
offering costs allocated to warrants in the condensed statements of operations. Offering costs associated with the Public Shares were
charged to stockholders' equity upon the completion of the Initial Public Offering.
Deferred
offering costs as of June 30, 2022 consisted of legal, accounting, underwriting fees and other costs incurred that were directly related
to the PIPE Offering.
Class
A Common Stock Subject to Possible Redemption
The
Company accounts for its shares subject to possible redemption in accordance with the guidance in Accounting Standards Codification ("ASC")
Topic 480 "Distinguishing Liabilities from Equity." Shares subject to mandatory redemption (if any) is classified as a liability
instrument and is measured at fair value. Conditionally redeemable shares of common stock (including shares of common stock that feature
redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not
solely within the Company's control) is classified as temporary equity. At all other times, shares are classified as stockholders'
equity. The Company's shares feature certain redemption rights that are considered to be outside of the Company's control
and subject to occurrence of uncertain future events.
On
June 30, 2022 and December 31, 2021, there were
4,333,047
and
528,175
shares,
respectively, of Class A Common Stock issued and outstanding that were issued as component securities of the Private Placement Units
(Note 4). At December 31, 2021,
11,500,000
shares
of Class A Common Stock were subject to possible redemption. At June 30, 2022,
7,695,128
shares of Class A Common Stock were subject to possible redemption with
3,804,872
shares held by purchasers subject to the forward
purchase agreement who have waived their redemption rights.
If
it is probable that the equity instrument will become redeemable, the Company has the option to either accrete changes in the redemption
value over the period from the date of issuance (or from the date that it becomes probable that the instrument will become redeemable,
if later) to the earliest redemption date of the instrument or to recognize changes in the redemption value immediately as they occur
and adjust the carrying amount of the instrument to equal the redemption value at the end of each reporting period. The Company has elected
to recognize the changes immediately. The accretion or remeasurement is treated as a deemed dividend (i.e., a reduction to retained earnings,
or in absence of retained earnings, additional paid-in capital).
As
of December 31, 2021, the Class A Common Stock reflected on the balance sheets is reconciled in the following table:
Gross Proceeds
$
115,000,000
Less:
Proceeds allocated to public warrants
(
5,031,474
)
Proceeds allocated to shares not subject to redemption
(
59
)
Issuance costs related to Class A Common Stock
(
6,263,677
)
Plus:
Accretion of carrying value to redemption value
13,595,210
Class A Common Stock subject to possible redemption
$
117,300,000
As
of June 30, 2022, the Class A Common Stock reflected on the balance sheets are reconciled in the following table:
Class
    A Common Stock subject to possible redemption at December 31, 2021
$
117,300,000
Less:
Proceeds
    allocated to shares not redeemed - Class A Common Stock par value
(1)
(
380
)
Proceeds
    allocated to shares not redeemed – additional paid in capital
(1)
(
38,809,314
)
Extension payment classified as temporary equity
769,513
Class
    A Common Stock subject to possible redemption
$
79,259,819
(1)
Represents
3,804,872
in shares subject to the forward purchase agreement.
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NOTES
TO UNAUDITED CONDENSED FINANCIAL STATEMENTS
Note
2 — Summary of Significant Accounting Policies (Continued)
Concentration
of Credit Risk
Financial
instruments that potentially subject the Company to concentration of credit risk consist of a cash account in a financial institution
which, at times, may exceed the Federal Depository Insurance Corporation coverage limit of $
250,000
. The Company has not experienced
losses on this account and management believes the Company is not exposed to significant risks on such account.
Net
Income (Loss) Per Share
Net loss per share is computed by dividing net loss by the weighted average number of common stock shares outstanding for
the period. The calculation of diluted loss per share does not consider the effect of the warrants issued in connection with
the Initial Public Offering and warrants issued as components of the Private Placement Units (the "Placement Warrants") since
the exercise of the warrants are contingent upon the occurrence of future events and the inclusion of such warrants would be anti-dilutive.
The
Company applies the two-class method in calculating earnings per share. The contractual formula utilized to calculate the redemption
amount approximates fair value. The Class feature to redeem at fair value means that there is effectively only one class of stock.
Changes in fair value are not considered a dividend of the purposes of the numerator in the earnings per share calculation. Net loss
per common share is computed by dividing the pro rata net loss between the redeemable shares and the non-redeemable shares by the
weighted average number of common shares outstanding for each of the periods. The calculation of diluted loss per common stock
does not consider the effect of the warrants issued in connection with the IPO since the exercise of the warrants are contingent
upon the occurrence of future events and the inclusion of such warrants would be anti-dilutive. The warrants are exercisable for
6,014,088
shares of common stock in the aggregate.
The
following table reflects the calculation of basic and diluted net loss per common share:
For the
Three Months
For the
Three Months
Ended
June 30, 2022
Ended
June 30, 2021
Redeemable Class A Common Stock subject to possible redemption
Numerator: net loss allocable to redeemable Class A Common Stock subject to possible redemption
$
(
1,389,484
)
$
(
9,478
)
Denominator: weighted average number of redeemable Class A Common Stock
11,332,753
10,302,592
Basic and diluted net loss per redeemable Class A Common Stock
$
(
0.12
)
$
(
0.00
)
Non-redeemable Class A and Class B common stock
Numerator: net loss allocable to non-redeemable Class A and Class B common stock
$
(
437,761
)
$
(
1,753,205
)
Denominator: weighted average number of non-redeemable Class A and Class B common stock
3,570,422
2,931,887
Basic and diluted net income per non-redeemable Class A and Class B common stock
$
(
0.12
)
$
(
0.59
)
For the
Six Months
For the Period from February 26, 2021 (inception)
Ended
June 30, 2022
Through
June 30, 2021
Redeemable Class A Common Stock subject to possible redemption
Numerator: net loss allocable to redeemable Class A Common Stock subject to possible redemption
$
(
798,712
)
$
(
9,478
)
Denominator: weighted average number of redeemable Class A Common Stock
11,415,914
10,302,592
Basic and diluted net loss per redeemable Class A Common Stock
$
(
0.07
)
$
(
0.00
)
Non-redeemable Class A and Class B common stock
Numerator: net loss allocable to non-redeemable Class A and Class B common stock
$
(
243,985
)
$
(
1,753,205
)
Denominator: weighted average number of non-redeemable Class A and Class B common stock
3,487,261
2,916,414
Basic and diluted net loss per non-redeemable Class A and Class B common stock
$
(
0.07
)
$
(
0.59
)
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NOTES
TO UNAUDITED CONDENSED FINANCIAL STATEMENTS
Note
2 — Summary of Significant Accounting Policies (Continued)
Fair
Value of Financial Instruments
The
fair value of the Company's assets and liabilities, which qualify as financial instruments under ASC Topic 820, "Fair Value
Measurement," approximates the carrying amounts represented in the accompanying condensed balance sheet, primarily due to their
short-term nature.
Fair
Value Measurements
Fair
value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction
between market participants at the measurement date. U.S. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs
used in measuring fair value.
The
hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements)
and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include:
●
Level
    1, defined as observable inputs such as quoted prices for identical instruments in active markets;
●
Level
    2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted
    prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active;
    and
●
Level
    3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions,
    such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.
In
some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In
those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input
that is significant to the fair value measurement.
Derivative
Financial Instruments
The
Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded
derivatives in accordance with ASC Topic 815, "Derivatives and Hedging". For derivative financial instruments that are accounted
for as liabilities, the derivative instrument is initially recorded at its fair value on the grant date and is then re-valued at each
reporting date, with changes in the fair value reported in the statements of operations. The classification of derivative instruments,
including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period.
Derivative liabilities are classified in the balance sheet as current or non-current based on whether or not net-cash settlement or conversion
of the instrument could be required within 12 months of the balance sheet date.
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NOTES
TO UNAUDITED CONDENSED FINANCIAL STATEMENTS
2
— Summary of Significant Accounting Policies (Continued)
Recently
Issued Accounting Standards
In
August 2020, the FASB issued Accounting Standards Update ("ASU") No. 2020-06, "Debt—Debt with Conversion and
Other Options (Subtopic 470- 0) 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 accounting
for convertible instruments by removing major separation models required under current U.S. GAAP. The ASU also removes certain settlement
conditions that are required for equity-linked contracts to qualify for the derivative scope exception, and it simplifies the diluted
earnings per share calculation in certain areas. ASU 2020-06 is effective January 1, 2022 and should be applied on a full or modified
retrospective basis, with early adoption permitted beginning on January 1, 2021. The Company is currently assessing the impact, if any,
that ASU 2020-06 would have on its financial position, results of operations or cash flows.
Management
does not believe that any other recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a
material effect on the Company's financial statements.
Note
3 —
Public Offering
Pursuant
to the Initial Public Offering, the Company sold
11,500,000
Units at a purchase price of $
10.00
per Unit. Each Unit consists of one share
of the Company's Class A Common Stock, $
0.0001
par value, and one-half of one redeemable warrant ("Public Warrant").
Each whole Public Warrant entitles the holder to purchase one share of Class A Common Stock at an exercise price of $
11.50
per whole
share (see Note 7).
Note
4 —
Private Placement
Simultaneously
with the Initial Public Offering, the Sponsor purchased an aggregate of
528,175
Private Placement Units at a price of $
10.00
per Private
Placement Unit for an aggregate purchase price of $
5,281,750
.
The
Private Placement Units are identical to the Units, except that (a) the Private Placement Units and their component securities will not
be transferable, assignable or saleable until the consummation of the Company's initial business combination except to permitted
transferees and (b) the Placement Warrants, so long as they are held by the Sponsor or its permitted transferees, (i) may be exercised
by the holders on a cashless basis and (ii) will be entitled to registration rights.
Note
5 —
Related Party Transactions
Founder
Shares
On
March 19, 2021, the Company issued an aggregate of
2,875,000
shares of Class B common stock (the "Founder Shares") to the
Sponsor for an aggregate purchase price of $
25,000
. On March 24, 2021, the Sponsor transferred 10,000 shares to the Company's Chief
Financial Officer and
10,000
shares to each of the Company's three independent directors.
Effective
January 18, 2022,
the Sponsor agreed to allocate an additional
90,000
shares to the Company's Chief Financial Officer which
may be purchased by Mr. Fameree at the same price as the Founder shares were acquired or $
0.009
per share contingent upon closing of
NLIT's business combination.
The
option to purchase the Founders Shares provided to the Company's CFO is in the scope of FASB ASC Topic 718, "Compensation-Stock
Compensation" ("ASC 718"). Under ASC 718, stock-based compensation associated with equity-classified awards is measured
at fair value upon the grant date. The fair value of the
90,000
options to purchase shares granted to the Company's CFO was $
800,725
or $
8.90
per option. The Founders Shares were granted subject to a performance condition (i.e., the occurrence of a Business Combination).
Compensation expense related to the Founders Shares is recognized only when the performance condition is probable of occurrence under
the applicable accounting literature in this circumstance. As of June 30, 2022, the Company determined that a Business Combination is
not considered probable, and, therefore, no stock-based compensation expense has been recognized. Stock-based compensation would be recognized
at the date a Business Combination is considered probable (i.e., upon consummation of a Business Combination) in an amount equal to the
number of Founders Shares times the grant date fair value per option (unless subsequently modified) less the amount ultimately received
for the purchase of the Founders Shares.
The
Founder Shares which the Sponsor and its permitted transferees will collectively own, on an as-converted basis, represent
20
% of the
Company's issued and outstanding shares after the Initial Public Offering. The Sponsor has agreed not to transfer, assign or sell
any of its Founder Shares until the earlier to occur of: (A) six months after the completion of a Business Combination or (B) the date
on which the Company completes a liquidation, merger, capital stock exchange or similar transaction that results in the Company's
stockholders having the right to exchange their shares of common stock for cash, securities or other property. Notwithstanding the foregoing,
if the last reported sale price of the Company's Class A Common Stock equals or exceeds $
12.50
per share (as adjusted for stock
splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing
at least 150 days after the Business Combination, the Founder Shares will be released from the lock-up.
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ACQUISITION CORP.
NOTES
TO UNAUDITED CONDENSED FINANCIAL STATEMENTS
Note
5— Related Party Transactions (Continued)
Related
Party Loans
In
order to finance transaction costs in connection with a Business Combination, the Company's Sponsor, an affiliate of the Sponsor,
or the Company's officers and directors may, but are not obligated to, loan the Company funds as may be required (the "Working
Capital Loans"). Such Working Capital Loans would be evidenced by promissory notes. The notes would either be repaid upon consummation
of a Business Combination, without interest, or, at the lender's discretion, up to $
1,500,000
of notes may be converted upon consummation
of a Business Combination into units at a price of $
10.00
per unit. The Units will be identical to the Private Placement Units. In the
event that a Business Combination does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the
Working Capital Loans but no proceeds held in the Trust Account would be used to repay the Working Capital Loans. To date, the Company
has no working capital loans outstanding.
On
June 27, 2022, the Company, with proceeds advanced from an affiliate of the Sponsor through a non-interest bearing advance (the "Advance"), deposited $
1,150,000
in the Trust Account extending operations for three months from June 28, 2022 to September 28, 2022.
If
the Company anticipates that it may not be able to consummate a Business Combination by September 28, 2022, the Company may, by
resolution of the Company's board if requested by the Sponsor, extend the period of time to consummate a Business Combination
up to one additional time by an additional three months (for a total of up to 18 months to complete a Business Combination from the
consummation of the Company's IPO), subject to the Sponsor depositing additional funds into the Trust Account as set out
below.
Pursuant to the terms of the Company's amended and restated certificate of incorporation and the trust agreement
entered into between the Company and Continental Stock Transfer & Trust Company, in order for the time available for the Company
to consummate the initial Business Combination to be extended, the Sponsor or its affiliates or designees, upon five business days
advance notice prior to the applicable deadline, must deposit into the Trust Account $
1,150,000
since the underwriters' over-allotment option is exercised in full ($
0.10
per unit), on or prior to the date of the applicable deadline, for each of the available three month extensions, providing a total
possible Business Combination period of 18 months at a total payment value of $
2,300,000
since the underwriters' over-allotment option is exercised in full ($
0.10
per unit) (the "Extension Loans"). Any such payments would be made in the form of non-interest-bearing loans (the "Extension Loans"). As noted
above, the first such extension was made on June 27, 2022.
If
the Company completes its initial Business Combination, the Company will, at the option of the Sponsor, repay the Extension Loans
out of the proceeds of the Trust Account released to the Company or convert a portion or all of the total loan amount into units at
a price of $
10.00
per unit, which units will be identical to the Private Placement Units.
The Sponsor and its affiliate have waived this
conversion right and the Advance will be repaid at the closing of the initial Business Combination utilizing cash. If the Company
does not complete a Business Combination, the Company will repay such loans only from funds held outside of the Trust Account.
Furthermore, the letter agreement among the Company and the Company's officers, directors, and the Sponsor contains a
provision pursuant to which the Sponsor will agree to waive its right to be repaid for such loans to the extent there is
insufficient funds held outside of the Trust Account in the event that the Company does not complete a Business Combination. The
Sponsor and its affiliates or designees are not obligated to fund the Trust Account to extend the time for the Company to complete
the initial Business Combination. The public stockholders will not be afforded an opportunity to vote on the extension of time to
consummate an initial Business Combination from 12 months to 18 months described above or redeem their shares in connection with
such extensions.
During
the three months ending June 30, 2022, Luminous Capital Inc., an affiliate of the Sponsor, paid $
222,211
in expenses on behalf of the
Company. This amount was included in accounts payable/accrued expenses at June 30, 2022. On June 30, 2022, $
168,617
in Trust Account
interest income was released to the Company and utilized to pay franchise taxes.
Administrative
Support Agreement
Commencing
on the date of the Initial Public Offering and until completion of the Company's Business Combination or liquidation, the
Company may reimburse Luminous Capital Inc., an affiliate of the Sponsor, up to an amount of $
10,000
per month for office space, secretarial and administrative support. For the three and six months ending June 30, 2022, $
30,000
and $
60,000
in support fees was incurred, respectively. $
10,000
in support fees was incurred for both the period from February 26, 2021 (inception) through June 30, 2021 and the three months
ending June 30, 2021. $
10,000
and $
0
in support fees were due to Luminous Capital Inc. at June 30, 2022 and December 31, 2021, respectively.
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ACQUISITION CORP.
NOTES
TO UNAUDITED CONDENSED FINANCIAL STATEMENTS
Note
6 —
Commitments and Contingencies
Registration
Rights
Pursuant
to a registration rights agreement entered into on June 23, 2021, the holders of the Founder Shares, Private Placement Units (including
the securities contained therein), the units (including the securities contained therein) that may be issued upon conversion of the Working
Capital Loans, and any shares of Class A Common Stock issuable upon the exercise of the Placement Warrants and any shares of Class A
Common Stock, warrants (and underlying Class A Common Stock) that may be issued upon conversion of the units issued as part of the working
capital loans and Class A Common Stock issuable upon conversion of the founder shares are entitled to registration rights. The holders
of a majority of these securities are entitled to make up to three demands, excluding short form demands, that the Company register such
securities. In addition, the holders have certain "piggy-back" registration rights with respect to registration statements
filed subsequent to the completion of a Business Combination and rights to require the Company to register for resale such securities
pursuant to Rule 415 under the Securities Act. However, the registration rights agreement provides that the Company will not permit any
registration statement filed under the Securities Act to become effective until termination of the applicable lock-up period. The Company
will bear the expenses incurred in connection with the filing of any such registration statements.
Underwriters
Agreement
The
Company granted the underwriter a 45-day option to purchase up to
1,500,000
additional Units to cover over-allotments at the Initial
Public Offering price, less the underwriting discounts and commissions. The underwriter's over-allotment option was exercised in
full on June 28, 2021.
The
underwriter was paid a cash underwriting discount of
1.50
% of the gross proceeds of the Initial Public Offering, or $
1,725,000
. In addition,
the underwriter is entitled to a deferred fee of three and a half percent (
3.50
%) of the gross proceeds of the Initial Public Offering,
or $
4,025,000
. The deferred fee was placed in the Trust Account and will be paid in cash upon the closing of a Business Combination,
subject to the terms of the underwriting agreement.
Right
of First Refusal
For
a period beginning on June 28, 2021 and ending 12 months from the closing of a business combination, we have granted the underwriters
a right of first refusal to act as lead-left book running manager and lead left manager for any and all future private or public equity,
convertible and debt offerings during such period. In accordance with FINRA Rule 5110(f)(2)(E)(i), such right of first refusal shall
not have a duration of more than three years from the effective date of our Registration Statement.
Forward
Purchase Agreement
The
Company and Safe Harbor have agreed to pay (jointly and severally) to Midtown East a break-up fee equal to the sum of (i) all quarterly
structuring fees and attorney fees and other reasonable expenses related thereto incurred by Midtown East or its affiliates in connection
with the Forward Purchase Transaction, plus (ii) $
1,000,000
, upon the occurrence of an "Additional Termination Event" following
the consummation of the Forward Purchase Transaction except where the Additional Termination Event occurred as a result of regulatory
items or a material breach of Seller's obligations under the Forward Purchase Agreement. An "Additional Termination Event"
is defined under the Forward Purchase Agreement to occur if (a) the Business Combination fails to close on or before the Outside Date
(as defined in the Unit Purchase Agreement, and as such Outside Date may be amended or extended from time to time) or (b) the Unit Purchase
Agreement is terminated prior to the closing of the Business Combination.
Note
7 –
Warrant Liability
As
of June 30, 2022 and December 31, 2021, the Company has
5,750,000
Public Warrants and the
264,088
Private Placement Warrants, respectively,
outstanding.
Public
Warrants may only be exercised for a whole number of shares. No fractional warrants will be issued upon separation of the Units and only
whole warrants will trade.
The Public Warrants will become exercisable on the later of (i) the date of the completion of a Business Combination
and (ii) 12 months from the closing of the Initial Public Offering, and will expire five years after the completion of a Business Combination
or earlier upon redemption or liquidation.
The
Company will not be obligated to deliver any shares of Class A Common Stock pursuant to the exercise of a warrant and will have no obligation
to settle such warrant exercise unless a registration statement under the Securities Act covering the issuance of the shares of Class
A common issuable upon exercise of the warrants is then effective and a current prospectus relating to those shares of Class A Common
Stock is available, subject to the Company satisfying its obligations with respect to registration. No warrant will be exercisable for
cash or on a cashless basis, and the Company will not be obligated to issue any shares to holders seeking to exercise their warrants,
unless the issuance of the shares upon such exercise is registered or qualified under the securities laws of the state of the exercising
holder, or an exemption from registration is available.
F-
53
NORTHERN
LIGHTS
ACQUISITION CORP.
NOTES
TO UNAUDITED CONDENSED FINANCIAL STATEMENTS
Note
7 – Warrant Liability (Continued)
The
Company has agreed that as soon as practicable, but in no event later than 20 business days after the closing of its initial Business
Combination, it will use its commercially reasonable efforts to file with the SEC a post-effective amendment to the registration statement
or a new registration statement covering the shares of Class A Common Stock issuable upon exercise of the warrants, to cause such registration
statement to become effective and to maintain a current prospectus relating to those shares of Class A Common Stock until the warrants
expire or are redeemed, as specified in the warrant agreement. If a registration statement covering the shares of Class A Common Stock
issuable upon exercise of the warrants is not effective by the 60th business day after the closing of the Company's initial business
combination, warrant holders may, until such time as there is an effective registration statement and during any period when the Company
will have failed to maintain an effective registration statement, exercise warrants on a "cashless basis" in accordance with
Section 3(a)(9) of the Securities Act or another exemption. Notwithstanding the above, if the Company's shares of Class A Common
Stock are at the time of any exercise of a warrant not listed on a national securities exchange such that they satisfy the definition
of a "covered security" under Section 18(b)(1) of the Securities Act, it may, at its option, require holders of Public Warrants
who exercise their warrants to do so on a "cashless basis" in accordance with Section 3(a)(9) of the Securities Act and,
in the event the Company so elects, it will not be required to file or maintain in effect a registration statement, and in the event
it does not so elect, it will use its commercially reasonable efforts to register or qualify the shares under applicable blue sky laws
to the extent an exemption is not available. If that exemption, or another exemption, is not available, holders will not be able to exercise
their warrants on a cashless basis.
Redemption
of warrants when the price per Class A Common Stock equals or exceeds $
18.00
. Once the warrants become exercisable, the Company may redeem
the Public Warrants:
●
in
    whole and not in part;
●
at
    a price of $
0.01
per Public Warrant;
●
upon
    not less than 30 days' prior written notice of redemption to each warrant holder; and
●
if,
    and only if, the reported last sale price of the Class A Common Stock equals or exceeds $
18.00
per share (as adjusted for stock splits,
    stock dividends, reorganizations, recapitalizations and the like and certain issuances of Class A Common Stock and equity-linked
    securities) for any 20 trading days within a 30-trading day period commencing no earlier than the date the warrants become exercisable
    and ending on the third business day before the date on which the Company sends the notice of redemption to the warrant holders.
If
and when the warrants become redeemable by the Company, the Company may exercise its redemption right even if it is unable to register
or qualify the underlying securities for sale under all applicable state securities laws.
If
the Company calls the Public Warrants for redemption, management will have the option to require all holders that wish to exercise the
Public Warrants to do so on a "cashless basis," as described in the warrant agreement. The exercise price and number of shares
of Class A Common Stock issuable upon exercise of the warrants may be adjusted in certain circumstances including in the event of a stock
dividend, or recapitalization, reorganization, merger or consolidation. However, the warrants will not be adjusted for issuance of Class
A Common Stock at a price below its exercise price. Additionally, in no event will the Company be required to net cash settle the warrants.
If the Company is unable to complete a Business Combination within the Combination Window and the Company liquidates the funds held in
the Trust Account, holders of warrants will not receive any of such funds with respect to their warrants, nor will they receive any distribution
from the Company's assets held outside of the Trust Account with the respect to such warrants. Accordingly, the warrants may expire
worthless.
F-
54
NORTHERN
LIGHTS
ACQUISITION CORP.
NOTES
TO UNAUDITED CONDENSED FINANCIAL STATEMENTS
Note
7 – Warrant Liability (Continued)
In
addition, if (x) the Company issues additional shares of Class A Common Stock or equity-linked securities for capital raising purposes
in connection with the closing of its initial Business Combination at an issue price or effective issue price of less than $9.20 per
share of Class A Common Stock (with such issue price or effective issue price to be determined in good faith by the Company's board
of directors and, in the case of any such issuance to the Sponsor or its affiliates, without taking into account any Founder Shares held
by the Sponsor or such affiliates, as applicable, prior to such issuance) (the "Newly Issued Price"), (y) the aggregate gross
proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of
the Company's initial Business Combination on the date of the consummation of such initial Business Combination (net of redemptions),
and (z) the volume weighted average trading price of the Company's common stock during the 20 trading day period starting on the
trading day prior to the day on which the Company consummates its initial Business Combination (such price, the "Market Value")
is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher
of the Market Value and the Newly Issued Price, the $18.00 per share redemption trigger price described above will be adjusted (to the
nearest cent) to be equal to 180% of the greater of the Market Value and the Newly Issued Price and the $10.00 per share redemption trigger
price described above will be adjusted (to the nearest cent) to be equal to the greater of the Market Value and the Newly Issued Price.
The
Placement Warrants are identical to the Public Warrants underlying the Units sold in the Initial Public Offering, except that the Placement
Warrants and the Class A Common Stock issuable upon the exercise of the Placement Warrants are not transferable, assignable or salable
until 30 days after the completion of a Business Combination, subject to certain limited exceptions. Additionally, the Placement Warrants
are exercisable on a cashless basis and non-redeemable so long as they are held by the initial purchasers or their permitted transferees.
If the Placement Warrants are held by someone other than the initial purchasers or their permitted transferees, the Placement Warrants
will be redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants.
The
Company accounted for the aggregate
6,014,088
warrants issued in connection with the Initial Public Offering (the
5,750,000
Public Warrants
and the
264,088
Placement Warrants) in accordance with the guidance contained in FASB ASC Topic 815-40. Such guidance provides that because
the warrants do not meet the criteria for equity treatment thereunder, each warrant must be recorded as a liability due to the existence
of provisions whereby adjustments to the exercise price of the warrants is based on a variable that is not an input to the fair value
of a ''fixed-for-fixed'' option and the existence of the potential for net cash settlement for the warrant holders
(but not all common stockholders) in the event of a tender offer.
The
accounting treatment of derivative financial instruments requires that the Company record a derivative liability upon the closing of
the Initial Public Offering. Accordingly, the Company classified each warrant as a liability at its fair value and the warrants were
allocated a portion of the proceeds from the issuance of the Units equal to its fair value determined by the Monte Carlo simulation.
This liability is subject to remeasurement at each balance sheet date. With each such re-measurement, the warrant liability will be adjusted
to fair value, with the change in fair value recognized in the Company's statement of operations. The Company will reassess the
classification at each balance sheet date. If the classification changes as a result of events during the period, the warrants will be
reclassified as of the date of the event that causes the reclassification.
Note
8 –
Stockholders' Equity
Preferred
Stock
— The Company is authorized to issue
1,250,000
preferred shares with a par value of $
0.0001
per share with such designation,
rights and preferences as may be determined from time to time by the Company's Board of Directors. As of June 30, 2022 and December
31, 2021, there were
no
preferred shares issued or outstanding.
Class
A Common Stock
— The Company is authorized to issue up to
125,000,000
shares of Class A Common Stock with a par value
of $
0.0001
per share. Holders of the Company's Class
A Common Stock are entitled to one vote for each share. As of June 30, 2022 and December 31, 2021, there were
4,333,047
and
528,175
shares, respectively, of Class A Common Stock
issued or outstanding, excluding shares subject to possible redemption. As of June 30, 2022,
3,804,872
of the original
11,500,000
shares of Class A Common Stock subject to possible
redemption had elected not to redeem pursuant to the forward purchase agreement.
F-
55
NORTHERN
LIGHTS
ACQUISITION CORP.
NOTES
TO UNAUDITED CONDENSED FINANCIAL STATEMENTS
Note
8 – Stockholders' Equity (Continued)
Class
B Common Stock —
The Company is authorized to issue up to
12,500,000
shares of Class B common stock with a par value of
$
0.0001
per share. Holders of the Company's Class B common stock are entitled to one vote for each share. On March 24, 2021, the
Sponsor transferred
10,000
shares to the Company's Chief Financial Officer and
10,000
shares to each of the Company's three
independent directors. As of June 30, 2022 and December 31, 2021, there were
2,875,000
shares of Class B common stock issued and outstanding.
Holders
of Class A Common Stock and Class B common stock will vote together as a single class on all other matters submitted to a vote of stockholders,
except as required by law.
The
shares of Class B common stock will automatically convert into shares of Class A Common Stock at the time of the Business Combination
on a one-for-one basis, subject to adjustment for stock splits, stock dividends, reorganizations, recapitalizations and the like. In
the case that additional shares of Class A Common Stock, or equity linked securities, are issued or deemed issued in excess of the amounts
offered in the Initial Public Offering and related to the closing of a Business Combination, the ratio at which shares of Class B common
stock shall convert into shares of Class A Common Stock will be adjusted (unless the holders of a majority of the outstanding shares
of Class B common stock agree to waive such adjustment with respect to any such issuance or deemed issuance) so that the number of shares
of Class A Common Stock issuable upon conversion of all shares of Class B common stock will equal, in the aggregate, on an as converted
basis, 20% of the sum of the total number of all shares of common stock outstanding upon the completion of the Initial Public Offering
plus all shares of Class A Common Stock and equity linked securities issued or deemed issued in connection with a Business Combination
(excluding any shares or equity linked securities issued, or to be issued, to any seller in a Business Combination, and any private placement-equivalent
units and its underlying securities issued to the Sponsor or its affiliates upon conversion of loans made to the Company).
The
Company may issue additional common stock or preferred stock to complete its Business Combination or under an employee incentive plan
after completion of its Business Combination.
Note
9 –
Fair Value Measurements
The
following table presents information about the Company's assets and derivative warrant liabilities that are measured at fair value
on a recurring basis as of June 30, 2022 and indicates the fair value hierarchy of the valuation techniques that the Company utilized
to determine such fair value:
Quoted Prices
in Active
Markets
Significant
Other
Observable
Inputs
Significant
Other
Unobservable
Inputs
Description
(Level 1)
(Level 2)
(Level 3)
Liabilities:
Public Warrants
$
1,322,500
$
-
$
-
Private Placement Warrants
$
-
$
-
$
71,953
Forward purchase option derivative
$
-
$
-
$
795,942
The
following table presents information about the Company's assets and derivative warrant liabilities that are measured at fair value
on a recurring basis as of December 31, 2021 and indicates the fair value hierarchy of the valuation techniques that the Company utilized
to determine such fair value:
F-
56
NORTHERN
LIGHTS
ACQUISITION CORP.
NOTES
TO UNAUDITED CONDENSED FINANCIAL STATEMENTS
Note
9 – Fair Value Measurements (Continued)
Quoted Prices
in Active
Markets
Significant
Other
Observable
Inputs
Significant
Other
Unobservable
Inputs
Description
(Level 1)
(Level 2)
(Level 3)
Asset:
Marketable securities held in Trust Account
$
117,321,508
$
-
$
-
Liabilities:
Public Warrants
$
2,701,925
$
-
$
-
Private Placement Warrants
$
-
$
-
$
124,951
Transfers
to/from Levels 1, 2 and 3 are recognized at the end of the reporting period in which a change in valuation technique or methodology occurs.
In 2021, the Public Warrants transferred from a Level 3 measurement to a Level 1 fair value measurement, after they split from the units
and started trading.
The
Warrants are measured at fair value on a recurring basis. The Public Warrants were initially valued using a Modified Monte Carlo Simulation.
As of June 30, 2022 and December 31, 2021, the Public warrants were valued using the instrument's publicly listed trading price
as of the balance sheet date, which is considered to be a Level 1 measurement due to the use of an observable market quote in an active
market.
As
of June 30, 2022 and December 31, 2021, assets held in the Trust Account were entirely held in a mutual fund invested in U.S. Treasury
Securities.
The
Company recognized $
781,070
in expense and liabilities for the forward purchase option derivative upon the agreement execution of June
16, 2022 with a change in fair value of $
14,872
recognized from execution to June 30, 2022.
The
fair value of the forward purchase option derivative was estimated using a Monte-Carlo Simulation in a risk-neutral framework (a special
case of the Income Approach). Specifically, the future stock price is simulated assuming a Geometric Brownian Motion ("GBM").
For each simulated path, the forward purchase value is calculated based on the contractual terms and then discounted at the term-matched
risk-free rate. Finally, the value of the forward is calculated as the average present value over all simulated paths. The Company measured
the fair value of the forward purchase option derivative upon execution of the Forward Purchase Agreement and as of June 30, 2022, with
the respective fair value adjustments recorded within its Consolidated Statements of Operations. The Company will continue to monitor
the fair value of the forward option derivative each reporting period with subsequent revisions to be recorded in the Consolidated Statements
of Operations.
The
Company recognized $
5,031,474
for the derivative warrant liabilities upon their issuance on June 28, 2021. The Sponsor paid an aggregate
of $
5,852,750
for Private Placement Warrants with an initial aggregate fair value of $
224,474
. The excess purchase price over the initial
fair value on the private placement closing date is recognized as a capital contribution from the Sponsor.
The
Company utilizes a binomial Monte-Carlo simulation to estimate the fair value of the warrants at each reporting period for warrants that
are not actively traded. The estimated fair value of the derivative warrant liabilities is determined using Level 3 inputs. Inherent
in a binomial Monte Carlo simulation are assumptions related to expected stock-price volatility, expected life, risk-free interest rate
and dividend yield. The Company estimates the volatility of its common stock based on historical volatility of select peer companies
that matches the expected remaining life of the warrants. The risk-free interest rate is based on the U.S. Treasury zero-coupon yield
curve on the grant date for a maturity similar to the expected remaining life of the warrants. The expected life of the warrants is assumed
to be equivalent to their remaining contractual term. The dividend rate is based on the historical rate, which the Company anticipates
remaining at zero.
The
following table provides quantitative information regarding Level 3 fair value measurements inputs as it relates to the warrants as of
their measurement dates:
December 31, 2021
June 30, 2022
(Private Warrant)
(Private Warrant)
Exercise price
$
11.50
$
11.50
Share price
$
10.07
$
10.61
Expected term (years)
5.28
5.14
Probability of Acquisition
90.0
%
90.0
%
Volatility
8.3
%
25.0
%
Risk-free rate
1.28
%
3.01
%
Dividend yield (per share)
0.00
%
0.00
%
The
following table provides quantitative information regarding Level 3 fair value measurements inputs as it relates to the forward purchase
agreement option at the measurement dates:
June 16, 2022
June 30, 2022
Share price
$
10.18
$
10.61
Expected term (years)
3.18
3.14
Probability of Acquisition
90.0
%
90.0
%
Volatility
10.6
%
25.0
%
Risk-free rate
3.36
%
3.02
%
BB bonds rate
6.92
%
7.17
%
C bonds rate
13.95
%
14.49
%
F-
57
NORTHERN
LIGHTS
ACQUISITION CORP.
NOTES
TO UNAUDITED CONDENSED FINANCIAL STATEMENTS
Note
9 – Fair Value Measurements (Continued)
The
change in the fair value of the derivative warrant liabilities for the period from December 31, 2021 (inception) through June 30, 2022
is summarized as follows:
Private
Placement
Public
Warrant
Warrant
Liability
Fair value as of December 31, 2021
$
124,951
$
2,701,925
$
2,826,876
Change in valuation inputs or other assumptions
(1)(2)
(
52,998
)
(
1,379,425
)
(
1,432,423
)
Fair value as of June 30, 2022
$
71,953
$
1,322,500
$
1,394,453
(1)
Changes
    in valuation inputs or other assumptions are recognized in change in fair value of warrant liability in the statement of operations.
(2)
Changes
    are due to the use of quoted prices in an active market (Level 1) and the use of unobservable inputs based on assessment of the assumptions
    (Level 3) for Public Warrants (after becoming actively traded) and Private Placement Warrants, respectively.
Note
10 –
Forward Purchase Agreement
As
discussed in Note 1 on June 16, 2022, NLIT entered into a Forward Purchase Agreement with Midtown and its assignees for a Forward Purchase
Transaction. Pursuant to the terms of the Forward Purchase Agreement, Midtown and its assignees, as of June 30, 2022, had purchased approximately
3,804,872
shares of NLIT's Class A common stock in exchange for an amount to be paid of $
38,847,743
(the Prepayment Amount). At
close of the Business Combination, the amount will be paid out of the trust account and will be held in a deposit account for the benefit
of Midtown and its assignees until the Valuation Date. There are a few scenarios in which the Forward Purchase Agreement can be settled
either before or on the Valuation Date:
i)
At
                                            any time prior to the Valuation Date, Midtown may elect an optional early termination to
                                            sell some or all of the Forward Purchase shares in the open market. If Midtown sells any
                                            shares prior to the Valuation Date, a pro-rata portion of the Prepayment Amount will be released
                                            from the deposit account and paid to the Company. Midtown shall retain any proceeds from
                                            the sale of such shares in excess of such pro-rata portion paid to the Company. The Business
                                            Combination Target will be entitled to the product of the number of shares sold times the
                                            redemption price or the Reset Price. The Reset Price is adjusted on the first scheduled trading
                                            day of each month following the Business Combination and is the lower of: i) the then current
                                            reset price, ii) $
10.00
and iii) the VWAP price of the last 10 scheduled trading days of
                                            the prior month but not lower than $
5.00
.
ii)
On
                                            the Valuation Date, if any shares subject to the Forward Purchase Agreement remain unsold,
                                            Midtown is entitled to the product of the unsold shares multiplied by the Forward Price (which
                                            is equal to the redemption price as outlined in our Amended and Restated Certificate of Incorporation
                                            dated June 21, 2021) and an incremental $
2.00
per share for any unsold shares. The incremental
                                            $
2.00
per share maybe settled in cash or shares at the discretion of the Company.
iii)
If
                                            the volume weighted average share price ("VWAP") of the shares falls below $3.00
                                            per share for 20 out of any 30 consecutive trading days (a "VWAP Trigger Event"),
                                            then Midtown may elect to accelerate the Valuation Date to the date of such VWAP Trigger
                                            Event. If Midtown elects to accelerate the Valuation Date, the settlement amount returned
                                            to the Company would follow the methodology in the above section which will equate to the
                                            product of unsold shares multiplied by the Forward Price ad an incremental $2.00 per unsold
                                            share to be settled in cash or shares.
A
break-up fee equal to (i) all (a) structuring fees and (b) attorney fees and other reasonable expenses related thereto incurred by Midtown
or its assignees in connection with the forward purchase agreement, plus (ii) $
1,000,000
, shall be payable to Midtown upon any failure
to close the Business Combination following the consummation of the Forward Purchase Transaction except where the Business Combination
did not occur as a result of regulatory items or a material breach of Midtown's obligation under the agreement. Midtown waived
any and all right, title and interest, or any claim of any kind they have or may have in the future, in or to any monies held in the
trust account
In
accordance with ASC 815,
Derivatives and Hedging
, the Company has determined that the forward option within the Forward Purchase
Agreement is (i) a freestanding financial instrument and (ii) a derivative. This derivative, referred to throughout as the "forward
purchase option derivative" is recorded as a liability on the Company's Consolidated Balance Sheets. The Company has performed
fair value measurements for this derivative as of closing and as of June 30, 2022, which is described in Note 9. The Company remeasures
the fair value of the forward purchase option derivative each reporting period.
Note
11 –
Subsequent Events
Management
has evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the financial statement
was issued. Based upon this review, other than the events included in the above notes, the Company did not identify any subsequent events
that would have required adjustment or disclosure in the financial statement.
F-
58
REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To
the Stockholders and Board of Directors of
Northern
Lights Acquisition Corp.
Opinion
on the Financial Statements
We
have audited the accompanying balance sheet of Northern Lights Acquisition Corp. (the "Company") as of December 31, 2021,
the related statements of operations, changes in stockholders' deficit and cash flows for the period from February 26, 2021 (inception)
through December 31, 2021, and the related notes (collectively referred to as the "financial statements"). In our opinion,
the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2021, and
the results of its operations and its cash flows for the period from February 26, 2021 (inception) through December 31, 2021, in conformity
with accounting principles generally accepted in the United States of America.
Explanatory
Paragraph – Going Concern
The
accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As more fully described
in Note 1 to the financial statements, the Company's business plan is dependent on the completion of a business combination and
the Company's cash and working capital as of December 31, 2021 are not sufficient to complete its planned activities. These conditions
raise substantial doubt about the Company's ability to continue as a going concern. Management's plans in regard to these
matters are also described in Note 1. The financial statements do not include any adjustments that might result from the outcome of this
uncertainty.
Basis
for Opinion
These
financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's
financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board
(United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal
securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We
conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company
is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit
we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion
on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.
Our
audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or
fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding
the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant
estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides
a reasonable basis for our opinion.
/s/
Marcum LLP
Marcum
LLP
We
have served as the Company's auditor since 2021.
Hartford,
CT
March 25, 2022
F-
59
NORTHERN
LIGHTS ACQUISITION CORP.
BALANCE
SHEET
December 31,
2021
ASSETS
Current Assets
Cash
$
254,523
Prepaid expense
7,499
Prepaid insurance-current portion
175,000
Total current assets
437,022
Noncurrent Assets
Prepaid insurance-noncurrent portion
87,500
Investments held in Trust Account
117,321,508
Total assets
$
117,846,030
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities
Accrued expenses
306,792
Franchise tax payable
168,767
Total current liabilities
475,559
Noncurrent liabilities
Warrant liabilities
2,826,876
Deferred underwriter fee payable
4,025,000
Total liabilities
7,327,435
Commitments and Contingencies (Note 6)
Class A common stock subject to possible redemption;
11,500,000
shares at redemption value of $
10.20
117,300,000
Stockholders' Deficit
Preferred stock, $
0.0001
par value;
1,250,000
shares authorized;
none
issued and outstanding
—
Class A common stock, $
0.0001
par value;
125,000,000
shares authorized;
528,175
issued and outstanding, excluding
11,500,000
shares subject to redemption
53
Class B common stock, $
0.0001
par value;
12,500,000
shares authorized;
2,875,000
issued and outstanding
288
Accumulated deficit
(
6,781,746
)
Total stockholders' deficit
(
6,781,405
)
Total liabilities and stockholders' deficit
$
117,846,030
The
accompanying notes are an integral part of the financial statements
F-
60
NORTHERN
LIGHTS ACQUISITION CORP.
STATEMENT
OF OPERATIONS
For
    the Period from February 26, 2021 (inception) through December 31, 2021
Formation
    and operating costs
$
550,343
Franchise
    tax expenses
168,767
Loss
from operation costs
(
719,110
)
Other
    income and expense:
Change
    in fair value of warrant liabilities
2,204,598
Offering
    costs allocated to warrants
(
261,838
)
Realized
    gain from marketable securities held in Trust Account
21,508
Net
    income
$
1,245,158
Weighted
    average shares outstanding of Class A common stock subject to redemption
6,944,805
Basic
    and diluted net income per common stock subject to redemption
$
0.12
Weighted
    average shares outstanding Class A and Class B non-redeemable common stock
3,193,963
Basic
    and diluted net income per common stock not subject to redemption
$
0.12
The
accompanying notes are an integral part of the financial statements
F-
61
NORTHERN
LIGHTS ACQUISITION CORP.
STATEMENT
OF CHANGES STOCKHOLDER'S DEFICITS
For
the period from February 26, 2021 (inception) through December 31, 2021
Class A
Class B
Additional
Total
Common Stock
Common Stock
Paid in
Accumulative
Stockholders'
Shares
Amounts
Shares
Amounts
Capital
Deficit
Deficit
Balance — February 26, 2021 (inception)
—
$
—
—
$
—
$
—
$
—
$
—
Issuance of Class B Common Stock to Sponsor
—
—
2,875,000
288
24,712
—
25,000
Sale of non-redeemable private placement units to sponsor
528,175
53
—
—
5,281,697
—
5,281,750
Redemption of Class A common stock subject to possible
    redemption
—
—
—
—
(
5,306,409
)
(
8,026,904
)
(
13,333,313
)
Net income
—
—
—
—
—
1,245,158
1,245,158
Balance – December 31, 2021
528,175
$
53
2,875,000
$
288
$
—
$
(
6,781,746
)
$
(
6,781,405
)
The
accompanying notes are an integral part of the financial statements
F-
62
NORTHERN
LIGHTS ACQUISITION CORP.
STATEMENT
OF CASH FLOWS
For the
Period from
February 26, 2021
(inception)
Through
December 31, 2021
Cash flows from operating activities:
Net loss
$
1,245,158
Adjustments to reconcile net loss to net cash used in operating activities:
Realized gain from securities held in Trust Account
(
21,508
)
Change in fair value of warrant liability
(
2,204,598
)
Offering costs allocated to warrants
261,838
Changes in operating assets and liabilities:
Prepaid insurance
(
262,500
)
Prepaid expenses
(
7,499
)
Accrued expense
271,792
Franchise tax payable
168,767
Net cash used in operating activities
(
548,550
)
Cash flows from investing activities:
Investment of cash in Trust Account
(
117,300,000
)
Net cash used in investing activities
(
117,300,000
)
Cash flows from financing activities:
Proceeds from issuance of Class B common stock to sponsor
25,000
Proceeds from sale of Units, net of underwriting discount paid
113,275,000
Proceeds from sale of Private units
5,281,750
Proceeds from related party promissory note
92,737
Payment of related party promissory note
(
92,737
)
Payment of offering costs
(
478,677
)
Net cash provided by financing activities
118,103,073
Net change in cash
254,523
Cash at beginning of period
—
Cash at end of period
$
254,523
Non-cash investing and financing activities:
Deferred underwriting fee payable
$
4,025,000
Initial classification of warrant liabilities
$
5,031,474
Offering costs charged to additional paid-in capital included in accrued expense
$
35,000
The
accompanying notes are an integral part of the financial statements
F-
63
NORTHERN
LIGHTS ACQUISITION CORP.
NOTES
TO FINANCIAL STATEMENTS
Note
1 —
Description of Organization and Business Operations
Northern Lights Acquisition Corp. (the "Company") is a blank check company incorporated in Delaware on
February 26, 2021
.
The Company was formed for the purpose of effectuating a merger, capital stock exchange, asset acquisition, stock purchase, reorganization
or other similar business combination with one or more businesses (the "Business Combination"). The Company is an early stage
and emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth
companies.
At
December 31, 2021, the Company had not yet commenced any operations. All activity from inception through December 31, 2021 relates to
the Company's formation and the initial public Offering (as defined below), and, since the closing of the initial public offering,
a search for a Business Combination candidate. The Company will not generate any operating revenues until after the completion of its
initial Business Combination, at the earliest. The Company will generate non-operating income in the form of interest income from the
proceeds derived from the Initial Public Offering.
The
Company has selected December 31 as its fiscal year end.
The
Registration Statement for the Company's Initial Public Offering was declared effective on June 23, 2021. On June 28, 2021,
the Company consummated the Initial Public Offering of
11,500,000
units ("Units" and, with respect
to the shares of Class A Common Stock included in the Units offered, the "Public Shares"), generating gross proceeds of $
115,000,000
,
which is described in Note 3.
Simultaneously
with the closing of the Initial Public Offering, the Company consummated the sale of
528,175
private placement units (the "Private
Placement Units") at a price of $
10.00
per unit in a private placement to 5AK, LLC (the "Sponsor"), generating gross
proceeds of $
5,281,750
, which is described in Note 4.
Following
the closing of the Initial Public Offering on June 28, 2021, an amount of $
117,300,000
($
10.20
per Unit) from the net proceeds of the
sale of the Units in the Initial Public Offering and the Private Placement Units was placed in a trust account ("Trust Account")
which may be invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act of
1940, as amended (the "Investment Company Act"), with a maturity of 185 days or less or in any open-ended investment company
that holds itself out as a money market fund meeting the conditions of Rule 2a-7 of the Investment Company Act, as determined by the
Company, until the earlier of: (i) the consummation of a Business Combination or (ii) the distribution of the Trust Account to the Company's
stockholders, as described below.
Transaction
costs of the Initial Public Offering amounted to $
6,263,677
, of which $
1,725,000
was for underwriting fees paid at the time of the IPO,
$
4,025,000
was for deferred underwriting commissions, and $
513,677
was for other offering costs.
Following
the closing of the Initial Public Offering $
938,853
of cash was held outside of the Trust Account available for working capital purposes.
As of December 31, 2021, we have available to us $
254,523
of cash on our balance sheet and a working capital deficit of $
38,537
.
F-
64
NORTHERN
LIGHTS ACQUISITION CORP.
NOTES
TO FINANCIAL STATEMENTS
The
Company's management has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering
and the sale of the Private Placement Units, although substantially all of the net proceeds are intended to be applied generally toward
consummating a Business Combination.
NASDAQ rules provide that the Business Combination must be with one or more target businesses that
together have a fair market value equal to at least 80% of the balance in the Trust Account (as defined below) (less any deferred underwriting
commissions and taxes payable on interest earned on the Trust Account) at the time of the signing of a definitive agreement to enter
a Business Combination
. The Company will only complete a Business Combination if the post-Business Combination company owns or acquires
50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient
for it not to be required to register as an investment company under the Investment Company Act. There is no assurance that the Company
will be able to successfully effect a Business Combination.
The
Company will provide its Stockholders with the opportunity to redeem all or a portion of their Public Shares upon the completion of a
Business Combination either (i) in connection with a stockholder meeting called to approve the Business Combination or (ii) by means
of a tender offer. In connection with a proposed Business Combination, the Company may seek stockholder approval of a Business Combination
at a meeting called for such purpose at which stockholders may seek to redeem their shares, regardless of whether they vote for or against
a Business Combination.
The Company will proceed with a Business Combination only if the Company has net tangible assets of at least
$5,000,001 upon such consummation of a Business Combination and, if the Company seeks stockholder approval, a majority of the outstanding
shares voted are voted in favor of the Business Combination
.
If
the Company seeks stockholder approval of a Business Combination and it does not conduct redemptions pursuant to the tender offer rules,
the Company's Amended and Restated Certificate of Incorporation provides that a public stockholder, together with any
affiliate of such stockholder or any other person with whom such stockholder is acting in concert or as a "group" (as defined
under Section 13 of the Securities Exchange Act of 1934, as amended (the "Exchange Act")), will be restricted from seeking
redemption rights with respect to
15
% or more of the Public Shares without the Company's prior written consent.
The
stockholders will be entitled to redeem their Public Shares for a pro rata portion of the amount then in the Trust Account (initially
$
10.00
per share, plus any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company
to pay its tax obligations). The per-share amount to be distributed to stockholders who redeem their Public Shares will not be reduced
by the deferred underwriting commissions the Company will pay to the underwriter. There will be no redemption rights upon the completion
of a Business Combination with respect to the Company's warrants or rights. These Common Stock are recorded at a redemption value
and classified as temporary equity upon the completion of the Proposed Offering, in accordance with Accounting Standards Codification
("ASC") Topic 480 "Distinguishing Liabilities from Equity."
F-
65
NORTHERN
LIGHTS ACQUISITION CORP.
NOTES
TO FINANCIAL STATEMENTS
If
a stockholder vote is not required and the Company does not decide to hold a stockholder vote for business or other legal reasons, the
Company will, pursuant to its Amended and Restated Certificate of Incorporation, offer such redemption pursuant to the tender
offer rules of the Securities and Exchange Commission ("SEC"), and file tender offer documents containing substantially the
same information as would be included in a proxy statement with the SEC prior to completing a Business Combination.
The
Sponsor has agreed (a) to vote its Class B Common Stock, the Common Stock included in the Private Units (the "Private Shares")
and any Public Shares purchased during or after the Proposed Offering in favor of a Business Combination, (b) not to propose an amendment
to the Company's Amended and Restated Certificate of Incorporation with respect to the Company's pre-Business Combination
activities prior to the consummation of a Business Combination unless the Company provides dissenting public stockholders with the opportunity
to redeem their Public Shares in conjunction with any such amendment; (c) not to redeem any shares (including the Class B Common Stock)
and Private Units (including underlying securities) into the right to receive cash from the Trust Account in connection with a stockholder
vote to approve a Business Combination (or to sell any shares in a tender offer in connection with a Business Combination if the Company
does not seek stockholder approval in connection therewith) or a vote to amend the provisions of the Amended and Restated Certificate of Incorporation relating to stockholders' rights of pre-Business Combination activity and (d) that the Class B Common
Stock and Private Units (including underlying securities) shall not participate in any liquidating distributions upon winding up if a
Business Combination is not consummated. However, the Sponsor will be entitled to liquidating distributions from the Trust Account with
respect to any Public Shares purchased during or after the Proposed Offering if the Company fails to complete its Business Combination.
The
Company will have up to 12 months from the closing of our IPO, or until June 28, 2022, to consummate an initial business combination.
However, if we anticipate that we may not be able to consummate our initial business combination within 12 months, we may, by resolution
of our board if requested by our sponsor, extend the period of time to consummate a business combination up to two times, each by an
additional three months (for a total of up to 18 months, or until December 28, 2022 ("the Combination Period"), to complete
a business combination), subject to the sponsor depositing additional funds into the trust account. If the Company is unable to complete
a Business Combination within the Combination Period, the Company will (i) cease all operations except for the purpose of winding up,
(ii) as promptly as reasonably possible but no more than five business days thereafter, redeem
100
% of the outstanding Public Shares,
at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned
(net of taxes payable and less interest to pay dissolution expenses up to $
100,000
), divided by the number of then outstanding Public
Shares, which redemption will completely extinguish public stockholders' rights as stockholders (including the right to receive
further liquidation distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption,
subject to the approval of the remaining stockholders and the Company's board of directors, proceed to commence a voluntary liquidation
and thereby a formal dissolution of the Company, subject in each case to its obligations to provide for claims of creditors and the requirements
of applicable law. The underwriter has agreed to waive its rights to the deferred underwriting commission held in the Trust Account in
the event the Company does not complete a Business Combination within the Combination Period and, in such event, such amounts will be
included with the funds held in the Trust Account that will be available to fund the redemption of the Public Shares. In the event of
such distribution, it is possible that the per share value of the assets remaining available for distribution will be less than the Initial
Public Offering price per Unit ($
10.00
).
F-
66
NORTHERN
LIGHTS ACQUISITION CORP.
NOTES TO FINANCIAL STATEMENTS
The
Sponsor has agreed that it will be liable to the Company, if and to the extent any claims by a vendor for services rendered or products
sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement, reduce
the amounts in the Trust Account to below $10.00 per share (whether or not the underwriters' over-allotment option is exercised
in full), except as to any claims by a third party who executed a waiver of any and all rights to seek access to the Trust Account and
except as to any claims under the Company's indemnity of the underwriters of the Proposed Offering against certain liabilities,
including liabilities under the Securities Act of 1933, as amended (the "Securities Act")
. In the event that an executed
waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such
third party claims. The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to
claims of creditors by endeavoring to have all vendors, service providers (except for the company's independent registered accounting
firm), prospective target businesses or other entities with which the Company does business, execute agreements with the Company waiving
any right, title, interest or claim of any kind in or to monies held in the Trust Account.
Liquidity
As
of December 31, 2021, the Company had $
254,523
in cash and a working capital deficit of $
38,537
. As described above, on June 28, 2021
the Company closed its IPO of
11,500,000
Units at $
10.00
per Unit, generating gross proceeds of $
115.0
million, and also consummated
the Private Placement of
528,175
Private Placement units to the Sponsor at a purchase price of $
10.00
per Private Placement unit, generating
gross proceeds of $
5,281,750
.
The
Company's liquidity needs prior to the consummation of its IPO were satisfied through the proceeds of $
25,000
from the sale of
the Founder Shares and proceed from the promissory note from sponsor of $
92,737
, which was repaid upon closure of the IPO. Subsequent
to the IPO, the Company's liquidity will be satisfied through a portion of the net proceeds from IPO held outside of the Trust
Account.
The
Company intends to complete its initial Business Combination before June 28,2022 and we believe we have sufficient arrangements with
our vendors to continue to operate until we complete our initial Business Combination. However, there can be no assurance that the Company
will be able to consummate the Business Combination by then. In the event that we are unable to consummate the Business Combination before
June 28, 2022 we anticipate identifying and accessing additional capital resources in order to extend the Business Combination period
up to 18 months. However, there can be no assurance that the Company will have access to sufficient capital to extend the deadline to
consummate the Business Combination. As a result, in connection with the Company's assessment of going concern considerations in
accordance with Financial Accounting Standard Board's Accounting Standards Update ("ASU") 2014-15, "Disclosures
of Uncertainties about an Entity's Ability to Continue as a Going Concern," it is uncertain that the Company will have sufficient
liquidity to fund the working capital needs of the Company beyond June 28, 2022. Management has determined that given the liquidity condition
of the Company, should a Business Combination not occur by June 28, 2022, there is substantial doubt about the Company's ability
to continue as a going concern. No adjustments have been made to the carrying amounts of assets or liabilities should the Company be
required to liquidate. The Company may need to raise additional capital through loans or additional investments from its Sponsor, stockholders,
officers, directors or third parties. The Company's officers, directors and Sponsor may, but are not obligated to, loan the Company
funds, from time to time or at any time, in whatever amount they deem reasonable in their sole discretion, to meet the Company's
working capital needs. Accordingly, the Company may not be able to obtain additional financing. If the Company is unable to raise additional
capital, the Company may be required to take additional measures to conserve liquidity, which could include, but not necessarily be limited
to, curtailing operations, suspending the pursuit of a potential transaction, and reducing overhead expenses. the Company cannot provide
any assurance that new financing will be available to it on commercially acceptable terms, if at all. These conditions raise substantial
doubt about the Company's ability to continue as a going concern through June 28, 2022.
F-
67
NORTHERN
LIGHTS ACQUISITION CORP.
NOTES TO FINANCIAL STATEMENTS
Risks
and Uncertainties
Management
is currently evaluating the impact of the COVID-19 pandemic and has concluded that while it is reasonably possible that the virus could
have a negative effect on the Company's financial position, results of its operations and/or search for a target company, the specific
impact is not readily determinable as of the date of the financial statement. The financial statements do not include any adjustments
that might result from the outcome of this uncertainty.
Note
2.
Summary of Significant Accounting Policies
Basis
of Presentation
The
accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States
of America ("US GAAP") and pursuant to the accounting and disclosure rules and regulations of the U.S. Securities and Exchange
Commission.
Emerging
growth company
The
Company is an "emerging growth company," as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our
Business Startups Act of 2012 (the "JOBS Act"), and it may take advantage of certain exemptions from various reporting requirements
that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required
to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding
executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory
vote on executive compensation and stockholder approval of any golden parachute payments not previously approved.
Further,
Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting
standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do
not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting
standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements
that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of
such extended transition period which means that when a standard is issued or revised and it has different application dates for public
or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies
adopt the new or revised standard. This may make comparison of the Company's financial statements with another public company which
is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult
or impossible because of the potential differences in accounting standards used.
F-
68
NORTHERN
LIGHTS ACQUISITION CORP.
NOTES
TO FINANCIAL STATEMENTS
Use
of estimates
The
preparation of 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 date of the financial statements and the
reported amounts of revenues and expenses during the reporting period.
Making
estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of
a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating
its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ
significantly from those estimates.
Cash
and Cash Equivalents
The
Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash
equivalents are carried at cost, which approximates fair value. The Company had $
254,523
in cash and
no
cash equivalents as of December
31, 2021.
Trust
Account
Upon
the closing of the Initial Public Offering and the Private Placement, $
117,300,000
($
10.20
per Unit) of the net proceeds of the Initial
Public Offering and certain of the proceeds of the Private Placement was held in a trust account ("Trust Account") located
in the United States with Continental Stock Transfer & Trust Company acting as trustee, and invested only in U.S. government treasury
obligations with a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 under the Investment
Company Act 1940, as amended (the "Investment Company Act"), which will be invested only in direct U.S. government treasury
obligations, as determined by the Company, until the earlier of: (i) the completion of a Business Combination and (ii) the distribution
of the Trust Account as described below.
Income
taxes
The
Company complies with the accounting and reporting requirements of ASC Topic 740, "Income Taxes," which requires an asset
and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed
for differences between the financial statement and tax bases of assets and liabilities that will result in future taxable or deductible
amounts, based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income.
Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.
ASC
Topic 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax
positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not
to be sustained upon examination by taxing authorities. The Company's management determined United States is the Company's
only major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits, if any, as income
tax expense. There were no unrecognized tax benefits as of December 31, 2021 and no amounts accrued for interest and penalties. The Company
is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its
position.
The Company's management
does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months.
F-
69
NORTHERN
LIGHTS ACQUISITION CORP.
NOTES
TO FINANCIAL STATEMENTS
Note
2 — Summary of Significant Accounting Policies (Continued)
The
Company is considered an exempted State of Delaware company and is presently not subject to income taxes or income tax filing requirements
in the State of Delaware or the United States. As such, the Company's tax provision is zero for the period presented.
Offering
Costs Associated with the Initial Public Offering
Offering
costs consisted of legal, accounting, underwriting fees and other costs incurred that were directly related to the Initial Public Offering.
Offering costs are allocated to the separable financial instruments issued in the Initial Public Offering based on a relative fair value
basis, compared to total proceeds received. Offering costs associated with warrant liabilities are expensed as incurred, presented as
offering costs allocated to warrants in the condensed statements of operations. Offering costs associated with the Public Shares were
charged to stockholders' equity upon the completion of the Initial Public Offering.
Class
A Common Stock Subject to Possible Redemption
The
Company accounts for its shares subject to possible redemption in accordance with the guidance in Accounting Standards Codification ("ASC")
Topic 480 "Distinguishing Liabilities from Equity." Shares subject to mandatory redemption (if any) is classified as a liability
instrument and is measured at fair value. Conditionally redeemable shares of common stock (including shares of common stock that feature
redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not
solely within the Company's control) is classified as temporary equity. At all other times, shares are classified as stockholders'
equity. The Company's shares feature certain redemption rights that are considered to be outside of the Company's control
and subject to occurrence of uncertain future events.
On
December 31, 2021, there are
528,175
shares of Class A Common Stock in Private Placement Unit (Note 5) outstanding.
11,500,000
shares
of Class A Common Stock are subject to possible redemption.
If
it is probable that the equity instrument will become redeemable, the Company has the option to either accrete changes in the redemption
value over the period from the date of issuance (or from the date that it becomes probable that the instrument will become redeemable,
if later) to the earliest redemption date of the instrument or to recognize changes in the redemption value immediately as they occur
and adjust the carrying amount of the instrument to equal the redemption value at the end of each reporting period. The Company has elected
to recognize the changes immediately. The accretion or remeasurement is treated as a deemed dividend (i.e., a reduction to retained earnings,
or in absence of retained earnings, additional paid-in capital).
As
of December 31, 2021, the Class A Common Stock reflected on the balance sheet are reconciled in the following table:
As of December 31, 2021
Gross Proceeds
$
115,000,000
Less:
Proceeds allocated to public warrants
(
5,031,474
)
Proceeds allocated to shares not subject to redemption
(
59
)
Issuance costs related to Class A common stock
(
6,263,677
)
Plus:
Accretion of carrying value to redemption value
13,595,210
Class A common stock subject to possible redemption
117,300,000
F-
70
NORTHERN
LIGHTS ACQUISITION CORP.
NOTES
TO FINANCIAL STATEMENTS
Concentration
of credit risk
Financial
instruments that potentially subject the Company to concentration of credit risk consist of a cash account in a financial institution
which, at times may exceed the Federal depository insurance coverage of $
250,000
. At December 31, 2021, the Company had not experienced
losses on this account and management believes the Company is not exposed to significant risks on such account.
Net
Income Per Share
Net
income per share is computed by dividing net income by the weighted average number of common stock shares outstanding for the period.
The calculation of diluted income per share does not consider the effect of the warrants issued in connection with the Initial Public
Offering and warrants issued as components of the Private Placement Units (the "Placement Warrants") since the exercise of
the warrants are contingent upon the occurrence of future events and the inclusion of such warrants would be anti-dilutive.
The
Company applies the two-class method in calculating earnings per share. The contractual formula utilized to calculate the redemption
amount approximates fair value. The Class feature to redeem at fair value means that there is effectively only one class of stock. Changes
in fair value are not considered a dividend of the purposes of the numerator in the earnings per share calculation. Net income per common
share is computed by dividing the pro rata net loss between the redeemable shares and the non-redeemable shares by the weighted average
number of common shares outstanding for each of the periods. The calculation of diluted income per common stock does not consider the
effect of the warrants issued in connection with the IPO since the exercise of the warrants are contingent upon the occurrence of future
events and the inclusion of such warrants would be anti-dilutive. The warrants are exercisable for
6,014,088
shares of common stock in
the aggregate.
The
following table reflects the calculation of basic and diluted net income per common share:
For the Period from February 26, 2021 (inception)
Through
December 31, 2021
Redeemable Class A common stock subject to possible redemption
Numerator: earnings allocable to redeemable Class A common stock subject to possible redemption
$
852,903
Denominator: weighted average number of redeemable Class A common stock
6,944,805
Basic and diluted net income per redeemable Class A common stock
$
0.12
Non-redeemable Class A and Class B common stock
Numerator: net income allocable to non-redeemable Class A and Class B common stock
$
392,255
Denominator: weighted average number of non-redeemable Class A and Class B common stock
Non-redeemable Class A private placement and Class B common shares, basic and diluted
3,193,963
Basic and diluted net income per non-redeemable Class A and Class B common stock
$
0.12
F-
71
NORTHERN
LIGHTS
ACQUISITION CORP.
NOTES
TO FINANCIAL STATEMENTS
Note
2 — Summary of Significant Accounting Policies (Continued)
Fair
value of financial instruments
The
fair value of the Company's assets and liabilities, which qualify as financial instruments under ASC Topic 820, "Fair Value
Measurements and Disclosures," approximates the carrying amounts represented in the accompanying balance sheet, primarily due to
their short-term nature.
Fair
Value Measurements
Fair
value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction
between market participants at the measurement date. U.S. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs
used in measuring fair value.
The
hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements)
and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include:
●
Level
    1, defined as observable inputs such as quoted prices for identical instruments in active markets;
●
Level
    2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted
    prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active;
    and
●
Level
    3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions,
    such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.
In
some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In
those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input
that is significant to the fair value measurement.
Derivative
Financial Instruments
The
Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded
derivatives in accordance with ASC Topic 815, "Derivatives and Hedging". For derivative financial instruments that are accounted
for as liabilities, the derivative instrument is initially recorded at its fair value on the grant date and is then re-valued at each
reporting date, with changes in the fair value reported in the statements of operations. The classification of derivative instruments,
including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period.
Derivative liabilities are classified in the balance sheet as current or non-current based on whether or not net-cash settlement or conversion
of the instrument could be required within 12 months of the balance sheet date.
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NOTES
TO FINANCIAL STATEMENTS
Recently
Issued Accounting Standards
In
August 2020, the FASB issued Accounting Standards Update ("ASU") No. 2020-06, "Debt—Debt with Conversion and
Other Options(Subtopic 470- 0) 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 accounting
for convertible instruments by removing major separation models required under current U.S. GAAP. The ASU also removes certain settlement
conditions that are required for equity-linked contracts to qualify for the derivative scope exception, and it simplifies the diluted
earnings per share calculation in certain areas. ASU 2020-06 is effective January 1, 2022 and should be applied on a full or modified
retrospective basis, with early adoption permitted beginning on January 1, 2021. The Company is currently assessing the impact, if any,
that ASU 2020-06 would have on its financial position, results of operations or cash flows.
Management
does not believe that any other recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a
material effect on the Company's financial statements.
Note
3 —
Initial Public Offering
Pursuant
to the Initial Public Offering, the Company sold
11,500,000
Units at a purchase price of $
10.00
per Unit on June 28, 2021. Each Unit
consists of one share of the Company's Class A Common Stock and one-half of one redeemable warrant ("Public Warrant").
Each whole Public Warrant entitles the holder to purchase one share of Class A Common Stock at an exercise price of $
11.50
per whole
share (see Note 7).
Note
4 —
Private Placement
Simultaneously
with the Initial Public Offering, the Sponsor purchased an aggregate of
528,175
Private Placement Units at a price of $
10.00
per Private
Placement Unit for an aggregate purchase price of $
5,281,750
.
The
Private Placement Units are identical to the Units, except that (a) the Private Placement Units and their component securities will not
be transferable, assignable or saleable until the consummation of the Company's initial business combination except to permitted
transferees and (b) the Placement Warrants, so long as they are held by the Sponsor or its permitted transferees, (i) may be exercised
by the holders on a cashless basis and (ii) will be entitled to registration rights.
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NOTES
TO FINANCIAL STATEMENTS
Note
5 —
Related Party Transactions
Founder
Shares
On
March 19, 2021, the Company issued an aggregate of
2,875,000
shares of Class B common stock (the "Founder Shares") to the
Sponsor for an aggregate purchase price of $
25,000
. On March 24, 2021, the Sponsor transferred
10,000
shares to the Company's Chief
Financial Officer and
10,000
shares to each of the Company's three independent directors. The Founder Shares which the Sponsor
and its permitted transferees will collectively own, on an as-converted basis, represent
20
% of the Company's issued and outstanding
shares after the Initial Public Offering.
The
Sponsor has agreed not to transfer, assign or sell any of its Founder Shares until the earlier to occur of: (A) six months after the
completion of a Business Combination or (B) the date on which the Company completes a liquidation, merger, capital stock exchange or
similar transaction that results in the Company's stockholders having the right to exchange their shares of common stock for cash,
securities or other property. Notwithstanding the foregoing, if the last reported sale price of the Company's Class A Common Stock
equals or exceeds $
12.50
per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for
any 20 trading days within any 30-trading day period commencing at least 150 days after the Business Combination, the Founder Shares
will be released from the lock-up.
Promissory
Note — Related Party
On
February 26, 2021, the Sponsor committed to loan the Company an aggregate of up to $
300,000
to cover expenses related to the Initial
Public Offering pursuant to a promissory note (the "Note"). The Note was non-interest bearing and was payable on the earlier
of July 31, 2021 or the completion of the Initial Public Offering. On July 7, 2021, the Company paid off the promissory note in full.
At December 31, 2021, there is
no
outstanding balance under the Promissory Note. From inception to December 31, 2021, we borrowed and
repaid $
92,737
pursuant to the promissory note.
Related
Party Loans
In
order to finance transaction costs in connection with a Business Combination, the Company's Sponsor, an affiliate of the Sponsor,
or the Company's officers and directors may, but are not obligated to, loan the Company funds as may be required (the "Working
Capital Loans"). Such Working Capital Loans would be evidenced by promissory notes. The notes would either be repaid upon consummation
of a Business Combination, without interest, or, at the lender's discretion, up to $
1,500,000
of notes may be converted upon consummation
of a Business Combination into units at a price of $
10.00
per unit. The Units will be identical to the Private Placement Units. In the
event that a Business Combination does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the
Working Capital Loans but no proceeds held in the Trust Account would be used to repay the Working Capital Loans. To date and as of December
31, 2021, the Company has no working capital loans outstanding.
If
the Company anticipates that it may not be able to consummate a Business Combination within 12 months, the Company may, by resolution
of the Company's board if requested by the Sponsor, extend the period of time to consummate a Business Combination up to two times,
each by an additional three months (for a total of up to 18 months to complete a Business Combination), subject to the Sponsor depositing
additional funds into the Trust Account as set out below. Pursuant to the terms of the Company's amended and restated certificate
of incorporation and the trust agreement entered into between the Company and Continental Stock Transfer & Trust Company, in order
for the time available for the Company to consummate the initial Business Combination to be extended, the Sponsor or its affiliates or
designees, upon five business days advance notice prior to the applicable deadline, must deposit into the Trust Account $
1,150,000
since
the underwriters' over-allotment option is exercised in full ($
0.10
per unit), on or prior to the date of the applicable deadline,
for each of the available three month extensions, providing a total possible Business Combination period of 18 months at a total payment
value of $
2,300,000
since the underwriters' over-allotment option is exercised in full ($
0.10
per unit) (the "Extension Loans").
Any such payments would be made in the form of non-interest bearing loans. If the Company completes its initial Business Combination,
the Company will, at the option of the Sponsor, repay the Extension Loans out of the proceeds of the Trust Account released to the Company
or convert a portion or all of the total loan amount into units at a price of $
10.00
per unit, which units will be identical to the Private
Placement Units
.
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NORTHERN
LIGHTS
ACQUISITION CORP.
NOTES
TO FINANCIAL STATEMENTS
Note
5 — Related Party Transactions (Continued)
If
the Company does not complete a Business Combination, the Company will repay such loans only from funds held outside of the Trust Account.
Furthermore, the letter agreement among the Company and the Company's officers, directors, and the Sponsor contains a provision
pursuant to which the Sponsor will agree to waive its right to be repaid for such loans to the extent there is insufficient funds held
outside of the Trust Account in the event that the Company does not complete a Business Combination. The Sponsor and its affiliates or
designees are not obligated to fund the Trust Account to extend the time for the Company to complete the initial Business Combination.
The public stockholders will not be afforded an opportunity to vote on the extension of time to consummate an initial Business Combination
from 12 months to 18 months described above or redeem their shares in connection with such extensions.
Administrative
Support Agreement
Commencing
on the date of the Initial Public Offering and until completion of the Company's Business Combination or liquidation, the
Company may reimburse Luminous Capital Inc., an affiliate of the Sponsor, up to an amount of $
10,000
per month for office space, secretarial and administrative support. Through December 31, 2021, $
60,000
of support fees were incurred and are included in formation and operating costs in the accompanying statement of
operations.
Note
6 —
Commitments and Contingencies
Registration
Rights
Pursuant
to a registration rights agreement entered into on June 23, 2021, the holders of the Founder Shares, Private Placement Units (including
the securities contained therein), the units (including the securities contained therein) that may be issued upon conversion of the Working
Capital Loans, and any shares of Class A Common Stock issuable upon the exercise of the Placement Warrants and any shares of Class A
Common Stock, warrants (and underlying Class A Common Stock) that may be issued upon conversion of the units issued as part of the working
capital loans and Class A Common Stock issuable upon conversion of the founder shares are entitled to registration rights. The holders
of a majority of these securities are entitled to make up to three demands, excluding short form demands, that the Company register such
securities. In addition, the holders have certain "piggy-back" registration rights with respect to registration statements
filed subsequent to the completion of a Business Combination and rights to require the Company to register for resale such securities
pursuant to Rule 415 under the Securities Act. However, the registration rights agreement provides that the Company will not permit any
registration statement filed under the Securities Act to become effective until termination of the applicable lock-up period. The Company
will bear the expenses incurred in connection with the filing of any such registration statements.
Underwriting
Agreement
The
Company granted the underwriter a 45-day option to purchase up to
1,500,000
additional Units to cover over-allotments at the Initial
Public Offering price, less the underwriting discounts and commissions. The underwriter's over-allotment option was exercised in
full on June 28, 2021.
The
underwriter was paid a cash underwriting discount of
1.50
% of the gross proceeds of the Initial Public Offering, or $
1,725,000
. In addition,
the underwriter is entitled to a deferred fee of three and a half percent (
3.50
%) of the gross proceeds of the Initial Public Offering,
or $
4,025,000
. The deferred fee was placed in the Trust Account and will be paid in cash upon the closing of a Business Combination,
subject to the terms of the underwriting agreement.
Right
of First Refusal
For
a period beginning on June 28, 2021 and ending 12 months from the closing of a business combination, we have granted the underwriters
a right of first refusal to act as lead-left book running manager and lead left manager for any and all future private or public equity,
convertible and debt offerings during such period. In accordance with FINRA Rule 5110(f)(2)(E)(i), such right of first refusal shall
not have a duration of more than three years from the effective date of our Registration Statement.
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NORTHERN
LIGHTS ACQUISITION CORP.
NOTES
TO FINANCIAL STATEMENTS
Note
7 –
Warrant Liability
At
December 31, 2021 the Company has
5,750,000
Public Warrants and the
264,088
Private Placement Warrants, respectively, outstanding.
Public
Warrants may only be exercised for a whole number of shares. No fractional warrants will be issued upon separation of the Units and only
whole warrants will trade.
The Public Warrants will become exercisable on the later of (i) the date of the completion of a Business Combination
and (ii) 12 months from the closing of the Initial Public Offering, and will expire five years after the completion of a Business Combination
or earlier upon redemption or liquidation
.
The
Company will not be obligated to deliver any shares of Class A Common Stock pursuant to the exercise of a warrant and will have no obligation
to settle such warrant exercise unless a registration statement under the Securities Act covering the issuance of the shares of Class
A Common Stock issuable upon exercise of the warrants is then effective and a current prospectus relating to those shares of Class A
Common Stock is available, subject to the Company satisfying its obligations with respect to registration. No warrant will be exercisable
for cash or on a cashless basis, and the Company will not be obligated to issue any shares to holders seeking to exercise their warrants,
unless the issuance of the shares upon such exercise is registered or qualified under the securities laws of the state of the exercising
holder, or an exemption from registration is available.
The
Company has agreed that as soon as practicable, but in no event later than 20 business days after the closing of its initial Business
Combination, it will use its commercially reasonable efforts to file with the SEC a post-effective amendment to the registration statement
or a new registration statement covering the shares of Class A Common Stock issuable upon exercise of the warrants, to cause such registration
statement to become effective and to maintain a current prospectus relating to those shares of Class A Common Stock until the warrants
expire or are redeemed, as specified in the warrant agreement. If a registration statement covering the shares of Class A Common Stock
issuable upon exercise of the warrants is not effective by the 60th business day after the closing of the Company's initial business
combination, warrant holders may, until such time as there is an effective registration statement and during any period when the Company
will have failed to maintain an effective registration statement, exercise warrants on a "cashless basis" in accordance with
Section 3(a)(9) of the Securities Act or another exemption.. Notwithstanding the above, if the Company's shares of Class A Common
Stock are at the time of any exercise of a warrant not listed on a national securities exchange such that they satisfy the definition
of a "covered security" under Section 18(b)(1) of the Securities Act, it may, at its option, require holders of Public Warrants
who exercise their warrants to do so on a "cashless basis" in accordance with Section 3(a)(9) of the Securities Act and,
in the event the Company so elects, it will not be required to file or maintain in effect a registration statement, and in the event
it does not so elect, it will use its commercially reasonable efforts to register or qualify the shares under applicable blue sky laws
to the extent an exemption is not available. If that exemption, or another exemption, is not available, holders will not be able to exercise
their warrants on a cashless basis.
Redemption
of warrants when the price per Class A Common Stock equals or exceeds $
18.00
. Once the warrants become exercisable, the Company may redeem
the Public Warrants:
●
in
    whole and not in part;
●
at
    a price of $
0.01
per Public Warrant;
●
upon
    not less than 30 days' prior written notice of redemption to each warrant holder; and
●
if,
    and only if, the reported last sale price of the Class A Common Stock equals or exceeds $
18.00
per share (as adjusted for stock splits,
    stock dividends, reorganizations, recapitalizations and the like and certain issuances of Class A Common Stock and equity-linked
    securities) for any 20 trading days within a 30-trading day period commencing no earlier than the date the warrants become exercisable
    and ending on the third business day before the date on which the Company sends the notice of redemption to the warrant holders.
If
and when the warrants become redeemable by the Company, the Company may exercise its redemption right even if it is unable to register
or qualify the underlying securities for sale under all applicable state securities laws.
F-
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NORTHERN
LIGHTS
ACQUISITION CORP.
NOTES
TO FINANCIAL STATEMENTS
Note
7 – Warrant Liability (Continued)
If
the Company calls the Public Warrants for redemption, management will have the option to require all holders that wish to exercise the
Public Warrants to do so on a "cashless basis," as described in the warrant agreement. The exercise price and number of shares
of Class A Common Stock issuable upon exercise of the warrants may be adjusted in certain circumstances including in the event of a stock
dividend, or recapitalization, reorganization, merger or consolidation. However, the warrants will not be adjusted for issuance of Class
A Common Stock at a price below its exercise price. Additionally, in no event will the Company be required to net cash settle the warrants.
If the Company is unable to complete a Business Combination within the Combination Window and the Company liquidates the funds held in
the Trust Account, holders of warrants will not receive any of such funds with respect to their warrants, nor will they receive any distribution
from the Company's assets held outside of the Trust Account with the respect to such warrants. Accordingly, the warrants may expire
worthless.
In
addition, if (x) the Company issues additional shares of Class A Common Stock or equity-linked securities for capital raising purposes
in connection with the closing of its initial Business Combination at an issue price or effective issue price of less than $9.20 per
share of Class A Common Stock (with such issue price or effective issue price to be determined in good faith by the Company's board
of directors and, in the case of any such issuance to the Sponsor or its affiliates, without taking into account any Founder Shares held
by the Sponsor or such affiliates, as applicable, prior to such issuance) (the "Newly Issued Price"), (y) the aggregate gross
proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of
the Company's initial Business Combination on the date of the consummation of such initial Business Combination (net of redemptions),
and (z) the volume weighted average trading price of the Company's common stock during the 20 trading day period starting on the
trading day prior to the day on which the Company consummates its initial Business Combination (such price, the "Market Value")
is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher
of the Market Value and the Newly Issued Price, the $18.00 per share redemption trigger price described above will be adjusted (to the
nearest cent) to be equal to 180% of the greater of the Market Value and the Newly Issued Price and the $10.00 per share redemption trigger
price described above will be adjusted (to the nearest cent) to be equal to the greater of the Market Value and the Newly Issued Price
.
The
Placement Warrants will be identical to the Public Warrants underlying the Units being sold in the Initial Public Offering, except that
the Placement Warrants and the Class A Common Stock issuable upon the exercise of the Placement Warrants will not be transferable, assignable
or salable until 30 days after the completion of a Business Combination, subject to certain limited exceptions. Additionally, the Placement
Warrants will be exercisable on a cashless basis and be non-redeemable so long as they are held by the initial purchasers or their permitted
transferees. If the Placement Warrants are held by someone other than the initial purchasers or their permitted transferees, the Placement
Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants.
The
Company accounted for the aggregate
6,014,088
warrants issued in connection with the Initial Public Offering (the
5,750,000
Public Warrants
and the
264,088
Placement Warrants) in accordance with the guidance contained in FASB ASC Topic 815-40. Such guidance provides that because
the warrants do not meet the criteria for equity treatment thereunder, each warrant must be recorded as a liability due to the existence
of provisions whereby adjustments to the exercise price of the warrants is based on a variable that is not an input to the fair value
of a ''fixed-for-fixed'' option and the existence of the potential for net cash settlement for the warrant holders
(but not all common stockholders) in the event of a tender offer.
The
accounting treatment of derivative financial instruments requires that the Company record a derivative liability upon the closing of
the Initial Public Offering. Accordingly, the Company classified each warrant as a liability at its fair value and the warrants were
allocated a portion of the proceeds from the issuance of the Units equal to its fair value determined by the Monte Carlo simulation.
This liability is subject to remeasurement at each balance sheet date. With each such re-measurement, the warrant liability will be adjusted
to fair value, with the change in fair value recognized in the Company's statement of operations. The Company will reassess the
classification at each balance sheet date. If the classification changes as a result of events during the period, the warrants will be
reclassified as of the date of the event that causes the reclassification
F-
77
NORTHERN
LIGHTS
ACQUISITION CORP.
NOTES
TO FINANCIAL STATEMENTS
Note
8 –
Stockholders' Equity
Preferred
Stock
— The Company is authorized to issue
1,250,000
preferred shares with a par value of $
0.0001
per share with such designation,
rights and preferences as may be determined from time to time by the Company's Board of Directors. At December 31, 2021, there
were
no
preferred shares issued or outstanding.
Class
A Common Stock
— The Company is authorized to issue up to
125,000,000
shares of Class A Common Stock with a par value of
$
0.0001
per share. Holders of the Company's Class A Common Stock are entitled to one vote for each share. At December 31, 2021,
there were
528,175
shares of Class A Common Stock issued or outstanding, excluding
11,500,000
shares of Class A Common Stock subject
to possible redemption.
Class
B Common Stock —
The Company is authorized to issue up to
12,500,000
shares of Class B common stock with a par value of
$
0.0001
per share. Holders of the Company's Class B common stock are entitled to one vote for each share. On March 24, 2021, the
Sponsor transferred
10,000
shares to the Company's Chief Financial Officer and
10,000
shares to each of the Company's three
independent directors. At December 31, 2021, there were
2,875,000
shares of Class B common stock issued and outstanding.
Holders
of Class A Common Stock and Class B common stock will vote together as a single class on all other matters submitted to a vote of stockholders,
except as required by law.
The
shares of Class B common stock will automatically convert into shares of Class A Common Stock at the time of the Business Combination
on a one-for-one basis, subject to adjustment for stock splits, stock dividends, reorganizations, recapitalizations and the like. In
the case that additional shares of Class A Common Stock, or equity linked securities, are issued or deemed issued in excess of the amounts
offered in the Initial Public Offering and related to the closing of a Business Combination, the ratio at which shares of Class B common
stock shall convert into shares of Class A Common Stock will be adjusted (unless the holders of a majority of the outstanding shares
of Class B common stock agree to waive such adjustment with respect to any such issuance or deemed issuance) so that the number of shares
of Class A Common Stock issuable upon conversion of all shares of Class B common stock will equal, in the aggregate, on an as converted
basis, 20% of the sum of the total number of all shares of common stock outstanding upon the completion of the Initial Public Offering
plus all shares of Class A Common Stock and equity linked securities issued or deemed issued in connection with a Business Combination
(excluding any shares or equity linked securities issued, or to be issued, to any seller in a Business Combination, and any private placement-equivalent
units and its underlying securities issued to the Sponsor or its affiliates upon conversion of loans made to the Company
).
The
Company may issue additional common stock or preferred stock to complete its Business Combination or under an employee incentive plan
after completion of its Business Combination.
Note
9 –
Fair Value Measurements
The
following table presents information about the Company's assets and derivative warrant liabilities that are measured at fair value
on a recurring basis as of December 31, 2021 and indicates the fair value hierarchy of the valuation techniques that the Company utilized
to determine such fair value:
Quoted Prices in Active Markets
Significant Other Observable Inputs
Significant Other Unobservable Inputs
Description
(Level 1)
(Level 2)
(Level 3)
Asset:
Marketable securities held in Trust Account
$
117,321,508
$
—
$
—
Warrant Liabilities:
Public Warrants
$
2,701,925
$
—
$
—
Private Placement Warrants
$
—
$
—
$
124,951
Transfers
to/from Levels 1, 2 and 3 are recognized at the end of the reporting period in which a change in valuation technique or methodology occurs.
In 2021, the Public Warrants transferred from a Level 3 measurement to a Level 1 fair value measurements, after they split from the units
and started trading.
The
Warrants are measured at fair value on a recurring basis. The Public Warrants were initially valued using a Modified Monte Carlo Simulation.
As of December 31, 2021, the Public Warrants were valued using the instrument's publicly listed trading price as of the balance
sheet date, which is considered to be a Level 1 measurement due to the use of an observable market quote in an active market.
At
December 31, 2021, assets held in the Trust Account were comprised of $
508
in cash and $
117,321,000
in a mutual fund invested in U.S.
Treasury Securities.
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NORTHERN
LIGHTS
ACQUISITION CORP.
NOTES
TO UNAUDITED CONDENSED FINANCIAL STATEMENTS
Note
9 – Fair Value Measurements (Continued)
The
Company recognized $
5,031,474
for the derivative warrant liabilities upon their issuance on June 28, 2021. The Sponsor paid an aggregate
of $
5,281,750
for Private Placement Warrants with an initial aggregate fair value of $
224,474
. The excess purchase price over the initial
fair value on the private placement closing date is recognized as a capital contribution from the Sponsor.
The
Company utilizes a binomial Monte-Carlo simulation to estimate the fair value of the warrants at each reporting period for warrants that
are not actively traded. The estimated fair value of the derivative warrant liabilities is determined using Level 3 inputs. Inherent
in a binomial Monte Carlo simulation are assumptions related to expected stock-price volatility, expected life, risk-free interest rate
and dividend yield. The Company estimates the volatility of its common stock based on historical volatility of select peer companies
that matches the expected remaining life of the warrants. The risk-free interest rate is based on the U.S. Treasury zero-coupon yield
curve on the grant date for a maturity similar to the expected remaining life of the warrants. The expected life of the warrants is assumed
to be equivalent to their remaining contractual term. The dividend rate is based on the historical rate, which the Company anticipates
remaining at zero.
The
following table provides quantitative information regarding Level 3 fair value measurements inputs as their measurement dates:
June 28, 2021
December 31, 2021
(Public and
Private Warrant)
(Private
Warrant)
Exercise price
$
11.50
$
11.50
Share price
$
10.00
$
10.07
Expected term (years)
5.86
5.28
Probability of Acquisition
90.0
%
90.0
%
Volatility
14.7
%
8.3
%
Risk-free rate
1.04
%
1.28
%
Dividend yield (per share)
0.00
%
0.00
%
The
change in the fair value of the derivative warrant liabilities for the period from June 28, 2021 (Initial Public Offering) through December
31, 2021 is summarized as follows:
Private Placement
Public Warrant
Warrant Liability
Fair value as of June 28, 2021 (Initial Public Offering)
$
224,474
$
4,807,000
$
5,031,474
Change in valuation inputs or other assumptions
(1)(2)
(
99,523
)
(
2,105,075
)
(
2,204,598
)
Fair value as of December 31, 2021
$
124,951
2,701,925
2,826,876
(1)
Changes
    in valuation inputs or other assumptions are recognized in change in fair value of warrant liability in the statement of operations.
(2)
Changes
    are due to the use of quoted prices in an active market (Level 1) and the use of unobservable inputs based on assessment of the assumptions
    (Level 3) for Public Warrants (after becoming actively traded) and Private Placement Warrants, respectively.
Note
10 –
Income Taxes
The
tax effects of temporary differences that give rise to deferred tax assets are presented below:
For the period from February 26, 2021 to December 31, 2021
Deferred Tax Assets:
Net operating loss carryforwards
$
87,611
Transaction costs
42,000
Start-up costs
16,885
Total deferred tax assets
146,496
Valuation allowance
(
146,496
)
Deferred tax asset, net of valuation allowance
$
—
F-
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NORTHERN
LIGHTS
ACQUISITION CORP.
NOTES
TO UNAUDITED CONDENSED FINANCIAL STATEMENTS
The
income tax provision (benefit) consists of the following:
For the period from February 26, 2021 to
December 31, 2021
Federal:
Current
$
—
Deferred
(
146,496
)
State and local:
Current
—
Deferred
—
(
146,496
)
Change in valuation allowance
146,496
Income tax provision (benefit)
$
—
In assessing the realization
of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will
not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the
periods in which the temporary differences representing net future deductible amounts become deductible. Management considers the scheduled
reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. After consideration
of all information available, management believes that significant uncertainty exists with the respect to the realization of the deferred
tax assets and has therefore established a full valuation allowance. For the period from February 26, 2021 (inception) through December
31, 2021, the change in the valuation allowance was $
146,496
.
A
reconciliation of the statutory federal income tax rate to the Company's effective tax rate is as follows:
For the period from February 26, 2021 to
December 31, 2021
Tax benefit at federal statutory rate
21.0
%
Increase (decrease) in tax provision resulting from:
Warrants – fair market value change
(
37.2
)
Warrants – formation costs
4.4
Change in valuation allowance
11.8
Effective income tax rate
0.0
%
At December 31, 2021, we had
$
417,198
of U.S.
net operating loss carryforwards available to offset future taxable income. These net operating losses do not expire.
There
were no unrecognized tax benefits related to uncertain tax positions at December 31, 2021.
As a result of our operations, we file income tax
returns in the US federal jurisdiction and in New York state and are subject to examination by the various taxing authorities,
since exception.
F-
80
Note
11 –
Subsequent Event
On
February 11, 2022, the Company and the Sponsor entered into a definitive unit purchase agreement (the "Unit Purchase Agreement")
with SHF, LLC d/b/a Safe Harbor Financial ("SHF"), SHF Holding Co., LLC, the sole member of SHF (the "Seller"),
and Partner Colorado Credit Union, the sole member of the Seller ("PCCU"). Pursuant to the Unit Purchase Agreement, upon
the closing (the "Closing") of the contemplated transactions (collectively, the "Business Combination"), the
Company will purchase all of the issued and outstanding membership interests of SHF in exchange for an aggregate of $
185,000,000
, consisting
of (i)
11,386,139
shares of Class A Common Stock with an aggregate value equal to $
115,000,000
and (b) $
70,000,000
in cash. The obligations
of the parties to consummate the Business Combination are subject to the satisfaction or waiver of certain customary closing conditions
of the respective parties, including, without limitation: (a) the representations and warranties of the respective parties being true
and correct subject to the materiality standards contained in the Unit Purchase Agreement; (b) material compliance by the parties of
their respective pre-closing covenants and agreements, subject to the standards contained in the Unit Purchase Agreement; (c) the approval
by the Company's stockholders of the Business Combination; (d) the approval by the Seller's manager of the Business Combination;
(e) the approval by SHF's managers of the Business Combination; (f) the absence of any Material Adverse Effect (as defined in the
Unit Purchase Agreement) with respect to the Company or with respect to SHF since the effective date of the Unit Purchase Agreement that
is continuing and uncured; (g) the Company having at least $
5,000,001
in tangible net assets upon the Closing; (h) the election of the
members of the post-Closing board of directors consistent with the provisions of the Unit Purchase Agreement, a majority of which are
to be independent in accordance with the Nasdaq rules; (i) the entry into certain ancillary agreements as of the Closing; (j) the lack
of any notice or communication from, or position of, the SEC requiring the Company to amend or supplement the proxy statement on Schedule
14A to be delivered to its stockholders in connection with the approval of the Business Combination and related matters; and (k) the
receipt of certain closing deliverables.
Concurrently
with entering into the Unit Purchase Agreement, the Company entered into a securities purchase agreement (a "Securities Purchase
Agreement") with certain investors (collectively, the "PIPE Investors"), pursuant to which, among other things, the
PIPE Investors agreed to subscribe for and purchase, and the Company agreed to issue and sell to the PIPE Investors, an aggregate of
60,000
shares (the "PIPE Shares") of the Company's Series A Convertible Preferred Stock, par value $
0.0001
per share
(the "Series A Convertible Preferred Stock"), and warrants to purchase up to a number of shares of Class A Common Stock equal
to
50
% of shares of the Class A Common Stock issuable upon conversion of the PIPE Shares (the "PIPE Warrants") for gross
proceeds of $
60.0
million (the "PIPE Financing"). The closing of the PIPE Financing is contingent upon, among other things,
the substantially concurrent consummation of the Business Combination. The Securities Purchase Agreement provides that it will terminate
upon the earlier to occur of (i) termination of the Unit Purchase Agreement and (ii) the mutual written agreement of each of the parties.
Management
has evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the financial statement
was issued. Based upon this review, other than the events included in the above notes, the Company did not identify any subsequent events
that would have required adjustment or disclosure in the financial statement.
F-
81
SHF
HOLDINGS, INC.
PART
II
Information
Not Required in Prospectus
Item
13. Other Expenses of Issuance and Distribution.
The
following is an estimate of the expenses (all of which are to be paid by the registrant) that we may incur in connection with the securities
being registered hereby.
Amount
SEC
    registration fee
$
17,592.65
Legal
    fees and expenses
*
Accounting
    fees and expenses
*
Miscellaneous
*
Total
$
*
*
These
                                            fees are calculated based on the securities offered and the number of issuances and accordingly
                                            cannot be defined at this time.
Item
14. Indemnification of Directors and Officers.
Section
145(a) of the DGCL provides, in general, that a corporation may indemnify any person who was or is a party to or is threatened to be
made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative
(other than an action by or in the right of the corporation), because he or she is or was a director, officer, employee or agent of the
corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation,
partnership, joint venture, trust or other enterprise, against expenses (including attorneys' fees), judgments, fines and amounts
paid in settlement actually and reasonably incurred by the person in connection with such action, suit or proceeding, if he or she acted
in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the corporation and, with
respect to any criminal action or proceeding, had no reasonable cause to believe his or her conduct was unlawful.
Section
145(b) of the DGCL provides, in general, that a corporation may indemnify any person who was or is a party or is threatened to be made
a party to any threatened, pending or completed action or suit by or in the right of the corporation to procure a judgment in its favor
because the person is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation
as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, against expenses
(including attorneys' fees) actually and reasonably incurred by the person in connection with the defense or settlement of such
action or suit if he or she acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests
of the corporation, except that no indemnification shall be made with respect to any claim, issue or matter as to which he or she shall
have been adjudged to be liable to the corporation unless and only to the extent that the Court of Chancery or other adjudicating court
determines that, despite the adjudication of liability but in view of all of the circumstances of the case, he or she is fairly and reasonably
entitled to indemnity for such expenses that the Court of Chancery or other adjudicating court shall deem proper.
II-
1
Section
145(g) of the DGCL provides, in general, that a corporation may purchase and maintain insurance on behalf of any person who is or was
a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer,
employee or agent of another corporation, partnership, joint venture, trust or other enterprise against any liability asserted against
such person and incurred by such person in any such capacity, or arising out of his or her status as such, whether or not the corporation
would have the power to indemnify the person against such liability under Section 145 of the DGCL.
Additionally,
our Certificate of Incorporation eliminates our directors' liability to the fullest extent permitted under the DGCL. The DGCL provides
that directors of a corporation will not be personally liable for monetary damages for breach of their fiduciary duties as directors,
except for liability:
●
for
                                            any transaction from which the director derives an improper personal benefit;
●
for
                                            any act or omission not in good faith or that involves intentional misconduct or a knowing
                                            violation of law;
●
for
                                            any unlawful payment of dividends or redemption of shares; or
●
for
                                            any breach of a director's duty of loyalty to the corporation or its stockholders.
If
the DGCL is amended to authorize corporate action further eliminating or limiting the personal liability of directors, then the liability
of the Company's directors will be eliminated or limited to the fullest extent permitted by the DGCL, as so amended.
In
addition, we have entered into separate indemnification agreements with our directors and officers. These agreements, among other things,
require us to indemnify our directors and officers for certain expenses, including attorneys' fees, judgments, liabilities, fines,
penalties and settlement amounts incurred by a director or officer in any action or proceeding arising out of their services as one of
our directors or officers or any other company or enterprise to which the person provides services at our request.
We
maintain a directors' and officers' insurance policy pursuant to which our directors and officers are insured against liability
for actions taken in their capacities as directors and officers.
Item
15. Recent Sales of Unregistered Securities.
Amended
and Restated Securities Purchase Agreement.
In
order to finance a portion of the purchase price payable under the Unit Purchase Agreement, and the costs and expenses incurred in connection
therewith, the Company previously entered into a Securities Purchase Agreement (the "Securities Purchase Agreement") with
certain investors (the "Initial PIPE Investors") concurrently with the execution of the Unit Purchase Agreement, pursuant
to which such PIPE Investors committed to purchase shares of Class A Convertible Preferred Stock (the "PIPE Shares") and
warrants (the "PIPE Warrants") to purchase up to a number of shares of the Class A Common Stock equal to 50% of shares of
the Class A Common Stock issuable upon conversion of the PIPE Shares (the "Conversion Shares"). On September 27, 2022, the
Company entered into an Amended and Restated Securities Purchase Agreement (the "Amended and Restated Securities Purchase Agreement")
with certain of the Initial PIPE Investors and certain additional investors (collectively, the "PIPE Investors") pursuant
to which, among other things, the PIPE Investors agreed to subscribe for and purchase, and the Company agreed to issue and sell to the
PIPE Investors, an aggregate of 20,450 PIPE Shares and 1,022,500 PIPE Warrants for gross proceeds of approximately $20.4 million (the
"PIPE Financing"). On September 28, 2022, in connection with the Closing, the PIPE Financing closed, and 20,450 PIPE Shares
and 1,022,500 PIPE Warrants were issued to the PIPE Investors.. The PIPE Shares and PIPE Warrants issued to the PIPE Investors were issued
pursuant to and in accordance with the exemption from registration under the Securities Act of 1933 (the
"Securities Act"
)
under Section 4(a)(2) and/or Regulation D promulgated thereunder.
Class
A Common Stock
Pursuant
to our prior amended and restated certificate of incorporation, each share of NLIT's Class B Common Stock converted into one share
of NLIT's Class A Common Stock at the Closing of the Business Combination. The issuance of Class A Common Stock upon automatic
conversion of Class B Common Stock at the Closing has not been registered under the Securities Act in reliance on the exemption from
registration provided by Section 3(a)(9) of the Securities Act.
Private
Warrants.
Simultaneously
with the consummation of the Initial Public Offering, the Company consummated the private placement of an aggregate of 528,175 units
(the "Private Placement Units") to the Sponsor, at a price of $10.00 per Private Placement Unit, generating total gross proceeds
of $5,281,750 (the "Private Placement"). No underwriting discounts or commissions were paid with respect to the Private Placement..
The Private Placement was made pursuant to an exemption from registration contained in Section 4(a)(2) of the Securities Act.
II-
2
Item
16. Exhibits.
Exhibit
    No.
Description
2.1†
Unit Purchase Agreement dated February 11, 2022 (incorporated by reference to Exhibit 2.1 to the Company's Current Report on Form 8-K filed on February 14, 2022)
2.2
First Amendment to Unit Purchase Agreement dated September 19, 2022 (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on September 19, 2022)
2.3
Second Amendment to Unit Purchase Agreement dated September 22, 2022 (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on September 23, 2022)
2.4
Third Amendment to Unit Purchase Agreement dated September 28, 2022 (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K, filed on September 29, 2022)
3.1
Second Amended and Restated Certificate of Incorporation (incorporated by reference to Exhibit 3.1 of the Company's Current Report on Form 8-K, filed on September 29, 2022).
3.2
Certificate of Designation (incorporated by reference to Exhibit 3.2 of the Company's Current Report on Form 8-K, filed on September 29, 2022).
3.3
Bylaws (incorporated by reference to Exhibit 3.3 to the Company's Registration Statement on Form S-1 filed on June 2, 2021).
4.1
Warrant Agreement, dated June 23, 2021, between the Company and Continental Stock Transfer & Trust Company (incorporated by reference to Exhibit 4.1 to the Company's Current Report on Form 8-K filed on June 25, 2021).
5.1*
Opinion
    of Nelson Mullins Riley & Scarborough LLP
10.1
Registration Rights Agreement dated September 28, 2022 (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on October 4, 2022).
10.2†
Lock-Up Agreement dated September 28, 2022 (incorporated by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K filed on October 4, 2022).
10.3
Non-Competition Agreement dated September 28, 2022 (incorporated by reference to Exhibit 10.3 to the Company's Current Report on Form 8-K filed on October 4, 2022).
10.4
SHF Holdings, Inc. 2022 Stock Incentive Plan (incorporated by reference to Exhibit 10.4 to the Company's Current Report on Form 8-K filed on October 4, 2022).
10.5
Letter Agreement, dated June 23, 2021, among the Company, its officers and directors and 5AK, LLC (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on June 25, 2021).
10.6
Registration Rights Agreement, dated June 23, 2021, by and among the Company and certain securityholders (incorporated by reference to Exhibit 10.3 to the Company's Current Report on Form 8-K filed on June 25, 2021).
10.7
Placement Unit Purchase Agreement, dated June 23, 2021, by and between the Company and the Sponsor (incorporated by reference to Exhibit 10.4 to the Company's Current Report on Form 8-K filed on June 25, 2021).
10.8
Form of Indemnity Agreement (incorporated by reference to Exhibit 10.7 to the Company's Registration Statement on Form S-1 filed on June 2, 2021).
10.9†
Form of Amended and Restated Securities Purchase Agreement (incorporated by reference to Exhibit 10.2 of the Company's Current Report on Form 8-K, filed on September 29, 2022).
10.10†
Form of Amended and Restated Registration Rights Agreement (incorporated by reference to Exhibit 10.3 of the Company's Current Report on Form 8-K, filed on September 29, 2022).
10.11
Form of Voting Agreement (incorporated by reference to Exhibit 10.4 of the Company's Current Report on Form 8-K, filed on September 29, 2022).
10.12
Forward Purchase Agreement dated June 16, 2022 (incorporated by reference to Exhibit 10.1 of the Company's Current Report on Form 8-K, filed on June 17, 2022).
21.1
Subsidiaries of the Company (incorporated by reference to Exhibit 21.1 to the Company's Current Report on Form 8-K filed on October 4, 2022).
II-
3
23.1*
Consent
    of Elliott Davis, PLLC
23.2*
Consent of Marcum LLP
23.3*
Consent
    of Nelson Mullins Riley & Scarborough LLP (included in Exhibit 5.1)
24.1*
Power of Attorney (included on the signature page hereto)
101.SCH*
Inline XBRL Taxonomy Extension Schema Document
101.CAL*
Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF*
Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB*
Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE*
Inline XBRL Taxonomy Extension Presentation Linkbase Document
104*
Cover
    page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)
107*
Filing Fee Table
*
Filed herewith.
†
Certain of the exhibits and schedules to this exhibit have been omitted in accordance with Regulation S-K Item 601(a)(5). The Company
agrees to furnish supplementally a copy of all omitted exhibits and schedules to the SEC upon its request.
Item
17. Undertakings.
(a)
The
                                            undersigned registrant hereby undertakes:
(1)
To
                                            file, during any period in which offers or sales are being made, a post-effective amendment
                                            to this registration statement:
(i)
to
                                            include any prospectus required by Section 10(a)(3) of the Securities Act;
(ii)
to
                                            reflect in the prospectus any facts or events arising after the effective date of the registration
                                            statement (or the most recent post-effective amendment thereof) which, individually or in
                                            the aggregate, represent a fundamental change in the information set forth in the registration
                                            statement. Notwithstanding the foregoing, any increase or decrease in volume of securities
                                            offered (if the total dollar value of securities offered would not exceed that which was
                                            registered) and any deviation from the low or high end of the estimated maximum offering
                                            range may be reflected in the form of prospectus filed with the Securities and Exchange Commission
                                            (the "Commission") pursuant to Rule 424(b) if, in the aggregate, the changes
                                            in volume and price represent no more than 20 percent change in the maximum aggregate offering
                                            price set forth in the "Calculation of Registration Fee" table in the effective
                                            registration statement; and
(iii)
to
                                            include any material information with respect to the plan of distribution not previously
                                            disclosed in the registration statement or any material change to such information in the
                                            registration statement;
provided
,
however
, that: Paragraphs (a)(1)(i), (a)(1)(ii) and (a)(1)(iii) of this section do not apply if the information required to be
included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the registrant
pursuant to Section 13 or Section 15(d) of the Securities and Exchange Act of 1934, as amended (the "Exchange Act"), that
are incorporated by reference in the registration statement, or is contained in a form of prospectus filed pursuant to Rule 424(b) that
is part of the registration statement.
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4
(2)
That,
                                            for the purpose of determining any liability under the Securities Act, each such post-effective
                                            amendment shall be deemed to be a new registration statement relating to the securities offered
                                            therein, and the offering of such securities at that time shall be deemed to be the initial
                                            bona fide offering thereof.
(3)
To
                                            remove from registration by means of a post-effective amendment any of the securities being
                                            registered which remain unsold at the termination of the offering.
(4)
That,
                                            for the purpose of determining liability under the Securities Act to any purchaser:
(i)
Each
                                            prospectus filed by the registrant pursuant to Rule 424(b)(3) shall be deemed to be part
                                            of the registration statement as of the date the filed prospectus was deemed part of and
                                            included in the registration statement; and
(ii)
Each
                                            prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5) or (b)(7) as part of a
                                            registration statement in reliance on Rule 430B relating to an offering made pursuant to
                                            Rule 415(a)(1)(i), (vii) or (x) for the purpose of providing the information required by
                                            Section 10(a) of the Securities Act shall be deemed to be part of and included
in
the registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the
first contract of sale of securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of
the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration
statement relating to the securities in the registration statement to which that prospectus relates, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof. Provided, however, that no statement made in a registration
statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference
into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract
of sale prior to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that
was part of the registration statement or made in any such document immediately prior to such effective date.
(5)
That,
                                            for the purpose of determining liability of the registrant under the Securities Act to any
                                            purchaser in the initial distribution of the securities, the undersigned registrant undertakes
                                            that in a primary
offering
    of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method used to
    sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications,
    the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:
(i)
Any
                                            preliminary prospectus or prospectus of the undersigned registrant relating to the offering
                                            required to be filed pursuant to Rule 424;
II-
5
(ii)
Any
                                            free writing prospectus relating to the offering prepared by or on behalf of the undersigned
                                            registrant or used or referred to by the undersigned registrant;
(iii)
The
                                            portion of any other free writing prospectus relating to the offering containing material
                                            information about the undersigned registrant or its securities provided by or on behalf of
                                            the undersigned registrant; and
(iv)
Any
                                            other communication that is an offer in the offering made by the undersigned registrant to
                                            the purchaser.
(
b)
Insofar as indemnification for liabilities arising under the Securities Act 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.
II-
6
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 hereunto duly authorized.
SHF
    HOLDINGS, INC.
/s/
    Sundie Seefried
Name:
Sundie
    Seefried
Title:
Chief
    Executive Officer
Date:
October 7, 2022
POWER
OF ATTORNEY
KNOW
ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below hereby constitutes and appoints Sundie Seefried
and Chris Fameree, and each of them, his or her true and lawful attorneys-in-fact and agents, each with full power of substitution
and resubstitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign any and all amendments,
including post-effective amendments, to this Registration Statement, and any registration statement relating to the offering covered
by this Registration Statement and filed pursuant to Rule 462(b) under the Securities Act of 1933, and to file the same, with exhibits
thereto and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact
and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done,
as fully for all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that each of said
attorneys-in-fact and agents, or his or her substitute or substitutes may lawfully do or cause to be done by virtue hereof.
Pursuant
to the requirements of the Securities Act of 1933, this registration statement has been signed below by the following persons in the
capacities and on the date indicated.
Signature
Title
Date
/s/ Sundie Seefried
Chief
                                            Executive Officer
October
    7, 2022
Sundie
    Seefried
/s/ Chris Fameree
Chief
    Financial Officer
October
    7, 2022
Chris
    Fameree
/s/ Jonathon F.
    Niehaus
Director
October
    7, 2022
Jonathon
    F. Niehaus
/s/ Joshua Mann
Director
October
    7, 2022
Joshua
    Mann
/s/
    John Darwin
Director
October
    7, 2022
John
    Darwin
/s/ Jennifer Meyers
Director
October
    7, 2022
Jennifer
    Meyers
/s/
    Jonathan Summers
Director
October
    7, 2022
Jonathan
    Summers
Director
October
    __, 2022
Karl
    Racine
/s/ Richard Carleton
Director
October
    7, 2022
Richard
    Carleton
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