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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>

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filed with the Securities and Exchange Commission on July 27, 2022</span></p>

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

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

<!-- Field: Rule-Page --><div style="width: 100%"><div style="border-top: Black 4pt solid; border-bottom: 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>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: 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
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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: 18pt"><b><span id="xdx_90B_edei--EntityRegistrantName_c20220101__20220331_zP1bxF7lHkmk"><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" name="dei:EntityRegistrantName">TODOS
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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">(Exact
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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_901_edei--EntityIncorporationStateCountryCode_c20220101__20220331_zXuPw97gt8k"><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" format="ixt-sec:edgarprovcountryen" name="dei:EntityIncorporationStateCountryCode">Israel</ix:nonNumeric></span></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">(State
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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_90F_edei--EntityPrimarySicNumber_c20220101__20220331_zx1C07ygdUgc"><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" name="dei:EntityPrimarySicNumber">2835</ix:nonNumeric></span></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">(Primary
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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>

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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">(Address,
including zip code, and telephone number,</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">including
area code, of registrant&#8217;s principal executive offices)</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>Puglisi
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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>Newark,
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address, including zip code, and telephone number,</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">including
area code, of agent for service)</span></p>

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

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

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="width: 6%">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 30%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Joseph
    M. Lucosky, Esq.<br />
    Steven A. Lipstein, Esq.</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Lucosky
Brookman LLP<br />
101 Wood Avenue South, 5</b><sup>th </sup><b>Floor<br />
Woodbridge, NJ 08830<br />
Tel. No.: (732) 395-4400<br />
Fax No.: (732) 395-4401</b></span></p></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 30%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Carl
    M. Sherer, Esq.</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Rimon
    PC</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>100
    Park Ave, 16th Floor</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>New
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    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tel.
    No.: (800) 930-7271</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fax
    No.: (617) 997-0098</b></span></p></td>
    <td style="width: 2%">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 30%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Louis
                                            Taubman, Esq.</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Guillaume
    de Sampigny, Esq</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Hunter
    Taubman Fischer &amp; Li LLC</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>48
    Wall Street, Suite 1100</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>New
    York, NY 10005</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tel.
    No.: (212) 530-2210</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fax
    No.: (212) 202-6380</b></span></p></td></tr>
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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"><b>&#160;</b></span></p>

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

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

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

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

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

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

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

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

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

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

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

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="width: 6%">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 46%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Large
    accelerated filer &#9744;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 14%"><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: 34%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accelerated
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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"><span id="xdx_908_edei--EntityFilerCategory_c20220101__20220331_zD2x2b74qT15"><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" format="ixt-sec:entityfilercategoryen" name="dei:EntityFilerCategory">Non-accelerated
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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">Smaller
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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. &#9744;</span></p>

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

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

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: 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-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; color: red"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
information in this preliminary prospectus is not complete and may be changed. These securities may not be sold until the registration
statement filed with the Securities and Exchange Commission becomes effective. This preliminary prospectus is not an offer to sell nor
does it seek an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.</span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <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; color: red"><b>Preliminary
    Prospectus</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 50%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><b><i>Subject
    to Completion. Dated: July 27, 2022</i></b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><img src="forms-1_001.jpg" alt="" style="height: 39px; width: 102px" /></b></span></p>

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

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Each Unit Consisting of One Ordinary Share, and
One Warrant to Purchase One Ordinary Share, as Described Below</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">We are
offering an aggregate of &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Units (the &#8220;Units&#8221;) based
on a public offering price of $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; per Unit. Each
Unit consists of one ordinary share of Todos Medical, Ltd., an Israel corporation, par value NIS 0.01 per share, and one warrant (&#8220;Warrant&#8221;)
to purchase one ordinary share of Todos Medical Ltd. The Warrants may be exercised in whole, with an exercise price equal to 120%
of the public offering price of each Unit sold in this offering. This offering also relates to the ordinary shares issuable upon
exercise of any Warrants sold in this offering.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Our ordinary
shares are presently quoted on the <span style="background-color: white">OTCQB Marketplace operated by OTC Markets Group, Inc. (&#8220;OTCQB&#8221;)
</span>under the symbol &#8220;TOMDF.&#8221; We will apply to list our ordinary shares and Warrants on a national securities
exchange. No assurance can be given that our application will be approved. If our ordinary shares and Warrants are not approved
for listing on a national securities exchange, we will not consummate this offering. As of July 27, 2022, the last reported
sale price for our ordinary shares on the OTCQB was $0.019 per share. </p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
offering is being underwritten on a firm commitment basis. The underwriters may offer the securities from time to time to purchasers
directly or through agents, or through brokers in brokerage transactions on a national securities exchange, or to dealers in negotiated
transactions or in a combination of such methods of sale, or otherwise, at fixed price or prices, which may be changed, or at market
prices prevailing at the time of sale, at prices related to such prevailing market prices.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
final public offering price per Unit will be determined through negotiation between us and the underwriter in this offering and will
take into account the recent market price of our ordinary shares, the general condition of the securities market at the time of this
offering, the history of, and the prospects for, the industry in which we compete, and our past and present operations and our prospects
for future revenues. The recent market price per share of our ordinary shares used throughout this prospectus may not be indicative of
the final public offering price per Unit.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
references to &#8220;shares&#8221; in this prospectus refer to the pre-reverse split ordinary shares of Todos Medical Ltd., par value
NIS 0.01 per share. As is discussed elsewhere in this prospectus, on August __, 2022, shareholders approved a reverse split of its shares
based upon a ratio to be determined by Todos&#8217; management.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Investing
in our securities involves a high degree of risk. See &#8220;Risk Factors&#8221; beginning on page 15 of this prospectus for a discussion
of information that should be considered in connection with an investment in our securities.</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NEITHER
THE SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THESE SECURITIES OR PASSED
UPON THE ACCURACY OR ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.</b></span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Per
    Unit (1)</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total
    (1)</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 60%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Public offering price</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-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">Underwriting discounts and commissions (2)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proceeds to us, before expenses (3)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</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">&#160;</span></td>
    <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-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    public offering price and underwriting discount in respect of the Units corresponds to a public offering price per ordinary share of
    $ &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; and a public offering
    price per Warrant of $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; .</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    have agreed to reimburse the underwriters for certain expenses. The underwriters will receive an underwriting discount equal to 8%
    of the gross proceeds in this offering. In addition, we have agreed to pay the fees and expenses of Westpark Capital, Inc.
    &#160;&#160;&#160;the representative of the underwriters in this offering (the &#8220;Representative&#8221;) in connection with this
    offering, which includes the fees and expenses of underwriters&#8217; counsel, and we have agreed to issue ordinary share purchase
    warrants (the &#8220;Representative&#8217;s Warrants&#8221;) to the Representative, which are exercisable for up
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; to ordinary shares. See &#8220;Underwriting&#8221; for more information.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td>
    <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 amount of offering
    proceeds to us presented in this table does not give effect to any exercise of the: (i) option (if any) we have granted to the Representative
    of the underwriters as described below and (ii) the Warrants or the Representative&#8217;s Warrants being issued in this offering.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have granted a 45-day option to the Representative exercisable one or more times in whole or in part, to purchase up to an
additional &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Units (equal to 15% of the number of Units sold
in this offering) less the underwriting discounts payable by us, solely to cover over-allotments, if any.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
underwriters expect to deliver our securities to purchasers in the offering on or about &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 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: 14pt"><b>Westpark
Capital, 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">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
date of this prospectus is &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;, 2022.</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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    <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; 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><span id="toc_001"></span>TABLE
OF CONTENTS</b></span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"><a href="#r_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: bottom; width: 0.5in; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"><a href="#r_002"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cautionary Statement Regarding Forward-Looking Statements</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"><a href="#r_003"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prospectus Summary</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"><a href="#r_004"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Offering</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"><a href="#r_005"><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: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"><a href="#r_006"><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: bottom; text-align: center">41</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"><a href="#r_007"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">44</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"><a href="#m_001"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Business</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">55</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"><a href="#m_002"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description of Our Securities</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">59</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"><a href="#m_003"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Market Price and Dividend Policy</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">65</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"><a href="#m_004"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Properties</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">66</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"><a href="#m_005"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Legal Proceedings</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">67</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"><a href="#m_006"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Directors, Officers and Corporate Governance</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">68</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"><a href="#m_007"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Executive and Director Compensation</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">73</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"><a href="#m_008"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Security Ownership of Certain Beneficial Owners and Management</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">76</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"><a href="#m_009"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain Relationships and Related Party Transactions, and director independence</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">77</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"><a href="#m_010"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Material Tax Considerations and Government Programs</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">78</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ed_001">Underwriting</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">88</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"><a href="#m_011"><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: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">90</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"><a href="#m_012"><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: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">90</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"><a href="#m_013"><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: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">91</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>


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    <!-- Field: /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"><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="r_001"></span>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; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>You
should rely only on information contained in this prospectus. We have not, and the underwriters have not, authorized anyone to provide
you with additional information or information different from that contained in this prospectus. We are not making an offer of these
securities in any state or other jurisdiction where the offer is not permitted. The information in this prospectus may only be accurate
as of the date on the front of this prospectus regardless of time of delivery of this prospectus or any sale of our securities.</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>No
person is authorized in connection with this prospectus to give any information or to make any representations about us, the Units offered
hereby or any matter discussed in this prospectus, other than the information and representations contained in this prospectus. If any
other information or representation is given or made, such information or representation may not be relied upon as having been authorized
by us. This prospectus does not constitute an offer to sell, or a solicitation of an offer to buy our securities in any circumstance
under which the offer or solicitation is unlawful. Neither the delivery of this prospectus nor any distribution of our securities in
accordance with this prospectus shall, under any circumstances, imply that there has been no change in our affairs since the date of
this prospectus.</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
investors outside the United States: We have not done anything that would permit offerings under this prospectus, or possession or distribution
of this prospectus, in any jurisdiction where action for that purpose is required, other than in the United States. Persons outside the
United States who come into possession of this prospectus must inform themselves about, and observe any restrictions relating to, the
offering of the ordinary shares and the distribution of this prospectus outside of the United States.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless
the context clearly indicates otherwise, references in this prospectus to &#8220;we,&#8221; &#8220;our,&#8221; &#8220;ours,&#8221; &#8220;us,&#8221;
&#8220;the Company&#8221; and &#8220;Todos&#8221; refer to Todos Medical Ltd. and its subsidiaries.</span></p>


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

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

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    <!-- Field: /Page -->

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="r_002"></span>CAUTIONARY
STATEMENT REGARDING FORWARD-LOOKING STATEMENTS</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
prospectus contains forward-looking statements. Forward-looking statements give our current expectations or forecasts of future events.
You can identify these statements by the fact that they do not relate strictly to historical or current facts. Forward-looking statements
involve risks and uncertainties and include statements regarding, among other things, our projected revenue growth and profitability,
our growth strategies and opportunity, anticipated trends in our market and our anticipated needs for working capital. They are generally
identifiable by use of the words &#8220;may,&#8221; &#8220;will,&#8221; &#8220;should,&#8221; &#8220;anticipate,&#8221; &#8220;estimate,&#8221;
&#8220;plans,&#8221; &#8220;potential,&#8221; &#8220;projects,&#8221; &#8220;continuing,&#8221; &#8220;ongoing,&#8221; &#8220;expects,&#8221;
&#8220;management believes,&#8221; &#8220;we believe,&#8221; &#8220;we intend&#8221; or the negative of these words or other variations
on these words or comparable terminology. These statements may be found under the sections entitled &#8220;Management&#8217;s Discussion
and Analysis of Financial Condition and Results of Operations&#8221; and &#8220;Business,&#8221; as well as in this prospectus generally.
In particular, these include statements relating to future actions, prospective products, market acceptance, future performance or results
of current and anticipated products, sales efforts, expenses, and the outcome of contingencies such as legal proceedings and financial
results.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Examples
of forward-looking statements in this prospectus include, but are not limited to, our expectations regarding our business strategy, business
prospects, operating results, operating expenses, working capital, liquidity and capital expenditure requirements. Important assumptions
relating to the forward-looking statements include, among others, assumptions regarding demand for our products, the cost, terms and
availability of components, pricing levels, the timing and cost of capital expenditures, competitive conditions and general economic
conditions. These statements are based on our management&#8217;s expectations, beliefs and assumptions concerning future events affecting
us, which in turn are based on currently available information. These assumptions could prove inaccurate. Although we believe that the
estimates and projections reflected in the forward-looking statements are reasonable, our expectations may prove to be incorrect.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Important
factors that could cause actual results to differ materially from the results and events anticipated or implied by such forward-looking
statements include, but are not limited to:</span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <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; vertical-align: top; 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; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes
    in the market acceptance of our products;</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; vertical-align: top; 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; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">increased
    levels of competition;</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; vertical-align: top; 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; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes
    in political, economic or regulatory conditions generally and in the markets in which we operate;</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; vertical-align: top; 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; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    relationships with our key customers;</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; vertical-align: top; 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; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    ability to retain and attract senior management and other key employees;</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; vertical-align: top; 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; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    ability to quickly and effectively respond to new technological developments;</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; vertical-align: top; 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; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    ability to protect our trade secrets or other proprietary rights, operate without infringing upon the proprietary rights of others
    and prevent others from infringing on the proprietary rights of the Company; and</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; vertical-align: top; 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; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">other
    risks, including those described in the &#8220;Risk Factors&#8221; discussion of this prospectus.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for us to predict
all of those risks, nor can we assess the impact of all of those risks on our business or the extent to which any factor may cause actual
results to differ materially from those contained in any forward-looking statement. The forward-looking statements in this prospectus
are based on assumptions management believes are reasonable. However, due to the uncertainties associated with forward-looking statements,
you should not place undue reliance on any forward-looking statements. Further, forward-looking statements speak only as of the date
they are made, and unless required by law, we expressly disclaim any obligation or undertaking to publicly update any of them in light
of new information, future events, or otherwise.</span></p>

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


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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"><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="r_003"></span>PROSPECTUS
SUMMARY</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>This
summary highlights selected information appearing elsewhere in this prospectus. While this summary highlights what we consider to be
important information about us, you should carefully read this entire prospectus before investing in our securities, especially the risks
and other information we discuss under the headings &#8220;Risk Factors&#8221; and &#8220;Management&#8217;s Discussion and Analysis
of Financial Condition and Results of Operation&#8221; and our consolidated financial statements and related notes beginning on page
F-1. Our fiscal year end is December 31 and our fiscal years ended December 31, 2021, and 2020 are sometimes referred to herein as fiscal
years 2021, and 2020, respectively. Some of the statements made in this prospectus discuss future events and developments, including
our future strategy and our ability to generate revenue, income and cash flow. These forward-looking statements involve risks and uncertainties
which could cause actual results to differ materially from those contemplated in these forward-looking statements. See &#8220;Cautionary
Note Regarding Forward-Looking Statements&#8221;. Unless otherwise indicated or the context requires otherwise, the words &#8220;we,&#8221;
&#8220;us,&#8221; &#8220;our&#8221;, the &#8220;Company&#8221; or &#8220;our Company&#8221; or &#8220;Todos&#8221; refer to Todos Medical
Ltd., a State of Israel corporation, and our subsidiaries.</i></span></p>

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

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

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Todos Medical Ltd. (&#8220;Todos
    Medical,&#8221; &#8220;Todos,&#8221; the &#8220;Company,&#8221; &#8220;we,&#8221; &#8220;our,&#8221; &#8220;us&#8221;), is a comprehensive
    medical diagnostics and related solutions company focused on developing and distributing comprehensive solutions for COVID-19 screening
    and diagnosis, and immune resisting treatments and supplements, and on developing blood tests for the early detection of cancer and
    Alzheimer&#8217;s disease.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Todos has entered into
    distribution agreements with companies to distribute certain novel coronavirus (COVID-19) test kits. The agreements cover multiple
    international suppliers of PCR testing kits and related materials and supplies, as well as antibody testing kits from multiple manufacturers
    after completing validation of said testing kits and supplies in its partner CLIA/CAP certified laboratory in the United States.
    Todos has combined the PCR testing kits with automated lab equipment to create lab workflows capable of performing up to 40,000 PCR
    tests per day. Todos has entered into supply agreements with CLIA/CAP certified laboratories in the United States to deploy these
    PCR workflows. Todos has formed strategic partnerships with Meridian Health and other strategic partners to deploy COVID-19 antigen
    and antibody testing in the United States. Additionally, the Company is developing a lab-based COVID-19 3CL protease test to determine
    whether a COVID-19 positive patient remains contagious after quarantine is complete and is further developing point-of-care-based
    embodiments of the lab test for use in screening programs worldwide.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
    December 2020, Todos announced the commercial launch of its proprietary 3CL protease inhibitor dietary supplement Tollovid&#8482;
    at The Alchemist&#8217;s Kitchen in the SoHo district in Manhattan, New York. Tollovid, a mix of botanical extracts, is being targeted
    to support healthy immune function against circulating coronaviruses. Tollovid&#8217;s mechanism of action is to inhibit the activity
    of the 3CL protease, a key protease required for the intracellular replication of coronaviruses. Tollovid was granted a Certificate
    of Free Sale by the US Food &amp; Drug Administration in August 2020, allowing its commercial sale anywhere in the United States.</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
    July 22, 2021, the US Food &amp; Drug Administration (FDA) granted a new Certificate of Free Sale for Tollovid Daily&#8482;, the
    newest member of the Company&#8217;s Tollovid&#8482; dietary supplement product line.</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Certificate of Free Sale is for a twice-daily dosing regimen and, critically, a 3CL protease inhibitor claim. Each 60-pill bottle
    of Tollovid Daily can help support and maintain healthy immune function for 30 days. The Company intends to establish a monthly subscription
    model as part of its marketing launch campaign for Tollovid Daily immune system support. Tollovid&#8482; and Tollovid Daily are both
    3CL protease inhibitor products developed under a joint venture with NLC Pharma which preceded the establishment of our subsidiary,
    3CL Sciences Ltd.</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"><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>
                                                         <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
                                                         <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">On
                                            March 11, 2022, the Company entered into a Share Purchase Agreement (the &#8220;SPA&#8221;)
                                            with 3CL Sciences Ltd. (&#8220;3CL&#8221;), an Israeli corporation, and NLC Pharma
                                            Ltd. (&#8220;NLC&#8221;), an Israeli corporation, pursuant to which (a) 3CL
                                            Sciences will purchase all therapeutic, diagnostic, dietary supplement and pharmaceutical
                                            assets from NLC that relate to 3CL protease biology (which is used in the development, manufacture,
                                            sale and distribution of Tollovid&#8482; and Tollovir&#8482;) from NLC in exchange for
                                            a 100% equity interest in 3CL, (b) 3CL will allot 30.5% of its shares to the Company in exchange
                                            for a total cash commitment of $8 million, (c) NLC will sell 7.54% of 3CL&#8217;s issued
                                            and outstanding shares to the Company in exchange for a total cash commitment of $2 million,
                                            and (d) NLC will exchange 14.31% of 3CL&#8217;s issued and outstanding shares for shares
                                            of the Company having a market value of $3,800,000 on the day prior to the Closing, such
                                            that the Company will own 52% of 3CL&#8217;s issued and outstanding share capital and NLC
                                            will own 48% of 3CL&#8217;s issued and outstanding share capital. The Company and NLC have
                                            agreed to identify a seasoned biopharmaceutical CEO to manage 3CL going forward. The board
                                            of directors of 3CL Sciences will be made up of five (5) individuals: three (3) appointed
                                            by the Company and two (2) appointed by NLC.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
    the Company&#8217;s patented Todos Biochemical Infrared Analyses (TBIA) is a cancer-screening technology using peripheral blood analysis
    that deploys deep examination into cancer&#8217;s influence on the immune system, looking for biochemical changes in blood mononuclear
    cells and plasma. Todos&#8217; two internally developed cancer-screening tests, TMB-1 and TMB-2 have received a CE mark in Europe.
    In July 2021, Todos completed the acquisition of U.S.-based medical diagnostics company Provista Diagnostics, Inc. to gain rights
    to its Alpharetta, Georgia-based CLIA/CAP certified lab and Provista&#8217;s proprietary commercial-stage Videssa&#174; breast cancer
    blood test.</span></p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <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">Todos is also developing
    blood tests for the early detection of neurodegenerative disorders, such as Alzheimer&#8217;s disease.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
    July 2020, Todos completed the acquisition of Breakthrough Diagnostics, Inc., the owner of the LymPro Test intellectual property,
    from Amarantus Bioscience Holdings, Inc. (a company whose Executive Chairman has served as our CEO since January 2020).</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At our annual general meeting
    of shareholders held on August __, 2022, our shareholders voted to approve a reverse share split of the Company&#8217;s Ordinary
    Shares within a range of 1:2 to 1:1,000, to be effective at the ratio and on a date to be determined by the Board of Directors of
    the Company (the &#8220;Reverse Split&#8221;). Although our shareholders approved the Reverse Split, all per share amounts and calculations
    in this prospectus and the accompanying consolidated financial statements do not reflect the effects of the Reverse Split, as the
    Board of Directors has not determined the final ratio or the effective date of the Reverse Split.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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"><b>&#160;</b></span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>3CL
Acquisition</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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 March 11, 2022, the Company
entered into a Share Purchase Agreement (the &#8220;SPA&#8221;) with 3CL Sciences Ltd. (&#8220;3CL&#8221;), an Israeli
corporation, and NLC Pharma Ltd. (&#8220;NLC&#8221;), an Israeli corporation, pursuant to which (a) 3CL Sciences will purchase
all therapeutic, diagnostic, dietary supplement and pharmaceutical assets from NLC that relate to 3CL protease biology (which is
used in the development, manufacture, sale and distribution of Tollovid&#8482; and Tollovir&#8482;) from NLC in exchange for a 100%
equity interest in 3CL, (b) 3CL will allot 30.5% of its shares to the Company in exchange for a total cash commitment of $8 million,
(c) NLC will sell 7.54% of 3CL&#8217;s issued and outstanding shares to the Company in exchange for a total cash commitment of $2 million,
and (d) NLC will exchange 14.31% of 3CL&#8217;s issued and outstanding shares for shares of the Company having a market value
of $3,800,000 on the day prior to the Closing, such that the Company will own 52% of 3CL&#8217;s issued and outstanding
share capital and NLC will own 48% of 3CL&#8217;s issued and outstanding share capital. The Company and NLC have agreed to
identify a seasoned biopharmaceutical CEO to manage 3CL going forward. The board of directors of 3CL Sciences will be made up
of five (5) individuals: three (3) appointed by the Company and two (2) appointed by NLC.</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April 19, 2021, the Company entered into an Agreement to Purchase Provista Diagnostics, Inc. (&#8220;Agreement to Purchase&#8221;) with
Strategic Investment Holdings, LLC (&#8220;SIH&#8221;), Ascenda BioSciences LLC (&#8220;Ascenda&#8221;) and Provista Diagnostics, Inc.
(&#8220;Provista&#8221;). Ascenda was the sole owner of the outstanding securities of Provista and SIH is the sole owner of all the outstanding
securities of Ascenda.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the Agreement to Purchase, the Company acquired Provista from Ascenda and SIH for an aggregate purchase price of $7.5 million consisting
of an initial cash payment of $1.25 million, the issuance of $1.5 million in Ordinary Shares priced at $0.0512 per share, the issuance
to SIH of a $3.5 million convertible promissory note dated April 19, 2021 (the &#8220;Note&#8221;) and the payment on for before July
1, 2021 of $1.25 million in cash (the &#8220;July Payment&#8221;), which payment the Company had the right to, and did, extend to July
15, 2021. The Provista shares acquired by the Company remained in an escrow account until the July Payment was made.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Note has a maturity date of April 8, 2025, and is convertible  into Ordinary Shares of the Company at a
conversion price equal to the lesser of $0.05 or the volume weighted average price of the last 20 trading days for the Ordinary Shares
prior to the date of conversion. In the event SIH delivers a Notice of Conversion to the Company at a per share price less than $0.05
($0.05), the Company has the right to immediately notify SIH of its intention to pay the conversion amount in cash within three (3) business
days of receipt of the Notice of Conversion (i.e., before SIH would take possession of shares converted under the Notice of Conversion).</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the event that the Company lists its Ordinary Shares on a national securities exchange, the Note shall automatically be
exchanged into ordinary shares with a conversion price equal to the lesser of (a) $0.05 (subject to adjustment for any reverse stock
splits), (b) the opening price on the day of the uplisting provides there is no transaction associated with the uplisting or (c)
the deal price of an uplisting transaction.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of the date of this registration statement on Form S-1, SIH has not submitted a Notice of Conversion.</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 32.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 22, 2021, the US Food &amp; Drug Administration (FDA) granted a new Certificate of Free Sale for Tollovid Daily&#8482;, the newest
member of the Company&#8217;s Tollovid&#8482; dietary supplement product line.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 32.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Certificate of Free Sale is for a twice-daily dosing regimen and, critically, a 3CL protease inhibitor claim. Each 60-pill bottle of
Tollovid Daily can help support and maintain healthy immune function for 30 days. The Company intends to establish a monthly subscription
model as part of its marketing launch campaign for Tollovid Daily immune system support. Tollovid&#8482; and Tollovid Daily are both
3CL protease inhibitor products developed under a joint venture with NLC Pharma.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 32.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April 8, 2021, we received a notice of allowance (&#8216;Letter of Intent to Grant a Patent&#8217;) from the European Patent Office covering
the use of the Company&#8217;s proprietary Total Biochemical Infrared Analysis (&#8216;TBIA&#8217;) method that uses blood (plasma and/or
peripheral blood mononuclear cells &#8216;PBMCs&#8217;) to distinguish between patients with benign tumors vs. malignant tumors vs. no
tumors (healthy controls).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 32.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
patent application specifically covers methods for capturing consistent data from infrared spectroscopy readers, as well as the application
of various artificial intelligence algorithm development methods to the data. The ability of TBIA to make a diagnosis of cancer has first
been applied to the detection of breast and colon cancers, where Todos has received CE Marks in Europe paving the way for commercialization
initially focused on TMB-2 (dense breast / inconclusive mammogram secondary screening) and TMB-1 (general breast cancer screening) cancer
detection tests.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Financing
and Fundraising Other Than Crossover Notes</i></span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June 19, 2020, the Company and its subsidiaries, Todos Medical USA and Corona Diagnostics, LLC (&#8220;Corona&#8221;) entered into a
Receivables Financing Agreement with Toledo Advisors, LLC (&#8220;Toledo&#8221;) for up to $25,000,000 in a revolving receivables financing
facility (the &#8220;Facility&#8221;). The availability of the Facility shall terminate on the earlier of June 19, 2025 and the date
on which more than $25,000,000 has been advanced. The financing is secured by all of the assets of the Company&#8217;s wholly-owned subsidiary
Todos Medical USA, Inc. In addition, Todos Medical USA pledged all of the outstanding equity of Corona to the Lender. The initial draw
under the Facility was on June 19, 2020 for $165,000 which was due on the earlier to occur of (i) ninety days following the date the
draw was made by the Lender and (ii) the date the receivable, for which the draw was made, is paid. The Facility has since been repaid.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
November 2020, the parties agreed to amend the Facility to reduce the cost of funding to Todos Medical USA, and to make the relationship
between Corona and Toledo nonexclusive in exchange for Toledo being granted a percentage of Corona&#8217;s revenues from diagnostic testing.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 7, 2022, Toledo filed a complaint against Corona, Todos Medical USA, and the Company (the &#8220;Todos Defendants&#8221;), seeking
unspecified damages for breach of the aforesaid agreements and claiming that at least $139,000 is due under the royalty agreement. The
Todos Defendants filed an answer and counterclaim on February 9, 2022, wherein various affirmative defenses were asserted, the allegations
of the complaint were denied, and the Company asserted counterclaims for breach of contract and other relief.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April 7, 2022, the Company and Toledo signed a Settlement Agreement pursuant to which upon execution of the agreement the Company paid
Toledo $130,000 and issued to Toledo $200,000 worth of ordinary shares. The parties agreed that upon delivery of the cash payment and
shares, the parties would discontinue the complaint filed by Toledo on January 7, 2022, and that Toledo irrevocably and unconditionally
releases and discharges the Company from its June 19, 2020 financing agreement and July 28, 2020 Royalty Agreement.</span></p>

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company and Leviston Resources LLC, a Delaware limited liability company are parties to that certain Securities Purchase Agreement, dated
as of July 9, 2020, pursuant to which Leviston purchased an aggregate principal amount of $850,000 of convertible notes from the Company
(the &#8220;July 2020 Convertible Notes&#8221;) from the Company. On March 3, 2021, the Company and Leviston entered into a Closing Agreement
pursuant to which the Purchaser exercised its right to invest an additional $847,570 into the Company of July 2020 Convertible Notes
(the &#8220;Tranche 2 Securities&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; 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; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
July 2020 Convertible Notes and the Tranche 2 Securities (collectively, the &#8220;Leviston Notes&#8221;) bear interest at a rate of
2% per annum. The Leviston Notes are convertible into ordinary shares of the Company at a conversion price that equals the lower of (i)
60% of the lowest VWAP trading price of the ordinary shares during the eleven trading days immediately prior to the date of conversion,
(ii) 150% of the closing bid price of the ordinary shares on such closing date and (iii) 150% of the closing bid price on
the date of effectiveness of the Company&#8217;s registration statement covering the converted shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of the date of this prospectus, $389,250 remains outstanding on the Leviston Notes (the remainder having previously been converted into
ordinary shares).</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 4, 2020, we entered into a purchase agreement (the &#8220;LPC Purchase Agreement&#8221;) with Lincoln Park Capital, LLC (&#8220;Lincoln
Park&#8221;), pursuant to which Lincoln Park agreed to purchase from us up to an aggregate of $10,275,000 of our ordinary shares (subject
to certain limitations) from time to time over the term of the LPC Purchase Agreement. Also on August 4, 2020, we entered into a registration
rights agreement with Lincoln Park, pursuant to which on August 11, 2020, we filed with the Securities and Exchange Commission, or the
SEC, a registration statement (the &#8220;LPC Registration Statement&#8221;) to register for resale under the Securities Act of 1933,
as amended, or the Securities Act, the ordinary shares that have been or may be issued to Lincoln Park under the LPC Purchase
Agreement. That registration statement became effective on August 18, 2020.</span></p>

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


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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; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
LPC Registration Statement covers the resale by Lincoln Park of up to 50,000,000 ordinary shares, comprised of: (i) 5,812,500 ordinary
shares that we issued to Lincoln Park as a fee for making its irrevocable commitment to purchase our ordinary shares under the LPC
Purchase Agreement, which we refer to in this registration statement on Form S-1 as the Commitment Shares, (ii) 3,437,500 ordinary
shares that we sold to Lincoln Park on August 5, 2020 for a total purchase price of $275,000 in an initial purchase under the LPC
Purchase Agreement the (&#8220;Initial Purchase Shares&#8221;), and (iii) up to an additional 40,750,000 ordinary shares that we
have reserved for sale to Lincoln Park under the LPC Purchase Agreement from time to time after the date of the LPC Registration Statement,
if and when we determine to sell additional ordinary shares to Lincoln Park under the LPC Purchase Agreement. Since August 18, 2020,
Lincoln Park has purchased 37,977,388 of our ordinary shares under the LPC Purchase Agreement, at prices ranging from $ 0.038
per share to $ 0.115 per share. The Company does not currently expect to sell any more shares to Lincoln Park under the LPC Purchase
Agreement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 32.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
LPC Purchase Agreement prohibits us from directing Lincoln Park to purchase any ordinary shares if those ordinary shares, when
aggregated with all other ordinary shares then beneficially owned by Lincoln Park and its affiliates, would result in Lincoln Park having
beneficial ownership, at any single point in time, of more than 4.99% of the then total outstanding ordinary shares, as calculated pursuant
to Section 13(d) of the Securities Exchange Act of 1934, as amended, or the Exchange Act, and Rule 13d-3 thereunder, which limitation
we refer to as the Beneficial Ownership Cap.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 32.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issuances
of our ordinary shares to Lincoln Park under the LPC Purchase Agreement will not affect the rights or privileges of our existing
shareholders, except that the economic and voting interests of each of our existing shareholders will be diluted as a result of any such
issuance. Although the number of ordinary shares that our existing shareholders own will not decrease, the ordinary shares owned by our
existing shareholders will represent a smaller percentage of our total outstanding ordinary shares after any such issuance of ordinary
shares to Lincoln Park under the LPC Purchase Agreement.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November 4, 2020, we entered into a Secured Convertible Equipment Loan Agreement with Friends of Yeshiva Orot Hateshuva Inc. (&#8220;Friends&#8221;),
pursuant to which Friends lent us $450,000 to purchase two liquid handler machines. Under the terms of the agreement, the note was issued
with 41.4% Original Issue Discount, with Friends receiving a royalty of 12.5% of all amounts resulting from any diagnostic tests performed
by the two liquid handler machines. During the initial payback period and up until the earlier of either (a) the Maturity Date, or (b)
the aggregate loan amount is paid in full, all Royalty payments made to Investor will be counted towards their loan balance. Thereafter,
the royalties continue so long as the machines are in use. The Maturity Date was March 4, 2021. On March 4, 2021, the Company and Friends
agreed to extend the maturity date of the note to May 1, 2021, in exchange for a payment of $100,000 and the issuance of 2,000,000 ordinary
shares, in each case to a charity designated by Friends. As of March 25, 2022, the Company has not made any royalty payments to Friends.
The note has been repaid.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 32.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 32.3pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 31, 2020, we entered into a Secured Convertible Equipment Loan Agreement with Harper Advance LLC (&#8220;Harper&#8221;), pursuant
to which Harper lent us $450,000 to purchase two liquid handler machines. Under the terms of the agreement, the note was issued with
40% Original Issue Discount, with Harper receiving a royalty of 12.5% of all amounts resulting from any diagnostic tests performed by
the two liquid handler machines. During the initial payback period and up until the earlier of either (a) the Maturity Date, or (b) the
aggregate loan amount is paid in full, all Royalty payments made to Investor will be counted towards their loan balance. Thereafter,
the royalties continue so long as the machines are in use. The Maturity Date was April 30, 2021. As of March 25, 2022, the Company
has not made any royalty payments to Harper. Harper&#8217;s note was purchased by another investor and converted into ordinary shares
of the Company.</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">T-Cell
Protect Hellas S.A.</span></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November 22, 2021, the Company entered into a Securities Purchase Agreement with T-Cell Protect Hellas S.A. (&#8220;T-Cell&#8221;) pursuant
to which the Company agreed to issue a convertible promissory note (the &#8220;Note&#8221;) to T-Cell Protect in the principal amount
of &#8364;1,000,000. To date, T-Cell has not fulfilled its obligation to pay for the Note, and therefore the Company has not yet issued
the Note. The proceeds from this Transaction are intended to be used for the clinical development of Tollovir, the Company&#8217;s therapeutic
candidate for hospitalized COVID-19 patients.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 14, 2022, the Company and Testing 123, LLC (the &#8220;Lender&#8221;) signed a Revolving Line of Credit Agreement, pursuant to
which the Lender will provide the Company with a credit facility of up to $1,250,000 bearing a monthly interest of 5% calculated for
a minimum period of 60 days. The Company may request advances under the agreement from the date of the agreement and until March 14,
2023. The Maturity Date of each draw will be the earlier of (i) 60 days from the date of the loan, (ii) the occurrence of an event of
default as defined in the agreement and (iii) with respect to funds received by the Company through collections on receivables included
in a Receivables Pool, as defined in the agreement, 3 days after such funds have been received by the escrow account agent or the Company.
Additionally, under the terms of the Revolving Line of Credit Agreement, the Company agreed to issue to Testing 123, LLC, shares equal
to a 10% ownership stake in Provista, which interest is protected against dilution. As of March 31, 2022, the Company utilized $999,000
out of the credit facility. The Company has estimated the portion of the 10% shares of Provista at $740,000 and recorded $598,000 as
interest expenses and $142,000 as prepaid interest expenses under Other Current Assets.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 22, 2021, we entered into a Securities Purchase Agreement with Yozma Group Korea Ltd. (the &#8220;First Yozma Purchaser&#8221;)
pursuant to which on January 29, 2021, the Company issued a convertible promissory note to the Purchaser in the principal amount
of $4,857,142.86 for proceeds of $3,400,000 (the &#8220;Transaction&#8221;). The note has a maturity date of one year from the
date of issuance and pays interest at a rate of 4% per annum. In addition, the First Yozma Purchaser received a warrant to purchase
up to 16,956,929 Ordinary Shares of the Company with an exercise price equal to $0.107415 per share. The warrant is exercisable for 5
years from the date of issuance. In the event that the Company effectuates a reverse split of its ordinary shares for a ratio in excess
of 1:20, the resulting adjusted warrant shares and exercise price are limited to a 1:20 ratio.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
note is convertible into Ordinary Shares of the Company at a conversion price of $0.0599. In the event that the Company lists its Ordinary Shares on a national securities exchange, the First
Yozma Purchaser, upon request of the Company, will be obligated to exchange its note for Preferred A Shares that convert, solely at the
discretion of the Company&#8217;s Board of Directors, into Ordinary Shares at a conversion rate of 1,000 Ordinary Shares per Preferred
A Share. As of July 22, 2022, there are 50,000 Preferred A Shares authorized which equals a total possible issuance of 50 million Ordinary
Shares pursuant to the conversion of the Preferred A Shares.</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April 27, 2021, we entered into a Securities Purchase Agreement (the &#8220;SPA&#8221;) with Yozma Global Genomic Fund (the &#8220;Second
Yozma Purchaser&#8221; and together with the First Yozma Purchaser, the &#8220;Yozma Purchasers&#8221;) pursuant to which on April 28,
2021, the Company issued a convertible promissory note to the Purchaser in the principal amount of $4,714,285.71
for proceeds of $3,300,000. The note has a maturity date of one year from the date of issuance and pays
interest at a rate of 4% per annum. The note is convertible into Ordinary Shares of the Company at a conversion price of $0.0599. In the event that the Company lists its Ordinary Shares on a national
securities exchange, the Second Yozma Purchaser, upon request of the Company, will be obligated to exchange its note for Preferred A
Shares that convert, solely at the discretion of the Company&#8217;s Board of Directors, into Ordinary Shares at a conversion rate of
1,000 Ordinary Shares per Preferred A Share.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
notes issued to the Yozma Purchasers are currently past due, and the Company is negotiating an extension of the maturity dates
with Yozma.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; 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; 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: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="text-decoration: underline">Kips Bay</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 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April 8, 2021, the Company entered into a Securities Purchase Agreement with Kips Bay Select LP (the &#8220;Purchaser&#8221;) pursuant
to which the Company agreed to issue a convertible promissory note (the &#8220;First Kips Bay Note&#8221;) to the Purchaser
in the principal amount of $4,285,714.29 for proceeds of $3,000,000. The closing occurred on April 12, 2021. The First Kips Bay
Note has a maturity date of one year from the date of issuance and pays interest at a rate of 4% per annum. In addition, the
Purchaser received a warrant to purchase up to 16,000,000 Ordinary Shares of the Company with an exercise price equal to $0.107415 per
share. The warrant is exercisable for 5 years from the date of issuance. In the event that the Company effectuates a reverse split of
its Ordinary Shares for a ratio in excess of 1:20, the resulting adjusted warrant shares and exercise price are limited to a 1:20 ratio.
The Company used the net proceeds from the First Kips Bay Note to initiate the Phase 2 for Tollovir&#8482; clinical trial in COVID-19
patients, complete the acquisition of Provista Diagnostics, Inc. and for general corporate purposes.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
First Kips Bay Note is convertible into Ordinary Shares at a conversion price of $0.0599. In the event that the Company lists its Ordinary Shares on a national securities exchange, the Purchaser, upon request of
the Company, will be obligated to exchange the Original Issue Discount portion of the First Kips Bay Note for Preferred A Shares, while the Purchaser may
elect to convert the remaining principal amount of its notes.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 32.3pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in">The First Kips Bay&#8239;Note is currently past due and the Company is negotiating an extension of the maturity date with the Purchaser.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 32.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Until
May 5, 2022, the Purchaser had the option to purchase an additional note in the principal amount of $5,285,714.20 for proceeds
of $3,700,000 and an additional warrant to purchase 16,000,000 Ordinary Shares. The purchaser did not exercise the option.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 32.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 7, 2021, the Company entered into a Securities Purchase Agreement with the Purchaser pursuant to which the Company agreed to issue
a convertible promissory note (the &#8220;Second Kips Bay Note&#8221;) to the Purchaser in the principal amount of $1,535,714
for proceeds of $1,075,000. The closing occurred on July 7, 2021. In addition, the Purchaser received a warrant to purchase up to
3,440,000 Ordinary Shares of the Company with an exercise price equal to $0.107415 per share. The warrant is exercisable for 5 years
from the date of issuance. The Second Kips Bay Note has a maturity date of one year from the date of issuance and pays
interest at a rate of 4% per annum. The Second Kips Bay Note is convertible into Ordinary Shares of the Company at a conversion
price of $0.0599. In the event that the Company lists its Ordinary Shares on a national securities exchange, the Purchaser, upon request
of the Company, will be obligated to exchange the Original Issue Discount portion of the Second Kips Bay Note for Preferred A Shares,
while the Purchaser may elect to convert the remaining principal amount of its notes. The Company used the net proceeds for general corporate
purposes.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 32.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 32.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Second Kips Bay Note  is currently past due and the Company is negotiating an extension of the maturity date
with the Purchaser.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 32.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 32.3pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
October 21, 2021, Todos Medical Ltd. (the &#8220;Company&#8221;) entered into a Securities Purchase Agreement with the Purchaser
pursuant to which the Company agreed to issue a convertible promissory note (the &#8220;Third Kips Bay Note&#8221;) to the Purchaser
in the principal amount of $1,428,571.43 for proceeds of $1,000,000. The closing occurred on October 22, 2021. In addition, the
Purchaser received a warrant to purchase up to 3,440,000 ordinary shares with an exercise
price equal to $0.107415 per share. The warrant is exercisable for 5 years from the date of issuance. The Third Kips Bay Note has a
maturity date of one year from the date of issuance and pays interest at a rate of 4% per annum. The Third Kips Bay Note is
convertible into ordinary shares at a conversion price of $0.0599. In the event that the Company lists its Ordinary Shares on
a national securities exchange, the Purchaser, upon request of the Company, will be obligated to exchange the Original Issue
Discount portion of its Third Kips Bay Note for Preferred A Shares, while the Purchaser may elect to convert the remaining principal
amount of its notes. The Company intends to use the net proceeds from this Third Kips Bay Note to continue funding the ongoing Phase
2 clinical trial of Tollovir&#174; in hospitalized COVID-19 patients, beginning the initial marketing campaign for the cPass
neutralizing antibody test launch at Provista Diagnostics and general corporate purposes.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 32.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 32.3pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 6, 2021, the Company entered into a Securities Purchase Agreement with S.B. Nihul Mekarkain pursuant to which the Company issued
a convertible promissory note to Mekarkain in the principal amount of $285,714 for proceeds of $200,000. The closing occurred on July
6, 2021. In addition, Mekarkain received a warrant to purchase up to 997,466 Ordinary Shares of the Company with an exercise price equal
to $0.107415 per share. The warrant is exercisable for 5 years from the date of issuance. The Company used the net proceeds for general
corporate purposes. The note has a maturity date of one year from the date of issuance and pays interest at a rate of 4% per annum. The
note is convertible into Ordinary Shares at a conversion price of $0.0599. In the event that the Company lists its Ordinary Shares on
a national securities exchange, Mekarkain, upon request of the Company, will be obligated to exchange its note for Preferred A Shares
that convert, solely at the discretion of the Company&#8217;s Board of Directors, into Ordinary Shares at a conversion rate of 1,000
Ordinary Shares per Preferred A Share.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 32.3pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 32.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in">The &#8239;note is currently
past due and the Company is negotiating an extension of the maturity date with Mekarkain.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 32.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 32.3pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Mercer
Street</span></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 32.3pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 32.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
September 23, 2021, the Company completed the conditions precedent required to enter into a Securities Purchase Agreement with Mercer
Street Global Opportunity Fund, LLC pursuant to which the Company issued a convertible promissory note to Mercer Street
in the principal amount of $2,285,142.86 for proceeds of $2,000,000. In addition, the Purchaser received a warrant to purchase up
to 11,924,636 Ordinary Shares of the Company with an exercise price equal to $0.107415 per share. The warrant is exercisable for 5 years
from the date of issuance. The Company intends to use the net proceeds from the conversion shares and the warrant shares to initiate
Phase 2/3 trials for Tollovir&#8482; COVID-19 patients, initiate digital marketing for its dietary supplement Tollovid&#174;, increase
sales &amp; marketing for Provista Diagnostics, and for general corporate purposes. The note has a maturity date of one year
from the date of issuance and pays interest at a rate of 4% per annum. The note is convertible into Ordinary Shares of the Company at a conversion price of $0.0599. In the event that the Company
lists its Ordinary Shares on a national securities exchange, Mercer Street, upon request of the Company, will be obligated to exchange
the Original Issue Discount portion of its note for Preferred A Shares, while Mercer Street may elect to convert the remaining principal
amount of its notes.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 9, 2021, the Company entered into a Securities Purchase Agreement with Quick Capital, LLC pursuant to which the Company issued
a convertible promissory note to Quick Capital in the principal amount of $142,857 for proceeds of $100,000. The closing occurred on
August 9, 2021 . In addition, Quick Capital received a warrant to purchase up to 498,733 Ordinary Shares of the Company with an exercise
price equal to $0.107415 per share. The warrant is exercisable for 5 years from the date of issuance. The Company used the net proceeds
for general corporate purposes. The note has a maturity date of one year from the date of issuance and pays interest at a rate of 4%
per annum. The note is convertible into Ordinary Shares at a conversion price of $0.0599. In the event that the Company lists its Ordinary
Shares on a national securities exchange, Quick Capital, upon request of the Company, will be obligated to exchange its note for Preferred
A Shares that convert, solely at the discretion of the Company&#8217;s Board of Directors, into Ordinary Shares at a conversion rate
of 1,000 Ordinary Shares per Preferred A Share.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 14, 2021, the Company entered into a Securities Purchase Agreement with Quick Capital pursuant to which the Company issued a
convertible promissory note to Quick Capital in the principal amount of $142,857 for proceeds of $100,000. The note has a maturity date
of one year from the date of issuance and pays interest at a rate of 4% per annum. The note is convertible into Ordinary Shares at a
conversion price of $0.0599. In addition, Quick Capital received a warrant to purchase up to 5,613,334 Ordinary Shares of the Company
with an exercise price equal to $0.107415 per share. The warrant is exercisable for 5 years from the date of issuance. The Company intends
to use the net proceeds for general corporate purposes. In the event that the Company lists its Ordinary Shares on a national securities
exchange, Quick Capital, upon request of the Company, will be obligated to exchange its note for Preferred A Shares that convert, solely
at the discretion of the Company&#8217;s Board of Directors, into Ordinary Shares at a conversion rate of 1,000 Ordinary Shares per Preferred
A Share.</span></p>

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


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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
October 11, 2021, the Company entered into a Securities Purchase Agreement with Greentree Financial Group pursuant to which the Company
issued a convertible promissory note to the Purchaser in the principal amount of $428,571 for proceeds of $300,000. In addition, Greentree
received a warrant to purchase up to 1,252,087 Ordinary Shares of the Company with an exercise price equal to $0.107415 per share. The
warrant is exercisable for 5 years from the date of issuance. The Company used the net proceeds for general corporate purposes. The note
has a maturity date of one year from the date of issuance and pays interest at a rate of 4% per annum. The note is convertible into Ordinary
Shares at a conversion price of $0.0599. In the event that the Company lists its Ordinary Shares on a national securities exchange, Greentree,
upon request of the Company, will be obligated to exchange the Original Issue Discount portion of its note for Preferred A Shares, while
Greentree may elect to convert the remaining principal amount of its notes.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November 2, and November 24, 2021, the Company entered into a Securities Purchase and other related documents with Leonite Fund I, LP
pursuant to which the Company issued a convertible promissory note to Leonite in the principal amount of $1,432,142 for proceeds of $1,002,500.
The closing occurred on November 2, 2021. The note has a maturity date of one year from the date of a issuance and pays interest at a
rate of 4% per annum. The note is convertible into Ordinary Shares at a conversion price of $0.0599.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, the Purchaser received a warrant to purchase up to 5,613,334 Ordinary Shares of the Company with an exercise price equal to
$0.107415 per share. The warrant is exercisable for 5 years from the date of issuance. The Company intends to use the net proceeds for
general corporate purposes.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the event that the Company lists its Ordinary Shares on a national securities exchange, Leonite, upon request of the Company, will be
obligated to exchange the Original Issue Discount portion of its note for Preferred A Shares, while Leonite may elect to convert the
remaining principal amount of its notes.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 21, 2021, the Company entered into a Securities Purchase Agreement with Ascendant, LLC pursuant to which the Company issued
a convertible promissory note to Ascendant in the principal amount of $300,000 for proceeds of $210,000. The closing occurred on December
21, 2021. In addition, Ascendant received a warrant to purchase up to 1,252,087 Ordinary Shares of the Company with an exercise price
equal to $0.107415 per share. The warrant is exercisable for 5 years from the date of issuance. The Company used the net proceeds for
general corporate purposes. The note has a maturity date of one year from the date of issuance and pays interest at a rate of 4% per
annum. The note is convertible into Ordinary Shares at a conversion price of $0.0599. In the event that the Company lists its Ordinary
Shares on a national securities exchange, Ascendant, upon request of the Company, will be obligated to exchange the Original Issue Discount
portion of its note for Preferred A Shares, while Ascendant may elect to convert the remaining principal amount of its notes.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

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



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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May 13, 2021, the Company filed a registration statement on Form S-1, registering for resale all of the conversion shares and the warrant
shares described above under the headings of Kips Bay, Mekarkain, Mercer Street, Quick Capital, Greentree, Leonite, and Ascendant (the
&#8220;Registration Statement), except for the conversion shares issuable to Yozma Purchasers and the conversion shares issuable under
the First Kips Bay Note, all of which were already saleable under Rule 144. The Registration Statement was subsequently amended in January
2022 and February 2022 and was declared effective on February 4, 2022. Subsequent to the effective date of the Registration Statement,
if the closing sale price of the Ordinary Shares averages less than the then conversion price over a period of ten (10) consecutive trading
days, the conversion price shall reset to such average price. If the 10 day volume weighted average price of the Ordinary Shares continues
to be less than the conversion price then the conversion price should reset to such 10-day average price with a maximum of a 20% discount
from the initial Conversion Price.</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
an extraordinary general meeting of our shareholders held on August __, 2022, our shareholders voted to approve a reverse share split
of the Company&#8217;s ordinary shares within a range of 1:2 to 1:1,000, to be effective at the ratio and on a date to be determined
by the Board of Directors of the Company (the &#8220;Reverse Split&#8221;). Although our shareholders approved the Reverse Split, all
per share amounts and calculations in this registration statement on Form S-1 and the accompanying financial statements do not reflect
the effects of the Reverse Split, as the Board of Directors has not determined the ratio or the effective date of the Reverse Split.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SARS-nCoV-2
Related Business</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
the onset of COVID-19, Todos sought to apply its expertise in developing blood tests for the early detection of cancer and Alzheimer&#8217;s
disease to distributing and then developing screening tests for the pandemic.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 23, 2021, we announced that we have entered into an automation and reagent supply agreement with MAJL Diagnostics (&#8220;MAJL&#8221;).
Under the terms of the agreement, Todos will implement its automation solution, including Tecan&#8482; liquid handlers, automated RNA
extraction machines, as well as a 384-well PCR machine capable of conducting COVID, cancer genetics and pharmacogenomics testing, in
order to become the provider of all COVID-19 PCR testing reagents and supplies.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 27.65pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 29, 2021, we announced the successful installation of automated lab equipment and completion of training for a lab client in Brooklyn,
NY. The implementation of the Todos automation solution has expanded the lab&#8217;s processing capacity to 6,000 PCR tests per day from
500 PCR tests per day, with the potential to quickly expand to up to 12,000 PCR tests per day. The lab will be implementing EUA approved
PCR testing for COVID-19 testing, as well as COVID + influenza A &amp; B PCR testing upon request for select clients. Additionally, through
the future implementation of pooling, the lab could potentially increase processing capacity to in excess of 40,000 PCR tests per day
at a 4:1 ratio.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 27.65pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 30, 2021, we announced that we have entered into a distribution partnership with Osang Healthcare (OHC) of South Korea, to distribute
the GeneFinder&#8482; COVID-19 Plus RealAMP Kit in the United States. Todos intends to make GeneFinder Plus the primary kit used for
distribution in its fully integrated and automated COVID-19 PCR testing lab solutions. GeneFinder Plus has been granted Emergency Use
Authorization (EUA) by the US FDA.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 27.65pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
market our COVID-19 test kits directly to clinical laboratories throughout the U.S. as well as through our distributors, who include
Meridian, Dynamic Distributors, LLC, and others.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 27.65pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">On
March 11, 2022, the Company entered into a Share Purchase Agreement (the &#8220;SPA&#8221;) with 3CL Sciences Ltd. (&#8220;3CL&#8221;),
an Israeli corporation, and NLC Pharma Ltd. (&#8220;NLC&#8221;), an Israeli corporation, pursuant to which (a) 3CL Sciences
will purchase all therapeutic, diagnostic, dietary supplement and pharmaceutical assets from NLC that relate to 3CL protease biology
(which is used in the development, manufacture, sale and distribution of Tollovid&#8482; and Tollovir&#8482;) from NLC in exchange
for a 100% equity interest in 3CL, (b) 3CL will allot 30.5% of its shares to the Company in exchange for a total cash commitment of $8
million, (c) NLC will sell 7.54% of 3CL&#8217;s issued and outstanding shares to the Company in exchange for a total cash commitment
of $2 million, and (d) NLC will exchange 14.31% of 3CL&#8217;s issued and outstanding shares for shares of the Company having a market
value of $3,800,000 on the day prior to the Closing, such that the Company will own 52% of 3CL&#8217;s issued and outstanding share capital
and NLC will own 48% of 3CL&#8217;s issued and outstanding share capital. The Company and NLC have agreed to identify a seasoned biopharmaceutical
CEO to manage 3CL going forward. The board of directors of 3CL Sciences will be made up of five (5) individuals: three (3) appointed
by the Company and two (2) appointed by NLC.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 27.65pt"><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; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April 19, 2021, the Company entered into an Agreement to Purchase Provista Diagnostics, Inc. (&#8220;Agreement to Purchase&#8221;) with
Strategic Investment Holdings, LLC (&#8220;SIH&#8221;), Ascenda BioSciences LLC (&#8220;Ascenda&#8221;) and Provista Diagnostics, Inc.
(&#8220;Provista&#8221;). Ascenda was the sole owner of the outstanding securities of Provista and SIH is the sole owner of all the outstanding
securities of Ascenda.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 27.65pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the Agreement to Purchase, the Company acquired Provista from Ascenda and SIH for an aggregate purchase price of $7.5 million consisting
of an initial cash payment of $1.25 million, the issuance of $1.5 million in Ordinary Shares priced at $0.0512 per share, the issuance
to SIH of a $3.5 million convertible promissory note dated April 19, 2021 (the &#8220;Note&#8221;) and the payment on for before July
1, 2021 of $1.25 million in cash (the &#8220;July Payment&#8221;), which payment the Company had the right to, and did, extend to July
15, 2021. The Provista shares acquired by the Company remained in an escrow account until the July Payment was made.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 27.65pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Note has a maturity date of April 8, 2025, and is convertible beginning on October 20, 2021, into Ordinary Shares of the Company at a
conversion price equal to the lesser of $0.05 or the volume weighted average price of the last 20 trading days for the Ordinary Shares
prior to the date of conversion. In the event SIH delivers a Notice of Conversion to the Company at a per share price less than $0.05
($0.05), the Company has the right to immediately notify SIH of its intention to pay the conversion amount in cash within three (3) business
days of receipt of the Notice of Conversion (i.e., before SIH would take possession of shares converted under the Notice of Conversion).
If, at any time between October 20, 2021 and April 20, 2022, the average of the lowest bid and closing sale price at 4:00:00 p.m., New
York time (or such other time as such market publicly announces is the official close of trading) is below ($0.05), the Company has the
option to buy out all or any portion of the Note (the &#8220;Buyback Option&#8221;). In the event the Company exercises the Buyback Option
for an amount equal to or greater than one million, one hundred seventy thousand dollars ($1,170,000) (the &#8220;Buyback Amount&#8221;),
SIH may not submit any conversions below five cents ($0.05) for ninety (90) days from receipt of the Buyback Amount (&#8220;90 Day Period&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 27.65pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the event that the Company uplists its Ordinary Shares to a national securities exchange, the Note shall automatically be exchanged into
ordinary shares with a conversion price equal to the lesser of (a) $0.05, (b) the opening price on the day of the uplisting provides
there is no transaction associated with the uplisting or (c) the deal price of an uplisting transaction.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 27.65pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of the date of this registration statement on Form S-1, SIH has not submitted a Conversion Notice.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 27.65pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
2021, the Company recognized approximately $12,277,000 in revenue related to its COVID-19 business, and in January and February of 2022,
the Company recognized approximately $540,000 in such revenue. There is no assurance that the Company will generate any additional revenues
in the future pursuant to any of these arrangements.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
2021, the Company hired 23 new employees, including management and staffing of laboratory, sales and marketing and general administrative
staffing.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
were incorporated in the State of Israel in April 2010, and are subject to the Israel Companies Law, 5760-1999 (the &#8220;Companies
Law&#8221;). Since March 7, 2017, our Ordinary Shares have been quoted on the OTCQB under the symbol TOMDF.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
January 2016, we incorporated our wholly owned subsidiary, Todos (Singapore) Pte. Ltd. In March 2016, Todos (Singapore) Pte. Ltd. changed
its name to Todos Medical Singapore Pte. Ltd., or Todos Singapore. Todos Singapore has not yet commenced its business operations.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
January 2020, we incorporated Todos Medical USA, a Nevada corporation (&#8220;Todos US&#8221;), for the purpose of conducting business
as a medical importer and distributor focused on the distribution the Company&#8217;s testing products and services to customers in North
America and Latin America. In addition, in March 2020, Todos US formed a subsidiary, Corona Diagnostics, LLC, in the State of Nevada,
for the purpose of marketing COVID-19 related products in the United States. In July 2020, we completed the acquisition of Breakthrough
Diagnostics, Inc, which is now a wholly owned subsidiary of Todos. In July 2021, we completed the acquisition of Provista Diagnostics,
Inc., which is now a wholly owned subsidiary of Todos.</span></p>

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


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<p style="font: 10pt Times New Roman, Times, Serif; 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; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
current corporate organizational structure of the Company and how we have operated substantially for the past year appears below.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="forms-1_002.jpg" alt="" style="height: 453px; width: 670px" /></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
we anticipate that 3CL Sciences Ltd. will be a 52% owned subsidiary upon the closing of the .Share Purchase Agreement with 3CL Sciences
Ltd. (&#8220;3CL&#8221;) and NLC Pharma Ltd. (&#8220;NLC&#8221;).</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
principal executive office is located at 121 Derech Menachem Begin, 30th Floor, Tel Aviv, 6701203 Israel, and our telephone number in
Israel is +972-52-642-0126. Our web address is www.todosmedical.com. The information contained on our website or available through our
website is not incorporated by reference into and should not be considered a part of this prospectus, and the reference to our website
in this prospectus is an inactive textual reference only. Puglisi &amp; Associates is our agent in the United States, and its address
is 850 Library Avenue, Suite 204 Newark, Delaware 19711.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
per share amounts and calculations in this prospectus and the accompanying financial statements do not reflect the effects of the Reverse
Split discussed elsewhere in this prospectus.</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"><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="r_004"></span>THE
OFFERING</b></span></p>

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

<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: 40%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Securities offered by us:</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 58%; text-align: justify">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Units,
    based on a public offering price of $ per Unit. Each Unit consists of one ordinary share of Todos Medical, Ltd., an
    Israel corporation, par value NIS 0.01 per share, and one warrant. The Warrants may be exercised in whole, with an exercise
    price equal to 120% of the public offering price of each Unit sold in this offering. This offering also relates to the ordinary shares
    issuable upon exercise of any Warrants sold in this offering..</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Public offering price
    per Unit</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; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
    assumed public offering price of $ &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;per Unit, which is the last reported sale price of our ordinary shares on the OTCQB as of &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;, 2022.
    (1)</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Ordinary shares outstanding
    before the offering</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of July 22, 2022, the Company had 1,193,175,121 ordinary shares outstanding. </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Ordinary shares to be
    outstanding after the offering </b>(1)(2)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Ordinary
    shares, based on the issuance of (i) &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; ordinary
    shares at a public offering price of $ &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    per Unit, assuming no exercise of any option granted to the underwriter or exercise of the Representative&#8217;s Warrants;  and (ii) the
    exercise of all warrants offered with the Units. If the underwriter&#8217;s option is exercised in full, the total number of ordinary
    shares outstanding immediately after this offering would be &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    based on a public offering price of $ per Unit.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Underwriter&#8217;s
    Option</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    have granted the Representative a 30-day option to purchase up to
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; additional
    ordinary shares and/or &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; additional
    Warrants to purchase up to &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; ordinary
    shares (equal to 15% of the number of ordinary shares and/or Warrants sold in this offering) from us at a price per ordinary share
    and/or Warrant equal to the public offering price per ordinary share and/or Warrant, less the underwriting discounts payable by us,
    solely to cover over-allotments, if any.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Description of Warrants</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    exercise price of the Warrants is $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; per
    share (with an exercise price equal to 120% of the public offering price per Unit). Each Warrant is exercisable for one ordinary
    share, subject to adjustment in the event of stock dividends, stock splits, stock combinations, reclassifications, reorganizations
    or similar events affecting our ordinary shares as described herein. A holder may not exercise any portion of a Warrant to the extent
    that the holder, together with its affiliates and any other person or entity acting as a group, would own more than 4.99% of the
    outstanding ordinary shares after exercise, as such percentage ownership is determined in accordance with the terms of the Warrants,
    except that upon notice from the holder to us, the holder may waive such limitation up to a percentage, not in excess of 9.99%. Each
    Warrant will be exercisable immediately upon issuance and will expire five years after the initial issuance date. The terms of the
    Warrants will be governed by a warrant agreement, dated as of the closing date of this offering, between us and Worldwide Stock Transfer,
    as the warrant agent (the &#8220;Warrant Agent&#8221;). This prospectus also relates to the offering of the ordinary shares
    issuable upon exercise of the Warrants. For more information regarding the Warrants, you should carefully read the section titled
    &#8220;Description of Warrants&#8221; in this prospectus.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Representative&#8217;s Warrant
    (1)</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
registration statement of which this prospectus is a part also registers the Representative&#8217;s Warrants to purchase up to ___________
ordinary shares (5% of the number of shares of ordinary shares sold in this offering (including any ordinary shares sold pursuant to
the option to be issued to the underwriters, as a portion of the underwriting compensation payable in connection with this offering.
The Representative&#8217;s Warrants will be exercisable immediately upon issuance, and from time to time, in whole or in part, and will
expire five years from the commencement of sales at an exercise price of $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
(120% of the public offering price of the Units). Please see &#8220;Underwriting Representative&#8217;s Warrants&#8221; for a description
of these warrants.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risk factors</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investing in our securities
    is highly speculative and involves a high degree of risk. You should carefully consider the information set forth in the &#8220;Risk
    Factors&#8221; section beginning on page 15  before deciding to invest in our securities.</span></td></tr>
</table>

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

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

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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#toc_001">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page -->

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 40%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Trading symbols</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 58%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
    ordinary shares are currently quoted on OTCQB under the trading symbol &#8220;TOMDF&#8221;. We will apply to  list our Ordinary
    Shares and Warrants on a national securities exchange. No assurance can be given that our application will be approved.
    We will not consummate this offering unless our application is approved.</span></td></tr>
  </table>
<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; width: 40%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Lock-ups</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 58%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
and our directors, officers and any other holders of three percent (1%) or more of the outstanding ordinary shares as of the effective
date of the registration statement, of which this prospectus forms a part, have agreed with the underwriters not to offer for sale, issue,
sell, contract to sell, pledge, encumber grant any option for the sale of or otherwise dispose of any of our securities, including the
issuance of ordinary shares upon the exercise of the Company&#8217;s currently outstanding options, without the prior written consent
of the Representative for a period of twelve (12) &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
months after the closing of this offering. See &#8220;Underwriting&#8221; section on page 88.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Use of Proceeds</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    estimate that the net proceeds from the sale of the Units in the offering, at an assumed public offering price per Unit of
    $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;, will be approximately
    $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;, after deducting the underwriting
    discounts and commissions and estimated offering expenses, or
    $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; if the underwriters exercise their option in full,
    assuming no exercise of the Representative Warrants. We currently expect to use the net proceeds of this offering primarily for the
    following purposes:</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<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: 40%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; 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; width: 55%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Approximately
    $__________ to hire professional service providers to assist in addressing our internal control issues.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <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">Approximately
    $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    for development of new products and improvements to existing products;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <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">Approximately
    $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; to expand sales
    and marketing capabilities; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    remaining proceeds of approximately $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; for general corporate purposes, including working capital and possibly acquisitions of other
    companies.</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
    &#8220;Use of Proceeds&#8221; section on page 41.</span></p></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The actual
    number of Units, ordinary shares and Representative&#8217;s Warrants that we will offer and that will be outstanding after this offering
    will be determined based on the actual public offering price and the reverse split ratio will be determined based in part on the
    price of our ordinary shares on the OTCQB at the time of the determination.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    ordinary shares outstanding prior to this offering and to be outstanding after this offering is based on shares outstanding as of
    July 22, 2022 and excludes the following:</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)
    516,330,608 ordinary shares, (the &#8220;Convertible Note Shares&#8221;), issuable upon the exercise of outstanding convertible
    notes (the &#8220;Convertible Notes&#8221;), (ii) 78,332,201 ordinary shares, (the &#8220;Purchaser Warrant Shares&#8221;), issuable
    upon exercise of outstanding warrants (the &#8220;2021 Warrants&#8221;), and (iii) 59,648,748 ordinary shares (the &#8220;Prior Warrant
    Shares&#8221;) issuable upon the exercise of outstanding warrants (the &#8220;2020 Warrants&#8221;). </span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless
we indicate otherwise, all information in this prospectus:</span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assumes
    no exercise by the underwriter of its option to purchase up to an additional
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    ordinary shares and/or Warrants to purchase up to &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    ordinary shares to cover over-allotments, if any.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">Assumes no exercise of
    the Warrants issued in this offering.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">Assumes no exercise of
    the Representative Warrants issued in this offering.</span></td></tr>
  </table>
<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>


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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"><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>SUMMARY
CONSOLIDATED FINANCIAL INFORMATION</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following tables summarize our financial data
for the periods and as of the dates indicated. We have derived the statements of operations data for the three months ended March
31, 2022 and 2021 from our unaudited financial statements and related notes included elsewhere in this prospectus. You should
read the following summary consolidated financial data together with our consolidated financial statements and the related notes appearing
elsewhere in this prospectus and the information in the section titled &#8220;Management&#8217;s Discussion and Analysis of Financial
Condition and Results of Operations.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">Selected Summary Consolidated Statements of Operations
for the three months ended March 31, 2022 and 2021</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(U.S. dollars in thousands except share and per share
amounts)</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">The following table presents
our summary consolidated balance sheet data as of March 31, 2022 and December 31, 2021</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>&#160;</p>

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


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    <!-- Field: /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"><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="r_005"></span>RISK
FACTORS</b></span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
business is subject to significant risks and uncertainties that make an investment in us speculative and risky. Below we summarize what
we believe are the principal risk factors, but these risks are not the only ones we face, and you should carefully review and consider
the full discussion of our risk factors in the section titled &#8220;Risk Factors&#8221;, together with the other information in this
prospectus. If any of the following risks actually occurs (or if any of those listed elsewhere in this prospectus occur), our business,
reputation, financial condition, results of operations, revenue, and future prospects could be seriously harmed. Additional risks and
uncertainties that we are unaware of, or that we currently believe are not material, may also become important factors that adversely
affect our business.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>We
have a history of losses, may incur future losses and may not achieve profitability.</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>We
have a need for substantial additional financing and will have to significantly delay, curtail or cease operations if we are unable to
secure such financing.</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>The
report of our independent registered public accounting firm expresses substantial doubt about our ability to continue as a going concern.</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>There
can be no assurance of market acceptance for our COVID-19 antibody test.</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>We
rely on third parties to manufacture the COVID-19 antibody tests for us, and if such third party refuses or is unable to supply us with
the COVID-19 test kits, our business will be materially harmed.</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>There
can be no assurance that we will be able to purchase ingredients for our Tollovid&#8482; and Tollovir&#8482; Covid-19 remedies.</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>We
rely on a third party to manufacture Tollovid and Tollovir for us, and if such third party refuses or is unable to supply us with Tollovid
or Tollovir, our business will be materially harmed.</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>There
can be no assurance of market acceptance for Tollovid and/or Tollovir.</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Drug
development is a long, expensive and uncertain process, and delay or failure can occur at any stage of any of our clinical trials.</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>We
may not succeed in completing the development of our cancer detection products, commercializing our products or generating significant
revenues.</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>We
are currently in the process of improving our technology and adapting to the high throughput methodology.</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>We
will require additional funding in order to commercialize our cancer detection kits and to develop and commercialize any future products.</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>We
may not successfully maintain our existing license agreement with BGU and Soroka, and we are currently not in compliance with the repayment
terms of the license agreement, which could adversely affect our ability to develop and commercialize our product candidates.</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>If
we are unable to protect our intellectual property rights, our competitive position could be harmed.</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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<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; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Because
the medical device industry is litigious, we are susceptible to intellectual property suits that could cause us to incur substantial
costs or pay substantial damages or prohibit us from selling our cancer detection kits.</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>If
we or our future distributors do not obtain and maintain the necessary regulatory clearances or approvals in a specific country or region,
we will not be able to market and sell our cancer detection kits or future products in that country or region.</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>If
we are unable to successfully complete clinical trials with respect to our cancer detection kits, we may be unable to receive regulatory
approvals or clearances for our cancer detection kits and/or our ability to achieve market acceptance of our cancer detection kits will
be harmed.</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Conditions
in Israel could materially and adversely affect our business</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Your
rights and responsibilities as a shareholder will be governed by Israeli law which differs in some material respects from the rights
and responsibilities of shareholders of U.S. companies.</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>It
may be difficult to enforce a judgment of a U.S. court against us, or against our officers and directors in Israel, or to assert U.S.
securities laws claims in Israel or to serve process on our officers and directors in Israel.</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>An
active trading market for our Ordinary Shares may not develop and our shareholders may not be able to resell their Ordinary Shares.</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Investing
in our securities involves a great deal of risk. Careful consideration should be made of the following factors as well as other information
included in this prospectus before deciding to purchase our securities. There are many risks that affect our business and results of
operations, some of which are beyond our control. Our business, financial condition or operating results could be materially harmed by
any of these risks. This could cause the trading price of our securities to decline, and you may lose all or part of your investment.
Additional risks that we do not yet know of or that we currently think are immaterial may also affect our business and results of operations.</i></span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Global
or regional health pandemics or epidemics, including COVID-19, could negatively impact our business operations, financial performance
and results of operations.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
business and financial results could be negatively impacted by the recent outbreak of COVID-19 or other pandemics or epidemics. The severity,
magnitude and duration of the current COVID-19 pandemic is uncertain, rapidly changing and hard to predict. During 2020, 2021, and 2022
to date, COVID-19 has significantly impacted economic activity and markets around the world, and it can unpredictably negatively impact
our business in numerous ways, including but not limited to those outlined below:</span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inability to attract investment
    to develop our products and services due to significant capital constraints as a result of COVID-19 and the macro-economic environment;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; 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">Disruptions or uncertainties
    related to the COVID-19 outbreak for a sustained period of time could result in delays or modifications to our strategic plans and
    initiatives and hinder our ability to achieve our business objectives;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; 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">Supply
    chain issues could impact our procurement of supplies with which to make our products;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; 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">Illness, travel restrictions
    or workforce disruptions could negatively affect our business processes including office closures, limitations, and inability to
    travel to marketplaces;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Government or regulatory
    responses to pandemics could negatively impact our business. Mandatory lockdowns or other restrictions could materially adversely
    impact our operations and results; 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">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The COVID-19 outbreak has
    increased volatility and pricing in the capital markets and volatility is likely to continue which could have a material adverse
    effect on our ability to obtain debt or equity financing to fund operations.</span></td></tr>
  </table>
<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; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><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; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
have a history of losses, may incur future losses and may not achieve profitability.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Until
March 2020, we were solely a clinical-stage medical diagnostics company with a limited operating history. We have incurred net losses
in each fiscal year since we commenced operations in 2010. We incurred net losses of $40,986,000 and $29,773,000 in the fiscal years
ended December 31, 2021, and 2020, respectively, and we may incur a net loss in 2022. As of December 31, 2021, our accumulated deficit
was $90,595,000. Our losses could continue for the foreseeable future, as we continue our investment in research and development and
clinical trials to complete the development of our technology and to attain regulatory approvals, begin the commercialization efforts
for our cancer detection kits, increase our marketing and selling expenses, and incur additional costs as a result of addressing our
internal control issues. The extent of our future operating losses and the timing of becoming profitable are highly uncertain, and we
may never achieve or sustain profitability.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
have a need for substantial additional financing and will have to significantly delay, curtail or cease operations if we are unable to
secure such financing.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company requires substantial additional financing to fund its operations. As of December 31, 2021, we had cash and cash equivalents of
$189,000. We will need to raise additional funds prior to commercializing our cancer detection products. Additional financing may not
be available to us on a timely basis on terms acceptable to us, or at all. In addition, any additional financing may be dilutive to our
shareholders or may require us to grant a lender a security interest in our assets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.45in"><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: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.45in"><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: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>A
number of our convertible promissory notes are currently past due and if a default is declared with regard to such debt, such default
would likely have a material adverse effect on our business, operations and financial results.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; text-indent: 0.45in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Convertible
promissory notes previously issued to Yozma, Kips Bay, and Mekarkain are currently past due. While these lenders have not declared events
of default and the Company and the lenders are negotiating extensions of the maturity dates, no assurance can be given that agreements
will be reached with any of these lenders. If one or more of these lenders declare an event of default under their convertible promissory
notes they can accelerate the related debt which may result in the acceleration of any other debt to which a cross-acceleration or cross-default
provision applies. If all such debt was accelerated, the Company would, as of the date of this prospectus, owe $28,437,095 to its lenders.
Such acceleration could have a material adverse effect on our business, operations and financial results. In the event our lenders accelerate
the repayment of the borrowings, we may not have sufficient assets to repay our indebtedness. Any acceleration of amounts due under the
convertible promissory notes would likely have a material adverse effect on us. As a result of these restrictions, we may be:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-indent: 0.45in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
limited in how we conduct our business;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-indent: 0.45in; 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; text-indent: 0.45in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
unable to raise additional debt or equity financing to operate during general economic or business downturns; or</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-indent: 0.45in; margin-bottom: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-indent: 0.45in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
unable to compete effectively or to take advantage of new business opportunities.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-indent: 0.45in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
restrictions, along with restrictions that may be contained in agreements evidencing or governing other future indebtedness, may affect
our ability to grow in accordance with our growth strategy.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
report of our independent registered public accounting firm expresses substantial doubt about our ability to continue as a going concern.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
independent registered public accounting firm indicated in its report on our financial statements for the year ended December 31, 2021,
included elsewhere in this prospectus, that conditions exist that raise substantial doubt about our ability to continue as a going concern.
A going concern paragraph included in our independent registered public accounting firm&#8217;s report on our financial statements, could
color investor perceptions and impair our ability to finance our operations through the sale of equity, incurring debt, or other financing
alternatives. Our ability to continue as a going concern will depend upon many factors beyond our control including the availability
and terms of future funding and the demand for COVID-19 tests. If we are unable to achieve our goals and raise the necessary funds to
finance our operations, our business would be jeopardized, and we may not be able to continue. If we ceased operations, it is likely
that all of our investors would lose their investment.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Risks
Related to our COVID-19 Antibody Test</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with the marketing and sale of our COVID-19 antibody test, we are relying on FDA policies and guidance provisions that have
recently changed and may continue to change. If we misinterpret this guidance or the guidance changes unexpectedly and/or materially,
potential sales of our COVID-19 antibody test could be impacted.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.45in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
FDA issued non-binding guidance for manufacturers relating to the pathway to enable FDA notification following confirmed validation for
devices related to testing for COVID-19 under the Policy for Coronavirus Disease-2019 Tests During the Public Health Emergency. Following
the issuance of the guidance published on March 16, 2020, revised guidance specific to COVID-19 &#8216;antibody tests&#8217; was issued.
Newer guidance was published on May 4, 2020 further describing the requirements for serology tests to continue to be marketed under an
Emergency Use Authorization. If our interpretation of the newly revised guidance is incorrect or specifics around the guidance change,
sales of our COVID-19 antibody test could be materially impacted.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>There
can be no assurance of market acceptance for our COVID-19 antibody test.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 32.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
commercial success of our COVID-19 antibody test will depend upon its acceptance as medically useful and cost-effective by physicians
and other members of the medical community, patients and third-party payers. Broad market acceptance can be achieved only with substantial
education about the benefits and limitations of such tests, as well as resolution of concerns about their appropriate use. Our reputation
and the public image of our COVID-19 antibody test kits may be impaired if they fail to perform as expected or are perceived as difficult
to use. Despite quality control testing, defects or errors could occur with the tests. Thus, there can be no assurance our COVID-19 antibody
test will gain market acceptance on a timely basis, if at all, and purchasers of such tests could choose to purchase competitors&#8217;
tests instead. Failure to achieve market acceptance and/or the impact of strong competition will have a material adverse effect on our
business, financial condition and results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-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; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
rely on a third party to manufacture the COVID-19 antibody tests for us, and if such third party refuses or is unable to supply us with
the COVID-19 test kits, our business will be materially harmed.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 32.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
rely on a third party to manufacture the COVID-19 antibody tests. If any issues arise with respect to the manufacturer&#8217;s ability
to manufacture and deliver to us the COVID-19 tests, our business could be materially harmed. In addition, the manufacturer may be unable
to provide us with an adequate supply of COVID-19 antibody tests for various reasons, including, among others, if it becomes insolvent,
if a United States regulatory authority or other governments block the import or sale of the COVID-19 tests or if it fails to maintain
its rights to manufacture the COVID-19 test. If we are unable to keep up with demand for the COVID-19 antibody test kits, our revenue
growth could be impaired, market acceptance for the test could be adversely affected, and our customers might instead purchase our competitors&#8217;
diagnostic tests.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 32.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 32.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have relied and expect to continue to rely on third parties to conduct studies of the COVID-19 diagnostic tests that will be required
by the FDA or other regulatory authorities, and those third parties may not perform satisfactorily.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
we are selling our COVID-19 antibody test kits by virtue of recent FDA guidance allowing for reduced product clinical and analytical
studies, we have relied on third parties, such as independent testing laboratories and hospitals, to conduct such studies. Our reliance
on these third parties will reduce our control over these activities. These third-party contractors may not complete activities on schedule
or conduct studies in accordance with regulatory requirements or our study design. We cannot control whether they devote sufficient time,
skill and resources to our studies. Our reliance on third parties that we do not control will not relieve us of any applicable requirement
to prepare, and ensure compliance with, various procedures required under good clinical practices. If these third parties do not successfully
carry out their contractual duties or regulatory obligations or meet expected deadlines, if the third parties need to be replaced or
if the quality or accuracy of the data they obtain is compromised due to their failure to adhere to our clinical protocols or regulatory
requirements or for other reasons, our studies may be extended, delayed, suspended or terminated, and we may not be able to obtain regulatory
approval for additional diagnostic tests.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: -0.05pt"><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; margin-left: 0; text-align: justify; text-indent: -0.05pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i></i></b></span></p>

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    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: -0.05pt"><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; margin-left: 0; text-align: justify; text-indent: -0.05pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Risks
Related to our Tollovid and Tollovir Covid-19 Remedies</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: -0.05pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>There
can be no assurance that we will be able to purchase ingredients for our Tollovid&#8482; and Tollovir&#8482; Covid-19 remedies..</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: -0.05pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Both
our dietary supplement, Tollovid, for the treatment of Covid-19, and our antiviral remedy, Tollovir, for the treatment of Covid-19, are
dependent upon the use of specialized ingredients. Tollovid, a mix of botanical extracts, is being targeted to support healthy immune
function against circulating coronaviruses. Tollovid&#8217;s mechanism of action is to inhibit the activity of the 3CL protease, a key
protease required for the intracellular replication of coronaviruses. We have contracted to purchase a controlling interest in our subsidiary
3CL Science Ltd. The other shareholder in 3CL Science is Israeli-based biotech company, NLC Pharma. 3CL Science will advance a theragnostic
program targeting the 3CL protease, a key enzyme required for coronaviruses to replicate and infect other cells. There can be no assurance
that 3CL Science will be able to purchase sufficient ingredients of a high enough quality at a reasonable price (or at any price at all)
to manufacture Tollovid or Tollovir.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: -0.05pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
rely on a third party to manufacture Tollovid and Tollovir for us, and if such third party refuses or is unable to supply us with Tollovid
or Tollovir, our business will be materially harmed.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
rely on a third party to manufacture Tollovid and Tollovir. If any issues arise with respect to the manufacturer&#8217;s ability to manufacture
and deliver to us Tollovid and/or Tollovir, our business could be materially harmed. In addition, the manufacturer may be unable to provide
us with an adequate supply of Tollovid and/or Tollovir for various reasons, including, among others, if it becomes insolvent, if a United
States regulatory authority or other governments block the import or sale of Tollovid and/or Tollovir and/or any of their respective
ingredients, or if it fails to maintain its rights to manufacture Tollovid and/or Tollovir. If we are unable to keep up with demand for
Tollovid or Tollovir, our revenue growth could be impaired, market acceptance for the treatments could be adversely affected, and our
customers might instead purchase other Covid-19 treatments.</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; 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; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have relied and expect to continue to rely on third parties to conduct studies of Tollovid and Tollovir that will be required by the
FDA or other regulatory authorities, and those third parties may not perform satisfactorily.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>There
can be no assurance of market acceptance for Tollovid and/or Tollovir.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
commercial success of our Tollovid and Tollovir treatments will depend upon their acceptance as medically useful and cost-effective by
physicians and other members of the medical community, patients and third-party payers. Broad market acceptance can be achieved only
with substantial education about the benefits and limitations of Tollovid and Tollovir, as well as resolution of concerns about their
appropriate use. Our reputation and the public image of Tollovid and Tollovir may be impaired if they fail to perform as expected or
are perceived as difficult to use. Despite quality control testing, defects or errors could occur with our products. Thus, there can
be no assurance that Tollovid and/or Tollovir will gain market acceptance on a timely basis, if at all, and purchasers of Covid-19 treatments
could choose to purchase competitors&#8217; products instead. Failure to achieve market acceptance and/or the impact of strong competition
will have a material adverse effect on our business, financial condition and results of operations.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Drug
development is a long, expensive and uncertain process, and delay or failure can occur at any stage of any of our clinical trials.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
gain approval to market a product for the treatment of a specific disease, we must provide the FDA and foreign regulatory authorities
with clinical data that adequately demonstrate the safety and efficacy of that product for the intended indication applied for in the
NDA or respective regulatory file. Drug development is a long, expensive and uncertain process, and delay or failure can occur at any
stage of any of our clinical trials. A number of companies in the pharmaceutical industry, including biotechnology companies, have suffered
significant setbacks in clinical trials, even after promising results in earlier preclinical or clinical trials. These setbacks have
been caused by, among other things, preclinical findings made while clinical studies were underway, and safety or efficacy observations
made in clinical studies. Success in preclinical testing and early clinical trials does not ensure that later clinical trials will be
successful, and the results of clinical trials by other parties may not be indicative of the results in trials we may conduct. Our Tollovir
antiviral treatment for Covid-19 will have to be the subject of clinical trials in order to gain regulatory approval to use it in the
treatment of Covid-19. There can be no assurances that such approval will be obtained.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: -0.05pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: -0.05pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may not succeed in completing the development of our cancer detection products, commercializing our products or generating significant
revenues.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: -0.05pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From
the commencement of our operations until March 2020, we have focused on the research and development and limited clinical trials of our
cancer detection kits. Our ability to generate revenues and achieve profitability in the long run depends on our ability to successfully
complete the development of our products, obtain market approval and generate significant revenues. The future success of our business
cannot be determined at this time, and we do not anticipate generating revenues from cancer detection product sales for the foreseeable
future. At the same time, we recognize that the recent development of several vaccines for COVID-19 may make our COVID-19 tests less
valuable. In addition, we face a number of challenges with respect to our future commercialization efforts of our products that do not
relate to COVID-19, including, among others, that:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">we may not have adequate
    financial or other resources to complete the development of our products;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">we may not be able to manufacture
    our products in commercial quantities, at an adequate quality or at an acceptable cost;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">we may not be able to meet
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    or FDA, approval within our goal of approximately two to four years;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">we may not be able to maintain
    our CE mark due to the regulatory changes;</span></td></tr>
  </table>
<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; 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; 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <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 never receive FDA
    approval, for our intended development plan;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">we may not be able to establish
    adequate sales, marketing and distribution channels;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">healthcare professionals
    and patients may not accept our cancer detection kits;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">technological breakthroughs
    in cancer detection, treatment and prevention may reduce the demand for our products;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">changes in the market for
    cancer detection, new alliances between existing market participants and the entrance of new market participants may interfere with
    our market penetration efforts;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">third-party payors may
    not agree to reimburse patients for any or all of the purchase price of our products, which may adversely affect patients&#8217;
    willingness to purchase our cancer detection kits;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">uncertainty as to market
    demand may result in inefficient pricing of our cancer detection kits;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">we may face third-party
    claims of intellectual property infringement;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">we may fail to obtain or
    maintain regulatory approvals for our cancer detection kits in our target markets or may face adverse regulatory or legal actions
    relating to our cancer detection kits even if regulatory approval is obtained; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">we are dependent upon the
    results of ongoing clinical studies relating to our cancer detection kits and the products of our competitors. We may fail in obtaining
    positive results.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.45in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we are unable to meet any one or more of these challenges successfully, our ability to effectively commercialize our cancer detection
kits could be limited, which in turn could have a material adverse effect on our business, financial condition and results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
are currently in the process of improving our technology and adapting to the high throughput methodology.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe our existing protocols and measurement instruments are sufficient to support the initial commercial launch in Israel and Europe.
However, we plan to change our protocol and measurement instrument as well as our sample handling in order to adapt it to new high throughput
methodology once we have successfully commercialized and have begun research activities on this second-generation protocols and measurement
instruments. The changes we plan to implement in the second-generation protocol and measurement instrument are significant. The new protocol
aims to be more robust, reproducible, fast and easy to handle, however, this transformation from the older manual protocol to the new
protocol incurs several risks. To our management&#8217;s knowledge, the new protocol will not impact the previously obtained European
Conformity, or CE, mark of approval of the TBIA test. The results may not be as promising as the former version and although some procedures
may be more reproducible, these procedures will unfortunately damage some molecules, which were part of the diagnostic features in the
previous protocol.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
previous tests we performed were preliminary or limited un-blinded studies.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
consider the tests conducted by us, as of the current date, under our method, to be preliminary or limited, as they include a relatively
small number of test subjects. Thus, there is a risk in having less sufficient sensitivity and/or specificity in the trials we plan on
conducting with larger populations, in comparison to the preliminary data we have gathered thus far. Increasing the population can increase
the variance in the medical condition of the control patients as well as the cancer patients, thus affecting our test performances with
regard to cancer detection.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
healthcare professionals do not recommend our product to their patients, our cancer detection kits may not achieve market acceptance
and we may not become profitable.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cancer
detection candidates are generally referred to a specified device by their healthcare professional and detection technologies are purchased
by prescription. If healthcare professionals, including physicians, do not recommend or prescribe our product to their patients, our
cancer detection kits may not achieve market acceptance and we may not become profitable. In addition, physicians have historically been
slow to change their medical diagnostic and treatment practices because of perceived liability risks arising from the use of new products.
Delayed adoption of our cancer detection kits by healthcare professionals could lead to a delayed adoption by patients and third-party
payors. Healthcare professionals may not recommend or prescribe our cancer detection kits until certain conditions have been satisfied,
including, among others:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; 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">sufficient long-term clinical
    evidence to convince them to supplement their existing detection methods and device recommendations;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">recommendations from other
    prominent physicians, educators and/or associations that our cancer detection kits are safe and effective;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">obtainment of favorable
    data from clinical studies for our cancer detection kits; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; 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">availability of reimbursement
    or insurance coverage from third-party payors.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
cannot predict when, if ever, healthcare professionals and patients may adopt the use of our cancer detection kits. Even if favorable
data is obtained from clinical studies for our cancer detection kits, there can be no assurance that physicians would endorse it or that
future clinical studies will continue to produce favorable data regarding our cancer detection kits. In addition, prolonged market exposure
may also be a pre-requisite to reimbursement or insurance coverage from third-party payors. If our cancer detection kits do not achieve
an adequate level of acceptance by patients, healthcare professionals and third-party payors, we may not generate significant product
revenues and we may not become profitable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
reliance on limited source suppliers could harm our ability to meet demand for our product in a timely manner or within budget.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
currently depend on a limited number of source suppliers for some of the components necessary for the production of our product. Our
current suppliers have been able to supply the required quantities of such components to date. However, if the supply of these components
is disrupted or terminated or if our current suppliers are unable to supply required quantities of components, we may not be able to
find alternative sources for these key components in a timely manner. Although we are planning to maintain strategic inventory of key
components, the inventory may not be sufficient to satisfy the demand for our products if such supply is interrupted or otherwise affected
by catastrophic events such as a fire at our storage facility. As a result, we may be unable to meet the demand for our testing kits,
which could harm our ability to generate revenues, lead to customer dissatisfaction and damage our reputation. If we are required to
change the manufacturer of any of these key components, there may be a significant delay in locating a suitable alternative manufacturer.
The delays associated with the identification of a new manufacturer could delay our ability to manufacture our testing kits in a timely
manner or within budget. Furthermore, in the event that the manufacturer of a key component of our testing kits ceases operations or
otherwise ceases to do business with us, we may not have access to the information necessary to enable another supplier to manufacture
the component. The occurrence of any of these events could harm our ability to meet demand for our testing kits in a timely manner or
within budget.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: -0.05pt"><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; margin-left: 0; text-align: justify; text-indent: -0.05pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i></i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: -0.05pt"><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; margin-left: 0; text-align: justify; text-indent: -0.05pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
have sent a demand letter to a significant customer, which has not yet paid for some of the Covid-19 testing kits that we supplied to
it.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: -0.05pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the first quarter of 2021, the Company&#8217;s contractual agreement to supply Covid-19 testing kits to NOAH Laboratories, Inc., a significant
customer, expired. At the customer&#8217;s request, the Company continued to supply Covid-19 testing kits until such time as the customer
requested that the Company stop doing so. The customer has not yet paid for some of the Covid-19 testing kits so supplied, and has not
renewed its agreement with the Company. On November 15, 2021, Todos USA sent a demand letter (the &#8220;Demand Letter&#8221;) to a significant
customer with which our contractual agreement to supply Covid-19 testing kits expired. The Demand Letter seeks (a) payment for testing
kits that Todos USA supplied for which it was not paid, in the amount of $3,465,000, (b) the return of Todos USA&#8217;s equipment, title
to which remains with Todos USA unless and until the significant customer meets a minimum purchase requirement, and (c) payment of damages
as a result of the significant customer&#8217;s unlawful retention of Todos USA&#8217;s equipment, in an amount anticipated to be $2
million. The Company and Todos USA are negotiating a settlement with NOAH Laboratories, Inc., which the Company believes will result
in most of the Company&#8217;s demands being met. The Company believes that ultimately the customer will pay for the Covid-19 testing
kits so supplied. Should the customer not make payment in full of all amounts owed to the Company, it could have a material adverse effect
on the Company&#8217;s revenues from the sale of Covid-19 testing kits.</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;<b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: -0.05pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
use of any of our products could result in product liability or similar claims that could have an adverse effect on our business, financial
condition, results of operations and our reputation.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: -0.05pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
business exposes us to an inherent risk of potential product liability or similar claims related to the manufacturing, marketing and
sale of medical devices. The medical device industry has historically been litigious, and we face financial exposure to product liability
or similar claims if the use of our kits were to cause or contribute to injury or death, including, without limitation, harm to the body
caused by the procedure or inaccurate diagnoses from the procedure that could affect treatment options. There is also the possibility
that defects in the design or manufacture of any of these products might necessitate a product recall. Although we plan to maintain product
liability insurance, the coverage limits of these policies may not be adequate to cover future claims. In the future, we may be unable
to maintain product liability insurance on acceptable terms or at reasonable costs and such insurance may not provide us with adequate
coverage against potential liabilities. A product liability claim, regardless of merit or ultimate outcome, or any product recall could
result in substantial costs to us, damage to our reputation, customer dissatisfaction and frustration, and a substantial diversion of
management attention. A successful claim brought against us in excess of, or outside of, our insurance coverage could have a material
adverse effect on our business, financial condition, results of operations and our reputation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
will require additional funding in order to commercialize our cancer detection kits and to develop and commercialize any future products.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assuming
we are successful in raising additional capital, we will continue our efforts to commercialize our cancer detection kits.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
order to market and sell our products in Israel, we require the approval of the Ministry of Health. To the best of our knowledge, approval
of our products by the Ministry of Health requires us to comply with CE mark approval and International Organization for Standardization
(ISO) 13485 (both of which we have already obtained). We were previously approved to sell our products in Israel, and we have restarted
the regulatory approval process in Israel and expect the regulatory approval process in Israel to take until the end of the second quarter
of 2022, although there may be delays due to the backlog from the Coronavirus pandemic.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.45in"><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; margin-left: 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
if adequate additional financing on acceptable terms is not available, we may not be able to develop our cancer detection kits at the
rate or to the stage we desire, and we may have to delay or abandon the commercialization of our cancer detection kits. Alternatively,
we may be required to prematurely license to third parties the rights to further develop or to commercialize our cancer detection kits
on terms that are not favorable to us. Any of these factors could materially adversely affect our business, financial condition and results
of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
are entering a potentially highly competitive market.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Early
detection is vital to the treatment of cancer, which is also the focus area of our products. The diagnostic, pharmaceutical and biopharmaceutical
industries are characterized by intense competition and rapid, significant technological changes. Many companies, research institutions
and universities are conducting research and development in a number of areas similar to those that we focus on that could lead to the
development of new products which could possibly compete with our own. Most of the companies against which we will compete have substantially
greater financial, technical, manufacturing, marketing, distribution and other resources. A number of these companies may have or may
develop technologies for developing products for detecting various cancers that could prove to be the same or even superior to ours.
We expect technological developments in the diagnostic, pharmaceutical, biopharmaceutical and related fields to occur at a rapid rate,
and we believe competition will intensify as advances in these fields are made.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
future success depends in part on our ability to retain our executive officers and to attract, retain and motivate other qualified personnel.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are highly dependent on the principal members of our management, research and development team and scientific staff. In order to implement
our business strategy, we will need to attract and retain key personnel with expertise in the areas of research and development, clinical
testing, government regulation, manufacturing, finance, marketing and sales. The inability to recruit and retain qualified personnel,
or the loss of the services of our executive officers, without proper replacement, may impede the progress of our development and commercialization
objectives.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>There
are future financial risks associated with funding our business operations with loans.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">It
is highly likely that we will find it necessary to borrow funds from banks or other financial institutions. In particular, despite the
fact that we have repurchased a significant portion of our convertible debt, we may still need to borrow money in order to repurchase
additional convertible debt that we have issued to finance our operations, the conversion of which may have a depressant effect on our
share price. No assurances can be given that, at the time we desire to borrow funds, banks or other financial institutions will be willing
to loan funds to us or that, if willing, they will do so on terms acceptable to our management. If we cannot borrow sufficient funds
for our operations, that might have a material adverse effect on our business, financial condition or operating results.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may become involved in legal proceedings.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From
time to time, we may become involved in various lawsuits and legal proceedings, including securities class action litigation. In the
past, biotechnology and pharmaceutical companies have experienced significant share price volatility, particularly when associated with
binary events such as clinical trials and product approvals. If we face such litigation, it could result in substantial costs and a diversion
of management&#8217;s attention and resources, which could harm our business and result in a decline in the market price of our Ordinary
Shares.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may face tax exposure as a result of the NLC/3CL transaction.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 11, 2022, the Company entered into a Share Purchase Agreement (the &#8220;SPA&#8221;) with 3CL Sciences Ltd. (&#8220;3CL&#8221;),
an Israeli corporation, and NLC Pharma Ltd. (&#8220;NLC&#8221;), an Israeli corporation, pursuant to which (a) 3CL Sciences will purchase
all therapeutic, diagnostic, dietary supplement and pharmaceutical assets from NLC that relate to 3CL protease biology from NLC in exchange
for a 100% equity interest in 3CL, (b) 3CL will allot 30.5% of its shares to the Company in exchange for a total cash commitment of $8
million, (c) NLC will sell 7.54% of 3CL&#8217;s issued and outstanding shares to the Company in exchange for a total cash commitment
of $2 million, and (d) NLC will exchange 14.31% of 3CL&#8217;s issued and outstanding shares for shares of the Company having a market
value of $3,800,000 on the day prior to the Closing, such that the Company will own 52% of 3CL&#8217;s issued and outstanding share capital
and NLC will own 48% of 3CL&#8217;s issued and outstanding share capital. The Company and NLC have agreed to identify a seasoned biopharmaceutical
CEO to manage 3CL going forward. The board of directors of 3CL Sciences will be made up of five (5) individuals: three (3) appointed
by the Company and two (2) appointed by NLC.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the extent that the value of the assets transferred to us in the transaction are not comparable to the value of our Ordinary Shares issued
to NLC pursuant to the Share Purchase Agreement, we may face tax exposure in both Israel and the United States.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may face tax exposure as a result of the Provista transaction.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April 19, 2021, the Company entered into an Agreement to Purchase Provista Diagnostics, Inc. (&#8220;Agreement to Purchase&#8221;) with
Strategic Investment Holdings, LLC (&#8220;SIH&#8221;), Ascenda BioSciences LLC (&#8220;Ascenda&#8221;) and Provista Diagnostics, Inc.
(&#8220;Provista&#8221;). Ascenda was the sole owner of the outstanding securities of Provista and SIH is the sole owner of all the outstanding
securities of Ascenda.</span></p>

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


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<p style="font: 10pt Times New Roman, Times, Serif; 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; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the Agreement to Purchase, the Company acquired Provista from Ascenda and SIH for an aggregate purchase price of $7.5 million consisting
of an initial cash payment of $1.25 million, the issuance of $1.5 million in Ordinary Shares of the Company priced at $0.0512 per share,
the issuance of a $3.5 million convertible promissory note dated April 19, 2021 (the &#8220;Note&#8221;) and the payment on for before
July 1, 2021 of $1.25 million in cash (the &#8220;July Payment&#8221;), which payment the Company had the right to, and did, extend to
July 15, 2021. The Provista shares acquired by the Company remained in an escrow account until the July Payment was made. The Note has
a maturity date of April 8, 2025, and is convertible beginning on October 20, 2021, into Ordinary Shares of the Company at a conversion
price equal to the lesser of $0.05 or the volume weighted average price of the last 20 trading days for the Ordinary Shares prior to
the date of conversion. In the event SIH delivers a Notice of Conversion to the Company at a per share price less than $0.05 ($0.05),
the Company has the right to immediately notify SIH of its intention to pay the conversion amount in cash within three (3) business days
of receipt of the Notice of Conversion (i.e., before SIH would take possession of shares converted under the Notice of Conversion). If,
at any time between October 20, 2021 and April 20, 2022, the average of the lowest bid and closing sale price at 4:00:00 p.m., New York
time (or such other time as such market publicly announces is the official close of trading) is below ($0.05), the Company has the option
to buy out all or any portion of the Note (the &#8220;Buyback Option&#8221;). In the event the Company exercises the Buyback Option for
an amount equal to or greater than one million, one hundred seventy thousand dollars ($1,170,000) (the &#8220;Buyback Amount&#8221;),
SIH may not submit any conversions below five cents ($0.05) for ninety (90) days from receipt of the Buyback Amount (&#8220;90 Day Period&#8221;).</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the event that the Company uplists its Ordinary Shares to a national securities exchange, the Note shall automatically be exchanged into
ordinary shares with a conversion price equal to the lesser of (a) $0.05, (b) the opening price on the day of the uplisting provides
there is no transaction associated with the uplisting or (c) the deal price of an uplisting transaction.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of the date of this prospectus, SIH has not submitted a Conversion Notice.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the extent that the value of the assets transferred to us in the transaction are not comparable to the value of our Ordinary Shares issued
to SIH pursuant to the Option Agreement, we may face tax exposure in both Israel and the United States.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may face tax liability as a result of the Amarantus transaction</i></b>.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
February 27, 2019, we entered into a joint venture agreement with Amarantus Bioscience Holdings, Inc. (&#8220;Amarantus&#8221;) pursuant
to which we issued Ordinary Shares representing 19.99% of the then-issued and outstanding Ordinary Shares of our Company to Amarantus,
in exchange for Amarantus transferring to us 19.99% of Breakthrough, which was then a wholly-owned subsidiary of Amarantus, and for Amarantus
assigning its amended and restated license agreement with the University of Leipzig for an exclusive license to develop and commercialize
the LymPro Test&#174;, an immune-based neurodiagnostic blood test for the detection of Alzheimer&#8217;s disease (the &#8220;License&#8221;).
On April 14, 2019, we notified Amarantus of the Company&#8217;s decision to exercise its option to acquire the remaining 80.01% of Breakthrough
held by Amarantus in exchange for the issuance to Amarantus of Ordinary Shares of the Company representing an additional thirty percent
(30%) of the Company&#8217;s then-issued and outstanding share capital, such that the Company would own 100% of Breakthrough, and Amarantus
would own 49.99% of the Company. At the annual meeting of shareholders of the Company held on April 29, 2019, the Company&#8217;s shareholders
voted on a resolution approving the Company&#8217;s exercise of this option. On July 28, 2020, the Company entered into Amendment No.
1 to the Binding Joint Venture Agreement with Amarantus pursuant to which the parties agreed that the Company would issue 49.9% of its
Ordinary Shares as of December 31, 2019 to Amarantus in exchange for the 80.01% equity interest it does not own of Breakthrough Diagnostics,
Inc. In addition, Amarantus will receive a 10% royalty on LymPro intellectual property. On July 28, 2020, the Company exercised this
option and issued an additional 67,599,796 Ordinary Shares to Amarantus. To the extent that the value of the assets transferred to us
in the transaction is not comparable to the value of our Ordinary Shares issued to Amarantus in this transaction, we may face a tax exposure
in both Israel and the United States.</span></p>

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


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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><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; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
U.S. Holders may suffer adverse tax consequences if we were to be characterized as a passive foreign investment company, or PFIC.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Generally,
if for any taxable year 75% or more of our gross income is passive income, or at least 50% of our assets are held for the production
of, or produce, passive income, we would be characterized as a passive foreign investment company, or PFIC, for U.S. federal income tax
purposes. There can be no assurance that we will not be classified as a PFIC in any year. If we were to be characterized as a PFIC for
U.S. federal income tax purposes in any taxable year during which a U.S. Holder, as defined in &#8220;<b><i>Taxation- U.S. Tax Considerations</i></b>&#8221;,
owns Ordinary Shares, such U.S. Holder could face adverse U.S. federal income tax consequences, including having gains realized on the
sale of our Ordinary Shares classified as ordinary income, rather than as capital gains, a loss of the preferential rate applicable to
dividends received on our Ordinary Shares by individuals who are U.S. Holders and having interest charges apply to distributions by us
and the proceeds of share sales. Certain elections exist that may alleviate some of the adverse consequences of PFIC status and would
result in an alternative treatment (such as mark-to-market treatment) of our Ordinary Shares; however, we do not intend to provide the
information necessary for U.S. Holders to make &#8220;qualified electing fund elections&#8221;, or QEF elections, if we are classified
as a PFIC, and, accordingly, such elections would not be available to U.S. Holders. See &#8220;<b><i>Taxation - U.S. Tax Considerations</i></b>&#8221;.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
business may be adversely affected by the ongoing Coronavirus pandemic.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
outbreak of the novel Coronavirus (COVID-19) has evolved into a global pandemic. The Coronavirus has spread to many regions of the world.
The extent to which the Coronavirus impacts our business and operating results will depend on future developments that are highly uncertain
and cannot be accurately predicted, including new information that may emerge concerning the Coronavirus and the actions to contain the
Coronavirus or treat its impact, among others.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a result of the continuing spread of the Coronavirus, certain aspects of our cancer testing business operations may be delayed. Specifically,
as a result of shelter-in-place orders and other mandated local travel restrictions, among other things, the research and development
activities of certain of our partners may be affected, resulting in delays to our clinical trials, and we can provide no assurance as
to when such trials will resume at this time.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
site initiation, participant recruitment and enrollment, participant dosing, distribution of clinical trial materials, study monitoring,
and data analysis may be paused or delayed due to changes in hospital or university policies, federal, state or local or foreign regulations,
prioritization of hospital resources toward pandemic efforts, or other reasons related to the pandemic. If the Coronavirus continues
to spread, some participants and clinical investigators may not be able to comply with clinical trial protocols. For example, quarantines
or other travel limitations (whether voluntary or required) may impede participant movement, affect sponsor access to study sites, or
interrupt healthcare services, and we may be unable to conduct our clinical trials. Further, if the spread of the Coronavirus pandemic
continues and our operations are adversely impacted, we risk a delay, default and/or non-performance under existing agreements which
may increase our costs. These cost increases may not be fully recoverable or adequately covered by insurance.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Infections
and deaths related to the pandemic may disrupt the United States&#8217; or other countries&#8217; healthcare and healthcare regulatory
systems. Such disruptions could divert healthcare resources away from, or materially delay FDA or foreign regulatory agency review and/or
approval with respect to, our clinical trials. It is unknown how long these disruptions could continue, were they to occur. Any elongation
or de-prioritization of our clinical trials or delay in regulatory review resulting from such disruptions could materially affect the
development and study of our product candidates.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 32.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
currently utilize third parties to, among other things, manufacture raw materials. If any third-party party in the supply chain for materials
used in the production of our product candidates is adversely impacted by restrictions resulting from the Coronavirus outbreak, our supply
chain may be disrupted, limiting our ability to manufacture our product candidates for our clinical trials and research and development
operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 32.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
the other hand, we have produced revenue as a result of the Coronavirus pandemic through our testing products and our Tollovid nutritional
supplement. If the Coronavirus pandemic were to end completely, these revenues will disappear. Notwithstanding the development of several
vaccines against the Coronavirus, it appears that for now, at least, the Coronavirus pandemic is not ending in many countries, and we
expect to continue to produce revenue from our Coronavirus testing and from Tollovid (as well as from Tollovir if it is commercialized)
for at least the next 12 months.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
spread of the Coronavirus, which has caused a broad impact globally, including restrictions on travel and quarantine policies put into
place by businesses and governments, may have a material economic effect on our business. While the potential economic impact brought
by and the duration of the pandemic may be difficult to assess or predict, it has already caused, and is likely to result in further,
significant disruption of global financial markets, which may reduce our ability to access capital either at all or on favorable terms.
In addition, a recession, depression or other sustained adverse market event resulting from the spread of the Coronavirus could materially
and adversely affect our business and the value of our Ordinary Shares.</span></p>

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


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<p style="font: 10pt Times New Roman, Times, Serif; 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; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
ultimate impact of the current pandemic, or any other health epidemic, is highly uncertain and subject to change. We do not yet know
the full extent of potential delays or impacts on our business, our clinical trials, our research programs, healthcare systems or the
global economy as a whole. However, these effects could have a material impact on our operations, and we will continue to monitor the
situation closely.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Unstable
market and economic conditions may have serious adverse consequences on our business, financial condition and share price.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
global economy, including credit and financial markets, has experienced extreme volatility and disruptions, including severely diminished
liquidity and credit availability, declines in consumer confidence, declines in economic growth, increases in unemployment rates, increases
in inflation rates and uncertainty about economic stability. For example, the COVID-19 pandemic resulted in widespread unemployment,
economic slowdown and extreme volatility in the capital markets. Similarly, the current conflict between Ukraine and Russia has created
extreme volatility in the global capital markets and is expected to have further global economic consequences, including disruptions
of the global supply chain and energy markets. Any such volatility and disruptions may have adverse consequences on us or the third parties
on whom we rely. If the equity and credit markets deteriorate, including as a result of political unrest or war, it may make any necessary
debt or equity financing more difficult to obtain in a timely manner or on favorable terms, more costly or more dilutive.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may not successfully maintain our existing license agreement with BGU and Soroka, and we are currently not in compliance with the repayment
terms of the license agreement, which could adversely affect our ability to develop and commercialize our product candidates.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
rely on our existing License Agreement with BGU and Soroka with respect to the development of our core cancer technology, TBIA. Our failure
to maintain our existing license could adversely affect our ability to develop and commercialize our product candidates and could adversely
affect our business prospects, financial condition or ability to develop and commercialize our product candidates.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may not be able to further establish or maintain such licensing and collaboration arrangements necessary to develop and commercialize
our product candidates. Even if we are able to maintain or establish licensing or collaboration arrangements, these arrangements may
not be on favorable terms and may contain provisions that will restrict our ability to develop, test and market our product candidates.
Any failure to maintain or establish licensing or collaboration arrangements on favorable terms could adversely affect our business prospects,
financial condition or ability to develop and commercialize our product candidates.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 32.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
license agreement contains provisions that could give rise to disputes regarding the rights and obligations of the parties. These and
other possible disagreements could lead to termination of the agreement or delays in collaborative research, development, supply, or
commercialization of certain product candidates, or could require or result in litigation or arbitration. Moreover, disagreements could
arise with our collaborators over rights to intellectual property or our rights to share in any of the future revenues of products developed
by our collaborators. These kinds of disagreements could result in costly and time-consuming litigation. Any such conflicts with our
collaborators could reduce our ability to obtain future collaboration agreements and could have a negative impact on our relationship
with existing collaborators.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 32.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
we are unable to protect our intellectual property rights, our competitive position could be harmed.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
success and ability to compete depends in large part upon our ability to protect our intellectual property. We face several risks and
uncertainties in connection with our intellectual property rights, including, among others:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; 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">pending and
    future patent applications may not result in the issuance of patents or, if issued, may not be issued in a form that will be advantageous
    to us;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our issued patents may
    be challenged, invalidated or legally circumvented by third parties;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">our patents may not be
    upheld as valid and enforceable or prevent the development of competitive products;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">the eligibility of certain
    inventions related to diagnostic medicine, more specifically diagnostic methods and processes, for patent protection in the United
    States has been limited recently which may affect our ability to enforce our issued patents in the United States or may make it difficult
    to obtain broad patent protection going forward in the United States;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">for a variety of reasons,
    we may decide not to file for patent protection on various improvements or additional features; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; 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">intellectual property protection
    and/or enforcement may be unavailable or limited in some countries where laws or law enforcement practices may not protect our proprietary
    rights to the same extent as the laws of the United States, the European Union, or Israel.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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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; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consequently,
our competitors could develop, manufacture and sell products that directly compete with our products, which could decrease our sales
and diminish our ability to compete. In addition, competitors could attempt to develop their own competitive technologies that fall outside
of our intellectual property rights. If our intellectual property does not adequately protect us from our competitors&#8217; products
and methods, our competitive position could be materially adversely affected.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Because
the medical device industry is litigious, we are susceptible to intellectual property suits that could cause us to incur substantial
costs or pay substantial damages or prohibit us from selling our cancer detection kits.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
is a substantial amount of litigation over patent and other intellectual property rights in the medical device industry. Whether or not
a product infringes a patent involves complex legal and factual considerations, the determination of which is often uncertain. Our management
is presently unaware of any other parties&#8217; valid patents and proprietary rights which our evolving product designs would infringe.
Searches typically performed to identify potentially infringed patents of third parties are often not conclusive and, because patent
applications can take many years to issue, there may be applications now pending, which may later result in issued patents which our
current or future products may infringe. In addition, our competitors or other parties may assert that our cancer detection kits, and
the methods employed may be covered by patents held by them. If any of our products infringes a valid patent, we could be prevented from
manufacturing or selling such product unless we are able to obtain a license or able to redesign the product in such a manner as to avoid
infringement. A license may not always be available or may require us to pay substantial royalties. We also may not be successful in
any attempt to redesign our product to avoid infringement. Infringement and other intellectual property claims, with or without merit,
can be expensive and time-consuming to litigate and could divert our management&#8217;s attention from operating our business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: -0.05pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
steps we have taken to protect our intellectual property may not be adequate, which could have a material adverse effect on our ability
to compete in the market.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: -0.05pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to filing patent applications, we rely on confidentiality, non-compete, non-disclosure and assignment of inventions provisions,
as appropriate, in our agreements with our employees, consultants, and service providers, to protect and otherwise seek to control access
to, and distribution of, our proprietary information. These measures may not be adequate to protect our intellectual property from unauthorized
disclosure, third-party infringement or misappropriation, for the following reasons:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the agreements may be breached,
    may not provide the scope of protection we believe they provide or may be determined to be unenforceable;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">we may have inadequate
    remedies for any breach;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">proprietary information
    could be disclosed to our competitors; or</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">others may independently
    develop substantially equivalent or superior proprietary information and techniques or otherwise gain access to our trade secrets
    or disclose such technologies.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Specifically,
with respect to non-compete agreements, we may be unable to enforce these agreements, in whole or in part, and it may be difficult for
us to restrict our competitors from gaining the expertise that our former employees gained while working for us. If our intellectual
property is disclosed or misappropriated, it could harm our ability to protect our rights and could have a material adverse effect on
our business, financial condition and results of operations.</span></p>

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


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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may need to initiate lawsuits to protect or enforce our patents and other intellectual property rights, which could be expensive and,
if we lose, could cause us to lose some of our intellectual property rights, which would harm our ability to compete in the market.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
rely on patents to protect a portion of our intellectual property and our competitive position. Patent law relating to the scope of claims
in the technology fields in which we operate is still evolving and, consequently, patent positions in the medical device industry are
generally uncertain. In order to protect or enforce our patent rights, we may initiate patent and related litigation against third parties,
such as infringement suits or interference proceedings. Any lawsuits that we initiate could be expensive, take significant time and divert
our management&#8217;s attention from other business concerns and the outcome of litigation to enforce our intellectual property rights
in patents, copyrights, trade secrets or trademarks is highly unpredictable. Litigation also puts our patents at risk of being invalidated
or interpreted narrowly and our patent applications at risk of not issuing. In addition, we may provoke third parties to assert claims
against us. We may not prevail in any lawsuits that we initiate, and the damages or other remedies awarded, including attorney fees,
if any, may not be commercially valuable. The occurrence of any of these events could have a material adverse effect on our business,
financial condition and results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
we or our future distributors do not obtain and maintain the necessary regulatory clearances or approvals in a specific country or region,
we will not be able to market and sell our cancer detection kits or future products in that country or region.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
intend to market our cancer detection kits in a number of international markets. To be able to market and sell our cancer detection kits
in a specific country or region, we or our distributors must comply with the regulations of that country or region. While the regulations
of some countries do not impose barriers to marketing and selling part or all of our products or only require notification, others require
that we or our distributors obtain the approval of a specified regulatory authority. These regulations, including the requirements for
approvals and the time required for regulatory review, vary from country to country. Obtaining regulatory approvals is expensive and
time-consuming, and we cannot be certain that we or our distributors will receive regulatory approvals for our cancer detection kits
or any future products in each country or region in which we plan to market such products. If we modify our cancer detection kits or
any future products, we or our distributors may need to apply for new regulatory approvals or regulatory authorities may need to review
the planned changes before we are permitted to sell them.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
obtained approval to use the European CE mark on December 9, 2013 with the receipt of a Certificate of Conformance from our regulatory
authorized representative in Europe. The European regulatory demands regarding IVD have recently been revised and major changes need
to be made in order to keep our CE Mark. These changes will need to be made by 2022. We may not meet the quality and safety standards
required to maintain any authorizations we receive in the future or maintain the CE Certificate of Conformance that we have already received.
If we or our distributors are unable to maintain our authorizations or CE Certificate of Conformance in a particular country or region,
we will no longer be able to sell our cancer detection kits or any future products in that country or region, and our ability to generate
revenues will be materially and adversely affected.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
we are unable to successfully complete clinical trials with respect to our cancer detection kits, we may be unable to receive regulatory
approvals or clearances for our cancer detection kits and/or our ability to achieve market acceptance of our cancer detection kits will
be harmed.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
development of cancer diagnostics typically includes pre-clinical studies. Certain other devices require the submission of data generated
from clinical trials, which can be a long, expensive and uncertain process, subject to delays and failure at any stage. The data obtained
from the studies and trials may be inadequate to support regulatory clearances or approvals, or to obtain third country approval equivalent
to the European CE mark of approval, or to allow market acceptance of the products being studied. Our cancer detection kits are currently
undergoing clinical development.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
conducted clinical studies in cooperation with leading hospitals in Israel. A study with Soroka (along with BGU) formed the basis of
our methodology. We then conducted studies, with both Rabin Medical Center, or Rabin, and Kaplan Medical Center, or Kaplan, which focused
on breast and colorectal cancers.</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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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#toc_001">Table of Contents</a></td></tr></table></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>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
for the FDA, our products&#8217; intended use or other specifications that are under development today may not be accepted by the FDA.
Under such circumstances, we may be required to change the intended use or specifications of our products, and be required to perform
additional trials and provide new supportive material to the FDA.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 32.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are an IVD company, developing proprietary technology which will analyze a blood sample to detect the presence of various cancers. Since
we are not developing a drug, we believe that we will not need to submit an investigational new drug application to the FDA prior to
conducting clinical trials in the U.S. We believe that we will only need institutional review board, or IRB, approval prior to conducting
clinical trials in the U.S.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
expect that obtaining FDA approval for the marketing and selling of our products in the U.S. will take anywhere between two to four years
and will cost us approximately $10 million to $15 million. As we do not have this amount of money, we would need to raise additional
funds to perform clinical trials in the U.S. in order to receive FDA approval. If we are unable to raise such funds, we will not be able
proceed with our efforts to obtain FDA approval. Inability to obtain FDA approval would significantly harm our viability as a company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
estimate that we will need a &#8220;small pilot&#8221; clinical trial (less than 100 patients) to enable us to approach the FDA with
the results and begin a dialogue with the FDA to seek the FDA&#8217;s recommendation (not their approval) as to trial size and the protocols
for future U.S. clinical trials. We plan to submit a formal application to the FDA for approval of the TBIA method after we have completed
our clinical trials in the U.S.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
the closing of the Provista transaction, we acquired a Clinical Laboratory Improvement Amendments laboratory, or CLIA laboratory, and
retain our product as a Laboratory Developed Test, or LDT, which are assays developed in the laboratory for internal use, in parallel
to the FDA evaluation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Further,
any regulatory authority whose approval we will require in order to market and sell our products in any territory may require us to submit
data on a greater number of patients than we originally anticipated and/or for a longer follow-up period, or may change the data collection
requirements or data analysis applicable to our clinical trials.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
commencement or completion of any of our clinical studies or trials may be delayed or halted, or be inadequate to support regulatory
clearance, approval or product acceptance, or to obtain local regulatory approvals in any country that we wish to sell our products,
for numerous reasons, including, among others:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; 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">patients do not enroll
    in the clinical trial at the rate we expect;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">patients do not comply
    with trial protocols;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">patient follow-up is not
    at the rate we expect;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">patients experience adverse
    side effects;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">patients die during a clinical
    trial, even though their death may be unrelated to our product;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">regulatory authorities
    do not approve a clinical trial protocol or a clinical trial, or place a clinical trial on hold;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">IRBs, Ethics Committees
    and third-party clinical investigators may delay or reject our trial protocol and Informed Consent Form;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">third-party clinical investigators
    decline to participate in a study or trial or do not perform a study or trial on our anticipated schedule or consistent with the
    investigator agreements, study or trial protocol, good clinical practices or FDA, IRBs, Ethics Committees, or other applicable requirements;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">third-party organizations
    such as the Contract Research Organization, do not perform data collection, monitoring and analysis in a timely or accurate manner
    or consistent with the study or trial protocol or investigational or statistical plans;</span></td></tr>
  </table>
<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; 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; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; 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">regulatory inspections
    of our studies, trials or manufacturing facilities may require us to, among other things, undertake corrective action or suspend
    or terminate our studies or clinical trials;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">changes in governmental
    regulations or administrative actions;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">the interim or final results
    of the study or clinical trial are inconclusive or unfavorable as to safety or efficacy; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a regulatory agency or
    our notified body concludes that our trial design is or was inadequate to demonstrate different parameters of the assay.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
results of pre-clinical and clinical studies do not necessarily predict future clinical trial results, and predecessor clinical trial
results may not be repeated in subsequent clinical trials. Additionally, any regulatory authority whose approval we will require in order
to market and sell our products in any territory may disagree with our interpretation of the data from our pre-clinical studies and clinical
trials, or may find the clinical trial design, conduct or results inadequate to demonstrate safety or efficacy, and may require us to
pursue additional pre-clinical studies or clinical trials, which could further delay the clearance or approval of the sale of our products.
The data we collect from our non-clinical testing, our pre-clinical studies and other clinical trials may not be sufficient to support
regulatory approval.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
the third parties on which we rely to conduct our clinical trials and clinical development do not perform as contractually required or
expected, we may not be able to obtain regulatory clearance or approval for, or commercialize, our cancer detection kits or future products.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
do not have the ability to independently conduct our clinical trials for our cancer detection kits and we must rely on third parties,
such as contract research organizations, medical institutions, clinical investigators and contract laboratories to conduct such trials.
If these third parties do not successfully carry out their contractual duties or regulatory obligations or meet expected deadlines, if
these third parties need to be replaced, or if the quality or accuracy of the data they obtain is compromised due to the failure to adhere
to our clinical protocols or regulatory requirements or for other reasons, our pre-clinical development activities or clinical trials
may be extended, delayed, suspended or terminated, and we may not be able to obtain regulatory clearance for, or successfully commercialize,
our cancer detection kits or future products on a timely basis, if at all, and our business, operating results and prospects may be adversely
affected. Furthermore, our third-party clinical trial investigators may be delayed in conducting our clinical trials for reasons outside
of their control.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
results of our clinical trials may not support our product claims or may result in the discovery of adverse side effects.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Even
if our clinical trials are completed as planned, we cannot be certain that their results will support our product claims or that any
regulatory authority whose approval we will require in order to market and sell our products in any territory will agree with our conclusions
regarding them. Success in pre-clinical studies and early clinical trials does not ensure that later clinical trials will be successful,
and we cannot be sure that clinical trials will replicate the results of prior trials and pre-clinical studies. The clinical trial process
may fail to demonstrate that our cancer detection kits, or any future products, are safe and effective for the proposed indicated uses,
which could cause us to abandon a product and may delay development of others. Any delay or termination of our clinical trials will delay
the filing of our product submissions and, ultimately, our ability to commercialize our cancer detection kits, or any future products,
and generate revenues. It is also possible that patients enrolled in clinical trials will experience adverse side effects that are not
currently part of the product candidate&#8217;s profile.</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>


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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
cancer detection kits may in the future be subject to product recalls that could harm our reputation, business and financial results.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
FDA and similar foreign governmental authorities have the authority to require the recall of commercialized products in the event of
material deficiencies or defects in design or manufacture. In the case of the FDA, the authority to require a recall must be based on
an FDA finding that there is a reasonable probability that the device would cause serious injury or death. In addition, foreign governmental
bodies have the authority to require the recall of our products in the event of material deficiencies or defects in design or manufacture.
Manufacturers may, under their own initiative, recall a product if any material deficiency in a device is found. A government-mandated
or voluntary recall by us or one of our distributors could occur as a result of component failures, manufacturing errors, design or labeling
defects or other deficiencies and issues. Once marketed, recalls of any of our products, including our cancer detection kits, would divert
managerial and financial resources and have an adverse effect on our business, financial condition and results of operations. The FDA
requires that certain classifications of recalls be reported to the FDA within 10 working days after the recall is initiated. Companies
are required to maintain certain records of recalls, even if they are not reportable to the FDA. We may initiate voluntary recalls involving
our products in the future that we determine do not require us to notify the FDA. If the FDA disagrees with our determinations, they
could require us to report those actions as recalls. A future recall announcement could harm our reputation with customers and negatively
affect our sales. In addition, the FDA could take enforcement action against us based on our failure to report the recalls when they
were conducted.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
we are unable to achieve reimbursement and coverage from third-party payors for laboratory tests using our cancer detection kits, or
if reimbursement is insufficient to create an economic benefit for purchasing or using our cancer detection kits when compared to alternative
tests, demand for our products may not grow at the rate we expect.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
demand for our cancer detection kits will depend significantly on the eligibility of the tests performed using our cancer detection kits
for reimbursement through government-sponsored healthcare payment systems and private third-party payors. Reimbursement practices vary
significantly from country to country and within some countries, by region, and we must obtain reimbursement approvals on a country-by-country
and/or region-by-region basis. In general, the process of obtaining reimbursement and coverage approvals has been longer outside of the
United States. We may not be able to obtain reimbursement approvals in a timely manner or at all and existing reimbursement and coverage
policies may be revised from time to time by third-party payors. If physicians, hospitals and other healthcare providers are unable to
obtain sufficient coverage and reimbursement from third-party payors for tests using our cancer detection kits, if reimbursement is,
or is perceived by our customers to be, insufficient to create an economic incentive for purchasing or using our cancer detection kits,
or if such reimbursement does not adequately compensate physicians and health care providers compared to the other tests they offer,
demand for our products may not grow at the rate we expect.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Federal
and state privacy laws, and equivalent laws of third countries, may increase our costs of operation and expose us to civil and criminal
sanctions.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Health Insurance Portability and Accountability Act of 1996, as amended, and the regulations that have been issued under it, or collectively
HIPAA, and similar laws outside the United States, contain substantial restrictions and requirements with respect to the use and disclosure
of individuals&#8217; protected health information. The HIPAA privacy rules prohibit &#8220;covered entities,&#8221; such as healthcare
providers and health plans, from using or disclosing an individual&#8217;s protected health information, unless the use or disclosure
is authorized by the individual or is specifically required or permitted under the privacy rules. Under the HIPAA security rules, covered
entities must establish administrative, physical and technical safeguards to protect the confidentiality, integrity and availability
of electronic protected health information maintained or transmitted by them or by others on their behalf. While we do not believe that
we will be a covered entity under HIPAA, we believe many of our customers will be covered entities subject to HIPAA. Such customers may
require us to enter into business associate agreements, which will obligate us to safeguard certain health information we obtain in the
course of our relationship with them, restrict the manner in which we use and disclose such information and impose liability on us for
failure to meet our contractual obligations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, under The Health Information Technology for Economic and Clinical Health Act of 2009, or HITECH, certain of HIPAA&#8217;s privacy
and security requirements are now also directly applicable to &#8220;business associates&#8221; of covered entities and subject them
to direct governmental enforcement for failure to comply with these requirements. We may be deemed as a &#8220;business associate&#8221;
of some of our customers. As a result, we may be subject to civil and criminal penalties for failure to comply with applicable privacy
and security rule requirements. Moreover, HITECH created a new requirement obligating &#8220;business associates&#8221; to report any
breach of unsecured, individually identifiable health information to their covered entity customers and imposes penalties for failing
to do so.</span></p>

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


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<p style="font: 10pt Times New Roman, Times, Serif; 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; margin-left: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to HIPAA, most U.S. states have enacted patient confidentiality laws that protect against the disclosure of confidential medical
information, and many U.S. states have adopted or are considering adopting further legislation in this area, including privacy safeguards,
security standards, and data security breach notification requirements. These U.S. state laws, which may be even more stringent than
the HIPAA requirements, are not preempted by the federal requirements, and we are therefore required to comply with them to the extent
they are applicable to our operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
and other possible changes to HIPAA or other U.S. federal or state laws or regulations, or comparable laws and regulations in countries
where we conduct business, could affect our business and the costs of compliance could be significant. Failure by us to comply with any
of the standards regarding patient privacy, identity theft prevention and detection, and data security may subject us to penalties, including
civil monetary penalties and in some circumstances, criminal penalties. In addition, such failure may damage our reputation and adversely
affect our ability to retain customers and attract new customers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
protection of personal data, particularly patient data, is subject to strict laws and regulations in many countries. The collection and
use of personal health data in the EU are governed by the provisions of the General Data Protection Regulation (GDPR). GDPR carries provisions
that require businesses to protect the personal data and privacy of EU citizens for transactions that occur within EU member states.
The GDPR also regulates the exportation of personal data outside the EU. The GDPR will levy harsh fines against those who violate its
privacy and security standards, with penalties reaching into the tens of millions of euros. The GDPR defines several roles that are responsible
for ensuring compliance: data controller (defines how personal data is processed and the purposes for which it is processed), data processor
(liable for breaches or non-compliance) and the data protection officer (liable to process, store and monitor large amounts of EU and
Non-EU citizen data). Under the GDPR, health data is considered a special category of personal data, demanding even further steps for
its protection than other, regular types of personal data. To lawfully process special category data, both a legal basis and a separate
condition for processing must be identified. The GDPR also requires that upon processing special category data, you must keep records
and include documenting the categories of the data you process. The GDPR doesn&#8217;t explicitly state how long an organization is allowed
to hold on to personal data, however healthcare organizations should ensure that the information relating to health data is not kept
for longer than needed. For that reason, retention periods must be clearly established and communicated to data subjects, such as patients.
Additionally, the GDPR requires that before processing data that is likely to be high risk to the rights and freedoms of data subjects,
a Data Protection Impact Assessment is to be conducted in order to identify the potential risks that could be faced.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
GDPR also imposes strict rules on the transfer of personal data out of the EU. Failure to comply with the requirements of the GDPR may
result in fines and other administrative penalties and harm our business. We may incur extensive costs in ensuring compliance with these
laws and regulations, particularly if we are considered to be a data controller within the meaning of the GDPR.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: -0.05pt"><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; margin-left: 0; text-align: justify; text-indent: -0.05pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Once
we commercialize our product, if ever, security breaches, loss of data and other disruptions could compromise sensitive information related
to our business or prevent us from accessing critical information and expose us to liability, which could adversely affect our business
and our reputation.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: -0.05pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Once
we commercialize our product, in the ordinary course of our business, it is highly likely that we and our third-party providers will
collect and store sensitive data, including legally protected health information and personally identifiable information about patients,
our healthcare provider customers and payors. We also may store sensitive intellectual property and other proprietary business information,
including that of our customers and payors. We plan to manage and maintain our data utilizing a combination of on-site systems and cloud-based
data center systems. This data will encompass a wide variety of business-critical information, including research and development information,
commercial information and business and financial information.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
face four primary risks relative to protecting this critical information: loss of access risk, inappropriate disclosure risk, inappropriate
modification risk and the risk of our being unable to identify and audit our controls over the first three risks.</span></p>

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


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<p style="font: 10pt Times New Roman, Times, Serif; 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; margin-left: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
will be highly dependent on information technology networks and systems, including the Internet, to securely process, transmit and store
this critical information. Security breaches of this infrastructure, including physical or electronic break-ins, computer viruses, attacks
by hackers and similar breaches, can create system disruptions, shutdowns or unauthorized disclosure or modification of confidential
information. The secure processing, storage, maintenance and transmission of this critical information will be vital to our operations
and business strategy, and we plan to devote significant resources to protecting such information. Although we will take measures to
protect sensitive information from unauthorized access or disclosure, our information technology and infrastructure, and that of our
third-party providers, may be vulnerable to attacks by hackers or viruses or breached due to employee error, malfeasance or other disruptions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
security breach or privacy violation that leads to disclosure or modification of or prevents access to consumer information (including
personally identifiable information or protected health information) could harm our reputation, compel us to comply with disparate state
breach notification laws, require us to verify the correctness of database contents and otherwise subject us to liability under laws
that protect personal data, resulting in increased costs or loss of revenue. If we are unable to prevent such security breaches or privacy
violations or implement satisfactory remedial measures, our operations could be disrupted, and we may suffer loss of reputation, financial
loss and other regulatory penalties because of lost or misappropriated information, including sensitive consumer data. In addition, these
breaches and other inappropriate access can be difficult to detect, and any delay in identifying them may lead to increased harm of the
type described above.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
such breach or interruption could compromise our networks or those of our third-party providers, and the information stored there could
be inaccessible or could be accessed by unauthorized parties, publicly disclosed, lost or stolen. Any such interruption in access, improper
access, disclosure or other loss of information could result in legal claims or proceedings, liability under laws that protect the privacy
of personal information, such as HIPAA, and regulatory penalties. Unauthorized access, loss or dissemination could also disrupt our operations,
including our ability to perform tests, provide test results, bill payers or patients, process claims and appeals, provide customer assistance
services, conduct research and development activities, collect, process and prepare company financial information, provide information
about our current and future products and other patient and clinician education and outreach efforts through our website, and manage
the administrative aspects of our business and damage our reputation, any of which could adversely affect our business. Any such breach
could also result in the compromise of our trade secrets and other proprietary information, which could adversely affect our competitive
position.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, the interpretation and application of consumer, health-related, privacy and data protection laws in the U.S., the EU and elsewhere
are often uncertain, contradictory and in flux. It is possible that these laws may be interpreted and applied in a manner that is inconsistent
with our practices. If so, this could result in government-imposed fines or orders requiring that we change our practices, which could
adversely affect our business. Complying with these various laws could cause us to incur substantial costs or require us to change our
business practices and compliance procedures in a manner adverse to our business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
we fail to comply with the U.S. federal Anti-Kickback Statute and similar state and third country laws, we could be subject to criminal
and civil penalties and exclusion from federally funded healthcare programs including the Medicare and Medicaid programs and equivalent
third country programs, which would have a material adverse effect on our business and results of operations.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
provision of the Social Security Act, commonly referred to as the federal Anti-Kickback Statute, prohibits the knowing and willful offer,
payment, solicitation or receipt of any form of remuneration, directly or indirectly, in cash or in kind, to induce or reward the referring,
ordering, leasing, purchasing or arranging for, or recommending the ordering, purchasing or leasing of, items or services payable, in
whole or in part, by Medicare, Medicaid or any other federal healthcare program. Although there are a number of statutory exemptions
and regulatory safe harbors to the federal Anti-Kickback Statute protecting certain common business arrangements and activities from
prosecution or regulatory sanctions, the exemptions and safe harbors are drawn narrowly, and practices that do not fit squarely within
an exemption or safe harbor may be subject to scrutiny. The federal Anti-Kickback Statute is very broad in scope and many of its provisions
have not been uniformly or definitively interpreted by existing case law or regulations. In addition, most of the states have adopted
laws similar to the federal Anti-Kickback Statute, and some of these laws are even broader than the federal Anti- Kickback Statute in
that their prohibitions may apply to items or services reimbursed under Medicaid and other state programs or, in several states, apply
regardless of the source of payment. Violations of the federal Anti-Kickback Statute may result in substantial criminal, civil or administrative
penalties, damages, fines and exclusion from participation in federal healthcare programs.</span></p>

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


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<p style="font: 10pt Times New Roman, Times, Serif; 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; margin-left: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
of our future financial relationships with U.S. healthcare providers, purchasers, formulary managers, and others who provide products
or services to federal healthcare program beneficiaries will potentially be governed by the federal Anti-Kickback Statute and similar
state laws. We believe our operations will be in compliance with the federal Anti-Kickback Statute and similar state laws. However, we
cannot be certain that we will not be subject to investigations or litigation alleging violations of these laws, which could be time-consuming
and costly to us and could divert management&#8217;s attention from operating our business, which in turn could have a material adverse
effect on our business. In addition, if our arrangements were found to violate the federal Anti-Kickback Statute or similar state laws,
the consequences of such violations would likely have a material adverse effect on our business, results of operations and financial
condition.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
are other federal and state laws that may affect our ability to operate, including the federal civil False Claims Act, which prohibits,
among other things, individuals or entities from knowingly presenting, or causing to be presented, a false or fraudulent claim for payment
of government funds or knowingly making, using or causing to be made or used, a false record or statement material to an obligation to
pay money to the government or knowingly concealing or knowingly and improperly avoiding, decreasing, or concealing an obligation to
pay money to the federal government. Moreover, we may be subject to other federal false claim laws, including, among others, federal
criminal healthcare fraud and false statement statutes that extend to non-government health benefit programs. Moreover, there are analogous
state laws. Violations of these laws can result in substantial criminal, civil or administrative penalties, damages, fines and exclusion
from participation in federal healthcare programs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Similar
restrictions are imposed by the national legislation of many third countries in which our medical devices will be marketed. Moreover,
the provisions of the Foreign Corrupt Practices Act of 1997 and other similar anti-bribery laws in other jurisdictions generally prohibit
companies and their intermediaries from providing money or anything of value to officials of foreign governments, foreign political parties,
or international organizations with the intent to obtain or retain business or seek a business advantage. Recently, there has been a
substantial increase in anti-bribery law enforcement activity by U.S. regulators, with more aggressive and frequent investigations and
enforcement by both the SEC and the Department of Justice. A determination that our operations or activities violated U.S. or foreign
laws or regulations could result in imposition of substantial fines, interruption of business, loss of supplier, vendor or other third-party
relationships, termination of necessary licenses and permits, and other legal or equitable sanctions. In addition, lawsuits brought by
private litigants may also follow as a consequence.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Conditions
in Israel could materially and adversely affect our business.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Many
of Todos&#8217; employees and consultants, including its Chief Financial Officer, are residents of Israel. Accordingly, political, economic,
and military conditions in Israel and the surrounding region may directly affect Todos&#8217; business and operations. In recent years,
Israel has been engaged in sporadic armed conflicts with Hamas, an Islamist terrorist group that controls the Gaza Strip, with Hezbollah,
an Islamist terrorist group that controls large portions of southern Lebanon, and with Iranian-backed military forces in Syria. In addition,
Iran has threatened to attack Israel and may be developing nuclear weapons. Some of these hostilities were accompanied by missiles being
fired from the Gaza Strip against civilian targets in various parts of Israel, including areas in which Todos&#8217; employees are located,
and negatively affected business conditions in Israel. Any hostilities involving Israel or the interruption or curtailment of trade between
Israel and its trading partners could adversely affect our operations and results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Todos&#8217;
commercial insurance does not cover losses that may occur as a result of events associated with war and terrorism. Although the Israeli
government currently covers the reinstatement value of direct damages that are caused by terrorist attacks or acts of war, Todos cannot
assure you that this government coverage will be maintained or that it will sufficiently cover Todos&#8217; potential damages. Any losses
or damages incurred by Todos could have a material adverse effect on its business. Any armed conflicts or political instability in the
region would likely negatively affect business conditions and could harm our results of operations.</span></p>

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


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<p style="font: 10pt Times New Roman, Times, Serif; 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; margin-left: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Further,
in the past, the State of Israel and Israeli companies have been subjected to economic boycotts. Several countries still restrict business
with the State of Israel and with Israeli companies. These restrictive laws and policies may have an adverse impact on Todos&#8217; results
of operations, financial condition or the expansion of its business. A campaign of boycotts, divestment, and sanctions has been undertaken
against Israel, which could also adversely affect Todos&#8217; business. Actual or perceived political instability in Israel or any negative
changes in the political environment, may individually or in the aggregate adversely affect the Israeli economy and, in turn, Todos&#8217;
business, financial condition, results of operations, and prospects.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, many Israeli citizens are obligated to perform several weeks of annual military reserve duty each year until they reach the
age of 40 (or older, for reservists who are military officers or who have certain occupations) and, in the event of a military conflict,
may be called to active duty. In response to increases in terrorist activity, there have been periods of significant call-ups of military
reservists. It is possible that there will be military reserve duty call-ups in the future. Todos&#8217; operations could be disrupted
by such call-ups, which may include the call-up of members of its management. Such disruption could materially adversely affect its business,
prospects, financial condition, and results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Your
rights and responsibilities as a shareholder will be governed by Israeli law which differs in some material respects from the rights
and responsibilities of shareholders of U.S. companies.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
rights and responsibilities of the holders of our Ordinary Shares are governed by our articles of association, as amended (the &#8220;Amended
Articles&#8221;), and by Israeli law. These rights and responsibilities differ in some material respects from the rights and responsibilities
of shareholders in U.S.-based corporations. For instance, a shareholder of an Israeli company has a duty to act in good faith and in
a customary manner in exercising its rights and performing its obligations towards the company and other shareholders, and to refrain
from abusing its power in the company, including, among other things, in voting at a general meeting of shareholders on matters such
as amendments to a company&#8217;s articles of association, increases in a company&#8217;s authorized share capital, mergers and acquisitions
and related party transactions requiring shareholder approval. In addition, a shareholder who is aware that it possesses the power to
determine the outcome of a shareholder vote or to appoint or prevent the appointment of a director or executive officer in the company
has a duty of fairness toward the company. There is limited case law available to assist us in understanding the nature of this duty
or the implications of these provisions. These provisions may be interpreted to impose additional obligations and liabilities on holders
of our Ordinary Shares that are not typically imposed on shareholders of U.S. corporations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>It
may be difficult to enforce a judgment of a U.S. court against us, or against our officers and directors in Israel, or to assert U.S.
securities laws claims in Israel or to serve process on our officers and directors in Israel.</i></b></span></p>

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

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

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


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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Provisions
of Israeli law and our Amended Articles may delay, prevent or otherwise impede a merger with, or an acquisition of, us, even when the
terms of such a transaction are favorable to us and our shareholders.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Israeli
corporate law regulates mergers, requires tender offers for acquisitions of shares above specified thresholds, requires special approvals
for transactions involving directors, officers or significant shareholders and regulates other matters that may be relevant to such types
of transactions. For example, a tender offer for all of a company&#8217;s issued and outstanding shares can only be completed if the
acquirer receives positive responses from the holders of at least 95% of the issued share capital and the approval of a majority of the
offerees that do not have a personal interest in the tender offer, unless at least 98% of the company&#8217;s outstanding shares are
tendered. Furthermore, the shareholders, including those who indicated their acceptance of the tender offer (unless the acquirer stipulated
in its tender offer that a shareholder that accepts the offer may not seek appraisal rights), may, at any time within six months following
the completion of the tender offer, petition an Israeli court to alter the consideration for the acquisition. In addition, a merger may
not be consummated unless at least 50 days have passed from the date on which a proposal for approval of the merger was filed by each
party with the Israeli Registrar of Companies and at least 30 days have passed from the date on which the merger was approved by the
shareholders of each party. See &#8220;<b><i>Provisions Restricting Change in Control in our Company</i></b>&#8221; for additional information.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
Israeli tax considerations may make potential transactions unappealing to us or to our shareholders whose country of residence does not
have a tax treaty with Israel exempting such shareholders from Israeli tax. For example, Israeli tax law does not recognize tax-free
share exchanges to the same extent as U.S. tax law. With respect to mergers, Israeli tax law allows for tax deferral in certain circumstances
but makes the deferral contingent on the fulfillment of a number of conditions, including, in some cases, a holding period of two years
from the date of the transaction during which sales and dispositions of shares of the participating companies are subject to certain
restrictions. Moreover, with respect to certain share swap transactions, the tax deferral is limited in time, and when such time expires,
the tax becomes payable even if no disposition of the shares has occurred.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
received Israeli government grants for certain of our research and development activities. The terms of those grants may require us to
pay royalties and to satisfy specified conditions in order to manufacture products and transfer technologies outside of Israel. We may
be required to pay penalties in addition to repayment of the grants.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From
inception through December 31, 2021, we have been awarded an aggregate of $272,237 in the form of grants from Israel Innovation Authority,
or the IIA, formerly known as Israel&#8217;s Office of the Chief Scientist of the Ministry of Economy. The requirements and restrictions
for such grants are found in the Israeli Encouragement of Research and Development Law, 5744-1984 and the regulations thereunder (the
&#8220;Research Law&#8221;). Under the Research Law, royalties of 3% to 5% on the revenues derived from sales of products or services
developed in whole or in part using these IIA grants are payable to the Israeli government. We developed our technologies, at least in
part, with funds from these grants, and accordingly we would be obligated to pay these royalties on sales of any of our product candidates
that achieve regulatory approval. The maximum aggregate royalties paid generally cannot exceed 100% of the grants made to us, plus annual
interest equal to the 12-month LIBOR applicable to dollar deposits, as published on the first business day of each calendar year. As
of December 31, 2021, we had not paid any royalties to the IIA. When a company develops know-how, technology or products using IIA grants,
the terms of these grants and the Research Law restrict the transfer of such know-how, and the transfer of manufacturing or manufacturing
rights of such products, technologies or know-how outside of Israel, without the prior approval of the IIA. Therefore, the discretionary
approval of an IIA committee would be required for any transfer to third parties inside or outside of Israel of know-how or manufacturing
or manufacturing rights related to those aspects of such technologies. We may not receive those approvals. Furthermore, the IIA may impose
certain conditions on any arrangement under which it permits us to transfer technology or development out of Israel, including an increased
royalty rate.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
transfer of IIA-supported technology or know-how outside of Israel may involve the payment of significant amounts, depending upon the
value of the transferred technology or know-how, our research and development expenses, the amount of IIA support, the time of completion
of the IIA-supported research project and other factors. These restrictions and requirements for payment may impair our ability to sell
or otherwise transfer our technology assets outside of Israel or to outsource or transfer development or manufacturing activities with
respect to any product or technology outside of Israel. Furthermore, the consideration available to our shareholders in a transaction
involving the transfer outside of Israel of technology or know-how developed with IIA funding (such as a merger or similar transaction)
may be reduced by any amounts that we are required to pay to the IIA.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.45in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
restrictions will continue to apply even after we have repaid the full amount of royalties on the grants. For the years ended December
31, 2021 and 2020, we did not apply for or receive any grants from the IIA.</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"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
Related to Our Ordinary Shares</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: -0.05pt"><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; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Future
issuance of our Ordinary Shares could dilute the interests of existing shareholders.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may issue additional Ordinary Shares in the future. The issuance of a substantial number of Ordinary Shares could have the effect of
substantially diluting the interests of our shareholders. In addition, the sale of a substantial amount of Ordinary Shares in the public
market, in the initial issuance, in a situation in which we acquire a company, and the acquired company receives Ordinary Shares as consideration
and the acquired company subsequently sells its Ordinary Shares, or by investors who acquired such Ordinary Shares in a private placement,
could have an adverse effect on the market price of our Ordinary Shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.05pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.05pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of July 22, 2022, the Company had 1,193,175,121 ordinary shares outstanding.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; 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; margin-left: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
conversion of all the notes described in the Prospectus Summary section called &#8220;<i>Crossover Notes </i>would result in the issuance
of 516,330,608 additional ordinary shares (including a 4% interest rate from the date of issuance and a one-time conversion price adjustment
from $0.599 per share to $0.048 per share).</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
exercise of all of the outstanding warrants would result in the issuance of an additional 137,980,949 ordinary shares.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
conversion shares would constitute 27.95% of the company&#8217;s ordinary shares, the warrant shares would constitute 7.47% of the ordinary
shares, and the total of the conversion shares and the warrant shares would constitute 654,311,557 ordinary shares, or 35.42% of the
company&#8217;s issued and outstanding shares prior to the consummation of the offering being registered in this prospectus.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.05pt"><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; margin-left: 0; text-align: justify; text-indent: -0.05pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Sales
of a substantial number of our Ordinary Shares in the public market by our existing shareholders could cause our share price to fall.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sales
of a substantial number of shares of our Ordinary Shares in the public market, or the perception that these sales might occur, could
depress the market price of our Ordinary Shares and could impair our ability to raise capital through the sale of additional equity securities.
We are unable to predict the effect that sales may have on the prevailing market price of our Ordinary Shares. Sales of shares by these
shareholders could have a material adverse effect on the trading price of our Ordinary Shares. We intend to register the offering, issuance,
and sale of all Ordinary Shares that we may issue under our equity compensation plans. Once we register these shares, they can be freely
sold in the public market upon issuance, subject to volume limitations applicable to affiliates and any lock-up agreements. Also, we
are required to register the shares that would result from (a) the conversion of certain convertible notes we issued in 2021, and (b)
the exercise of certain warrants we issued alongside convertible notes in 2020 and 2021. The sales of a significant number of those shares
could have a depressant effect on our share price.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Until
December 31, 2021, we were an Emerging Growth Company, which may have reduced the amount of information available to investors.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Until
December 31, 2021, we were an Emerging Growth Company. The Jumpstart Our Business Start-ups Act, or the JOBS Act, allowed us to postpone
the date by which we must comply with some of the laws and regulations intended to protect investors and to reduce the amount of information
we provided in our reports filed with the SEC, which could have adversely undermined investor confidence in our company and adversely
affected the market price of our Ordinary Shares. Because we have not yet filed a periodic report since our Emerging Growth Company status
expired, we have not yet complied with the above-mentioned laws and regulations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
as long as we remained an &#8220;emerging growth company&#8221; as defined in the JOBS Act, we took advantage of certain exemptions from
various requirements that are applicable to public companies that are not emerging growth companies including:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; 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 provisions of the Sarbanes-Oxley
    Act requiring that our independent registered public accounting firm provide an attestation report on the effectiveness of our internal
    control over financial reporting;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">Section 107 of the JOBS
    Act, which provides that an &#8220;emerging growth company&#8221; can take advantage of the extended transition period provided in
    Section 7(a)(2)(B) of the Securities Act of 1933, as amended, or the Securities Act, for complying with new or revised accounting
    standards. This means that an &#8220;emerging growth company&#8221; can delay the adoption of certain accounting standards until
    those standards would otherwise apply to private companies. We may elect to delay such adoption of new or revised accounting standards.
    As a result of this adoption, our financial statements may not be comparable to companies that comply with the public company effective
    date; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; 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">any rules that may be adopted
    by the Public Company Accounting Oversight Board requiring mandatory audit firm rotation or a supplement to the auditor&#8217;s report
    on the financial statements.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
took advantage of these exemptions until we were no longer an &#8220;emerging growth company.&#8221; We were an emerging growth company
until the last day of the fiscal year ending on December 31, 2021.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
have never paid cash dividends on our Ordinary Shares, and we do not anticipate paying any dividends in the foreseeable future. Consequently,
any gains from an investment in our Ordinary Shares will likely depend on whether the price of our Ordinary Shares increases, which may
not occur.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have not paid cash dividends on any of our share capital to date and we currently intend to retain our future earnings, if any, to fund
the development and growth of our business. In addition, the Companies Law imposes restrictions on our ability to declare and pay dividends.
As a result, capital appreciation, if any, of our Ordinary Shares will be your sole source of gain for the foreseeable future. Consequently,
in the foreseeable future, you will likely only experience a gain from your investment in our Ordinary Shares if the price of our Ordinary
Shares increases beyond the price in which you originally acquired the Ordinary Shares.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
potential future application of the SEC&#8217;s &#8220;penny stock&#8221; rules to our Ordinary Shares could limit trading activity in
the market, and our shareholders may find it more difficult to sell their shares.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
our Ordinary Shares trade at less than $5.00 per share we will be subject to the SEC&#8217;s penny stock rules. Rule 15g-9 under the
Exchange Act establishes the definition of a &#8220;penny stock,&#8221; for the purposes relevant to us, as any equity security that
has a market price of less than $5.00 per share or with an exercise price of less than $5.00 per share, subject to certain exceptions.
For any transaction involving a penny stock, unless exempt, the rules require: (a) that a broker or dealer approve a person&#8217;s account
for transactions in penny stocks; and (b) the broker or dealer receive from the investor a written agreement to the transaction, setting
forth the identity and quantity of the penny stock to be purchased.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
order to approve a person&#8217;s account for transactions in penny stocks, the broker or dealer must: (a) obtain financial information
and investment experience objectives of the person and (b) make a reasonable determination that the transactions in penny stocks are
suitable for that person and the person has sufficient knowledge and experience in financial matters to be capable of evaluating the
risks of transactions in penny stocks.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
broker or dealer must also deliver, prior to any transaction in a penny stock, a disclosure schedule prescribed by the SEC relating to
the penny stock market, which, in highlight form: (a) sets forth the basis on which the broker or dealer made the suitability determination;
and (b) confirms that the broker or dealer received a signed, written agreement from the investor prior to the transaction. Generally,
brokers may be less willing to execute transactions in securities subject to the &#8220;penny stock&#8221; rules. This may make it more
difficult for investors to dispose of our Ordinary Shares and cause a decline in the market value of our Ordinary Shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Disclosure
also has to be made about the risks of investing in penny stocks in both public offerings and in secondary trading and about the commissions
payable to both the broker or dealer and the registered representative, current quotations for the securities and the rights and remedies
available to an investor in cases of fraud in penny stock transactions. Finally, monthly statements have to be sent disclosing recent
price information for the penny stock held in the account and information on the limited market in penny stocks.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
market price of our Ordinary Shares may be volatile.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
market price of our Ordinary Shares may be highly volatile. Some of the factors that may materially affect the market price of our Ordinary
Shares are beyond our control, such as changes in financial estimates by industry and securities analysts, conditions or trends in the
industry in which we operate or sales of our Ordinary Shares. These factors may materially adversely affect the market price of our Ordinary
Shares, regardless of our performance. In addition, the public stock markets have experienced extreme price and trading volume volatility.
This volatility has significantly affected the market prices of securities of many companies for reasons frequently unrelated to the
operating performance of the specific companies. These broad market fluctuations may adversely affect the market price of our Ordinary
Shares.</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>


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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
executive officers, directors and principal shareholders will maintain the ability to exert significant control over matters submitted
to our shareholders for approval.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
executive officers, directors and principal shareholders who own more than 5% of our outstanding Ordinary Shares beneficially own shares
representing approximately 6.97%<sup>1</sup> of our share capital. This concentration of voting power could delay or prevent an acquisition
of our company on terms that other shareholders may desire or may result in management of our company being appointed despite our other
shareholders&#8217; disapproval. See &#8220;<b><i>Provisions Restricting Change in Control in our Company</i></b>&#8221; for additional
information.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
securities or industry analysts do not publish or cease publishing research or reports about us, our business or our market, or if they
adversely change their recommendations or publish negative reports regarding our business or our shares, our share price and trading
volume could decline.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
trading market for our Ordinary Shares will be influenced by the research and reports that industry or securities analysts may publish
about us, our business, our market or our competitors. We do not have any control over these analysts, and we cannot provide any assurance
that analysts will cover us or provide favorable coverage. If any of the analysts who may cover us adversely change their recommendation
regarding our shares, or provide more favorable relative recommendations about our competitors, our share price would likely decline.
If any analyst who may cover us were to cease coverage of our company or fail to regularly publish reports on us, we could lose visibility
in the financial markets, which in turn could cause our share price or trading volume to decline.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
we fail to comply with the rules under the Sarbanes-Oxley Act of 2002 (&#8220;Sarbanes-Oxley&#8221;) related to internal controls and
procedures in the future, or, if we discover material weaknesses and other deficiencies in our internal controls over financial reporting,
our share price could decline significantly and raising capital could be more difficult.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
404 of Sarbanes-Oxley requires annual management assessments of the effectiveness of our internal controls over financial reporting.
If we fail to comply with the rules under Sarbanes-Oxley related to disclosure controls and procedures in the future, or, if we discover
material weaknesses and other deficiencies in our internal controls over financial reporting, our share price could decline significantly
and raising capital could be more difficult. If material weaknesses or significant deficiencies are discovered or if we otherwise fail
to achieve and maintain the adequacy of our internal controls, we may not be able to ensure that we can conclude on an ongoing basis
that we have effective internal controls over financial reporting in accordance with Section 404 of Sarbanes-Oxley. Moreover, effective
internal controls are necessary for us to produce reliable financial reports and are important to helping prevent financial fraud. If
we cannot provide reliable financial reports or prevent fraud, our business and operating results could be harmed, investors could lose
confidence in our reported financial information, and the trading price of our ordinary shares could drop significantly.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>There
is no assurance that an active and liquid trading market in our ordinary shares will develop.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
offering will close only if our ordinary shares and Warrants are accepted to be listed on a national securities exchange. There
can be no assurance any broker will be interested in trading our ordinary shares and/or Warrants, but we believe that our ordinary shares
will trade more actively on a national securities exchange than they currently do on OTCQB. If this is not the case, it may be difficult
to sell any securities you purchase in this offering if you desire or need to sell them. Neither we nor the underwriters can provide
any assurance that an active and liquid trading market in our ordinary shares and/or Warrants will develop or, if developed, that such
markets will continue.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>There
is no guarantee that we will successfully have our ordinary shares and Warrants listed on a national securities exchange, in which
case we will not complete this offering. Even if our ordinary shares and Warrants are accepted for listing on a national securities
exchange, upon our satisfaction of the exchange&#8217;s initial listing criteria, the exchange may subsequently delist our ordinary
shares and/or Warrants if we fail to comply with ongoing listing standards.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the event we are able to list our ordinary shares and Warrants on a national securities exchange upon our satisfaction of the
exchange&#8217;s initial listing criteria, the exchange will require us to meet certain financial, public float, bid price and liquidity
standards on an ongoing basis in order to continue the listing of our ordinary shares and/or Warrants. If we fail to meet these continued
listing requirements, our ordinary shares and/or Warrants may be subject to delisting. If our ordinary shares and/or Warrants are delisted
and we are not able to list such ordinary shares and /or Warrants on another national securities exchange, we expect our securities would
be quoted on an over-the-counter market; however, if this were to occur, our shareholders could face significant material adverse consequences,
including limited availability of market quotations for our ordinary shares and /or Warrants and reduced liquidity for the trading of
our securities. In addition, in the event of such delisting, we could experience a decreased ability to issue additional securities and
obtain additional financing in the future. Even if our ordinary shares and/or Warrants are listed on a national securities exchange,
there can be no assurance that an active trading market for our ordinary shares and/or Warrants will develop or be sustained after
our initial listing.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>There
is no assurance that, if our ordinary shares or Warrants become listed on a national securities exchange, we will not continue
to experience volatility in the prices of our securities.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
OTCQB, where our ordinary shares have been quoted, prior to this offering, is an inter-dealer, over-the-counter market that provides
significantly less liquidity than a national securities exchange. Our ordinary shares are thinly traded due to the limited number
of shares available for trading on the OTCQB thus causing large swings in price. As such, investors and potential investors may find
it difficult to obtain accurate stock price quotations, and holders of our ordinary shares or Warrants may be unable to resell their
securities at or near their original purchase price or at any price. If an active market for our ordinary shares develops and
continues, the prices of our securities may nevertheless be volatile. If our securities experiences volatility as it has in the past,
investors may not be able to sell their securities at or above their original purchase price or at any price. Sales of substantial amounts
of our securities, or the perception that such sales might occur, could adversely affect prevailing market prices of our securities and
our securities price may decline substantially in a short period of time. As a result, our shareholders could suffer losses or be unable
to liquidate their holdings. No assurance can be given that the price of our ordinary shares and/or Warrants will become less volatile
when listed on a national securities exchange.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Market
prices for our ordinary shares and Warrants will be influenced by a number of factors, including:</span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the issuance of new equity
    securities of the Company pursuant to a future offering, including issuances of preferred stock;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">the introduction of new
    products or services by us or our competitors;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">any future reseller arrangements
    with global and domestic providers and brand owners;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">changes in interest rates;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">significant dilution caused
    by the anti-dilutive clauses in our financial agreements;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">competitive developments,
    including announcements by our competitors of new products or services or significant contracts, acquisitions, strategic partnerships,
    joint ventures or capital commitments;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">variations in our quarterly
    operating results;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">change in financial estimates
    by securities analysts;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 16.2pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a limited amount of news
    and analyst coverage for our Company;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">the depth and liquidity
    of the market for our 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; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">sales of large blocks of
    our ordinary shares, including sales by our major shareholders, any executive officers or directors appointed in the future, or by
    other significant shareholders;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">investor perceptions of
    our Company; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">general economic and other
    national and international conditions, including, but not limited to, the economic impacts of the COVID-19 pandemic.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 16.2pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Market
price fluctuations may negatively affect the ability of investors to sell our shares at consistent prices. Additionally, recently, securities
of certain companies have experienced significant and extreme volatility in stock price due to short sellers of shares of common stock,
known as a &#8220;short squeeze.&#8221; These short squeezes have caused extreme volatility in those companies and in the market and
have led to the price per share of those companies to trade at a significantly inflated rate that is disconnected from the underlying
value of the company. Many investors who have purchased shares in those companies at an inflated rate face the risk of losing a significant
portion of their original investment as the price per share has declined steadily as interest in those stocks have abated. While we have
no reason to believe our shares would be the target of a short squeeze, there can be no assurance that we won&#8217;t be in the future,
and you may lose a significant portion or all of your investment if you purchase our shares at a rate that is significantly disconnected
from our underlying value.</span></p>

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


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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><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; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Financial
reporting obligations of being a public company in the United States are expensive and time-consuming, and our management will be required
to devote substantial time to compliance matters.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a public company we incur significant legal, accounting and other expenses. The obligations of being a public company in the United States
require significant expenditures and places significant demands on our management and other personnel, including costs resulting from
public company reporting obligations under the Exchange Act and the rules and regulations regarding corporate governance practices, including
those under the Sarbanes-Oxley Act and the Dodd-Frank Wall Street Reform and Consumer Protection Act. These rules require the establishment
and maintenance of effective disclosure and financial controls and procedures, internal control over financial reporting and changes
in corporate governance practices, among many other complex rules that are often difficult to implement, monitor and maintain compliance
with. Our management and other personnel will need to devote a substantial amount of time to ensure that we comply with all of these
requirements and to keep pace with new regulations, otherwise we may fall out of compliance and risk becoming subject to litigation,
among other potential problems.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Warrants offered in this offering do not confer any rights of ordinary share ownership on their holders, such as voting rights or the
right to receive dividends, but rather merely represent the right to acquire ordinary shares at a fixed price for a limited period of
time. Specifically, commencing on the date of issuance, holders of the Warrants may exercise their right to acquire the ordinary shares
and pay an exercise price of $ per share (with an exercise price no less than 120% of the public offering price of a Unit),
prior to five years from the date of issuance, after which date any unexercised Warrants will expire and have no further value. In
addition, there is no established trading market for the Warrants and there is no assurance such a market will develop.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Holders
of the Warrants will have no rights as a shareholder until they acquire our ordinary shares</i></b>.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Until
holders of the Warrants acquire ordinary shares upon exercise of the Warrants, the holders will have no rights with respect to the ordinary
shares issuable upon exercise of the Warrants. Upon exercise of the Warrants, the holder will be entitled to exercise the rights of a
shareholder as to the security exercised only as to matters for which the record date occurs after the exercise.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>There
is no established market for the Warrants to purchase our ordinary shares being offered in this offering</i></b>.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
is no established trading market for the Warrants and there is no assurance a market will develop. Although we will apply to list
the Warrants on a national securities exchange there can be no assurance that there will be an active trading market for the Warrants.
Without an active trading market, the liquidity of the Warrants will be limited.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Provisions
of the Warrants offered by this prospectus could discourage an acquisition of us by a third party</i></b>.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to the discussion of the provisions of our governing organizational documents, certain provisions of the Warrants offered by
this prospectus could make it more difficult or expensive for a third party to acquire us. The Warrants prohibit us from engaging in
certain transactions constituting &#8220;fundamental transactions&#8221; unless, among other things, the surviving entity assumes our
obligations under the Warrants. These and other provisions of the Warrants offered by this prospectus could prevent or deter a third
party from acquiring us even where the acquisition could be beneficial to you.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>There
is no current public market for the Units.</i></b></span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
is no established public trading market for the Units, for the Warrantscon offered hereby, and we do not expect a market to develop
for the Units. The Units have no stand-alone rights and will not be certified or issued as stand-alone securities. The ordinary shares
and Warrants are immediately separable from the Units, and will be issued separately in this offering. We do not intend to apply for
listing of the Units on any securities exchange or other nationally recognized trading system.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>


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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"><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="r_006"></span>USE
OF PROCEEDS</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
estimate that the net proceeds from the sale of the Units in the offering, at an assumed public offering price per Unit of $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;, will be
approximately $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; , after deducting the underwriting discounts and commissions and estimated offering expenses, or $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; if the underwriters
exercise their option in full, assuming no exercise of the Representative Warrants.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
currently expect to use the net proceeds of this offering primarily for the following purposes:</span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <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; vertical-align: top; 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; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Approximately
    $_________ to hire additional personnel to assist in developing internal controls and procedures related to our financial reporting;</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; vertical-align: top; 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; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Approximately
    $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; for development of new products and improvements to existing products;</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; vertical-align: top; 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; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Approximately
    $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; to expand sales and marketing capabilities; and</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; vertical-align: top; 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; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    remaining proceeds of approximately $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; for general corporate purposes, including working capital and possibly acquisitions of other
    companies.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
is an estimated use of proceeds and amounts may be re-allocated by the Board of Directors in its sole discretion. We believe that the
expected net proceeds from this offering and our existing cash and cash equivalents, together with interest thereon, will be sufficient
to fund our operations for at least the next 12 months, although we cannot assure you that this will occur.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
amount and timing of our actual expenditures will depend on numerous factors, including the status of our development efforts, sales
and marketing activities and the amount of cash generated or used by our operations. We may find it necessary or advisable to use portions
of the proceeds for other purposes, and we will have broad discretion and flexibility in the application of the net proceeds.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
$1.00 increase (decrease) in the assumed public offering price of $ per Unit would increase (decrease) the expected net proceeds of the
offering to us by approximately $ million, assuming that the number of Units sold by us remains the same. We may also increase or decrease
the number of Units we are offering. An increase (decrease) in the number of Units offered by us by Units would increase (decrease) the
expected net proceeds of the offering to us by approximately $ million assuming that the assumed public offering price remains as set
forth on the cover page of this prospectus.</span></p>

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


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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Set
forth below is our cash and capitalization as of March 31, 2022:</span></p>

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

<table 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">on an actual basis; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; 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">On
a pro forma basis to reflect the issuance of [&#160;&#160;&#160;] Units.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
should read the information in the below table together with our consolidated financial statements and related notes, and &#8220;Management&#8217;s
Discussion and Analysis of Financial Condition and Results of Operations,&#8221; each included elsewhere in this prospectus.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>&#160;</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; padding-bottom: 1.5pt; text-align: center"><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; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
    of March 31, 2022 (In thousands) (1)</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><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; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Actual<br />
    (unaudited)</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; 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; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pro
Forma</span></p>
                                                                                <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(unaudited)</span></p></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 60%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
    and cash equivalents</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">74</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    current liabilities</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">10,820</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-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">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    non-current liabilities</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">28,058<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    stockholders&#8217; equity (deficit):</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ordinary
    Shares of NIS 0.01 par value each:</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-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"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized:
    5,000,000,000 shares at March 31, 2022; Issued and outstanding: 1,140,376,586 shares at March 31, 2022.</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">3,423</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-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">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additional
    paid-in capital</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">69,599</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</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>
  <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; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accumulated
    deficit</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(98,183</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left">)<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    shareholders&#8217; equity (deficit)</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(25,161</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</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>
  </table>


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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
$&#160;&#160;&#160;&#160;&#160;&#160;&#160; increase or decrease in the public offering price of
$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; per Unit would increase or decrease our as adjusted cash and cash
equivalents, additional paid-in capital, total stockholders&#8217; equity and total capitalization by approximately
$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; million assuming the number of Units offered by us, as set
forth on the cover page of this prospectus, remains the same and after deducting the underwriting discounts, commissions and
estimated offering expenses payable by us. An increase (decrease) of
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Units in the number of Units offered by us, as
set forth on the cover page of this prospectus, would increase (decrease) as adjusted cash and cash equivalents, additional paid-in
capital, total stockholders&#8217; equity and total capitalization by
$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; million, assuming no change in the public
offering price per Unit and after deducting estimated underwriting discounts and commissions and estimated offering expenses payable
by us.</span></p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; 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; 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">On
    an actual basis, based on 1,193,175,121 ordinary shares outstanding as of July 22, 2022 and excludes the following as
    of that date:</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-size: 10pt">(i) 516,330,608 ordinary shares, (the &#8220;Convertible
    Note Shares&#8221;), issuable upon the exercise of outstanding convertible notes (the &#8220;Convertible Notes&#8221;), (ii) 78,332,201
    ordinary shares, (the &#8220;Purchaser Warrant Shares&#8221;), issuable upon exercise of outstanding warrants (the &#8220;2021 Warrants&#8221;),
    and (iii) 59,648,748 ordinary shares (the &#8220;Prior Warrant Shares&#8221;) issuable upon the exercise of outstanding warrants
    (the &#8220;2020 Warrants&#8221;).</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#toc_001">Table of Contents</a></td></tr></table></div>
    <!-- Field: /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"><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>DILUTION</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
you invest in our shares in this offering, your interest will be diluted to the extent of the difference between the public offering
price per ordinary share that is part of the Unit and the as adjusted net tangible book value per ordinary share immediately after this
offering.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
historical net tangible book value as of March 31, 2022, was approximately $16,433, or $0.012 per ordinary share.
Our historical net tangible book value is the amount of our total tangible assets less our liabilities. Historical net tangible book
value per ordinary share is our historical net tangible book value divided by the number of outstanding ordinary shares as of March 31, 2022.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">After
giving effect to this offering, at a public offering price of $ &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
per Unit, after deducting underwriting discounts and commissions and estimated offering expenses payable by us and after giving
effect to the other pro forma adjustments referenced under &#8220;Capitalization,&#8221; our net tangible book value on a as
adjusted basis as of December 31, 2021, would have been $ &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; per ordinary share.
This amount represents an immediate increase in as adjusted net tangible book value of $
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; per ordinary share to our existing shareholders and an immediate
dilution of $&#160;&#160;&#160;&#160;&#160;&#160;&#160; per ordinary share to new investors purchasing Units in this offering. We
determine dilution by subtracting the adjusted net tangible book value per share after this offering from the amount of cash that a
new investor paid for a Unit.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table illustrates this dilution:</span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 96%; border-collapse: collapse; margin-left: 0.25in">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 84%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Public
    offering price per Unit</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 12%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
    tangible book value per ordinary share as of March 31, 2022</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.012</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Increase
    in as adjusted net tangible book value per ordinary share attributable to this offering</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <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">As
    adjusted net tangible book value per ordinary share, after this offering</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dilution
    per share to new investors in this offering</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; increase (decrease) in the public offering price of $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; per Unit, would increase (decrease) the as adjusted net tangible book value per
ordinary share by $ &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;, and increase (decrease) dilution to new investors by $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; per ordinary share, in each case assuming that the number
of shares offered by us, as set forth on the cover page of this prospectus, remains the same and after deducting underwriting discounts
and commissions and estimated offering expenses payable by us.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
foregoing discussion and table do not consider further dilution to new investors that could occur upon the exercise of outstanding warrants
having a per share exercise or conversion price less than the per share offering price to the public in this offering.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the underwriters exercise in full their option to purchase additional Units in this offering, the as adjusted net tangible book
value after the offering would be $ &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; per
ordinary share, the increase in net tangible book value to existing shareholders would be $
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; per ordinary share, and the dilution to new investors would be
$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; per ordinary share, in each case at a
public offering price of $ &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; per share.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
number of ordinary shares that will be outstanding after this offering is based on 1,193,175,121 ordinary shares outstanding as of July
22, 2022, and excludes the following as of that date:</span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)
    516,330,608 ordinary shares, (the &#8220;Convertible Note Shares&#8221;), issuable upon the exercise of outstanding convertible
    notes (the &#8220;Convertible Notes&#8221;), (ii) 78,332,201 ordinary shares, (the &#8220;Purchaser Warrant Shares&#8221;), issuable
    upon exercise of outstanding warrants (the &#8220;2021 Warrants&#8221;), and (iii) 59,648,748 ordinary shares (the &#8220;Prior Warrant
    Shares&#8221;) issuable upon the exercise of outstanding warrants (the &#8220;2020 Warrants&#8221;).</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#toc_001">Table of Contents</a></td></tr></table></div>
    <!-- Field: /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>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">M<b><span id="r_007"></span>ANAGEMENT&#8217;S
DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND</b></span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following discussion and analysis should be read in conjunction with our financial statements and related notes, which have been publicly
filed with the Securities Exchange Commission and are included with this prospectus. This discussion contains forward-looking statements
based upon current expectations that involve risks and uncertainties. Our actual results and the timing of selected events could differ
materially from those anticipated in these forward-looking statements as a result of several factors, including those set forth under
&#8220;Risk Factors&#8221; and elsewhere in this prospectus. We report financial information under US GAAP and our financial statements
were prepared in accordance with generally accepted accounting principles in the United States.</span></p>

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

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

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#9679;</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Todos Medical Ltd. (&#8220;Todos
    Medical,&#8221; the &#8220;Company,&#8221; &#8220;we,&#8221; &#8220;our,&#8221; &#8220;us&#8221;), is an in vitro diagnostics company
    focused on distributing comprehensive solutions for COVID-19 screening and diagnosis and developing blood tests for the early detection
    of cancer and Alzheimer&#8217;s disease.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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"><b>&#9679;</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Todos has entered into
    distribution agreements with companies to distribute certain novel coronavirus (COVID-19) test kits. The agreements cover multiple
    international suppliers of PCR testing kits and related materials and supplies, as well as antibody testing kits from multiple manufacturers
    after completing validation of said testing kits and supplies in its partner CLIA/CAP certified laboratory in the United States.
    Todos has combined the PCR testing kits with automated lab equipment to create lab workflows capable of performing up to 40,000 PCR
    tests per day. Todos has entered into supply agreements with CLIA/CAP certified laboratories in the United States to deploy these
    PCR workflows. Todos has formed strategic partnerships with Meridian Health and other strategic partners to deploy COVID-19 antigen
    and antibody testing in the United States. Additionally, the Company is developing a lab-based COVID-19 3CL protease test to determine
    whether a COVID-19 positive patient remains contagious after quarantine is complete and is further developing point-of-care-based
    embodiments of the lab test for use in screening programs worldwide.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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"><b>&#9679;</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In December 2020, Todos
    announced the commercial launch of its proprietary 3CL protease inhibitor dietary supplement Tollovid&#8482; at The Alchemist&#8217;s
    Kitchen in SoHo district in Manhattan, New York. Tollovid, a mix of botanical extracts, is being targeted to support healthy immune
    function against circulating coronaviruses. Tollovid&#8217;s mechanism of action is to inhibit the activity of the 3CL protease,
    a key protease required for the intracellular replication of coronaviruses. Tollovid was granted a Certificate of Free Sale by the
    US Food &amp; Drug Administration in August 2020, allowing its commercial sale anywhere in the United States.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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"><b>&#9679;</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
    March 11, 2022, the Company entered into a Share Purchase Agreement (the &#8220;SPA&#8221;) with 3CL Sciences Ltd.
    (&#8220;3CL&#8221;), an Israeli corporation, and NLC Pharma Ltd. (&#8220;NLC&#8221;), an Israeli corporation, pursuant to
    which (a) 3CL Sciences will purchase all therapeutic, diagnostic, dietary supplement and pharmaceutical assets from
    NLC that relate to 3CL protease biology (which is used in the development, manufacture, sale and distribution of Tollovid&#8482;
    and Tollovir&#8482;) from NLC in exchange for a 100% equity interest in 3CL, (b) 3CL will allot 30.5% of its shares to the Company
    in exchange for a total cash commitment of $8 million, (c) NLC will sell 7.54% of 3CL&#8217;s issued and outstanding shares to the
    Company in exchange for a total cash commitment of $2 million, and (d) NLC will exchange 14.31% of 3CL&#8217;s issued and outstanding
    shares for shares of the Company having a market value of $3,800,000 on the day prior to the Closing, such that the Company will
    own 52% of 3CL&#8217;s issued and outstanding share capital and NLC will own 48% of 3CL&#8217;s issued and outstanding share capital.
    The Company and NLC have agreed to identify a seasoned biopharmaceutical CEO to manage 3CL going forward. The board of directors
    of 3CL Sciences will be made up of five (5) individuals: three (3) appointed by the Company and two (2) appointed by NLC.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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"><b>&#9679;</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally, the Company&#8217;s
    patented Todos Biochemical Infrared Analyses (TBIA) is a cancer-screening technology using peripheral blood analysis that deploys
    deep examination into cancer&#8217;s influence on the immune system, looking for biochemical changes in blood mononuclear cells and
    plasma. Todos&#8217; two internally developed cancer-screening tests, TMB-1 and TMB-2 have received a CE mark in Europe.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">In the second quarter of
    2021, Todos purchased rights to Provista Diagnostics, Inc.&#8217;s Alpharetta, Georgia-based CLIA/CAP certified lab and Provista&#8217;s
    proprietary commercial-stage Videssa&#174; breast cancer blood test.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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"><b>&#9679;</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Todos is also developing
    blood tests for the early detection of neurodegenerative disorders, such as Alzheimer&#8217;s disease.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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"><b>&#9679;</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In July 2020, Todos completed
    the acquisition of Breakthrough Diagnostics, Inc., the owner of the LymPro Test intellectual property, from Amarantus Bioscience
    Holdings, Inc.</span></td></tr>
  </table>
<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; 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; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Products</b></span></p>

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

<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"><b>&#9679;</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Through
    3CL Sciences Ltd. (&#8220;3CL&#8221;), we are in the development phase of our own antiviral, Tollovir&#8482;, a potent 3CL protease
    inhibitor for the treatment of hospitalized COVID-19 patients, which is currently undergoing a Phase 2 clinical trial in Israel with
    plans to expand the clinical development program to India.</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    believe that government recognition of the need for antivirals to treat COVID-19 will provide a significant tailwind for the development
    of our Tollovir&#8482; anti-viral that is currently undergoing a Phase 2 clinical trial in Israel with plans progressing rapidly
    to expand the clinical development program to India. As part of the ongoing scientific effort to further elucidate the mechanisms
    that have enabled Tollovir to achieve its very positive early clinical results, NLC Pharma identified an anti-inflammatory mechanism
    of action of Tollovir to complement its 3CL protease inhibiting mechanism. This dual mechanism of action helps explain the significant
    reduction in symptoms and the biomarker C Reactive Protein (CRP) that was documented in the earliest clinical COVID-19 data sets
    produced in Israel, which could not be explained by a reduction in viral load alone likely caused by Tollovir&#8217;s 3CL protease
    inhibiting mechanism.</span></p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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"><b>&#9679;</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Company&#8217;s 3CL protease inhibitor botanical product, Tollovid, is a dietary supplement that helps to support and maintain healthy
    immune function. This technology will potentially have a significant impact for the development of virus targeting therapeutic development
    strategies, as well as clearance for return to life activities post-infection.</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    are very pleased that the Company&#8217;s dietary supplement Tollovid, which provides immune support as a protease inhibitor, received
    FDA authorization for a new 5-day dosing regimen in April 2021. We believe this authorization underscores the emerging need in the
    marketplace for immune support supplements supported by strong scientific and safety data, as well as provides international regulatory
    authorities with a high degree of comfort of Tollovid&#8217;s safety profile.</span></p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">In October 2021, we announced
    positive clinical validation data for our 3CL protease biomarker assay TolloTest&#8482; in a clinical study evaluating its sensitivity
    compared with PCR in hospitalized COVID-19 patients, patients hospitalized for conditions other than COVID-19 and individuals exposed
    to confirmed COVID-19 subjects in the community outpatient setting and healthy controls. The results clinically validated the sensitivity
    of the 3CL protease biomarker compared with SARS-CoV-2 PCR, confirmed positive results in both the hospital and outpatient setting,
    and provided key insights on the potential role the 3CL protease biomarker could play in assessing the COVID infectivity status of
    infected patients being released from quarantine and opening the diagnostic window to include earlier diagnosis of individuals from
    time of time known exposure. The Company sees multiple use cases for the 3CL protease biomarker as an adjunct to both PCR testing
    and antigen testing for SARS-CoV-2.</span></td></tr>
  <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"><b>&#9679;</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our two most advanced blood
    tests for cancer are for the screening and diagnosis of breast cancer. TM-B1 is our breast cancer test for the screening and diagnosis
    of breast cancer in all women, and TM-B2 is our breast cancer test for the screening and diagnosis of breast cancer in women who
    have &#8216;dense breasts.&#8217; Dense breasts, medically categorized as BI-RADS 3 and BI-RADS 4, make mammograms largely ineffective
    because the biophysical structure of the breast does not allow high enough resolution on the mammogram X-ray to determine whether
    or not a tumor is present, leading to potentially unnecessary additional imaging tests and breast biopsies in women who have dense
    breasts.</span></td></tr>
  <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"><b>&#9679;</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally, our TMC blood
    test is for the screening and diagnosis of colon cancer.</span></td></tr>
  <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"><b>&#9679;</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Lymphocyte Proliferation
    Test (LymPro Test&#8482;) is a diagnostic blood test that determines the ability of peripheral blood lymphocytes (PBLs) and monocytes
    to withstand an exogenous mitogenic stimulation that induces them to enter the cell cycle. It is believed that certain diseases,
    most notably Alzheimer&#8217;s disease, are the result of compromised cellular machinery that leads to aberrant cell cycle re-entry
    by neurons, which then leads to apoptosis. LymPro is novel in the use of peripheral blood lymphocytes as a surrogate for neuronal
    cell function, suggesting a common relationship between PBLs and neurons in the brain.</span></td></tr>
  </table>
<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; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><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; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Videssa
Breast</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Current
methods of breast cancer detection have known limitations, particularly in women with abnormal or difficult-to-interpret imaging findings.
While clinical examination and imaging technologies are critical elements for detecting breast cancer, the high rate of false positive
and false negative results from these approaches can significantly impact patient care. In an effort to improve the accuracy of early
breast cancer detection, complementary blood-based approaches are being developed to help address the current limitations of breast imaging.
By utilizing new detection strategies, healthcare providers will be able to improve the accuracy of breast cancer detection and minimize
the consequences of false positive and false negative results. To help address the diagnostic challenges in breast cancer, we developed
Videssa Breast-the first blood test of its kind to detect the presence or absence of breast cancer in women with abnormal or difficult-to-interpret
imaging findings. When combined with imaging, Videssa Breast improves diagnostic accuracy and provides greater confidence and clarity
when clinical assessment is challenging.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2pt; text-align: justify; text-indent: 34.2pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Videssa
Breast was developed to provide physicians with actionable information regarding breast cancer risk in women following an inconclusive
mammogram result (BI-RADS III or IV), which primarily occurs in women with dense breasts. The data provided from the test, which has
demonstrated specificity of ~99% in both women over and under 50 years of age, arms physicians with a powerful tool to help guide decisions
of whether to continue to monitor a low-risk patient intermittently, or whether to advance an at-risk patient immediately into a more
expensive and invasive diagnostic assessment that likely includes a breast biopsy. With Videssa as the proprietary centerpiece of our
cancer diagnostic strategy, we will be looking to offer highly advanced, comprehensive cancer testing solutions to OB-GYNs, general practitioners
and other stakeholders in the medical community who will ultimately be managing patients likely to be strong candidates for Videssa.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2pt; text-align: justify; text-indent: 34.2pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Videssa
Breast combines multiple Serum Protein Biomarkers (SPBs) and Tumor-Associated Autoantibodies (TAAbs), along with patient clinical data,
to generate a unique protein signature for breast cancer. As these protein biomarkers are released into the bloodstream, they act as
biological cues for the presence of a malignancy, providing a snapshot of what&#8217;s going on inside of a woman&#8217;s body to complement
the anatomical features visible on imaging. Unlike genetic testing which determines the future risk of developing breast cancer, Videssa
Breast is designed to detect real-time disease status. By identifying early biochemical warning signals of breast cancer in the bloodstream,
such as &#8220;protein biomarkers,&#8221; Videssa Breast provides information not detectable through imaging technologies, allowing for
a more comprehensive assessment.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>LymPro
Test&#8482;:</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Lymphocyte Proliferation (LymPro) Test&#8482; measures markers of immune cells present in the blood as a surrogate for loss of nerve
cell function and the toxic accumulation of beta-amyloid plaques in the brain, which is a hallmark of Alzheimer&#8217;s disease. Based
on differences observed in the response of cells from patients with Alzheimer&#8217;s disease as compared with age-matched controls and
patients with other dementias, it appears that the test has high potential as an adjunctive diagnostic for Alzheimer&#8217;s disease.
LymPro exploits the fact that abnormalities in replication (or the cell cycle) seem to extend to immune cells in the blood. The test
specifically measures the alterations in cell cycle activity in blood lymphocytes (a type of immune cell) as a biomarker of neuronal
damage, for the early identification and screening of Alzheimer&#8217;s. Areas for deployment include initial Investigational Use Only
(&#8220;IUO&#8221;) testing followed by full diagnostic testing for patients with mild cognitive impairment (&#8220;MCI&#8221;) and dementia
for differential diagnosis. Todos owns the exclusive worldwide rights to this Alzheimer&#8217;s blood test as a result of its acquisition
of Breakthrough from Amarantus as follows. On February 27, 2019, we entered into a joint venture agreement with Amarantus, pursuant to
which we issued Ordinary Share representing 19.99% of our then outstanding Ordinary Shares to Amarantus, in exchange for Amarantus transferring
to us 19.99% of Breakthrough, then a wholly-owned subsidiary of Amarantus, and for Amarantus assigning the license for the LymPro test
to Breakthrough. As part of the transaction, we agreed to provide working capital to Breakthrough to support Breakthrough&#8217;s operations.
As part of the Breakthrough joint venture, we were granted an exclusive option to acquire the remaining 80.01% of Breakthrough from Amarantus.
At our 2019 annual meeting of shareholders, our shareholders approved a resolution authorizing us to exercise our option to acquire the
remaining 80.01% of Breakthrough from Amarantus in exchange for an additional 30% of our then issued and outstanding Ordinary Shares.
We closed the acquisition of Breakthrough in July 2020.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
are a few blood-based approaches to Alzheimer&#8217;s, most of which focus on identifying canonical Alzheimer&#8217;s markers - Amyloid
or Tau. The rationale for these tests is that they serve as a proxy for brain concentration Amyloid and Tau-based imaging. Given the
failure of these two mechanisms to demonstrate improvement across hundreds of clinical trials, we believe that looking upstream from
Amyloid and Tau is where both true diagnostic and therapeutic avenues exist. LymPro captures both Amyloid and Tau-based information by
proxy. Given the expectation that the Alzheimer&#8217;s therapeutic market could reach $13.57 billion by 2027<sup>2</sup>, we believe
LymPro could also help drive mid-term value for Todos as progress is made. Taken together with our core patented Todos Biochemical Infrared
Analyses (&#8220;TBIA&#8221;), which uses a platform based upon a highly sensitive mid infrared equipment called fourier transform infrared
spectrometers (&#8220;FTIR&#8221;), we believe Todos is positioned to become a worldwide leader in the field of immune-based diagnostics.</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>2
</sup>https://www.medgadget.com/2021/01/alzheimers-therapeutics-market-to-reach-usd-13-57-billion-by-2027-size-share- industry-analysis-and-global-forecast-to-2027.html</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>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>COVID-19
Proprietary Lab and Distribution Business: </i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
provide advanced technologies addressing bottlenecks, whether they be scientific, technical or logistical, to enable laboratories to
rapidly expand testing capacity while reducing operational costs. To forward this business, we entered into distribution agreements with
multiple companies (such as 3D Biomedicine Science and Technology Col. Ltd., Meridian Health Services Network, Inc., and PCL Inc.) to
gain rights to rapid IgM/IgG COVID-19 antibody test kits, RNA extraction machines, RNA extraction reagents, qPCR reagents, digital PCR
reagents and automated liquid handler machines, in order to offer a comprehensive suite of solutions to laboratories worldwide. In the
second quarter of 2020, we began marketing a turnkey automation services solution to laboratories seeking to expand their COVID-19 testing
capabilities and started generating revenue from the distribution of products to support laboratory COVID testing through the automated
machinery we provided.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Provista Diagnostics Laboratory serves as a hub for our diagnostic development programs, including our flagship Videssa blood test, as
well as support for our automation solutions customers. We have focused our COVID-19 diagnostic testing efforts at Provista to prioritize
delivering diagnostic services, including PCR and neutralizing antibody testing, becoming a direct provider to healthcare professionals.
We have partnered with Fosun Pharma to offer the first neutralizing antibody test, cPass&#8482; SARS-CoV-2 Neutralizing Antibody Detection
Kit, which has received Emergency Use Authorization (&#8220;EUA&#8221;) from the US FDA for the detection of SARS-CoV-2 receptor binding
domain (&#8220;RBD&#8221; or &#8220;neutralizing&#8221;) antibodies. We believe this test can serve as a key marker for physicians, businesses
and schools to access Covid-19 immunity risk among their populations. This expansion into testing services allows us to diversify our
business into higher margin revenue in the COVID-19 space, as well as help us to expand our business development opportunities with the
labs we work with by providing reference lab testing services as we increase Provista&#8217;s automated testing capabilities. The Company
intends to build Provista into a highly automated lab capable of running multiple platforms in parallel in order to offer clients comprehensive
testing solutions that meet their needs, especially in cancer, infectious disease, immune monitoring and Alzheimer&#8217;s disease.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt; text-align: justify; text-indent: 34.2pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
new COVID-19 variants posing a significant risk for breakthrough infections, we see neutralizing antibody testing becoming critical for
informed decision making to assess who may be best suited for booster shots, as well as at what point someone previously infected with
COVID begins to show waning immunity and may decide to receive vaccination as a result. We see a large market opportunity developing
for the cPass&#8482; SARS-CoV-2 Neutralizing Antibody Detection Kit that we believe will begin to encroach on the COVID-19 PCR testing
market. The cPass test will enable individuals to take charge of their health by making data-driven decisions to protect themselves beyond
vaccination, such as masking or avoiding certain higher-risk activities when armed with this crucial information. A key differentiator
for this novel cPass test is that it detects neutralizing antibodies in patient samples without the use of live virus and with very fast
turnaround times, as compared to the conventional method of measuring neutralizing antibodies in patient samples, which requires the
use of live cells. We believe immune monitoring will be the primary driver of COVID-19 testing growth going forward. As time advances,
and more individuals are several months from their initial vaccine dose, it will become increasingly important for individuals and healthcare
providers to assess and monitor neutralizing antibody levels in order to make data-driven decisions with respect to booster shots and
behavioral changes. We are currently in the process of automating the cPass test at our laboratory, Provista Diagnostics, to add high-capacity
neutralizing antibody testing to its test menu. Provista plans to offer cPass as a testing service to other CLIA labs on a reference
basis, as well as directly to the public through healthcare professionals.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="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: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
intend to focus on ways of leveraging our existing testing business and our client base to deliver actionable high value testing that
will improve outcomes while lowering cost of care. We believe that our establishment of a strong commercial infrastructure is the key
to unlocking the value of our intellectual property portfolio for our Company and its shareholders.</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Todos
Medical&#8217;s TBIA platform represents a cost effective, scalable, and patient-friendly screening method for cancer screening. Todos
has developed the &#8220;Total Biochemical Infrared Analysis&#8221; (TBIA) method, a proprietary method for screening of solid tumors
using peripheral blood spectroscopy analysis. The process involves observing the immune system&#8217;s response to tumor presence rather
than looking for the tumor cells themselves or specific markers. TBIA analyzes the entire biochemical signatures spectrum (including
proteins, lipids, nucleic acids and carbohydrates) of affected immune cells from peripheral blood, using infrared spectroscopy.</span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Advances
    in mid infrared spectroscopy using fourier transform infrared spectrometers (FTIR) open new diagnostic frontiers</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">Immune
    system changes detected in plasma and mononuclear cells via FTIR</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">Immune
    response acts as body&#8217;s sensor for cancer</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">FTIR
    allows observation of distinct immune response to breast, colorectal, lung and other cancer types</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: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
test offered under our TBIA method could help reduce false positives and improve detection rate by reporting to the physician the probability
of the presence/absence of cancer prior to more expensive tests. A large, underserved population of unscreened and inadequately screened
patients represents a significant opportunity for a patient friendly screening test. Furthermore, traditional tests are more likely to
expose patients to radiation and other risks inherent in those tests, our products offer may become a viable solution for these patients,
as it is a simple blood test.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
of the existing screening diagnosis methods have at least one of the following significant drawbacks:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expensive</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Low
    sensitivity or specificity</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Uncomfortable
    to use</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
    accessible to the general public</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Require
    specialists for results interpretation</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Possible
    medical side effects from radiation and invasive tests</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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Many
patients who need to be checked regularly for cancer, avoid undertaking periodic examinations due to one or more of the above disadvantages.
The objective of our Company is to provide a more reliable alternative to the current methods of testing and to thereby overcome patients&#8217;
fear of regular cancer checkups, leveraging our proprietary technology in TBIA.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="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: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Despite
the various indications of the positive potential of our products, in order to establish our product in the market we still need to conduct
larger and more focused blind trials and we need to invest in a large-scale validation blind trial on the same cancer to confirm these
preliminary results.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
test is for cancer screening and cannot be regarded as a final diagnosis. However, it only requires a simple blood test causing minor
risk and pain (as below diagram demonstrates). Following the results of the test for positive or negative for specific cancer, the physician
will refer the patient for additional screenings such as colonoscopy for further examination of cancer presence.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Immune
Support Products and 3CL Protease Inhibiting Antivirals</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 11, 2022, the Company entered into a Share Purchase Agreement (the &#8220;SPA&#8221;) with 3CL Sciences Ltd. (&#8220;3CL&#8221;),
an Israeli corporation, and NLC Pharma Ltd. (&#8220;NLC&#8221;), an Israeli corporation, pursuant to which 3CL Sciences will purchase
all therapeutic, diagnostic, dietary supplement and pharmaceutical assets from NLC that relate to 3CL protease biology from NLC. The
Company owns a controlling interest in 3CL. 3CL is working to advance a theragnostic program targeting the 3CL protease, a key enzyme
required for coronaviruses to replicate and infect other cells. We have funded the development of a novel enzymatic 3CL protease diagnostic
test that determines whether a coronavirus is actively replicating vs. inactively being cleared from the body by the immune system, as
well as 3CL protease inhibitors that aim to slow the replication of the virus in order to be able to further support the body&#8217;s
ability to be able to overcome a potential coronavirus exposure or infection.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
through 3CL, we are in the development phase of our own antiviral, Tollovir&#8482;, a potent 3CL protease inhibitor for the treatment
of hospitalized COVID-19 patients, which is currently undergoing a Phase 2 clinical trial in Israel with plans to expand the clinical
development program to India.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt; text-align: justify; text-indent: 34.2pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
light of the different COVID-19 variants circulating widely worldwide, there is now a clear need for novel COVID-19 anti-viral therapies
to protect the unvaccinated and those for whom authorized vaccines do not confer immunity, which includes a large portion of the elderly
and those taking immune suppressants, against COVID-19 infection. In the United States, the Biden administration recently underscored
this need by pledging to invest $3.2 billion into research for COVID-19 anti-viral therapies, similar to the US Government&#8217;s investments
into COVID-19 vaccines in 2020 at the beginning of the pandemic. We believe this government recognition of the need for antivirals will
provide a significant tailwind for the development of our Tollovir&#8482; anti-viral that is currently undergoing a Phase 2 clinical
trial in Israel with plans progressing rapidly to expand the clinical development program to India. As part of the ongoing scientific
effort to further elucidate the mechanisms that have enabled Tollovir to achieve its very positive early clinical results, NLC Pharma
identified an anti-inflammatory mechanism of action of Tollovir to complement its 3CL protease inhibiting mechanism. This dual mechanism
of action helps explain the significant reduction in symptoms and the biomarker C Reactive Protein (CRP) that was documented in the earliest
clinical COVID-19 data sets produced in Israel, which could not be explained by a reduction in viral load alone likely caused by Tollovir&#8217;s
3CL protease inhibiting mechanism. As a result of these quite complementary 3CL protease inhibiting and anti-inflammatory mechanisms,
given that we are in a race with Pfizer to get to market with the first 3CL protease inhibiting COVID-19 antiviral for which therapeutic
claims could be made, we believe it is critical to rapidly expand our clinical development programs to gather additional data in multiple
clinical settings to demonstrate Tollovir&#8217;s ability to help patients suffering from COVID-19. As part of that effort, our Israel-based
Principal Investigators have introduced us to physician clinical collaborators in India who work with a highly-respected local Clinical
Research Organization (CRO) with extensive experience in running COVID-19 clinical trials. This CRO has near-immediate access to 6 clinical
sites that have previously enrolled patients into clinical trials for hospitalized COVID-19 patients and 5 clinical sites that have previously
enrolled patients into clinical trials for non-hospitalized COVID-19 patients. We believe this CRO relationship will allow for the rapid
expansion of enrollment for Tollovir&#8217;s clinical data acquisition, and allow us to quickly prepare for a Phase 3 international clinical
development program to support regulatory approval under Emergency Use Authorization.</span></p>

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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#toc_001">Table of Contents</a></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: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Tollovid:</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s 3CL protease inhibitor botanical product, Tollovid, is a dietary supplement that helps to support and maintain healthy
immune function. This technology will potentially have a significant impact for the development of virus targeting therapeutic development
strategies, as well as clearance for return to life activities post-infection.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="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: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are very pleased that the Company&#8217;s dietary supplement Tollovid, which provides immune support as a protease inhibitor, received
FDA authorization for a new 5-day dosing regimen in April 2021. We believe this authorization underscores the emerging need in the marketplace
for immune support supplements supported by strong scientific and safety data, as well as provides international regulatory authorities
with a high degree of comfort of Tollovid&#8217;s safety profile. Going forward, the Company sees two critical areas of expansion in
the advancement of Tollovid:</span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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">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">International
    distribution partnerships in jurisdictions where high value dietary supplements are distributed by reputable pharmacies and other
    high-end wellness stores that can engage with consumers directly on the value and underlying science of their products; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">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">US
    marketing campaign to dramatically expand awareness of Tollovid for consumers and distribution partners who are looking for products
    to further support immune function.</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: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe that as we continue to grow our automation services business, we are creating a natural distribution base for the Videssa test,
as well as for the eventual commercialization of our proprietary TBIA platform tests and diagnostics developed with NLC Pharma. We intend
to seek out additional opportunities to leverage our expanding base of laboratory partners in the coming years.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt; text-align: justify; text-indent: 34.2pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenues</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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the three months ended March 31, 2022, we generated revenues of $2,199,456, compared to $5,031,097 in revenues during the three months
ended March 31, 2021. Such revenues were generated by the Company and through our U.S. subsidiaries, Corona Diagnostics, LLC and Provista
Diagnostics, Inc.</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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating
Expenses</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
current operating expenses consist of four components - cost of revenues, research and development expenses, marketing expenses and general
and administrative expenses.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
cost of revenues consists primarily of materials, depreciation and other related cost of revenues expenses.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table discloses the breakdown of cost of revenues:</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>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 85%; margin-right: auto">
  <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>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Three Months Ended</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>March 31</b></span></p></td><td style="font: 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: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">2022</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">2021</td><td style="font: 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; width: 64%; text-align: left">Materials and other costs</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right">1,144,337</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right">3,086,314</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; 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">Depreciation</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">172,778</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">148,815</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">Total</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,317,115</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">3,235,129</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  </table>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
research and development expenses consist primarily of salaries and related personnel expenses, subcontracted work and consulting and
other related research and development expenses.</span></p>

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


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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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table discloses the breakdown of research and development expenses:</span></p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 85%; margin-right: auto">
  <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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  <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>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">2022</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">2021</td><td style="font: 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: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#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 colspan="2" 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 style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 64%; text-align: left">Professional fees</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right">71,332</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right">100,234</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; 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; text-align: left">Laboratory and materials</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">366,217</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">602,567</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">Depreciation</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">3,589</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">7,425</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">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Insurance and other expenses</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,117</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2,380</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">Total</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">442,255</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">712,606</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  </table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
expect that our research and development expenses will materially increase as we plan to rapidly recruit more employees in order to accelerate
our research and development efforts.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sales
and marketing expenses consist primarily of salaries and share-based compensation expense.</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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table discloses the breakdown of sales and marketing expenses:</span></p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 85%; margin-right: auto">
  <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>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Three Months Ended <br /> March 31</td><td style="font: 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: 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: 10pt Times New Roman, Times, Serif; text-align: center">2021</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 64%">Share based compensation</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right">44,771</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; 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><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">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,080,474</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,313,466</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">
    <td style="font: 10pt Times New Roman, Times, Serif">Total</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,080,474</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,358,237</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  </table>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">General
and administrative expenses consist primarily of salaries, share-based compensation expense, professional service fees (for accounting,
legal, bookkeeping, intellectual property and facilities), directors fee and insurance and other general and administrative expenses.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table discloses the breakdown of general and administrative expenses:</span></p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 85%; margin-right: auto">
  <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>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Three Months Ended <br /> March 31</td><td style="font: 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: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">2022</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">2021</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 64%; text-align: left">Salaries and related expenses</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right">642,834</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%">&#160;</td>
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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">Share-based compensation</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">1,179,938</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">200,539</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">Rent and maintenance expenses</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">4,513</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">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Communication and investor relations</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">22,500</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">doubtful debts</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">736,441</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">311,274</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">
    <td style="font: 10pt Times New Roman, Times, Serif">Depreciation</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">20,462</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</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">Professional fees</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">627,977</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">956,963</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">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Insurance and other expenses</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">72,114</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">24,322</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">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr 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">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">3,475,987</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,562,177</td><td style="font: 10pt Times New Roman, Times, Serif; 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>


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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#toc_001">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page -->

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Comparison
of the three months ended March 31, 2022, to the three months ended March 31, 2021:</i></b></span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenues.
Our revenues for the three months ended March 31, 2022, were $2,199,456, compared to 5,031,097 revenues during the three months ended
March 31, 2021, representing a net decrease of $2,831,641, or 56%. The decrease in our revenues is a result of the reduction in sales
of our COVID-19 testing products through our U.S. subsidiary, Corona Diagnostics, LLC which was somewhat offset by sales of Tollovid&#8482;,
which commenced in the fourth quarter of 2021.</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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cost
of revenues. Our cost of revenues for the three months ended March 31, 2022, were $1,317,115, compared to $3,235,129 during the three
months ended March 31, 2021, representing a net decrease of $1,918,014, or 59%. The decrease in our cost of revenues is related to the
decrease in sales of our COVID-19 testing products.</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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Research
and Development Expenses. Our research and development expenses for the three months ended March 31, 2022, were $442,255 compared to
$712,606 for the three months ended March 31, 2021, representing a net decrease of $270,351, or 38%. The decrease is primarily due to
a decrease in professional fees and other research and development costs in connection with providing Covid testing services.</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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sales
and Marketing Expenses. Our sales and marketing expenses decreased from $1,358,237 in the three months ended March 31, 2021, to $1,080,474
in the three months ended March 31, 2022, a decrease of $277,763 or 20%.</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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">General
and Administrative Expenses. Our general and administrative expenses for the three months ended March 31, 2022, were $3,475,987, compared
to $1,562,177 for the three months ended March 31, 2021, providing an increase of $1,913,810 or 123%. The increase is primarily due to
an increase in stock-based compensation, salaries and related expenses, and doubtful debts partially offset by a decrease in professional
services.</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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Finance
(Income) Expenses, Net. Our net finance expenses for the three months ended March 31, 2022 was $3,471,000 compared to net finance expenses
of $15,654,635 for the three months ended March 31, 2021, providing a decrease of $12,183,638 or 78%. The decrease is primarily due to
changes in the fair value of warrants liability and amortization of discounts and accrued interest on convertible bridge loans.</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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Share
in losses of affiliated company is accounted for under the equity method. Our share in losses of affiliated company accounted for under
the equity method amounted to $65,469 in the three months ended March 31, 2021 ($0 in the three months ended March 31, 2022).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
Loss. Our net loss for the three months ended March 31, 2022 was $7,588,375, compared to $17,557,484 for the three months ended March
31, 2021, providing a decrease of $9,969,109 or 57%. The decrease is primarily due to a decrease in the decrease in finance expenses,
net as well as other changes as mentioned above.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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
prepare our financial statements in accordance with US GAAP. At the time of the preparation of the financial statements, our management
is required to use estimates, evaluations, and assumptions which affect the application of the accounting policy and the amounts reported
for assets, obligations, revenues and expenses. Any estimates and assumptions are continually reviewed. The changes to the accounting
estimates are credited during the period in which the change to the estimate is made.</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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to certain conditions set forth in the JOBS Act, as an &#8220;emerging growth company,&#8221; we elected to rely on other exemptions,
including without limitation, (i) providing an auditor&#8217;s attestation report on our internal control over financial reporting pursuant
to Section 404 of the Sarbanes-Oxley Act and (ii) complying with any requirement that may be adopted by the PCAOB regarding mandatory
audit firm rotation or a supplement to the auditor&#8217;s report providing additional information about the audit and the financial
statements (auditor discussion and analysis). These exemptions applied until the last day of the 2021 fiscal year (the fifth anniversary
of the date of the first sale of our common equity securities pursuant to an effective registration statement under the Securities Act).</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Until
2020, we devoted substantially all of our efforts to research and development and raising capital. In 2020, we raised significant capital,
but we also generated revenues for the first time as a result of our activities related to Covid-19. There is no certainty as to the
continuance of our revenues related to Covid-19. The development and commercialization of our other products, which are necessary for
our long term financial health, are expected to require substantial further expenditures. We remain dependent upon external sources for
financing our operations. Since inception, we have incurred substantial accumulated losses, negative working capital, and negative operating
cash flow, and have a significant shareholders&#8217; deficit. These factors raise substantial doubt about our ability to continue as
a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. We plan
to finance our operations through the sale of equity and, to the extent available, short term and long-term loans. There can be no assurance
that we will succeed in obtaining the necessary financing to continue our operations.</span></p>

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
date, we have funded our operations primarily with convertible bridge loans, grants from the IIA, and issuing Ordinary Shares and stock
warrants (including warrants&#8217; exercise).</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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
table below presents our cash flows:</span></p>

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

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

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

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

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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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>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr 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">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(244</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(658</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(231</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left">)</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">(889</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left">)</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><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)">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr 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">(1,056</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</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">(941</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(677</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">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</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="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">1,392</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left">&#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 style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">3,270</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; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
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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">(115</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 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"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#toc_001">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page -->

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
cash used in operating activities for the three months ended March 31, 2022 was $1,263,000 compared to $3,180,000 in the three months
ended March 31, 2021. The decrease in the cash flow used in operating activities in 2022 compared to 2021 is primarily due to a decrease
in operating loss plus an increase in accounts payable and stock-based compensation and a decrease in the fair value of the liability
related to the potential conversion of convertible bridge loans, amortization of discounts and accrued interest on convertible bridge
loans.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
cash used in investing activities for the for the three months ended March 31, 2022 was $244,000, compared with $889,000 in the three
months ended March 31, 2021. The primary reason for the decrease in investing activities was due to a decrease in the purchase of laboratory
and other equipment by our U.S. subsidiaries, Corona Diagnostics, LLC and Provista Diagnostics, Inc.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
cash provided by financing activities for the three months ended March 31, 2022 was $1,392,000, compared to net cash provided by financing
activities for the three months ended March 31, 2021 of $3,270,000. This decrease is primarily due to a decrease in cash received from
proceeds from straight loans and proceeds from issuance of units consisting of convertible bridge loans, stock warrants and shares, net
offset by an increase in cash received from the Company&#8217;s receivables financing facility.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
cannot assure that our cancer detection kits will be commercialized, work as indicated, or that they will receive regulatory approval
and that we will earn revenues sufficient to support our operations or that we will ever be profitable. Furthermore, since we have no
committed source of financing, we cannot assure that we will be able to raise money as and when we need it to continue our operations.
If we cannot raise funds as and when we need them, we may be required to curtail, or even to cease, our operations.</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>


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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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have limited experience with IVD. As such, these budget estimates may not be accurate. In addition, the actual work to be performed is
not known at this time, other than a broad outline, as is normal with any scientific work. As further work is performed, additional work
may become necessary or change in plans or workload may occur. Such changes may have an adverse impact on our estimated budget. Such
changes may also have an adverse impact on our projected timeline of drug development.</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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are currently distributing COVID-19 testing kits as a means of funding our operations.</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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we are unable to raise additional funds, we will need to do one or more of the following:</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>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">delay,
    scale-back or eliminate some or all of our research and product development programs;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">provide
    licenses to third parties to develop and commercialize products or technologies that we would otherwise seek to develop and commercialize
    ourselves;</span></td></tr>
  <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">seek
    strategic alliances or business combinations;</span></td></tr>
  <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">attempt
    to sell our 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">cease
    operations; or</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">declare
    bankruptcy.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
debt financing secured by us in the future could involve restrictive covenants relating to our capital raising activities and other financial
and operational matters, which may make it more difficult for us to obtain additional capital and to pursue business opportunities, including
potential acquisitions. We may not be able to secure additional debt or equity financing in a timely manner, or at all, which could require
us to scale back our business plan and operations.</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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
above conditions raise substantial doubt about our ability to continue as a going concern. The financial statements included elsewhere
herein were prepared under the assumption that we would continue our operations as a going concern. Our financial statements do not include
any adjustments that may result from the outcome of this uncertainty. Without additional funds from debt or equity financing, sales of
our intellectual property or technologies, or from a business combination or a similar transaction, we will soon exhaust our resources
and will be unable to continue operations. If we cannot continue as a viable entity, our shareholders may lose some or all of their investment
in us.</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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
management intends to attempt to secure additional required funding primarily through additional equity or debt financings. We may also
seek to secure required funding through sales or out-licensing of intellectual property assets, seeking partnerships with other pharmaceutical
companies or third parties to co-develop and fund research and development efforts, or similar transactions. However, there can be no
assurance that we will be able to obtain required funding. If we are unsuccessful in securing funding from any of these sources, we will
defer, reduce or eliminate certain planned expenditures in our research protocols. If we do not have sufficient funds to continue operations,
we could be required to seek bankruptcy protection or other alternatives that could result in our shareholders losing some or all of
their investment in us.</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are exposed to market risks in the ordinary course of our business. Market risk represents the risk of loss that may impact our financial
position due to adverse changes in financial market prices and rates. Our current investment policy is to invest available cash in bank
deposits with banks that have a credit rating of at least A-minus. Accordingly, a substantial majority of our cash and cash equivalents
is held in deposits that bear interest.</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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Given
the current low rates of interest we receive, we will not be adversely affected if such rates are reduced. Our market risk exposure is
primarily a result of NIS/U.S. dollar exchange rates, which is discussed in detail in the following paragraph.</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
results of operations and cash flow are subject to fluctuations due to changes in NIS/U.S. dollar currency exchange rates. The vast majority
of our liquid assets is held in U.S. dollars, and a certain portion of our expenses is denominated in NIS. We expect that the percentage
of our NIS denominated expenses will materially decrease in the near future, therefore reducing our exposure to exchange rate fluctuations.
We do not hedge our foreign currency exchange risk. In the future, we may enter into formal currency hedging transactions to decrease
the risk of financial exposure from fluctuations in the exchange rates of our principal operating currencies. These measures, however,
may not adequately protect us from the material adverse effects of such fluctuations. Currently, all of our transactions are in United
States dollars and Israeli shekels.</span></p>

<p style="font: 10pt Times New 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-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 id="m_001"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BUSINESS</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: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Overview</b></span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#9679;</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Todos
    Medical Ltd. (&#8220;Todos Medical,&#8221; the &#8220;Company,&#8221; &#8220;we,&#8221; &#8220;our,&#8221; &#8220;us&#8221;), is
    an in vitro diagnostics company focused on distributing comprehensive solutions for COVID-19 screening and diagnosis and developing
    blood tests for the early detection of cancer and Alzheimer&#8217;s disease.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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"><b>&#9679;</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Todos
    has entered into distribution agreements with companies to distribute certain novel coronavirus (COVID-19) test kits. The agreements
    cover multiple international suppliers of PCR testing kits and related materials and supplies, as well as antibody testing kits from
    multiple manufacturers after completing validation of said testing kits and supplies in its partner CLIA/CAP certified laboratory
    in the United States. Todos has combined the PCR testing kits with automated lab equipment to create lab workflows capable of performing
    up to 40,000 PCR tests per day. Todos has entered into supply agreements with CLIA/CAP certified laboratories in the United States
    to deploy these PCR workflows. Todos has formed strategic partnerships with Meridian Health and other strategic partners to deploy
    COVID-19 antigen and antibody testing in the United States. Additionally, the Company is developing a lab-based COVID-19 3CL protease
    test to determine whether a COVID-19 positive patient remains contagious after quarantine is complete and is further developing point-of-care-based
    embodiments of the lab test for use in screening programs worldwide.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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"><b>&#9679;</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
    December 2020, Todos announced the commercial launch of its proprietary 3CL protease inhibitor dietary supplement Tollovid&#8482;
    at The Alchemist&#8217;s Kitchen in SoHo district in Manhattan, New York. Tollovid, a mix of botanical extracts, is being targeted
    to support healthy immune function against circulating coronaviruses. Tollovid&#8217;s mechanism of action is to inhibit the activity
    of the 3CL protease, a key protease required for the intracellular replication of coronaviruses. Tollovid was granted a Certificate
    of Free Sale by the US Food &amp; Drug Administration in August 2020, allowing its commercial sale anywhere in the United States.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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"><b>&#9679;</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
    March 11, 2022, the Company entered into a Share Purchase Agreement (the &#8220;SPA&#8221;) with 3CL Sciences Ltd.
    (&#8220;3CL&#8221;), an Israeli corporation, and NLC Pharma Ltd. (&#8220;NLC&#8221;), an Israeli corporation, pursuant
    to which (a) 3CL Sciences will purchase all therapeutic, diagnostic, dietary supplement and pharmaceutical assets from
    NLC that relate to 3CL protease biology (which is used in the development, manufacture, sale and distribution of Tollovid&#8482;
    and Tollovir&#8482;) from NLC in exchange for a 100% equity interest in 3CL, (b) 3CL will allot 30.5% of its shares to the Company
    in exchange for a total cash commitment of $8 million, (c) NLC will sell 7.54% of 3CL&#8217;s issued and outstanding shares to the
    Company in exchange for a total cash commitment of $2 million, and (d) NLC will exchange 14.31% of 3CL&#8217;s issued and outstanding
    shares for shares of the Company having a market value of $3,800,000 on the day prior to the Closing, such that the Company will
    own 52% of 3CL&#8217;s issued and outstanding share capital and NLC will own 48% of 3CL&#8217;s issued and outstanding share capital.
    The Company and NLC have agreed to identify a seasoned biopharmaceutical CEO to manage 3CL going forward. The board of directors
    of 3CL Sciences will be made up of five (5) individuals: three (3) appointed by the Company and two (2) appointed by NLC.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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"><b>&#9679;</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
    the Company&#8217;s patented Todos Biochemical Infrared Analyses (TBIA) is a cancer-screening technology using peripheral blood analysis
    that deploys deep examination into cancer&#8217;s influence on the immune system, looking for biochemical changes in blood mononuclear
    cells and plasma. Todos&#8217; two internally developed cancer-screening tests, TMB-1 and TMB-2 have received a CE mark in Europe.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">In
    the second quarter of 2021, Todos purchased rights to Provista Diagnostics, Inc.&#8217;s Alpharetta, Georgia-based CLIA/CAP certified
    lab and Provista&#8217;s proprietary commercial-stage Videssa&#174; breast cancer blood test.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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"><b>&#9679;</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Todos
    is also developing blood tests for the early detection of neurodegenerative disorders, such as Alzheimer&#8217;s disease.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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"><b>&#9679;</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
    July 2020, Todos completed the acquisition of Breakthrough Diagnostics, Inc., the owner of the LymPro Test intellectual property,
    from Amarantus Bioscience Holdings, Inc.</span></td></tr>
  </table>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Products</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">
  <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"><b>&#9679;</b></span></td>
    <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">Through
                                            3CL Sciences Ltd. (&#8220;3CL&#8221;), we are in the development phase of our own antiviral,
                                            Tollovir&#8482;, a potent 3CL protease inhibitor for the treatment of hospitalized COVID-19
                                            patients, which is currently undergoing a Phase 2 clinical trial in Israel with plans to
                                            expand the clinical development program to India.</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    believe that government recognition of the need for antivirals to treat COVID-19 will provide a significant tailwind for the development
    of our Tollovir&#8482; anti-viral that is currently undergoing a Phase 2 clinical trial in Israel with plans progressing rapidly
    to expand the clinical development program to India. As part of the ongoing scientific effort to further elucidate the mechanisms
    that have enabled Tollovir to achieve its very positive early clinical results, NLC Pharma identified an anti-inflammatory mechanism
    of action of Tollovir to complement its 3CL protease inhibiting mechanism. This dual mechanism of action helps explain the significant
    reduction in symptoms and the biomarker C Reactive Protein (CRP) that was documented in the earliest clinical COVID-19 data sets
    produced in Israel, which could not be explained by a reduction in viral load alone likely caused by Tollovir&#8217;s 3CL protease
    inhibiting mechanism.</span></p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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"><b>&#9679;</b></span></td>
    <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">The
                                            Company&#8217;s 3CL protease inhibitor botanical product, Tollovid, is a dietary supplement
                                            that helps to support and maintain healthy immune function. This technology will potentially
                                            have a significant impact for the development of virus targeting therapeutic development
                                            strategies, as well as clearance for return to life activities post-infection.</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    are very pleased that the Company&#8217;s dietary supplement Tollovid, which provides immune support as a protease inhibitor, received
    FDA authorization for a new 5-day dosing regimen in April 2021. We believe this authorization underscores the emerging need in the
    marketplace for immune support supplements supported by strong scientific and safety data, as well as provides international regulatory
    authorities with a high degree of comfort of Tollovid&#8217;s safety profile.</span></p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">In
    October 2021, we announced positive clinical validation data for our 3CL protease biomarker assay TolloTest&#8482; in a clinical
    study evaluating its sensitivity compared with PCR in hospitalized COVID-19 patients, patients hospitalized for conditions other
    than COVID-19 and individuals exposed to confirmed COVID-19 subjects in the community outpatient setting and healthy controls. The
    results clinically validated the sensitivity of the 3CL protease biomarker compared with SARS-CoV-2 PCR, confirmed positive results
    in both the hospital and outpatient setting, and provided key insights on the potential role the 3CL protease biomarker could play
    in assessing the COVID infectivity status of infected patients being released from quarantine and opening the diagnostic window to
    include earlier diagnosis of individuals from time of time known exposure. The Company sees multiple use cases for the 3CL protease
    biomarker as an adjunct to both PCR testing and antigen testing for SARS-CoV-2.</span></td></tr>
  <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"><b>&#9679;</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
    two most advanced blood tests for cancer are for the screening and diagnosis of breast cancer. TM-B1 is our breast cancer test for
    the screening and diagnosis of breast cancer in all women, and TM-B2 is our breast cancer test for the screening and diagnosis of
    breast cancer in women who have &#8216;dense breasts.&#8217; Dense breasts, medically categorized as BI-RADS 3 and BI-RADS 4, make
    mammograms largely ineffective because the biophysical structure of the breast does not allow high enough resolution on the mammogram
    X-ray to determine whether or not a tumor is present, leading to potentially unnecessary additional imaging tests and breast biopsies
    in women who have dense breasts.</span></td></tr>
  <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"><b>&#9679;</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
    our TMC blood test is for the screening and diagnosis of colon cancer.</span></td></tr>
  <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"><b>&#9679;</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Lymphocyte Proliferation Test (LymPro Test&#8482;) is a diagnostic blood test that determines the ability of peripheral blood lymphocytes
    (PBLs) and monocytes to withstand an exogenous mitogenic stimulation that induces them to enter the cell cycle. It is believed that
    certain diseases, most notably Alzheimer&#8217;s disease, are the result of compromised cellular machinery that leads to aberrant
    cell cycle re-entry by neurons, which then leads to apoptosis. LymPro is novel in the use of peripheral blood lymphocytes as a surrogate
    for neuronal cell function, suggesting a common relationship between PBLs and neurons in the brain.</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 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Recent
Developments</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>3CL
Acquisition</i></span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">On March 11, 2022, the Company
entered into a Share Purchase Agreement (the &#8220;SPA&#8221;) with 3CL Sciences Ltd. (&#8220;3CL&#8221;), an Israeli
corporation, and NLC Pharma Ltd. (&#8220;NLC&#8221;), an Israeli corporation, pursuant to which (a) 3CL Sciences will
purchase all therapeutic, diagnostic, dietary supplement and pharmaceutical assets from NLC that relate to 3CL protease biology
(which is used in the development, manufacture, sale and distribution of Tollovid&#8482; and Tollovir&#8482;) from NLC in exchange
for a 100% equity interest in 3CL, (b) 3CL will allot 30.5% of its shares to the Company in exchange for a total cash commitment of $8
million, (c) NLC will sell 7.54% of 3CL&#8217;s issued and outstanding shares to the Company in exchange for a total cash commitment
of $2 million, and (d) NLC will exchange 14.31% of 3CL&#8217;s issued and outstanding shares for shares of the Company having a market
value of $3,800,000 on the day prior to the Closing, such that the Company will own 52% of 3CL&#8217;s issued and outstanding share capital
and NLC will own 48% of 3CL&#8217;s issued and outstanding share capital. The Company and NLC have agreed to identify a seasoned biopharmaceutical
CEO to manage 3CL going forward. The board of directors of 3CL Sciences will be made up of five (5) individuals: three (3) appointed
by the Company and two (2) appointed by NLC.</p>
<p style="font: 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"></p>

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

<p style="font: 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>Provista
Acquisition</i></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April 19, 2021, the Company entered into an Agreement to Purchase Provista Diagnostics, Inc. (&#8220;Agreement to Purchase&#8221;) with
Strategic Investment Holdings, LLC (&#8220;SIH&#8221;), Ascenda BioSciences LLC (&#8220;Ascenda&#8221;) and Provista Diagnostics, Inc.
(&#8220;Provista&#8221;). Ascenda was the sole owner of the outstanding securities of Provista and SIH is the sole owner of all the outstanding
securities of Ascenda.</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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the Agreement to Purchase, the Company acquired Provista from Ascenda and SIH for an aggregate purchase price of $7.5 million consisting
of an initial cash payment of $1.25 million, the issuance of $1.5 million in Ordinary Shares priced at $0.0512 per share, the issuance
to SIH of a $3.5 million convertible promissory note dated April 19, 2021 (the &#8220;Note&#8221;) and the payment on for before July
1, 2021 of $1.25 million in cash (the &#8220;July Payment&#8221;), which payment the Company had the right to, and did, extend to July
15, 2021. The Provista shares acquired by the Company remained in an escrow account until the July Payment was made.</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: 0.5in"><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; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Note has a maturity date of April 8, 2025, and is convertible beginning on October 20, 2021, into Ordinary Shares of the Company at a
conversion price equal to the lesser of $0.05 or the volume weighted average price of the last 20 trading days for the Ordinary Shares
prior to the date of conversion. In the event SIH delivers a Notice of Conversion to the Company at a per share price less than five
cents ($0.05), the Company has the right to immediately notify SIH of its intention to pay the conversion amount in cash within three
(3) business days of receipt of the Notice of Conversion (i.e., before SIH would take possession of shares converted under the Notice
of Conversion). If, at any time between October 20, 2021 and April 20, 2022, the average of the lowest bid and closing sale price at
4:00:00 p.m., New York time (or such other time as such market publicly announces is the official close of trading) is below ($0.05),
the Company has the option to buy out all or any portion of the Note (the &#8220;Buyback Option&#8221;). In the event the Company exercises
the Buyback Option for an amount equal to or greater than one million, one hundred seventy thousand dollars ($1,170,000) (the &#8220;Buyback
Amount&#8221;), SIH may not submit any conversions below five cents ($0.05) for ninety (90) days from receipt of the Buyback Amount (&#8220;90
Day Period&#8221;).</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; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the event that the Company uplists its Ordinary Shares to a national securities exchange, the Note shall automatically be exchanged into
Series B preferred stock with a conversion price equal to the lesser of (a) $0.05, (b) the opening price on the day of the uplisting
provides there is no transaction associated with the uplisting or (c) the deal price of an uplisting transaction.</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 32.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 22, 2021, the US Food &amp; Drug Administration (FDA) granted a new Certificate of Free Sale for Tollovid Daily&#8482;, the newest
member of the Company&#8217;s Tollovid&#8482; dietary supplement product line.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 32.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Certificate of Free Sale is for a twice-daily dosing regimen and, critically, a 3CL protease inhibitor claim. Each 60-pill bottle of
Tollovid Daily can help support and maintain healthy immune function for 30 days. The Company intends to establish a monthly subscription
model as part of its marketing launch campaign for Tollovid Daily immune system support. Tollovid&#8482; and Tollovid Daily are both
3CL protease inhibitor products developed together with NLC Pharma before the establishment of 3CL Sciences Ltd.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 32.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April 8, 2021, we received a notice of allowance (&#8216;Letter of Intent to Grant a Patent&#8217;) from the European Patent Office covering
the use of the Company&#8217;s proprietary Total Biochemical Infrared Analysis (&#8216;TBIA&#8217;) method that uses blood (plasma and/or
peripheral blood mononuclear cells &#8216;PBMCs&#8217;) to distinguish between patients with benign tumors vs. malignant tumors vs. no
tumors (healthy controls).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 32.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
patent application specifically covers methods for capturing consistent data from infrared spectroscopy readers, as well as the application
of various artificial intelligence algorithm development methods to the data. The ability of TBIA to make a diagnosis of cancer has first
been applied to the detection of breast and colon cancers, where Todos has received CE Marks in Europe paving the way for commercialization
initially focused on TMB-2 (dense breast / inconclusive mammogram secondary screening) and TMB-1 (general breast cancer screening) cancer
detection tests.</span></p>

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

<p style="font: 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Financing
and Fundraising Other Than Crossover Notes</i></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"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Prospectus Summary section with the header &#8220;<i>Financing and Fundraising Other Than Crossover Notes&#8221; </i>is incorporated
by reference in this Business section.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 32.3pt"></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Prospectus Summary section with the header &#8220;<i>Crossover Notes&#8221; </i>is incorporated by reference in this Business section.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 32.3pt">&#160;</p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
an extraordinary general meeting of our shareholders held on July 26, 2021, our shareholders voted to approve a reverse share split of
the Company&#8217;s ordinary shares within a range of 1:2 to 1:500, to be effective at the ratio and on a date to be determined by the
Board of Directors of the Company (the &#8220;Reverse Split&#8221;). Although our shareholders approved the Reverse Split, all per share
amounts and calculations in this prospectus and the accompanying financial statements do not reflect the effects of the Reverse Split,
as the Board of Directors has not determined the ratio or the effective date of the Reverse Split. At its next general meeting, Todos&#8217;
shareholders will be asked to amend the Reverse Split to increase the range from 1:2 to 1:500 to 1:2 to 1:1,000 and to remove the deadline
for declaring the Reverse Split.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">&#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>SARS-nCoV-2
Related Business</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
the onset of COVID-19, Todos sought to apply its expertise in developing blood tests for the early detection of cancer and Alzheimer&#8217;s
disease to distributing and then developing screening tests for the pandemic.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 23, 2021, we announced that we have entered into an automation and reagent supply agreement with MAJL Diagnostics (&#8220;MAJL&#8221;).
Under the terms of the agreement, Todos will implement its automation solution, including Tecan&#8482; liquid handlers, automated RNA
extraction machines, as well as a 384-well PCR machine capable of conducting COVID, cancer genetics and pharmacogenomics testing, in
order to become the provider of all COVID-19 PCR testing reagents and supplies.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.65pt"><span style="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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 29, 2021, we announced the successful installation of automated lab equipment and completion of training for a lab client in Brooklyn,
NY. The implementation of the Todos automation solution has expanded the lab&#8217;s processing capacity to 6,000 PCR tests per day from
500 PCR tests per day, with the potential to quickly expand to up to 12,000 PCR tests per day. The lab will be implementing EUA approved
PCR testing for COVID-19 testing, as well as COVID + influenza A &amp; B PCR testing upon request for select clients. Additionally, through
the future implementation of pooling, the lab could potentially increase processing capacity to in excess of 40,000 PCR tests per day
at a 4:1 ratio.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.65pt"><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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 30, 2021, we announced that we have entered into a distribution partnership with Osang Healthcare (OHC) of South Korea, to distribute
the GeneFinder&#8482; COVID-19 Plus RealAMP Kit in the United States. Todos intends to make GeneFinder Plus the primary kit used for
distribution in its fully integrated and automated COVID-19 PCR testing lab solutions. GeneFinder Plus has been granted Emergency Use
Authorization (EUA) by the US FDA.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.65pt"><span style="font-family: Times New 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
market our COVID-19 test kits directly to clinical laboratories throughout the U.S. as well as through our distributors, who include
Meridian, Dynamic Distributors, LLC, and others.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.65pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On March 11, 2022, the
Company entered into a Share Purchase Agreement (the &#8220;SPA&#8221;) with 3CL Sciences Ltd. (&#8220;3CL&#8221;), an
Israeli corporation, and NLC Pharma Ltd. (&#8220;NLC&#8221;), an Israeli corporation, pursuant to which (a) 3CL Sciences
will purchase all therapeutic, diagnostic, dietary supplement and pharmaceutical assets from NLC that relate to 3CL protease
biology (which is used in the development, manufacture, sale and distribution of Tollovid&#8482; and Tollovir&#8482;) from NLC in
exchange for a 100% equity interest in 3CL, (b) 3CL will allot 30.5% of its shares to the Company in exchange for a total cash commitment
of $8 million, (c) NLC will sell 7.54% of 3CL&#8217;s issued and outstanding shares to the Company in exchange for a total cash commitment
of $2 million, and (d) NLC will exchange 14.31% of 3CL&#8217;s issued and outstanding shares for shares of the Company having a market
value of $3,800,000 on the day prior to the Closing, such that the Company will own 52% of 3CL&#8217;s issued and outstanding share capital
and NLC will own 48% of 3CL&#8217;s issued and outstanding share capital. The Company and NLC have agreed to identify a seasoned biopharmaceutical
CEO to manage 3CL going forward. The board of directors of 3CL Sciences will be made up of five (5) individuals: three (3) appointed
by the Company and two (2) appointed by NLC.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.65pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.65pt"><span style="font-family: Times New 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">During
2021, the Company recognized approximately $12,277,000 in revenue related to its COVID-19 business, and in January through May of 2022,
the Company recognized approximately $3,314,000 in such revenue. There is no assurance that the Company will generate any additional
revenues in the future pursuant to any of these arrangements.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Employees
and Consultants</b></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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
2021, the Company hired 23 new employees, including management and staffing of laboratory, sales and marketing and general administrative
staffing. As of the date of this prospectus, we employ 28 people, 20 of whom are employees of our Provista subsidiary.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
FDA and other regulatory authorities at federal, state and local levels, as well as in foreign countries, extensively regulate, among
other things, the research, development, testing, manufacture, quality control, import, export, safety, effectiveness, labeling, packaging,
storage, distribution, record keeping, approval, advertising, promotion, marketing, post-approval monitoring and post-approval reporting
of diagnostic tests such as those we are developing, as well as medicines such as those we are developing for the treatment of Covid-19.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
date, our business is not subject to any detectable seasonality.</span></p>

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


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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><span id="m_002"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>DESCRIPTION
OF OUR SECURITIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></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
following description of our share capital does not purport to be complete, and is qualified in its entirety by reference to our amended
and restated articles of association (the &#8220;Amended Articles&#8221;), a copy of which is filed as an exhibit to the registration
statement of which this prospectus forms a part. This summary is subject to the Companies Law and to the complete text of our Amended
Articles.</span></p>

<p style="font: 10pt 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>General</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of the date of this prospectus, our authorized share capital consists of 5,000,000,000 Ordinary Shares, par value NIS 0.01 per
share, of which 1,193,175,121 shares were issued and outstanding as of July 22, 2022, 50,000 Preferred A Shares par value NIS
0.01 each, none of which are issued and outstanding, and 5,000 Preferred B Shares par value NIS 0.01 each, none of which are issued and
outstanding. All of our outstanding Ordinary Shares are validly issued, fully paid and non-assessable. Our Ordinary Shares are not redeemable
and do not have any preemptive rights.</span></p>

<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; margin: 0pt; text-align: justify; text-indent: 0.5in">Our Preferred A Shares and
Preferred B Shares do not have any preemptive rights. The Board of Directors may, at any time and in its uncontrolled discretion,
elect to redeem any or all Preferred A Shares, or any or all Preferred B Shares, by a cash redemption as per Section 312 of the Companies
Law, or by exchange for any note of subordinated indebtedness as the Board may deem appropriate under the circumstances, all of the above
at the conversion price by which such Preferred Shares (as the case may be) were obtained at their time of conversion, including without
limitation as per the relevant Conversion Price as described in the transaction documents with Yozma or similar transaction documents
the Company has signed with other lenders.</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>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
registration number with the Israeli Registrar of Companies is 51-443712-8. Our purpose as set forth in our Amended Articles is to engage
in any lawful activity. Our Amended Articles state that the liability of our shareholders is limited, subject to the provisions of the
Companies Law.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Transfer
of 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
fully paid Ordinary Shares are issued in registered form and may be freely transferred under our Amended Articles, unless the transfer
is restricted or prohibited by another instrument, applicable law or the rules of a stock exchange on which the shares are listed for
trade. The ownership or voting of our Ordinary Shares by non-residents of Israel is not restricted in any way by our Amended Articles
or the laws of the State of Israel, except for ownership by nationals of some countries that are, or have been, in a state of war with
Israel.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Ordinary Shares do not have cumulative voting rights for the election of directors. Rather, under the Amended Articles the Company&#8217;s
directors (other than external directors) are elected at a shareholders&#8217; meeting by a simple majority of Ordinary Shares for a
term of service ending upon the next annual general meeting. Under the Companies Law, external directors are elected by a simple majority
of Ordinary Shares, which majority includes at least a majority of the shares held by non-controlling shareholders who do not have a
personal interest in the matter (excluding a personal interest unrelated to the relationship with a controlling shareholder) voted at
the meeting, or the total number of shares held by such non-controlling shareholders who do not have a personal interest voted against
the election of the external director does not exceed two percent of the aggregate voting rights in the Company. External directors are
elected for a term of service ending upon the third annual general meeting.</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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a result, the holders of Ordinary Shares that represent more than 50% of the voting power represented at a shareholder meeting have the
power to elect any or all of the Company&#8217;s directors whose positions are being filled at that meeting, subject to the additional
approval requirements for external directors.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Dividend
and Liquidation 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may declare a dividend to be paid to the holders of our Ordinary Shares in proportion to their respective shareholdings. Under the Companies
Law, dividend distributions are determined by the board of directors and do not require the approval of the shareholders of a company
unless the company&#8217;s articles of association provide otherwise. Our Amended Articles do not require shareholder approval of a dividend
distribution and provide that dividend distributions may be determined by our board of directors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the Companies Law, we may declare and pay dividends only if, upon the determination of our board of directors, there is no reasonable
concern that the distribution will prevent us from being able to meet the terms of our existing and foreseeable obligations as they become
due. Under the Companies Law, the distribution amount is further limited to the greater of retained earnings or earnings generated over
the two most recent years legally available for distribution according to our then last reviewed or audited financial statements, provided
that the date of the financial statements is not more than six months prior to the date of distribution. In the event that we do not
have retained earnings or earnings generated over the two most recent years legally available for distribution, we must seek the approval
of the court in order to distribute a dividend. The court may approve our request if it is convinced that there is no reasonable concern
that the payment of a dividend will prevent us from satisfying our existing and foreseeable obligations as they become due.</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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the event of our liquidation, after satisfaction of liabilities to creditors, our assets will be distributed to the holders of our Ordinary
Shares in proportion to the nominal value of their shareholdings. This right, as well as the right to receive dividends, may be affected
by the grant of preferential dividend or distribution rights to the holders of a class of shares with preferential rights that may be
authorized in the future.</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
are currently no Israeli currency control restrictions on remittances of dividends on our Ordinary Shares, proceeds from the sale of
the shares or interest or other payments to non-residents of Israel, except for shareholders who are residents, citizens or subjects
of countries that are, or have been, in a state of war with Israel.</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
Israeli law, we are required to hold an annual general meeting of our shareholders once every calendar year that must be held no later
than 15 months after the date of the previous annual general meeting. All meetings other than the annual general meeting of shareholders
are referred to in our Amended Articles as special general meetings. Our board of directors may call special general meetings whenever
it sees fit, at such time and place, within or outside of Israel, as it may determine. In addition, the Companies Law provides that our
board of directors is required to convene a special general meeting upon the written request of (i) any two of our directors or one-quarter
of the serving members of our board of directors; or (ii) one or more shareholders holding, in the aggregate, either (a) 5% or more of
our outstanding shares and 1% of our outstanding voting power or (b) 5% or more of our outstanding voting power.</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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
the Companies Law requires that resolutions regarding the following matters be approved by our shareholders at a general meeting:</span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 48%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 4%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 48%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">amendments
    to our articles of association;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">appointment,
    terms of service and termination of service of our auditors;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">appointment
    of external directors;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; 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">approval
    of certain related party 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">&#160;</span></td>
    <td style="font: 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">increases
    or reductions of our authorized share capital;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">mergers;
    and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    exercise of our board of director&#8217;s powers by a general meeting, if our board of directors is unable to exercise its powers
    and the exercise of any of its powers is essential for our proper management.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<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">Subject
to the provisions of the Companies Law and regulations promulgated thereunder, shareholders entitled to participate and vote at general
meetings are the shareholders of record on a date to be decided by the board of directors, which, as a company listed on an exchange
outside Israel, may be between four and 40 days prior to the date of the meeting.</span></p>

<p style="font: 10pt Times New 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Companies Law requires that a notice of any annual general meeting or special general meeting be provided to shareholders at least 21
days prior to the meeting and if the agenda of the meeting includes, among other things, the appointment or removal of directors, the
approval of transactions with office holders or interested or related parties, an approval of a merger or the approval of the compensation
policy, notice must be provided at least 35 days prior to the meeting.</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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Companies Law, our shareholders are not permitted to take action via written consent in lieu of a meeting.</span></p>

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to our Amended Articles, holders of our Ordinary Shares have one vote for each ordinary share held on all matters submitted to a vote
before the shareholders at a general meeting. The quorum required for general meetings of our shareholders is at least two shareholders
present in person, by proxy or written ballot, who hold or represent between them at least 25% of the total outstanding voting rights
(or if a higher percentage is required by law, such higher percentage), within half an hour of the time fixed for the commencement of
the meeting. A meeting adjourned for lack of a quorum is adjourned either to the same day in the following week at the same time and
place or to such day, time and place as specified in the notice of the meeting or to such day, time and place as the chairman of the
general meeting shall determine. At the reconvened meeting, at least two shareholders present in person or by proxy shall constitute
a lawful quorum, unless the meeting of shareholders was convened at the demand of shareholders, in which case, the quorum shall be the
presence of one or more shareholders holding at least 5% of our issued share capital and at least one percent of the voting power of
our shares, or one or more shareholders with at least 5% of the voting power of our shares.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Amended Articles provide that all resolutions of our shareholders require a simple majority vote, unless otherwise required by the Companies
Law or by our Amended Articles. Under the Companies Law, certain actions require a special majority, including: (i) appointment of external
directors; (ii) approval of an extraordinary transaction with a controlling shareholder or in which the controlling shareholder has a
personal interest and the terms of employment or other engagement of the controlling shareholder or a relative of the controlling shareholder
(even if not extraordinary); (iii) approval of a compensation policy; and (iv) approval of executive officer compensation inconsistent
with our office holder compensation policy or the compensation of our chief executive officer (subject to limited exceptions).</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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, under the Companies Law the authorization of the chairman of the board to assume the role or responsibilities of the chief
executive officer, or the authorization of the chief executive officer or his or her relative thereof to assume the role or responsibilities
of the chairman of the board, for periods of no longer than three years each, is subject to receipt of the approval of a majority of
the shares voting on the matter, provided that either (i) included in such majority are at least two-thirds of the shares of shareholders
who are non-controlling shareholders and shareholders who do not have a personal interest in the resolution that are voted at the meeting
on the matter (excluding any abstentions); or (ii) the total number of shares of shareholders specified in clause (i) who voted against
the resolution does not exceed 2% of the voting rights in the company.</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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Another
exception to the simple majority vote requirement is a resolution for the voluntary winding up, or an approval of a scheme of arrangement
or reorganization, of the company pursuant to Section 350 of the Companies Law, which requires the approval of holders of 75% of the
voting rights represented at the meeting and voting on the resolution.</span></p>

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


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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Companies Law, shareholders are provided access to: (i) minutes of the general meetings of our shareholders; (ii) our shareholders
register and principal shareholders register, articles of association and financial statements; and (iii) any document that we are required
by law to file publicly with the Israeli Companies Registrar or the Israel Securities Authority. In addition, shareholders may request
to be provided with any document in the company&#8217;s possession related to an action or transaction requiring shareholder approval
under the related party transaction provisions of the Companies Law. We may deny this request if we believe it has not been made in good
faith or if such denial is necessary to protect our interest or protect a trade secret or patent.</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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Modification
of Class Rights</i></b></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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Companies Law and our Amended Articles, the rights attached to any class of shares, such as voting, liquidation and dividend rights,
may be modified or cancelled by adoption of a shareholders&#8217; resolution amending the Articles, together with the approval of the
simple majority of voting rights of a separate meeting consisting of the shareholders of that class; and any creation or modification
of such rights (or other amendment to the Articles) which would prejudice or compromise the rights held by a particular class of shareholders
is subject to the approval of a separate meeting consisting of the shareholders of that class.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April 19, 2021, the Company entered into an Agreement to Purchase Provista Diagnostics, Inc. (&#8220;Agreement to Purchase&#8221;) with
Strategic Investment Holdings, LLC (&#8220;SIH&#8221;), Ascenda BioSciences LLC (&#8220;Ascenda&#8221;) and Provista Diagnostics, Inc.
(&#8220;Provista&#8221;). Ascenda was the sole owner of the outstanding securities of Provista and SIH is the sole owner of all the outstanding
securities of Ascenda.</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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the Agreement to Purchase, the Company acquired Provista from Ascenda and SIH for an aggregate purchase price of $7.5 million consisting
of an initial cash payment of $1.25 million, the issuance of $1.5 million in Ordinary Shares priced at $0.0512 per share, the issuance
to SIH of a $3.5 million convertible promissory note dated April 19, 2021 (the &#8220;Note&#8221;) and the payment on for before July
1, 2021 of $1.25 million in cash (the &#8220;July Payment&#8221;), which payment the Company had the right to, and did, extend to July
15, 2021. The Provista shares acquired by the Company remained in an escrow account until the July Payment was made.</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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Note has a maturity date of April 8, 2025, and is convertible beginning on October 20, 2021, into Ordinary Shares of the Company at a
conversion price equal to the lesser of $0.05 or the volume weighted average price of the last 20 trading days for the Ordinary Shares
prior to the date of conversion. In the event SIH delivers a Notice of Conversion to the Company at a per share price less than $0.05
($0.05), the Company has the right to immediately notify SIH of its intention to pay the conversion amount in cash within three (3) business
days of receipt of the Notice of Conversion (i.e., before SIH would take possession of shares converted under the Notice of Conversion).
If, at any time between October 20, 2021 and April 20, 2022, the average of the lowest bid and closing sale price at 4:00 p.m., New York
time (or such other time as such market publicly announces is the official close of trading) is below ($0.05), the Company has the option
to buy out all or any portion of the Note (the &#8220;Buyback Option&#8221;). In the event the Company exercises the Buyback Option for
an amount equal to or greater than one million, one hundred seventy thousand dollars ($1,170,000) (the &#8220;Buyback Amount&#8221;),
SIH may not submit any conversions below five cents ($0.05) for ninety (90) days from receipt of the Buyback Amount (&#8220;90 Day Period&#8221;).</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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the event that the Company uplists its Ordinary Shares to a national securities exchange, the Note shall automatically be exchanged into
ordinary shares with a conversion price equal to the lesser of (a) $0.05, (b) the opening price on the day of the uplisting provided
there is no transaction associated with the uplisting or (c) the deal price of an uplisting transaction.</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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of the date of this prospectus, SIH has not submitted a Conversion Notice.</span></p>

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


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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
person wishing to acquire shares of an Israeli public company, and who would as a result hold over 90% of the target company&#8217;s
issued and outstanding share capital, is required by the Companies Law to make a tender offer to all of the company&#8217;s shareholders
for the purchase of all of the issued and outstanding shares of the company. A person wishing to acquire shares of an Israeli public
company, and who would as a result hold over 90% of the issued and outstanding share capital of a certain class of shares of the company,
is required to make a tender offer to all of the shareholders who hold shares of the relevant class for the purchase of all of the issued
and outstanding shares of that class. If the shareholders who do not accept the offer hold less than 5% of the issued and outstanding
share capital of the company or of the applicable class, and more than half of the shareholders who do not have a personal interest in
the offer accept the offer, all of the shares that the acquirer offered to purchase will be transferred to the acquirer by operation
of law. However, a tender offer will also be accepted if the shareholders who do not accept the offer hold less than 2% of the issued
and outstanding share capital of the company or of the applicable class of shares.</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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
a successful completion of such a full tender offer, any shareholder that was an offeree in such tender offer, whether such shareholder
accepted the tender offer or not, may, within six months from the date of acceptance of the tender offer, petition an Israeli court to
determine whether the tender offer was for less than fair value and that the fair value should be paid as determined by the court. However,
under certain conditions, the offeror may include in the terms of the tender offer that an offeree who accepted the offer will not be
entitled to petition the Israeli court as described above.</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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
(a) the shareholders who did not respond or accept the tender offer hold at least 5% of the issued and outstanding share capital of the
company, or of the applicable class, or the shareholders who accept the offer constitute less than a majority of the offerees that do
not have a personal interest in the acceptance of the tender offer, or (b) the shareholders who did not accept the tender offer hold
2% or more of the issued and outstanding share capital of the company (or of the applicable class), the acquirer may not acquire shares
of the company that will increase its holdings to more than 90% of the company&#8217;s issued and outstanding share capital or of the
applicable class from shareholders who accepted the tender offer.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Companies Law provides that an acquisition of shares of an Israeli public company must be made by means of a special tender offer if
as a result of the acquisition the purchaser would become a holder of 25% or more of the voting rights in the company, if there is no
other shareholder that holds 25% or more of the voting rights in the company, subject to exceptions. Similarly, the Companies Law provides
that an acquisition of shares in an Israeli public company must be made by means of a special tender offer if as a result of the acquisition
the purchaser would become a holder of more than 45% of the voting rights in the company, if there is no other shareholder of the company
who holds more than 45% of the voting rights in the company, subject to certain exceptions. No tender offer is required if the acquisition
of shares: (i) occurs in the context of a private placement, that was approved by the company&#8217;s shareholders and whose purpose
is to give the acquirer at least 25% of the voting rights in the company if there is no person who holds 25% or more of the voting rights
in the company, or as a private placement whose purpose is to give the acquirer 45% of the voting rights in the company, if there is
no person who holds 45% of the voting rights in the company; (ii) was from a holder of 25% or more of the voting rights in the company
following which the purchaser will hold 25% or more of the voting rights in the company; or (iii) was from a holder of more than 45%
of the voting rights in the company following which the purchaser will hold more than 45% of the voting rights in the company.</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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
special tender offer must be extended to all shareholders of a company, but the offeror is not required to purchase shares representing
more than 5% of the voting power attached to the company&#8217;s outstanding shares, regardless of how many shares are tendered by shareholders.
A special tender offer may be consummated only if (i) at least 5% of the voting power attached to the company&#8217;s outstanding shares
will be acquired by the offeror; and (ii) the number of shares tendered in the offer exceeds the number of shares whose holders objected
to the offer (excluding the purchaser, its controlling shareholders, holders of 25% or more of the voting rights in the company or any
person having a personal interest in the acceptance of the tender offer, or anyone on their behalf, including any such person&#8217;s
relatives and entities under their control). If a special tender offer is accepted, then the purchaser or any person or entity controlling
it, at the time of the offer, and any person or entity under common control with the purchaser or such controlling person or entity may
not make a subsequent tender offer for the purchase of shares of the target company and may not enter into a merger with the target company
for a period of one year from the date of the offer, unless the purchaser or such person or entity undertook to effect such an offer
or merger in the initial special 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>


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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Companies Law permits merger transactions if approved by each party&#8217;s board of directors and, unless certain requirements described
under the Companies Law are met, by a majority vote of each party&#8217;s shares, and, in the case of the target company, a majority
vote of each class of its shares, voted on the proposed merger at a shareholders meeting. The board of directors of a merging company
may not approve the merger if it determines that there exists a reasonable concern that, as a result of the merger, the surviving company
will be unable to satisfy the obligations of the merging entities.</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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
purposes of the shareholder vote of a merging company whose shares are held by the other merging company or a person or entity holding
25% or more of any of the means of control of the other merging entity, unless a court rules otherwise, the merger will not be deemed
approved if a majority of the votes of shares voting on the matter at the shareholders meeting (excluding abstentions) that are held
by parties other than the other party to the merger, or by any other person or entity who holds 25% or more of the voting rights or the
right to appoint 25% or more of the directors of the other party, or any one on their behalf including their relatives or corporations
controlled by any of them, vote against the merger. If, however, the merger involves a merger with a company&#8217;s own controlling
shareholder or if the controlling shareholder has a personal interest in the merger, then the merger is instead subject to the same Special
Majority approval that governs all extraordinary transactions with controlling shareholders (as described under &#8220;<i>Directors,
Executive Officers, Promotors and Control Persons - Approval of Related Party Transactions under Israeli Law - Disclosure of Personal
Interests of Controlling Shareholders and Approval of Certain Transactions</i>&#8221;).</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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the transaction would have been approved by the shareholders of a merging company but for the separate approval of each class or the
exclusion of the votes of certain shareholders as provided above, a court may still approve the merger upon the request of holders of
at least 25% of the voting rights of a company, if the court holds that the merger is fair and reasonable, taking into account the valuation
of the merging companies and the consideration offered to the shareholders.</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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
the request of a creditor of either party to the proposed merger, the court may delay or prevent the merger if it concludes that there
exists a reasonable concern that, as a result of the merger, the surviving company will be unable to satisfy the obligations of the merging
entities, and may further give instructions to secure the rights of creditors.</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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, a merger may not be consummated unless at least 50 days have passed from the date on which a proposal for approval of the merger
was filed by each party with the Israeli Registrar of Companies and at least 30 days have passed from the date on which the merger was
approved by the shareholders of each party.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Companies Law allows us to create and issue shares having rights different from those attached to our Ordinary Shares, including shares
providing certain preferred rights with respect to voting, distributions or other matters and shares having pre-emptive rights. We currently
have two classes of preferred shares. While our current classes of preferred shares do not have the ability to do so, in the future,
if we do authorize, create and issue an additional class of preferred shares, such class of shares, depending on the specific rights
that may be attached to it, may have the ability to frustrate or prevent a takeover or otherwise prevent our shareholders from realizing
a potential premium over the market value of their Ordinary Shares. The authorization and designation of an additional class of preferred
shares will require an amendment to our Amended Articles, which requires the prior approval of the holders of a majority of the voting
power attached to our issued and outstanding shares at a general meeting. The convening of the meeting, the shareholders entitled to
participate, and the majority vote required to be obtained at such a meeting will be subject to the requirements set forth in the Companies
Law and our Amended Articles as described above in &#8220;<i>- Voting Rights</i>.&#8221;</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the Companies Law and our Amended Articles, our board of directors may exercise all powers and take all actions that are not required
under law or under our Amended Articles to be exercised or taken by our shareholders, including the power to borrow money for company
purposes.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Amended Articles enable us to increase or reduce our share capital. Any such changes are subject to the provisions of the Companies Law
and must be approved by a resolution duly passed by our shareholders at a general meeting by voting on such change in the capital. In
addition, transactions that have the effect of reducing capital, such as the declaration and payment of dividends in the absence of sufficient
retained earnings or profits, require the approval of both our board of directors and an Israeli court.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
transfer agent for our Ordinary Shares is Worldwide Stock Transfer, LLC, 1 University Plaza Drive #505, Hackensack, NJ, phone number:
(201) 820-2008, and fax number: (201) 820-2010.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt; 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-right: 0; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Warrants
Included in the Offering </b></span></p>

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

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

<p style="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>Exercisability</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Warrants are exercisable immediately upon issuance and at any time up to the date that is five years from the date of issuance. The Warrants
will be exercisable, at the option of each holder, in whole or in part by delivering to us a duly executed exercise notice accompanied
by payment in full for the number of ordinary shares purchased upon such exercise. Unless otherwise specified in the Warrant, the holder
will not have the right to exercise the Warrants, in whole or in part, if the holder (together with its affiliates and any persons acting
as a group together with the holder or any of the holder&#8217;s affiliates) would beneficially own in excess of 4.99% of the number
of our ordinary shares outstanding immediately after giving effect to the exercise, as such percentage is determined in accordance with
the terms of the Warrant. However, any holder may increase or decrease such percentage to any other percentage not in excess of 9.99%
upon at least 61 days&#8217; prior notice from the holder to us.</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
initial exercise price per ordinary share purchasable upon exercise of the Warrants is $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
per share (with an exercise price equal to 120% of the public offering price per Unit) and is subject to adjustments for stock splits,
reclassifications, subdivisions, and other similar transactions.</span></p>

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

<p style="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>Fundamental
Transaction</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If,
at any time while the Warrants are outstanding, (1) we consolidate or merge with or into another corporation whether or not the Company
is the surviving corporation, (2) we sell, lease, license, assign, transfer, convey or otherwise dispose of all or substantially all
of our assets, or any of our significant subsidiaries (as defined in Rule&#160;1-02&#160;of&#160;Regulation S-X), (3) any purchase offer,
tender offer or exchange offer (whether by us or another individual or entity) is completed pursuant to which holders of the ordinary
shares are permitted to sell, tender or exchange their ordinary shares for other securities, cash or property and has been accepted by
the holders of 50% or more of the ordinary shares, (4) we consummate a securities purchase agreement or other business combination with
another person or entity whereby such other person or entity acquires at least 50% of the outstanding ordinary shares, or (5) we effect
any reclassification or recapitalization of the ordinary shares or any compulsory exchange pursuant to which the ordinary shares are
converted into or exchanged for other securities, cash or property, or each, a &#8220;Fundamental Transaction,&#8221; then upon any subsequent
exercise of Warrants, the holders thereof will have the right to receive the same amount and kind of securities, cash or property as
they would have been entitled to receive upon the occurrence of such Fundamental Transaction if they had been, immediately prior to such
Fundamental Transaction, the holder of the number of ordinary shares then issuable upon exercise of those Warrants, and any additional
consideration payable as part of the Fundamental Transaction.</span></p>

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

<p style="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>Transferability</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to applicable laws, the Warrants may be transferred at the option of the holders upon surrender of the Warrants to the Company, together
with the appropriate instruments of transfer.</span></p>

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

<p style="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>Listing</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
will apply to list our Warrants on a national securities exchange. No assurance can be given that our application will be approved.</span></p>

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

<p style="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>Rights
as a Shareholder</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
as otherwise provided in the Warrant or by virtue of such holder&#8217;s ownership of ordinary shares, the holder of Warrants does not
have rights or privileges of a holder of ordinary shares, including any voting rights, until the holder exercises the Warrants.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span style="text-decoration: underline">Warrant
Agent; Global Certificate</span></i></b><i>.</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: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Warrants will be issued in registered form under a warrant agency agreement between the Warrant Agent and us. The Warrants shall initially
be represented only by one or more global warrants deposited with the Warrant Agent, as custodian on behalf of The Depository Trust Company
(DTC) and registered in the name of Cede &amp; Co., a nominee of DTC, or as otherwise directed by DTC.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2pt; text-align: justify"><span style="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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Warrants and the warrant agency agreement will be governed by New York law.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span id="m_003"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>MARKET
PRICE AND DIVIDEND POLICY</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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Ordinary Shares have been quoted on the OTCQB under the symbol &#8220;TOMDF&#8221; since March 7, 2017. The OTCQB is a regulated quotation
service that displays real-time quotes, last-sale prices, and volume information in over-the-counter equity securities. The OTCQB is
a quotation medium for subscribing members, not an issuer listing service, and should not be confused with The NASDAQ Stock Market.</span></p>

<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; margin: 0pt; text-align: justify; text-indent: 0.5in">On July 25, 2022, the
last reported sale price of our Ordinary Shares on the OTCQB was $0.012 per share.</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>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
number of record holders of Ordinary Shares at July 22, 2022 was 100.</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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
number of record holders is based upon the actual number of holders registered on our books at such date and does not include holders
of shares in &#8220;street names&#8221; or persons, partnerships, associations, corporations or other entities identified in security
position listings maintained by depository trust companies.</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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have not declared or paid any dividend since inception on our Ordinary Shares. We do not anticipate that we will declare or pay dividends
in the foreseeable future on our Ordinary Shares. Instead, we anticipate that all of our earnings will be used for the operation and
growth of our business. Any future determination to declare cash dividends would be subject to the discretion of our board of directors
and would depend upon various factors, including our results of operations, financial condition and liquidity requirements, restrictions
that may be imposed by applicable law and our contracts and other factors deemed relevant by our board of directors.</span></p>

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


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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 id="m_004"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PROPERTIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company does not own any real property. Our principal executive office and mailing address is 121 Derech Ben Gurion, Tel Aviv, Israel,
which we have leased since March 2021 pursuant to a month-to-month agreement. The Company additionally has an office at 40 Wall Street,
Suite 2702, New York, New York 10005, which is subject to an annual lease that is currently due to expire at the end of March 2023, and
which is shared with two of our United States subsidiaries, Todos Medical USA and Corona Diagnostics LLC. Additionally, from February
2023, we will be adding Suite 2705, which will be leased to us until the end of March 2024. Our Provista Diagnostics laboratory is located
in a leased facility located at 2001 Westside Parkway, Alpharetta, GA 30004. The lease is currently due to expire June 30, 2023. We believe
that all of our leases provide for rental payments at a market rate.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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 id="m_005"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>LEGAL
PROCEEDINGS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company and its subsidiaries are involved in certain legal proceedings and certain business relationships that arise from time to time
in the ordinary course of their business and in connection with certain agreements with third parties (such as with respect to certain
royalty agreements). Except for income tax contingencies, the Company applies the provisions of ASC Topic 450, Contingencies. Thus, the
Company records accruals for contingencies to the extent that the management concludes that the occurrence is probable and that the related
liabilities are estimable. Legal expenses associated with contingencies are expensed as incurred.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21.95pt"><span style="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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June 19, 2020, the Company and its subsidiaries, Todos Medical USA and Corona Diagnostics, LLC (&#8220;Corona&#8221;) entered into a
Receivables Financing Agreement with Toledo Advisors, LLC (&#8220;Toledo&#8221;) for up to $25,000,000 in a revolving receivables financing
facility (the &#8220;Facility&#8221;). The availability of the Facility shall terminate on the earlier of June 19, 2025 and the date
on which more than $25,000,000 has been advanced. The financing is secured by all of the assets of the Company&#8217;s wholly-owned subsidiary
Todos Medical USA, Inc. In addition, Todos Medical USA pledged all of the outstanding equity of Corona to the Lender. The initial draw
under the Facility was on June 19, 2020 for $165,000 which was due on the earlier to occur of (i) ninety days following the date the
draw was made by the Lender and (ii) the date the receivable, for which the draw was made, is paid. The Facility has since been repaid.</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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
November 2020, the parties agreed to amend the Facility to reduce the cost of funding to Todos Medical USA, and to make the relationship
between Corona and Toledo nonexclusive in exchange for Toledo being granted a percentage of Corona&#8217;s revenues from diagnostic testing.</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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 7, 2022, Toledo filed a complaint against Corona, Todos Medical USA, and the Company (the &#8220;Todos Defendants&#8221;), seeking
unspecified damages for breach of the aforesaid agreements and claiming that at least $139,000 is due under the royalty agreement. The
Todos Defendants filed an answer and counterclaim on February 9, 2022, wherein various affirmative defenses were asserted, the allegations
of the complaint were denied, and the Company asserted counterclaims for breach of contract and other relief.</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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April 7, 2022, the Company and Toledo signed a Settlement Agreement pursuant to which upon execution of the agreement the Company paid
Toledo $130,000 and issued to Toledo $200,000 worth of ordinary shares. The parties agreed that upon delivery of the cash payment and
shares, the parties would discontinue the complaint filed by Toledo on January 7, 2022, and that Toledo irrevocably and unconditionally
releases and discharges the Company from its June 19, 2020 financing agreement and July 28, 2020 Royalty Agreement.</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; text-align: justify; text-indent: 0.5in">During the first quarter of
2021, the Company&#8217;s contractual agreement to supply Covid-19 testing kits to NOAH Clinical Laboratories, Inc., a significant
customer expired. At the customer&#8217;s request, the Company continued to supply Covid-19 testing kits until such time as the customer
requested that the Company stop doing so. The customer has not yet paid for some of the Covid-19 testing kits so supplied and has not
yet renewed its agreement with the Company. Todos claims that NOAH Clinical Laboratories owes approximately $3.4 million arising out
of unpaid invoices for testing kits sold and delivered. Todos also claims ownership of the medical equipment arising out of NOAH&#8217;s
failure to meet the minimum requirements necessary to trigger transfer of title. No lawsuit or other proceeding has been commenced to
date.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">The parties have agreed
to attempt to mediate their disputes and are in the process of arranging for a non-binding mediation before engaging in litigation. This
dispute is only in its initial legal stages. No discovery has been conducted, and thus the nature or extent of any potential counterclaims/setoffs
is unknown. However, at this early stage, it does not appear that Todos faces negative exposure other than a potential negative ruling
as to ownership of the medical equipment, and it would appear that NOAH will ultimately be liable to Todos in an undetermined amount
if the case were to be litigated. Todos has advised that its preference is to pursue a settlement through mediation and that course is
currently being pursued. In the event that mediation is unsuccessful, Todos intends to pursue its claims.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
lawsuit has been commenced by Todos against Biodiagnostic Labs, Inc. in the Supreme Court of New York. Todos claims that Biodiagnostics
owes approximately $550,000 arising out of unpaid invoices for testing kits sold and delivered. Todos is also seeking repossession of
medical equipment valued at approximately $500,000 over which there is presently no dispute that Todos retains sole ownership. Todos
terminated its relationship with Biodiagnostics and demanded return of the medical equipment in November of 2021. Efforts to settle the
dispute amicably were unsuccessful. Demand was made for return of the equipment. Biodiagnostics failed to comply with that demand. A
complaint was filed on February 25, 2022. This dispute is only in its initial legal stages. No discovery has been conducted, and thus
the nature or extent of any potential counterclaims/setoffs is unknown. However, at this early stage, it does not appear that Todos faces
any material exposure, and it would appear that Biodiagnostics will ultimately be liable to Todos on both the monetary and repossession
claims if the case were to be litigated. In addition to vigorous pursuit of the lawsuit, Todos is also considering making a pre-judgment
motion authorizing the sheriff to seize the equipment.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21.95pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">Through counsel, Todos made
several demands upon MOTOPARA Foundation for the return of medical equipment owned by Todos. Initial demand was
made to Chief Executive Officer Eric S. Canonico, and follow up demand to attorney Donald J. Hodson. To date, Motopara has ignored
those demands. No legal action has been commenced to date. Todos intends to commence legal action and is currently exploring doing so
in conjunction with Integrated Health LLC, which has claims arising out of the same series of transactions and events which give
rise to the repossession claim. This dispute is only in its initial legal stages. No discovery has been conducted, and thus the nature
or extent of any potential counterclaims/setoffs is unknown. However, at this early stage, there is no known dispute to Todos&#8217;
ownership or immediate right of possession, and it does not appear that Todos faces negative exposure.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21.95pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span id="m_006"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>DIRECTORS,
OFFICERS AND CORPORATE GOVERNANCE</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Directors</b></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-indent: 0.5in; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth information regarding the directors and officers of Todos as of the date of this prospectus:</span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Age</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Director
    Since</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Term
    Ends</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 54%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gerald
    Commissiong, Chief Executive Officer and Director</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2020</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Daniel
    Hirsch, Chief Financial Officer and Director</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">54</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2020</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dr.
    Herman Weiss, Chairman of the Board</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">52</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2017</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*Dr.
    Lauren Chung, Director</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">49</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2020</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2024</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*Moshe
    Schlisser, Director</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">34</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2016</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2024</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">**Moshe
    Abramovitz, Director</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">41</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2016</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*
Independent Director and External Director under Israeli Law</span></p>

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

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

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 30%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Gerald
                                            Commissiong</b></span></p>
    <p style="font: 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>Chief
    Executive Officer and Director</i></span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 68%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
    Commissiong has served as our Chief Executive Officer and director since January 5, 2020. In addition, Mr. Commissiong serves as
    Chief Executive Officer, President and a member of the Board of Directors of Amarantus Bioscience Holdings, Inc. (&#8220;Amarantus&#8221;),
    of which he is a co-founder. Prior to becoming Chief Executive Officer of Amarantus in October 2011, Mr. Commissiong was the Chief
    Operating Officer of Amarantus. Mr. Commissiong graduated from Stanford University in Management Science and Engineering with a focus
    on Financial Decisions. The Board believes that Mr. Commissiong&#8217;s executive leadership and healthcare expertise qualifies Mr.
    Commissiong to serve as a director.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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"><b>Daniel
                                            Hirsch</b></span></p>
    <p style="font: 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>Chief
    Financial Officer and Director</i></span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
    Hirsch has served as our Chief Financial Officer and director since January 5, 2020. Mr. Hirsch has been managing Partner of First
    Line Capital, LLC since 2002. Prior to 2002, Mr. Hirsch served as Senior Consultant at Integrated Healthcare based in Greenwich,
    Connecticut providing turn around services for large medical practices. From 1992 to1998, Mr. Hirsch was Director of Primary Care
    for Hackensack University Medical Center in Hackensack, New Jersey. Mr. Hirsch holds a bachelor&#8217;s degree in Economics from
    Yeshiva University and a master&#8217;s degree in Public Health from the New School of Social Research. The Board believes that Mr.
    Hirsch&#8217;s financial expertise in the healthcare industry qualifies Mr. Hirsch to serve as a director.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 30%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Dr.
                                            Herman Weiss</b></span></p>
    <p style="font: 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>Chairman
    of the Board of Directors</i></span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 68%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dr.
    Herman Weiss has served as a director of the Company since June 22, 2017 and Chairman of the Board of Directors since January 5,
    2020. Dr. Weiss served as Chief Executive Officer of the Company from July 30, 2018 to January 5, 2020. Dr. Weiss has been CEO
    of Libra Scientific Limited since December 2021. In addition, from 2016-2018, Dr. Weiss served as the Vice President of Medical
    Affairs and Clinical Development at Juniper Pharmaceuticals Inc. in Boston, MA. Since 2016, Dr. Weiss has also served as a Professor
    at Yeshiva University. Dr. Weiss has served as a consultant to multiple medical device and pharmaceutical companies, including American
    Medical Systems, and to venture capital firms in New York City, and also founded and served as the Chief Medical Officer of FibroControl,
    a biotech medical device company in Herzliya, Israel. Dr. Weiss owns multiple patents and is the author of numerous publications
    in the area of women&#8217;s health and gynecology. Dr. Weiss holds an M.B.A. from the George Washington University, Washington DC,
    an M.D. from the Ohio State University College of Medicine, and a B.A. in Philosophy (summa cum laude) from the Ramapo College of
    New Jersey. The Board believes that Dr. Weiss&#8217; experience in the medical device and pharmaceutical industries qualifies him
    to serve as Chairman of the Board.</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Lauren
                                            Chung,</b></span></p>
    <p style="font: 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>External
    Director</i></span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dr.
    Lauren Chung has served as director of the Company since April 2020. In 2012, Dr. Chung founded, and since then, she has served as
    Chief Executive Officer of MINLEIGH LLC, identifying, evaluating and partnering with companies for investments and strategic, operational,
    and commercial opportunities. Dr. Chung has over 20 years of healthcare investment management, investment banking, and advisory experience.
    Dr. Chung was a managing director in Healthcare Research at WestPark Capital and an analyst at Maxim Group from 2016-2019. From 2006
    - 2016, Dr. Chung was a co-founder of Tokum Capital Management, a global healthcare fund, which merged with Perella Weinberg Partners.
    From 2000 - 2006 Dr. Chung managed healthcare investment portfolios at RBR Capital, Kingdon Capital, and Pequot Capital. From 1994-2000,
    Dr. Chung was a recognized research scientist conducting cutting edge research in neurodegenerative and genetic disorders at Massachusetts
    General Hospital/Harvard Medical School and Boston Children&#8217;s Hospital. Dr. Chung has published many leading peer-reviewed
    scientific journals. As a current and former director of public and private companies, Dr. Chung brings a valuable perspective for
    the Company&#8217;s strategy and operations as well as extensive scientific insights. Dr. Chung holds a Ph.D. in Neuropathology from
    Columbia University-College of Physicians &amp; Surgeons, and a BA with honors in Biochemistry and Economics from Wellesley College.
    The Board believes that Dr. Chung&#8217;s experience with companies in the healthcare industry qualifies her to serve as a director.</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Moshe
                                            Schlisser</b></span></p>
    <p style="font: 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>External
    Director</i></span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
    Moshe Schlisser has served as a director of the Company since February 2016. Mr. Schlisser currently also serves as a director at
    SmartGreen Ltd, Tantel Group Ltd and III Pte Ltd. Since 2018, Mr. Schlisser has been serving as General Partner at Shefa Capital
    Ltd, a Growth Venture Fund with a focus on mid to later stage deep technology investments. Until 2018, Mr. Schlisser was the managing
    partner at Iberica Investments International, a private equity firm. Mr. Schlisser has held managerial positions in various investment
    firms and has experience with investments, structured finance and mergers and acquisitions. In 2010, Mr. Schlisser co-founded and
    currently serves as a director of a soup kitchen in Jerusalem that serves a hot prepared dinner every night to over 50 homeless and
    underprivileged individuals and delivers weekend food packages to over 250 underprivileged families. The Board of Directors believes
    that Mr. Schlisser&#8217;s experience in the capital markets qualifies him to serve as a director.</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Moshe
                                            Abramovitz</b></span></p>
    <p style="font: 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>Director</i></span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
    Moshe Abramovitz has served as a director of the Company since February 27, 2016. Mr. Abramovitz has held managerial positions in
    various organizations (Israeli companies and charities) including serving as the Deputy Chief Executive Officer of A.S. Mehadrin
    Ltd. Since 2011, Mr. Abramovitz has been a project manager in the construction industry in Israel. Mr. Abramovitz holds a B.A. in
    business administration, specializing in information systems, from Ono Academic College and an MBA in business administration specializing
    in business strategy from Ono Academic College. Mr. Abramowitz received training and a certificate to serve as a mediator from Bar
    Ilan University. The Board believes that Mr. Abramowitz&#8217;s managerial positions qualify him to serve as a director.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
are no family relationships among any of our executive officers or directors.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
considering its corporate governance requirements and best practices, including, but not limited to, director independence, assuming
we successfully uplist to a national securities exchange, we will be required to comply with such exchange&#8217;s listing and
maintenance rules, in addition to complying with the Companies Law due to our being an Israeli corporation. Because we are not a foreign
private issuer, we may not elect to follow home country practice. As a result, among other things, at the next
Annual Meeting of Shareholders, we will recommend to our shareholders to amend our Articles of Association to raise the requirement for
a quorum at our shareholders&#8217; meetings to 33%.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Certain
provisions of Israeli law regarding &#8220;External Directors&#8221;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
an Israeli company, we are subject to the Israeli Companies Law, which provides that at least two of the Company&#8217;s directors must
be external directors, whose terms of office, and procedures for appointment or removal, must conform with the provisions of the Companies
Law, Section 239 et seq. (the &#8220;External Directors&#8221;).</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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">External
Directors must meet certain statutory qualifications, as detailed in the Israeli Companies Law, Section 239 et seq. (the &#8220;Statutory
Qualifications&#8221;). The Statutory Qualifications include certain provisions designed to ensure the External Directors&#8217; independent
judgment, as well as criteria for the External Directors&#8217; professional skills, as follows (the &#8220;Professional Qualifications&#8221;):
(i) at least one of the External Directors must have &#8220;accounting and financial expertise&#8221;, and (ii) each External Director
must have either &#8220;accounting and financial expertise&#8221; or &#8220;professional skills&#8221;; all as such terms are defined
by the regulations promulgated under the Companies Law.</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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
External Director must file a written declaration affirming that she or he meets the Statutory Qualifications, including documentation
of her or his Professional Qualifications, before her or his nomination can be properly considered by the Shareholders&#8217; Meeting.
Each of Dr. Lauren Chung and Mr. Moshe Schlisser submitted their respective written declarations to the Board, as required under the
Companies Law before our July 26, 2021 Annual Meeting (the &#8220;July 2021 Meeting&#8221;). After considering their respective declarations,
our Board of Directors determined that Dr. Chung and Mr. Schlisser possess the required Professional Qualifications to be appointed as
External Directors and, specifically, that Dr. Chung has &#8220;accounting and financial expertise,&#8221; as that term is defined by
the regulations promulgated under the Companies Law.</span></p>

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

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

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

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
compensation and allowable expenses of External Directors are regulated by the Companies Law and regulations promulgated pursuant thereto
(the &#8220;Compensation Regulations&#8221;). Generally speaking, the Compensation Regulations set a fixed range including minimum, maximum,
and suggested median tariffs for External Directors&#8217; compensation, on the basis of a fixed cash salary, in addition to fixed cash
amount per meeting. The relevant fixed ranges are based on the Company&#8217;s shareholders&#8217; equity and, for Companies whose securities
are listed on a non-Israeli exchange, the increased burden of the demands and obligations imposed by the laws and regulations to which
companies listed on that exchange are subject. However, the fixed amounts set forth in the Compensation Regulations may not adequately
account for the unique position in which every company is situated. Therefore, Regulations 8A and 8B of the Compensation Regulations
allow the Company to adopt a compensation package, including cash as well as equity, which goes beyond the parameters otherwise imposed
by the fixed range of the Compensation Regulations. Based on the legal advice it has received, the Board has determined that the Compensation
Schedule is in keeping with the requirements of the Compensation Regulations.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>External
Directorship exemptions for companies listed on a &#8220;Qualified Exchange&#8221;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Regulations
promulgated pursuant to Section 364(a) of the Companies Law allow for an exemption from some provisions of the Companies Law for companies
(such as Todos) whose securities are listed on a non-Israeli exchange only (the &#8220;Foreign Listing Leniencies&#8221;). Regulation
5D of the Foreign Listing Leniencies provides certain exemptions from the Companies Law requirements regarding the corporate governance
role of External Directors, for Israeli companies listed on certain non-Israeli exchanges (the &#8220;Qualified Exchanges&#8221;); provided
that: (i) the Israeli company is fully compliant with all laws and regulations of the Applicable Jurisdiction regarding the appointment
of independent directors, and the composition of audit and/or compensation committees, as they apply to companies incorporated in the
Applicable Jurisdiction, such regulations being deemed to include any rules or guidelines generally practiced at the relevant Qualified
Exchange (the &#8220;Qualified Exchange Regulations&#8221;), where &#8220;Applicable Jurisdiction&#8221; means the jurisdiction in which
the company&#8217;s securities are either (x) offered to the public, or (y) listed for trade on the Qualified Exchange; (ii) there is
no one person or syndicate exercising &#8220;Control&#8221; over the Company, as that term is defined under the Israeli Securities Law,
1968 (see definition of &#8220;Control&#8221; in the &#8220;required vote&#8221; section of this Proposal); (iii) the composition of
the company&#8217;s Board includes at least one member of each of the male and female genders; and (iv) the company has elected to comply
with the Qualified Exchange Regulations in lieu of the provisions of the Companies Law relating to the appointment of independent directors,
and the composition of audit and/or compensation committees.</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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a matter of Israeli law, the Minister of Justice may from time to time, after consulting with the Israel Securities Authority and after
receiving the approbation of the Law and Constitution Committee of the Knesset, revise the Foreign Listing Leniencies. In the future,
such revisions may include the addition, removal and/or revision of leniencies, as well as the addition of other exchanges to (or removal
of exchanges from) the list of Qualified Exchanges. At time of this writing, the Qualified Exchanges as per the Foreign Listing Leniencies
are the NYSE, NYSE American, NASDAQ Global Select, NASDAQ Global, and NASDAQ Capital. Should the Company&#8217;s shares become listed on
a Qualified Exchange in the future, provided that the conditions for exemption as described above apply, the Board may consider the feasibility
of procuring the services of Dr. Chung and Mr. Schlisser as &#8220;independent directors&#8221; under and subject to the applicable Qualified
Exchange Regulations, in place of their current service as External Directors under the Companies Law.</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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
the July 2021 Meeting, the Company&#8217;s shareholders adopted an amendment to its Articles of Association which would ensure the validity
of such leniencies in the future, should the Board decide to comply with the Qualified Exchange Regulations in lieu of the relevant Companies
Law provisions, as described above.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Role
of the Board and the Audit Committee in Risk Oversight</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">While
management is charged with the day-to-day management of risks that the Company faces, the Board, and the Audit Committee of the Board,
have been responsible for oversight of risk management. The full Board, and the Audit Committee since it was formed, have responsibility
for general oversight of risks facing the Company. Specifically, the Audit Committee reviews and assesses the adequacy of the Company&#8217;s
risk management policies and procedures with regard to identification of the Company&#8217;s principal risks, both financial and non-financial,
and review updates on these risks from the Chief Financial Officer and the Chief Executive Officer. The Audit Committee also reviews
and assesses the adequacy of the implementation of appropriate systems to mitigate and manage the principal risks.</span></p>

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


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Review
and Approval of Transactions with Related Parties</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Board adopted a policy to comply with Item 404 of Regulation S-K of the Exchange Act as well as the Nasdaq Rules requiring that disinterested
directors approve transactions with related parties which are not market-based transactions.</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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Generally,
the Board will approve transactions only to the extent the disinterested directors believe that they are in the best interests of the
Company and on terms that are fair and reasonable (in the judgment of the disinterested directors) to the Company. Our policy is available
on our Company website at www.todosmedical.com.</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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Companies Law also contains requirements for the approval of transaction with related parties by disinterested directors.</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Audit Committee was established to oversee the Company&#8217;s corporate accounting and financial reporting processes and audits of its
financial statements. The members of our Audit Committee are Moshe Schlisser, Lauren Chung and Moshe Abramovitz. Moshe Schlisser serves
as chairman of the Audit Committee. The Board determined that all members of our Audit Committee were independent under SEC Rule 10A-3(b)(1)
and Nasdaq Rule 5605(a)(2). The Board has determined that all current members of the Audit Committee are &#8220;financially literate&#8221;
as interpreted by the Board in its business judgment. Lauren Chung has been qualified as an audit committee financial expert, as defined
in the applicable rules of the SEC.</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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Audit Committee meets periodically with our independent accountants and management to review the scope and results of the annual audit
and to review our financial statements and related reporting matters prior to the submission of the financial statements to the Board.
In addition, the Audit Committee meets with the independent auditors at least on a quarterly basis to review and discuss the annual audit
or quarterly review of our financial statements.</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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have established an Audit Committee Charter that deals with the establishment of the Audit Committee and sets out its duties and responsibilities.
Our Audit Committee Charter complies with Section 3(a)(58)(A) of the Exchange Act and Nasdaq Rule 5605. The Audit Committee is required
to review and reassess the adequacy of the Audit Committee Charter on an annual basis. The Audit Committee Charter is available on our
Company website at www.todosmedical.com.</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
members of our Compensation Committee are Moshe Schlisser, Lauren Chung and Moshe Abramovitz. Lauren Chung serves as chairwoman of the
Compensation Committee. The Compensation Committee is responsible for making recommendations to the Board regarding the compensation
of executive officers, to review and administer our Company&#8217;s equity compensation plans, to review, discuss, and evaluate at least
annually the relationship between risk management policies and practices and compensation, as well as oversee the Company&#8217;s engagement
with shareholders and proxy advisors.</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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Compensation Committee consists of only independent directors in accordance with Nasdaq Rule 5605(a)(2) and all non-employee directors
for purposes of Rule 16b-3 of the Exchange Act. The compensation of our CEO, Mr. Commissiong, must be determined by the Compensation
Committee and the CEO may not be present during voting or deliberations for his compensation.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
Nasdaq Rule 5605(d)(3) provides that the Compensation Committee may (in its discretion, not Board discretion) retain compensation consultants,
independent legal counsel, and other advisors, the independent directors acting as the Compensation Committee have not decided to do
so. Our Compensation Committee Charter is available at our website: www.todosmedical.com.</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Board has adopted a Code of Business Conduct and Ethics Policy (the &#8220;Code of Conduct&#8221;) applicable to all of the Company&#8217;s
and its subsidiaries&#8217; employees, including the Company&#8217;s Chief Executive Officer and Chief Financial Officer. The Code of
Conduct contains written standards that are designed to deter wrongdoing and to promote honest and ethical conduct, including the ethical
handling of actual or apparent conflicts of interest; full, fair, accurate, timely and understandable public disclosures and communications,
including financial reporting; compliance with applicable laws, rules and regulations; prompt internal reporting of violations of the
code; and accountability for adherence to the code. A copy of our Code of Business Conduct and Ethics Policy of the Company is posted
at our website at www.todosmedical.com.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Insider
Trading Policy and Policy on Trading Blackout Periods, Benefit Plans and Section 16 Reporting</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Insider Trading Policy and policy on Trading Blackout Periods, Benefit Plans and Section 16 Reporting applies to all of our officers,
directors, and employees and provides strict guidelines as to restrictions on trading activity in the Company&#8217;s stock. These policies
are posted at our website: www.todosmedical.com</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New 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
Board has determined that Moshe Schlisser, Lauren Chung and Moshe Abramovitz are &#8220;independent directors&#8221; under the rules
and regulations of the SEC and Nasdaq Rule 5062(a)(2). In making this determination, our Board considered the current and prior relationships
that each non-employee director has with the Company and all other facts and circumstances our Board deemed relevant in determining their
independence, including such individual&#8217;s beneficial ownership of our Ordinary Shares.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></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 id="m_007"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>EXECUTIVE
AND DIRECTOR COMPENSATION</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Compensation-Related
Requirements of the Companies Law<sup>3</sup></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
approved at the July 2021 Meeting, and as required by the Companies Law, we adopted a Compensation Policy regarding the terms of office
and employment of our &#8220;office holders&#8221; (as defined under the Companies Law, which includes directors, the CEO, other executive
officers and any other managers directly subordinate to the CEO), including cash compensation, equity-based awards, releases from liability,
indemnification and insurance, severance and other benefits (the &#8220;Terms of Office and Employment&#8221;). Each of our directors
and executive officers is an &#8220;office holder&#8221; within the meaning of the Companies Law. The Compensation Policy is reviewed
from time to time by the Compensation Committee and Board to ensure its alignment with our compensation philosophy and to consider its
appropriateness for Todos and is required to be brought at least once every three years to our shareholders for approval.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.4in"><span style="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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the Companies Law, arrangements between Todos and its office holders must generally be consistent with the Compensation Policy. However,
under certain circumstances, we may approve an arrangement that is not consistent with the Compensation Policy, if the arrangement is
approved by a majority of our shareholders, provided that (i) the majority includes a majority of the votes cast by shareholders who
are present and voting (abstentions are disregarded) who (A) are not controlling shareholders and (B) do not have a personal interest
in the matter, or (ii) the votes cast against the arrangement by shareholders who are not controlling shareholders and who do not have
a personal interest in the matter who were present and voted constitute two percent or less of the voting power of the Company (a &#8220;special
majority&#8221;). Under certain circumstances, if the Compensation Policy is not approved by the shareholders, the Compensation Committee
and the Board may nonetheless approve such policy.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, pursuant to the Companies Law, the Terms of Office and Employment generally require the approval of the Compensation Committee
and the Board. The Terms of Office and Employment as applicable to directors further require the approval of the shareholders by a simple
majority. The Terms of Office and Employment with respect to a CEO generally require the approval of the shareholders by the special
majority referenced in the immediately preceding paragraph, in addition to the approval of the Compensation Committee and the Board.
Pursuant to regulations promulgated under the Companies Law, shareholder approval is not required with respect to Terms of Office and
Employment granted to a director or a CEO for the period following his or her appointment until the next general meeting of shareholders,
provided these terms are (i) approved by the Compensation Committee and the Board, (ii) consistent with the Compensation Policy and (iii)
on similar or less favorable terms than those of the person&#8217;s predecessor. In addition, under certain circumstances, shareholder
approval is not required with respect to the Terms of Office and Employment of a candidate for CEO if the Compensation Committee determines
that the engagement will be frustrated if the approval is pursued, provided that the terms are consistent with the Compensation Policy.
Compensation packages for our office holders were approved at the Company&#8217;s Annual General Meeting on July 26, 2021.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
certain circumstances, if the Terms of Office and Employment of office holders who are not directors are not approved by the shareholders,
where such approval is required, the Compensation Committee and the Board may nonetheless approve such terms. In addition, non-material
amendments of the Terms of Office and Employment of office holders who are not directors may be approved by the Compensation Committee
only and non-material amendments of the Terms of Office and Employment of office holders who are not directors and excluding the CEO
may be approved by the CEO only, provided such approvals are permitted under the Compensation Policy and consistent therewith. Accordingly,
for as long as not otherwise determined by the Compensation Committee and the Board, our President and CEO is currently authorized to
approve benefits and perquisites for any other executive officer with respect to any calendar year, provided that it does not exceed
the value of such executive officer&#8217;s one month base salary.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21.95pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2021
Equity Incentive Plan</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
our annual meeting on July 26, 2021, we adopted our 2021 Equity Incentive Plan.</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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following paragraphs provide a summary of the principal features of the Equity Incentive Plan and its operation. The Plan is set forth
in Annex C to Exhibit 99.1 to our Proxy Statement as filed on Form 8-K on June 28, 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.4in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Plan is intended to attract, motivate, and retain employees, consultants, directors, and other service providers who provide significant
services to us.</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Board of Directors or a committee appointed by our Board of Directors (the &#8220;Committee&#8221;) administers the Plan. Subject to
the terms of the Plan, the Committee will have the power to recommend to our Board of Directors, and our Board of Directors will have
the power and authority to select the employees and consultants who will receive stock option awards and determine the terms and conditions
of stock option awards (for example, the exercise price and vesting schedule). The Committee will have full power and authority to interpret
the provisions of the Plan and outstanding options granted thereunder.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.4in"><span style="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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
a stock option expires or is cancelled without having been fully exercised or vested, the shares covered by such option will be returned
to the available pool of the Company&#8217;s ordinary shares (the &#8220;Shares&#8221;) reserved for issuance under the 2021 Plan. Also,
if we experience a share dividend, recapitalization or other change in our capital structure, the number, class, and kind of shares available
for issuance under the Plan, and the outstanding stock option awards, may be adjusted as appropriate to reflect the share dividend or
other change.</span></p>

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

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

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Board of Directors, upon the recommendation of the Committee, selects the employees and consultants who will be granted discretionary
stock option awards under the Plan. The actual number of individuals who will receive a stock option award under the Plan cannot be determined
in advance because our Board of Directors has the discretion to select the participants.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.4in"><span style="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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Board of Directors may, in its discretion, elect to grant stock option awards under the Plan in order to fulfill some or all of the equity
compensation to be received by the Company&#8217;s Directors and/or Officers, as described in the Compensation Schedule (pending approval
of the Compensation Schedule at this Meeting) or otherwise.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.4in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
stock option is the right to acquire Shares at a fixed exercise price for a fixed period of time. Under the Plan, our Board of Directors
may grant options that qualify for favorable tax treatment under Israeli or United States tax law. Our Board of Directors will determine
the number of Shares covered by each option.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.4in"><span style="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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
exercise price of the Shares subject to each option is set by the Board of Directors in its discretion in accordance with applicable
law.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.4in"><span style="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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
option granted under the Plan cannot generally be exercised until it becomes vested. Our Board of Directors establishes the vesting schedule
of each option at the time of grant. Options become exercisable at the times and on the terms established by our Board of Directors.
Options granted under the Plan expire at the times established by our Board of Directors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.4in"><span style="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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
exercise price of each option granted under the Plan must be paid in full at the time of exercise. The Plan also contains provisions
for the cashless exercise of options. The participant must pay any taxes the Company is required to withhold at the time of exercise.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.4in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the event of a merger, acquisition, or reorganization by or with one or more entities, in which the Company is not the surviving entity,
or a sale of all or substantially all of the assets of the Company, the successor corporation will either assume or provide a substitute
stock option award for each outstanding stock option. In the event the successor corporation refuses to assume or provide a substitute
stock option award, the Committee will provide at least 15 days&#8217; notice that the option will immediately vest and become exercisable
as to all of the Shares subject to such award and that such award will terminate upon the expiration of such notice period.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.4in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Stock
Option Awards to Be Granted to Certain Individuals and Groups</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
number of stock option awards that an employee or consultant may receive under the Plan is in the discretion of the Committee and therefore
cannot be determined in advance.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.4in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stock
options granted under the Plan generally may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated, other
than by will or by the applicable laws of descent and distribution.</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Board generally may amend or terminate the Plan at any time and for any reason.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.4in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21.95pt"><span style="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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table provides certain summary information concerning compensation awarded to, earned by or paid to our Principal Executive
Officer and our two other highest paid executive officer whose total annual salary and bonus exceeded $100,000 (collectively, the &#8220;named
executive officers&#8221;) for fiscal years 2021&#8239;and 2020. </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21.95pt"><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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    <td style="font: 10pt Times New Roman, Times, Serif; width: 37%; text-align: left">Gerald Commissiong, CEO</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%">&#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">2021</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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  <tr 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">Gerald Commissiong, CEO</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">2020</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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  <tr 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">Daniel Hirsch, CFO</td><td style="font: 10pt Times New Roman, Times, Serif">&#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>


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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21.95pt"><span style="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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table provides certain summary information concerning compensation awarded to, earned by or paid to our Directors for fiscal
year 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 21.95pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Name</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Fees <br />
earned<br /> or paid in<br /> cash ($)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</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: 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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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New 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"><b>Outstanding
Equity Awards at Fiscal Year End</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21.95pt"><span style="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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table provides certain summary information concerning equity awards made to our executive officers as of December 31, 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21.95pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; 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">376,488</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">0.030-0.095</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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<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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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#toc_001">Table of Contents</a></td></tr></table></div>
    <!-- Field: /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 id="m_008"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SECURITY
OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT</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: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Security
Ownership</b></span></p>

<p style="font: 10pt 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
following table describes, as of July 22, 2022, the beneficial ownership of Todos ordinary shares by:</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>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; 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">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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <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">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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <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">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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <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>
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</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; text-align: center">&#160;</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">
    <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">Directors and executive officers:</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <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">Lauren Chung</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)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Moshe Abramovitz</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: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Moshe Schlisser</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)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Daniel Hirsch</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">54,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#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; text-align: left">All directors and executive officers as a group (6
    persons)</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">79,431,125</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">6.97</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: italic 10pt Times New Roman, Times, Serif; text-align: left">Persons or Groups Holding More than 5% of Ordinary Shares</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr 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">Amarantus Bioscience Holdings, Inc.</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">78,025,645</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">6.84</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr>
  </table>

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

<p style="font: 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
address of each shareholder is c/o Todos Medical Limited, 121 Derech Menachem Begin, 30th Floor, Tel Aviv, 6701203 Israel.</span></p>

<p style="font: 10pt Times New 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: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicates
    beneficial ownership of less than 1% of the total ordinary shares outstanding.</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-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)
Includes 78,025,645 shares owned by Amarantus. Gerald Commissiong is the Executive Chairman and controlling shareholder of Amarantus
and in such capacity holds voting and dispositive power over the securities held by such entity.</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-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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    <!-- Field: /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">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span id="m_009"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CERTAIN
RELATIONSHIPS AND RELATED PARTY TRANSACTIONS, AND DIRECTOR INDEPENDENCE</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
February 27, 2019, we entered into a joint venture agreement with Amarantus, pursuant to which we issued Ordinary Share representing
19.99% of our then outstanding Ordinary Shares to Amarantus, in exchange for Amarantus transferring to us 19.99% of Breakthrough, a wholly-owned
subsidiary of Amarantus, and for Amarantus assigning the exclusive license to develop and commercialize the LymPro Test&#174;, an immune-based
neurodiagnostic blood test for the detection of Alzheimer&#8217;s disease (the &#8220;License&#8221;) to Breakthrough. As part of the
transaction, we agreed to provide working capital to Breakthrough to support Breakthrough&#8217;s operations. As part of the Breakthrough
joint venture, we were granted an exclusive option, which was limited to an exercise period of 60 days from its date, to acquire the
remaining 80.01% of Breakthrough from Amarantus. At our 2019 annual meeting of shareholders, our shareholders approved a resolution authorizing
us to exercise our option to acquire the remaining 80.01% of Breakthrough from Amarantus in exchange for an additional 30% of our then
issued and outstanding Ordinary Shares. Our Chief Executive Officer, Gerald Commissiong, is also the Executive Chairman and controlling
shareholder of Amarantus.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.4in"><span style="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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Amarantus transaction was valued at approximately $8,623,000 and Amarantus&#8217; holdings in Todos have a value of approximately $2,028,667
based upon the Company&#8217;s closing market price of $0.026 on March 25, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.4in"><span style="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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
related party transaction described above was reviewed and approved in accordance with the provisions of the Companies Law, as described
below.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.4in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21.95pt"><span style="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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Companies Law requires that an &#8220;office holder&#8221; (as defined in the Companies Law) of a company promptly disclose any personal
interest that he or she may have and all related material information known to him or her, in connection with any existing or proposed
transaction of the company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.4in"><span style="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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the Companies Law, any transaction with an office holder or in which the office holder has a personal interest (other than with respect
to such office holder&#8217;s Terms of Office and Employment) must be brought before the Audit Committee, in order to determine whether
such transaction is an &#8220;extraordinary transaction&#8221; (defined as a transaction not in the ordinary course of business, not
on market terms or likely to have a material impact on the company&#8217;s profitability, assets or liabilities).</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the Companies Law, the Amended Articles and Todos policy, in the event that the Audit Committee determines that the transaction is
not an extraordinary transaction, the transaction will require only Audit Committee approval; if, however, it is determined to be an
extraordinary transaction, Board approval is also required and, in some circumstances, shareholder approval may also be required. Such
a transaction may only be approved by the Board if it is determined to be in the best interests of Todos.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
person with a personal interest in the matter generally may not be present at meetings of the Board or certain committees where the matter
is being considered and, if a member of the Board or a committee, may generally not vote on the matter.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.4in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21.95pt"><span style="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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
Israeli law, extraordinary transactions with a controlling shareholder, or in which the controlling shareholder has a personal interest,
and any engagement with a controlling shareholder, or a controlling shareholder&#8217;s relative, with respect to the provision of services
to the company or their Terms of Office and Employment as an office holder or as another employee, generally require the approval of
the Audit Committee (or with respect to Terms of Office and Employment, the Compensation Committee), the Board of Directors and the shareholders.
If required, shareholder approval must include (i) at least a majority of the shareholders who do not have a personal interest in the
transaction and are present and voting at the meeting (abstentions are disregarded), or, alternatively, that (ii) the total shareholdings
of the disinterested shareholders who vote against the transaction do not represent more than two percent of the voting rights in the
company. Transactions for a period of more than three years generally need to be brought for approval in accordance with the above procedures
every three years.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
shareholder who holds 25% or more of the voting rights in a company is considered a controlling shareholder for these purposes if no
other shareholder holds more than 50% of the voting rights. If two or more shareholders are interested parties in the same transaction,
their shareholdings are combined for the purposes of calculating percentages. We are currently not aware of the existence of any controlling
shareholder or any shareholder arrangements which would constitute &#8220;control&#8221; of Todos under Israeli law.</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New 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
define an independent director as a member of the board of directors who (1) does not have a material relationship with the Company,
(2) is not part of the Company&#8217;s executive team, and (3) is not involved with the day-to-day operations of the Company.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Board of Directors has determined that all of the directors that currently serve on the Board of Directors are, and all of the directors
that served on the Board of Directors during 2020 were, independent, except for Gerald Commissiong (who is also our Chief Executive Officer)
and Daniel Hirsch (who is also our Chief Financial Officer). At our annual meeting on July 26, 2021, Dr. Lauren Chung and Mr. Moshe Schlisser
were elected &#8216;public directors&#8217; (or &#8216;external directors&#8217;) under the Israeli Companies Law.</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="m_010"></span>MATERIAL
TAX CONSIDERATIONS AND GOVERNMENT PROGRAMS</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>The
following description is not intended to constitute a complete analysis of all tax consequences relating to the acquisition, ownership
and disposition of our securities. You should consult your own tax advisor concerning the tax consequences in your particular situation,
as well as any tax consequences that may arise under the laws of any taxing jurisdiction.</i></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>Israeli
Tax Considerations</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following is a brief summary of certain material Israeli tax laws applicable to us, and certain Israeli government programs that benefit
us. This section also contains a discussion of certain material Israeli tax consequences concerning the ownership and disposition of
our securities offered hereby. This summary does not discuss all the aspects of Israeli tax law that may be relevant to a particular
investor in light of his or her personal investment circumstances or to some types of investors subject to special treatment under Israeli
law. Examples of such investors include residents of Israel or traders in securities who are subject to special tax regimes not covered
in this discussion. To the extent that the discussion is based on tax legislation that has not yet been subject to judicial or administrative
interpretation, we cannot assure you that the appropriate tax authorities or the courts will accept the views expressed in this discussion.
The discussion below is not intended, and should not be construed, as legal or professional tax advice and is not exhaustive of all possible
tax considerations. The discussion is subject to change, including due to amendments under Israeli law or changes to the applicable judicial
or administrative interpretations of Israeli law, which change could affect the tax consequences described below, possibly with a retroactive
effect.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">THEREFORE,
YOU ARE URGED TO CONSULT YOUR OWN TAX ADVISORS AS TO THE ISRAELI OR OTHER TAX CONSEQUENCES OF THE PURCHASE, OWNERSHIP AND DISPOSITION
OF OUR SECURITIES OFFERED HEREBY, INCLUDING, IN PARTICULAR, THE EFFECT OF ANY FOREIGN, STATE OR LOCAL TAXES.</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>General
Corporate Tax Structure in Israel</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Israeli
companies are generally subject to corporate tax at a flat rate. In December 2016, the Israeli Parliament approved the Economic Efficiency
Law (Legislative Amendments for Applying the Economic Policy for the 2017 and 2018 Budget Years), or EEL which reduced the corporate
income tax rate from 25% to 24% effective from January 1, 2017, and to 23% effective from January 1, 2018 and thereafter. However, the
effective tax rate payable by a company that derives income from an Approved Enterprise, a Preferred Enterprise, a Benefited Enterprise
or a Technological Enterprise (as discussed below) may be considerably less. Capital gains derived by an Israeli company are generally
subject to corporate tax rate.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Law
for the Encouragement of Industry (Taxes), 5729-1969</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Law for the Encouragement of Industry (Taxes), 5729-1969, generally referred to as the Industry Encouragement Law, or IEL, provides several
tax benefits for &#8220;Industrial Companies.&#8221; We may qualify as an Industrial Company within the meaning of the IEL.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
IEL defines an &#8220;Industrial Company&#8221; as an Israeli resident-company, of which 90% or more of its income in any tax year, other
than income from certain government loans, capital gains, interest and dividends, is derived from an &#8220;Industrial Enterprise&#8221;
owned by it and located in Israel or in the &#8220;Area,&#8221; in accordance with the definition under Section 3A of the Israeli Income
Tax Ordinance (New Version) 1961, or the Ordinance. An &#8220;Industrial Enterprise&#8221; is defined as an enterprise whose principal
activity in a given tax year is industrial production.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following are the main tax benefits available to Industrial Companies:</span></p>

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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><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">Amortization
    of the cost of purchased patent, rights to use a patent, and know-how, which are used for the development or advancement of the Industrial
    Enterprise, over an eight-year period, commencing on the year in which such rights were first exercised;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">Under
    limited conditions, an election to file consolidated tax returns with controlled Israeli Industrial Companies; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; 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">Expenses
    related to a public offering are deductible in equal amounts over three years commencing on the year of the offering.</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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Eligibility
for benefits under the Industry Encouragement Law is not contingent upon approval of any governmental authority.</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>Tax
Benefits and Grants for Research and Development</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Israeli
tax law allows, under certain conditions, a tax deduction for expenditures related to scientific research and development projects, including
capital expenditures, for the year in which they are incurred. Expenditures are deemed related to scientific research and development
projects, if:</span></p>

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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><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">The
    expenditures are approved by the relevant Israeli government ministry, determined by the field of research;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">The
    research and development must be for the promotion of the company; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">The
    research and development is carried out by or on behalf of the company seeking such tax deduction.</span></td></tr>
  </table>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
amount of such deductible expenses is reduced by the sum of any funds received through government grants for the finance of such scientific
research and development projects. No deduction under these research and development deduction rules is allowed if such deduction is
related to an expense invested in an asset depreciable under the general depreciation rules of the Ordinance. Expenditures that are unqualified
under the conditions above are deductible in equal amounts over three years.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From
time to time we may apply to the Israel Innovation Authority, or IIA for approval to allow a tax deduction for all or most of research
and development expenses during the year incurred. There can be no assurance that such application will be accepted. If we will not be
able to deduct research and development expenses during the year of the payment, we may be able to deduct research and development expenses
in equal amounts over a period of three years commencing in the year of the payment of such expenses.</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>Law
for the Encouragement of Capital Investments, 5719-1959</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Law for the Encouragement of Capital Investments, 5719-1959, or the Investment Law, provides certain incentives for capital investments
in production facilities (or other eligible assets). Generally, an investment program that is implemented in accordance with the provisions
of the Investment Law, referred to as an Approved Enterprise, a Beneficiary Enterprise, a Preferred Enterprise, a Preferred Technological
Enterprise, or a Special Preferred Technological Enterprise, is entitled to benefits as discussed below. These benefits may include cash
grants from the Israeli government and tax benefits, based upon, among other things, the geographic location in Israel of the facility
in which the investment is made. In order to qualify for these incentives, the Company is required to comply with the requirements of
the Investment Law.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Investment Law was significantly amended effective as of April 1, 2005, or the 2005 Amendment, as of January 1, 2011, or the 2011 Amendment,
and as of January 1, 2017, or the 2017 Amendment. Pursuant to the 2005 Amendment, tax benefits granted in accordance with the provisions
of the Investment Law prior to its revision by the 2005 Amendment remain in force but any benefits granted subsequently are subject to
the provisions of the amended Investment Law. Similarly, the 2011 Amendment introduced new benefits to replace those granted in accordance
with the provisions of the Investment Law in effect prior to the 2011 Amendment. However, companies entitled to benefits under the Investment
Law as in effect prior to January 1, 2011 were entitled to choose to continue to enjoy such benefits, provided that certain conditions
are met, or elect instead, irrevocably, to forego such benefits and have the benefits of the 2011 Amendment apply. The 2017 Amendment
introduces new benefits for Technological Enterprises, alongside the existing tax benefits.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Tax
Benefits Under the 2011 Amendment</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
2011 Amendment canceled the availability of the benefits granted to Industrial Companies under the Investment Law prior to 2011 and,
instead, introduced new benefits for income generated by a &#8220;Preferred Company&#8221; through its &#8220;Preferred Enterprise&#8221;
(as such terms are defined in the Investment Law) as of January 1, 2011. The definition of a Preferred Company includes a company incorporated
in Israel that is not fully owned by a governmental entity, and that has, among other things, Preferred Enterprise status and is controlled
and managed from Israel.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the 2011 Amendment, a Preferred Company is entitled to a reduced corporate tax rate of 15% with respect to its income derived by its
Preferred Enterprise in 2011 and 2012, unless the Preferred Enterprise is located in a specified development zone, in which case the
rate will be 10%. Under the 2011 Amendment, such corporate tax rate was reduced from 15% and 10%, respectively, to 12.5% and 7%, respectively,
in 2013, 16% and 9% respectively, in 2014, 2015 and 2016, and 16% and 7.5%, respectively, in 2017 and thereafter. Income derived by a
Preferred Company from a &#8220;Special Preferred Enterprise&#8221; (as such term is defined in the Investment Law) would be entitled,
subject to certain conditions and during a benefits period of 10 years, to further reduced tax rates of 8%, or 5% if the Special Preferred
Enterprise is located in a certain development zone.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividends
distributed from income which is attributed to a &#8220;Preferred Enterprise&#8221; will be subject to tax at the following rates: (i)
Israeli resident corporations-0% (although, if such dividends are subsequently distributed to individuals or a non-Israeli company the
below rates detailed in sub sections (ii) and (iii) shall apply) (ii) Israeli resident individuals-20% (iii) non-Israeli residents (individuals
and corporations)-20%, subject to a reduced tax rate under the provisions of any applicable tax treaty. The withholding tax rate applicable
to distribution of dividend from such income to non-Israeli residents is 25% (or 30% if distributed to a &#8220;substantial shareholder&#8221;
at the time of the sale or at any time during the preceding twelve months period, as defined below), which may be reduced under an applicable
tax treaty by applying in advance for a withholding certificate from the Israel Tax Authority, or ITA. A &#8220;substantial shareholder&#8221;
is generally a person who alone or together with such person&#8217;s relative or another person who collaborates with such person on
a permanent basis, holds, directly or indirectly, at least 10% of any of the &#8220;Means of Control&#8221; of the corporation. &#8220;Means
of control&#8221; generally include the right to vote, receive profits, nominate a director or an executive officer, receive assets upon
liquidation, or order someone who holds any of the aforesaid rights how to act, regardless of the source of such right.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.95pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
2011 Amendment also provided transitional provisions to address companies already enjoying existing tax benefits under the Investment
Law. These transitional provisions provide, among other things, that unless an irrevocable request is made to apply the provisions of
the Investment Law as amended in 2011 with respect to income to be derived as of January 1, 2011, a Beneficiary Enterprise can elect
to continue to benefit from the benefits provided to it before the 2011 Amendment came into effect, provided that certain conditions
are met.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>New
Tax Benefits Under the 2017 Amendment That Became Effective on January 1, 2017</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.95pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
2017 Amendment was enacted as part of the EEL that was published on December 29, 2016 and is effective as of January 1, 2017. The 2017
Amendment provides new tax benefits for two types of &#8220;Technological Enterprises,&#8221; as described below, and is in addition
to the other existing tax beneficial programs under the Investment Law.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.95pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
2017 Amendment provides that a Preferred Company satisfying certain conditions will qualify as having a &#8220;Preferred Technological
Enterprise&#8221; and will thereby enjoy a reduced corporate tax rate of 12% on income that qualifies as &#8220;Preferred Technological
Income,&#8221; as defined in the Investment Law. The corporate tax rate is further reduced to 7.5% with respect to a Preferred Technological
Enterprise located in development zone &#8220;A.&#8221; In addition, a Preferred Technological Company will enjoy a reduced corporate
tax rate of 12% on capital gain derived from the sale of certain &#8220;Benefitted Intangible Assets&#8221; (as defined in the Investment
Law) to a related foreign company if the Benefitted Intangible Assets were acquired from a foreign company on or after January 1, 2017
for at least NIS 200 million, and the sale receives prior approval from the IIA.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.95pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
2017 Amendment further provides that a Preferred Company satisfying certain conditions (including group consolidated revenues of at least
NIS 10 billion) will qualify as a &#8220;Special Preferred Technological Enterprise&#8221; and will thereby enjoy a reduced corporate
tax rate of 6% on &#8220;Preferred Technological Income&#8221; regardless of the company&#8217;s geographic location within Israel. In
addition, a Special Preferred Technological Enterprise will enjoy a reduced corporate tax rate of 6% on capital gain derived from the
sale of certain &#8220;Benefitted Intangible Assets&#8221; to a related foreign company if the Benefitted Intangible Assets were either
developed by the Special Preferred Enterprise or acquired from a foreign company on or after January 1, 2017, and the sale received prior
approval from the IIA. A Special Preferred Technological Enterprise that acquires Benefitted Intangible Assets from a foreign company
for more than NIS 500 million will be eligible for these benefits for at least ten years, subject to certain approvals as specified in
the Investment Law.</span></p>

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


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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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividends
distributed by a Preferred Technological Enterprise or a Special Preferred Technological Enterprise, paid out of Preferred Technological
Income, are generally subject to tax at the rate of 20% or such lower rate as may be provided in an applicable tax treaty. The withholding
tax rate applicable to distribution of dividend from such income to non-Israeli residents is 25% (or 30% if distributed to a &#8220;substantial
shareholder&#8221; at the time of the sale or at any time during the preceding twelve months period), which may be reduced under an applicable
tax treaty by applying in advance for a withholding certificate from the ITA. In addition, if such dividends are distributed to a foreign
company that holds solely or together with other foreign companies 90% or more in the Israeli company and other conditions are met, the
withholding tax rate will be 4% (subject to the receipt in advance of a valid certificate from the ITA allowing for a reduced tax rate).
However, if such dividends are paid to an Israeli company, no tax is required to be withheld.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Capital
gains Tax on Sales of our Ordinary Shares and Warrants</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.95pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Israeli
law generally imposes a capital gains tax on the sale of any capital assets by Israeli residents, as defined for Israeli tax purposes,
and on the sale of capital assets located in Israel, including shares of Israeli companies, by both Israeli residents and non-Israeli
residents, unless a specific exemption is available or unless a tax treaty between Israel and the shareholder&#8217;s country of residence
provides otherwise. The Ordinance distinguishes between real gain and inflationary surplus. The inflationary surplus is a portion of
the total capital gain equivalent to the increase of the relevant asset&#8217;s purchase price attributable to an increase in the Israeli
consumer price index, or a foreign currency exchange rate, between the date of purchase and the date of sale. Inflationary surplus is
currently not subject to tax in Israel. The real gain is the excess of the total capital gain over the inflationary surplus.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Capital
Gains Taxes Applicable to Non-Israeli Resident Securityholders</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.95pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
non-Israeli resident who derives capital gains from the sale of shares or warrants in an Israeli resident company that were
purchased after the company was listed for trading on a stock exchange outside of Israel, will be exempt from Israeli tax as long as
(among other conditions) the securities were not held through a permanent establishment that the non-resident maintains in Israel.
However, non-Israeli corporations will not be entitled to the foregoing exemption if Israeli residents: (i) have a controlling
interest of more than 25% in such non-Israeli corporation or (ii) are the beneficiaries of, or are entitled to, 25% or more of the
revenues or profits of such non-Israeli corporation, whether directly or indirectly. In addition, such exemption is not applicable
to a person whose gains from selling or otherwise disposing of the securities are deemed to be business income.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.95pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
a sale of securities by a non-Israeli resident may be exempt from Israeli capital gains tax under the provisions of an applicable tax
treaty. For example, under the Convention Between the Government of the United States of America and the Government of the State of Israel
with respect to Taxes on Income, as amended, or the U.S. Israel Tax Treaty, the sale, exchange or other disposition of shares by a shareholder
who is a United States resident (for purposes of the treaty) holding the shares as a capital asset and is entitled to claim the benefits
afforded to such a resident by the U.S. Israel Tax Treaty (a &#8220;U.S. Resident&#8221;) is generally exempt from Israeli capital gains
tax unless: (i) the capital gain arising from such sale, exchange or disposition is attributed to real estate located in Israel; (ii)
the capital gain arising from such sale, exchange or disposition is attributed to royalties; (iii) the capital gain arising from the
such sale, exchange or disposition is attributed to a permanent establishment in Israel, under certain terms; (iv) such U.S. Resident
holds, directly or indirectly, shares representing 10% or more of the voting capital during any part of the 12 month period preceding
the disposition, subject to certain conditions; or (v) such U.S. Resident is an individual and was present in Israel for 183 days or
more during the relevant taxable year. In any such case, the sale, exchange or disposition of such shares by the U.S. Resident would
be subject to Israeli tax (unless exempt under the Israeli domestic law as described above). Under the U.S. Israel Tax Treaty, the gain
may be treated as foreign source income for United States foreign tax credit purposes, upon an election by the U.S. Resident, and such
U.S. Resident may be permitted to claim a credit for such taxes against the United States federal income tax imposed on such sale, subject
to the limitations under the United States federal income tax laws applicable to foreign tax credits. The U.S. Israel Tax Treaty does
not provide such credit against any United States state or local 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>


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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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Regardless
of whether securityholders may be liable for Israeli tax on the sale of our securities, the payment of the consideration may be subject
to the withholding of Israeli tax at source. Securityholders may be required to demonstrate that they are exempt from tax on their capital
gains in order to avoid withholding at source at the time of sale (i.e., provide a non-Israeli resident certificate and other documentation).</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Capital
Gains Taxes Applicable to Israeli Resident Securityholders</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.95pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
Israeli resident corporation who derives capital gains from the sale of shares or warrants in an Israeli resident company that were purchased
after the company was listed for trading on a stock exchange outside of Israel will generally be subject to tax on the real capital gains
generated on such sale at the corporate tax rate (currently of 23%). An Israeli resident individual will generally be subject to capital
gain tax at the rate of 25%. However, if the individual securityholder is claiming deduction of interest expenditures or he is a &#8220;substantial
shareholder&#8221; at the time of the sale or at any time during the preceding twelve months period, such gain will be taxed at the rate
of 30%. Individual holders dealing in securities in Israel for whom the income from the sale of securities is considered &#8220;business
income&#8221; as defined in section 2(1) of the Ordinance are taxed at the marginal tax rates applicable to business income (up to 47%
in 2021 plus 3% Surtax). Certain Israeli institutions who are exempt from tax under section 9(2) or section 129(C)(a)(1) of the Ordinance
(such as exempt trust funds and pension funds) may be exempt from capital gains tax from the sale of the securities.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Exercise
of Warrants and Certain Adjustments to the Warrants</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.95pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Purchasers
will generally not recognize gain or loss for Israeli tax purposes on the exercise of a Warrant and related receipt of an ordinary share
(unless, for instance, cash is received in lieu of the issuance of a fractional ordinary share). Nevertheless, the Israeli income tax
treatment and the tax consequences of a cashless exercise of Warrants into ordinary shares is unclear. Furthermore, the exercise terms
of the Warrants may be adjusted in certain circumstances. An adjustment to the number of ordinary shares that will be issued on the exercise
of the Warrants or an adjustment to the exercise price of a Warrant may be treated as a taxable event under Israeli tax law even if such
holder does not receive any cash or other property in connection with the adjustment. Purchasers should consult their tax advisors regarding
the proper treatment of any exercise of and/or adjustments to the Warrants.</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.95pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
Israeli resident individual is generally subject to Israeli income tax on the receipt of dividends paid on our ordinary shares at the
rate of 25%. With respect to a person who is a &#8220;substantial shareholder&#8221; at the time of receiving the dividend or on any
time during the preceding twelve months, the applicable tax rate is 30%. Such dividends are generally subject to Israeli withholding
tax at a rate of 25% if the shares are registered with a nominee company (whether the recipient is a substantial shareholder or not).
If the recipient of the dividend is an Israeli resident corporation such dividend income will be exempt from tax provided the income
from which such dividend is distributed was derived or accrued within Israel and was received directly or indirectly from another corporation
that is liable to Israeli corporate tax. An exempt trust fund, pension fund or other entity that is exempt from tax under section 9(2)
or section 129C(a)(1) of the Ordinance is exempt from tax on a dividend.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.95pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividend
distribution by a Preferred Technology Enterprise or a Special Preferred Technology Enterprise is subject to beneficial withholding tax
rates. For a further discussion, see &#8220;Taxation and Government Programs-Israeli Tax Considerations-Law for the Encouragement of
Capital Investments, 5719-1959-New Tax Benefits Under the 2017 Amendment that Became Effective on January 1, 2017.&#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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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Taxation
of Non-Israeli Shareholders on Receipt of Dividends</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.95pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-Israeli
residents (either individuals or corporations) are generally subject to Israeli income tax on the receipt of dividends paid on our ordinary
shares at the rate of 25%, which tax will be withheld at source, unless relief is provided in a treaty between Israel and the shareholder&#8217;s
country of residence. With respect to a person who is a &#8220;substantial shareholder&#8221; at the time of receiving the dividend or
on any time during the preceding twelve months, the applicable tax rate is 30%. Such dividends are generally subject to Israeli withholding
tax at a rate of 25% if the shares are registered with a nominee company (whether the recipient is a substantial shareholder or not)
unless a reduced rate is provided under an applicable tax treaty (subject to the receipt in advance of a valid certificate from the ITA
allowing for a reduced tax rate). For example, under the U.S. Israel Tax Treaty, the maximum rate of tax withheld at source in Israel
on dividends paid to a holder of our ordinary shares who is a U.S. Resident is 25%. However, generally, the maximum rate of withholding
tax on dividends, not generated by a Preferred Technological Enterprise, Preferred Enterprise, Approved Enterprise or Beneficial Enterprise,
that are paid to a United States corporation holding 10% or more of the outstanding voting capital throughout the tax year in which the
dividend is distributed as well as during the previous tax year, is 12.5%, provided that not more than 25% of the gross income for such
preceding year consists of certain types of dividends and interest.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.95pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding
the foregoing, dividends distributed from income attributed to an Approved Enterprise, Preferred Technological Enterprise, Benefited
Enterprise or Preferred Enterprise are not entitled to such reduction under the tax treaty but are subject to a withholding tax rate
of 15% for a shareholder that is a U.S. corporation, provided that the conditions related to the outstanding voting rights and the gross
income for the previous year (as set forth in the previous sentences) are met. If the dividend is attributable partly to income derived
from an Approved Enterprise, Preferred Technological Enterprise, Benefited Enterprise or Preferred Enterprise, and partly to other sources
of income, the withholding rate will be a blended rate reflecting the relative portions of the two types of income. We cannot assure
you that we will designate the profits that we may distribute in a way that will reduce shareholders&#8217; tax liability. Application
for the reduced tax rate requires appropriate documentation presented and specific instruction received from the ITA. To the extent tax
is withheld at source at the maximum rates (see above), a qualified tax treaty recipient will have to comply with some administrative
procedures with the ITA in order to receive a refund of any excess tax withheld.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.95pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
foreign resident who had income from a dividend that was accrued from Israeli source, from which the full tax was deducted, will be exempt
from filing a tax return in Israel, unless he is liable to additional Surtax (see below) in accordance with section 121B of the Ordinance.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.95pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividend
distribution by a Preferred Technology Enterprise or a Special Preferred Technology Enterprise is subject to beneficial withholding tax
rates. For a further discussion, see &#8220;Taxation and Government Programs -Israeli Tax Considerations-Law for the Encouragement of
Capital Investments, 5719-1959-New Tax benefits Under the 2017 Amendment that Became Effective on January 1, 2017.&#8221;</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.95pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the provisions of an applicable tax treaty, individuals who are subject to tax in Israel are also subject to an additional tax at
a rate of 3% on annual income (including, but not limited to, dividends, interest and capital gain) exceeding NIS 647,640 for 2021, which
amount is linked to the annual change in the Israeli consumer price index.</span></p>

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

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Israeli
law presently does not impose estate or gift taxes.</span></p>

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

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-residents
of Israel who hold our Ordinary Shares are able to receive any dividends, and any amounts payable upon the dissolution, liquidation and
winding up of our affairs, repayable in non-Israeli currency at the rate of exchange prevailing at the time of conversion. However, Israeli
income tax is generally required to have been paid or withheld on these amounts. In addition, the statutory framework for the potential
imposition of currency exchange control has not been eliminated and may be restored at any time by administrative action.</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>Material
U.S. Federal Income Tax Consequences to U.S. Holders</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following discussion describes the material U.S. federal income tax consequences relating to the ownership and disposition of our Ordinary
Shares by U.S. Holders (as defined below). This discussion applies to U.S. Holders that purchase Ordinary Shares pursuant to this offering
and hold such Ordinary Shares as capital assets within the meaning of Section 1221 of the U.S. Internal Revenue Code of 1986, as amended
(the &#8220;Code&#8221;). This discussion is based on the Code, U.S. Treasury regulations promulgated thereunder and administrative and
judicial interpretations thereof, all as in effect on the date hereof and all of which are subject to change, possibly with retroactive
effect. This discussion does not address all of the U.S. federal income tax consequences that may be relevant to specific U.S. Holders
in light of their particular circumstances or to U.S. Holders subject to special treatment under U.S. federal income tax law (such as
certain financial institutions, insurance companies, broker-dealers and traders in securities or other persons that generally mark their
securities to market for U.S. federal income tax purposes, tax-exempt entities, retirement plans, regulated investment companies, real
estate investment trusts, certain former citizens or residents of the United States, persons who hold Ordinary Shares as part of a &#8220;straddle,&#8221;
&#8220;hedge,&#8221; &#8220;conversion transaction,&#8221; &#8220;synthetic security&#8221; or integrated investment, persons who received
their Ordinary Shares as compensatory payments, persons that have a &#8220;functional currency&#8221; other than the U.S. dollar, persons
that own directly, indirectly or through attribution 10% or more of our shares by vote or value, persons who are subject to Section 451(b)
of the Code, corporations that accumulate earnings to avoid U.S. federal income tax, partnerships and other pass-through entities and
arrangements that are classified as partnerships for U.S. federal income tax purposes, and investors in such pass-through entities).
This discussion does not address any U.S. state or local or non-U.S. tax consequences or any U.S. federal estate, gift or alternative
minimum tax consequences.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
used in this discussion, the term &#8220;U.S. Holder&#8221; means a beneficial owner of Ordinary Shares that is, for U.S. federal income
tax purposes, (1) an individual who is a citizen or resident of the United States, (2) a corporation (or entity treated as a corporation
for U.S. federal income tax purposes) created or organized in or under the laws of the United States, any state thereof, or the District
of Columbia, (3) an estate the income of which is subject to U.S. federal income tax regardless of its source or (4) a trust (x) with
respect to which a court within the United States is able to exercise primary supervision over its administration and one or more United
States persons have the authority to control all of its substantial decisions or (y) that has elected under applicable U.S. Treasury
regulations to be treated as a domestic trust for U.S. federal income tax purposes.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
an entity or arrangement treated as a partnership for U.S. federal income tax purposes holds Ordinary Shares, the U.S. federal income
tax consequences relating to an investment in the Ordinary Shares will depend in part upon the status and activities of such entity or
arrangement and the particular partner. Any such entity or arrangement should consult its own tax advisor regarding the U.S. federal
income tax consequences applicable to it and its partners of the purchase, ownership and disposition of Ordinary Shares.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Persons
considering an investment in Ordinary Shares should consult their own tax advisors as to the particular tax consequences applicable to
them relating to the purchase, ownership and disposition of Ordinary Shares, including the applicability of U.S. federal, state and local
tax laws and non-U.S. tax laws.</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>Passive
Foreign Investment Company Consequences</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
general, a corporation organized outside the United States will be treated as a passive foreign investment company, or PFIC, for any
taxable year in which either (1) at least 75% of its gross income is &#8220;passive income&#8221;, the PFIC income test, or (2) on average
at least 50% of its assets, determined on a quarterly basis, are assets that produce passive income or are held for the production of
passive income, the PFIC asset test. Passive income for this purpose generally includes, among other things, dividends, interest, royalties,
rents, and gains from the sale or exchange of property that gives rise to passive income. Assets that produce or are held for the production
of passive income generally include cash, even if held as working capital or raised in a public offering, marketable securities, and
other assets that may produce passive income. Generally, in determining whether a non-U.S. corporation is a PFIC, a proportionate share
of the income and assets of each corporation in which it owns, directly or indirectly, at least a 25% interest (by value) is taken into
account.</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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
status as a PFIC will depend on the nature and composition of our income and the nature, composition and value of our assets (which,
assuming we are not a &#8220;controlled foreign corporation,&#8221; or a CFC, under Section 957(a) of the Internal Revenue Code of 1986,
as amended, or the Code, for the year being tested, may be determined based on the fair market value of each asset, with the value of
goodwill and going concern value being determined in large part by reference to the market value of our Ordinary Shares, which may be
volatile). Based upon the value of our assets, including any goodwill and the nature and composition of our income and assets, we do
not believe that we were classified as a PFIC for the taxable year ended December 31, 2018 and we do not believe that we will be classified
as a PFIC for the taxable year ending December 31, 2019 or in the immediately foreseeable future. Even if we determine that we are not
a PFIC for a taxable year, there can be no assurance that the IRS will agree with our conclusion and that the IRS would not successfully
challenge our position. Our status as a PFIC is a fact-intensive determination made on an annual basis after the end of each taxable
year. Accordingly, our U.S. counsel expresses no opinion with respect to our PFIC status for our taxable year ended December 31, 2018,
and also expresses no opinion with regard to our expectations regarding our PFIC status in the future.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we are a PFIC in any taxable year during which a U.S. Holder owns Ordinary Shares, the U.S. Holder could be liable for additional taxes
and interest charges under the &#8220;PFIC excess distribution regime&#8221; upon (1) a distribution paid during a taxable year that
is greater than 125% of the average annual distributions paid in the three preceding taxable years, or, if shorter, the U.S. Holder&#8217;s
holding period for the Ordinary Shares, and (2) any gain recognized on a sale, exchange or other disposition, including a pledge, of
the Ordinary Shares, whether or not we continue to be a PFIC. Under the PFIC excess distribution regime, the tax on such distribution
or gain would be determined by allocating the distribution or gain ratably over the U.S. Holder&#8217;s holding period for Ordinary Shares.
The amount allocated to the current taxable year (i.e., the year in which the distribution occurs or the gain is recognized) and any
year prior to the first taxable year in which we are a PFIC will be taxed as ordinary income earned in the current taxable year. The
amount allocated to other taxable years will be taxed at the highest marginal rates in effect for individuals or corporations, as applicable,
to ordinary income for each such taxable year, and an interest charge, generally applicable to underpayments of tax, will be added to
the tax.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we are a PFIC for any year during which a U.S. Holder holds Ordinary Shares, we must generally continue to be treated as a PFIC by that
holder for all succeeding years during which the U.S. Holder holds the Ordinary Shares, unless we cease to meet the requirements for
PFIC status and the U.S. Holder makes a &#8220;deemed sale&#8221; election with respect to the Ordinary Shares. If the election is made,
the U.S. Holder will be deemed to sell the Ordinary Shares it holds at their fair market value on the last day of the last taxable year
in which we qualified as a PFIC, and any gain recognized from such deemed sale would be taxed under the PFIC excess distribution regime.
After the deemed sale election, the U.S. Holder&#8217;s Ordinary Shares would not be treated as shares of a PFIC unless we subsequently
become a PFIC.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we are a PFIC for any taxable year during which a U.S. Holder holds Ordinary Shares and one of our non-U.S. corporate subsidiaries is
also a PFIC (i.e., a lower-tier PFIC), such U.S. Holder would be treated as owning a proportionate amount (by value) of the shares of
the lower-tier PFIC and would be taxed under the PFIC excess distribution regime on distributions by the lower-tier PFIC and on gain
from the disposition of shares of the lower-tier PFIC even though such U.S. Holder would not receive the proceeds of those distributions
or dispositions. Each U.S. Holder is advised to consult its tax advisors regarding the application of the PFIC rules to our non-U.S.
subsidiaries.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we are a PFIC, a U.S. Holder will not be subject to tax under the PFIC excess distribution regime on distributions or gain recognized
on Ordinary Shares if such U.S. Holder makes a valid &#8220;mark-to-market&#8221; election for our Ordinary Shares. A mark-to-market
election is available to a U.S. Holder only for &#8220;marketable stock.&#8221; Our Ordinary Shares will be marketable stock as long
as they remain listed on a national securities exchange and are regularly traded, other than in <i>de minimis </i>quantities, on at
least 15 days during each calendar quarter. If a mark-to-market election is in effect, a U.S. Holder generally would take into account,
as ordinary income for each taxable year of the U.S. holder, the excess of the fair market value of Ordinary Shares held at the end of
such taxable year over the adjusted tax basis of such Ordinary Shares. The U.S. Holder would also take into account, as an ordinary loss
each year, the excess of the adjusted tax basis of such Ordinary Shares over their fair market value at the end of the taxable year,
but only to the extent of the excess of amounts previously included in income over ordinary losses deducted as a result of the mark-to-
market election. The U.S. Holder&#8217;s tax basis in Ordinary Shares would be adjusted to reflect any income or loss recognized as a
result of the mark- to-market election. Any gain from a sale, exchange or other disposition of Ordinary Shares in any taxable year in
which we are a PFIC would be treated as ordinary income and any loss from such sale, exchange or other disposition would be treated first
as ordinary loss (to the extent of any net mark-to-market gains previously included in income) and thereafter as capital loss.</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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
mark-to-market election will not apply to Ordinary Shares for any taxable year during which we are not a PFIC, but will remain in effect
with respect to any subsequent taxable year in which we become a PFIC. Such election will not apply to any non-U.S. subsidiaries that
we may organize or acquire in the future. Accordingly, a U.S. Holder may continue to be subject to tax under the PFIC excess distribution
regime with respect to any lower-tier PFICs that we may organize or acquire in the future notwithstanding the U.S. Holder&#8217;s mark-to-market
election for the Ordinary Shares.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
tax consequences that would apply if we are a PFIC would also be different from those described above if a U.S. Holder were able to make
a valid qualified electing fund, or QEF, election. At this time, we do not expect to provide U.S. Holders with the information necessary
for a U.S. Holder to make a QEF election. Prospective investors should assume that a QEF election will not be available.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
U.S. person that is an investor of a PFIC is generally required to file an annual information return on IRS Form 8621 containing such
information as the U.S. Treasury Department may require. The failure to file IRS Form 8621 could result in the imposition of penalties
and the extension of the statute of limitations with respect to U.S. federal income tax.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>The
U.S. federal income tax rules relating to PFICs are very complex. Prospective U.S. investors are strongly urged to consult their own
tax advisors with respect to the impact of PFIC status on the purchase, ownership and disposition of Ordinary Shares, the consequences
to them of an investment in a PFIC, any elections available with respect to the Ordinary Shares and the IRS information reporting obligations
with respect to the purchase, ownership and disposition of Ordinary Shares of a PFIC.</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>Distributions</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
described in the section entitled &#8220;<i>- Dividend Policy</i>,&#8221; we do not anticipate declaring or paying dividends to holders
of our Ordinary Shares in the foreseeable future. However, if we make a distribution contrary to the expectation, subject to the discussion
above under &#8220;- <i>Passive Foreign Investment Company Consequences</i>,&#8221; a U.S. Holder that receives a distribution with respect
to Ordinary Shares generally will be required to include the gross amount of such distribution in gross income as a dividend when actually
or constructively received to the extent of the U.S. Holder&#8217;s pro rata share of our current and/or accumulated earnings and profits
(as determined under U.S. federal income tax principles). To the extent a distribution received by a U.S. Holder is not a dividend because
it exceeds the U.S. Holder&#8217;s pro rata share of our current and accumulated earnings and profits, it will be treated first as a
tax-free return of capital and reduce (but not below zero) the adjusted tax basis of the U.S. Holder&#8217;s Ordinary Shares. To the
extent the distribution exceeds the adjusted tax basis of the U.S. Holder&#8217;s Ordinary Shares, the remainder will be taxed as capital
gain. Because we may not account for our earnings and profits in accordance with U.S. federal income tax principles, U.S. Holders should
expect all distributions to be reported to them as dividends.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distributions
on Ordinary Shares that are treated as dividends generally will constitute income from sources outside the United States for foreign
tax credit purposes and generally will constitute passive category income. Subject to certain complex conditions and limitations, Israeli
taxes withheld on any distributions on Ordinary Shares may be eligible for credit against a U.S. Holder&#8217;s federal income tax liability.
The rules relating to the determination of the U.S. foreign tax credit are complex, and U.S. Holders should consult their tax advisors
regarding the availability of a foreign tax credit in their particular circumstances and the possibility of claiming an itemized deduction
(in lieu of the foreign tax credit) for any foreign taxes paid or withheld.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividends
paid by a &#8220;qualified foreign corporation&#8221; are eligible for taxation to non-corporate U.S. Holders at a reduced capital gains
rate rather than the marginal tax rates generally applicable to ordinary income provided that certain requirements are met. Each U.S.
Holder is advised to consult its tax advisors regarding the availability of the reduced tax rate on dividends with regard to its particular
circumstances. Each U.S. Holder is advised to consult its tax advisors regarding the availability of the reduced tax rate on dividends
with regard to its particular circumstances. Distributions on Ordinary Shares that are treated as dividends generally will not be eligible
for the &#8220;dividends received&#8221; deduction generally allowed to corporate shareholders with respect to dividends received from
U.S. corporations.</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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
non-United States corporation (other than a corporation that is classified as a PFIC for the taxable year in which the dividend is paid
or the preceding taxable year) generally will be considered to be a qualified foreign corporation (a) if it is eligible for the benefits
of a comprehensive tax treaty with the United States which the Secretary of Treasury of the United States determines is satisfactory
for purposes of this provision and which includes an exchange of information provision, or (b) with respect to any dividend it pays on
shares that are readily tradable on an established securities market in the United States. Our Ordinary Shares will generally be considered
to be readily tradable on an established securities market in the United States if they are listed on a national securities exchange,
as we intend our Ordinary Shares will be. We believe that we qualify as a resident of Israel for purposes of, and are eligible for the
benefits of, the U.S.-Israel Double Tax Treaty, although there can be no assurance in this regard. Further, the IRS has determined that
the U.S.-Israel Double Tax Treaty is satisfactory for purposes of the qualified dividend rules and that it includes an exchange of information
provision. Therefore, subject to the discussion above under &#8220;- <i>Passive Foreign Investment Company Consequences</i>,&#8221; if
the U.S.-Israel Double Tax Treaty is applicable, or if our Ordinary Shares are readily tradable on an established securities market in
the United States, such dividends will generally be &#8220;qualified dividend income&#8221; in the hands of individual U.S. Holders,
provided that certain conditions are met, including holding period and the absence of certain risk reduction transaction requirements.
Each U.S. Holder is advised to consult its tax advisors regarding the availability of the reduced tax rate on dividends with regard to
its particular circumstances.</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>Sale,
Exchange or Other Disposition of Ordinary Shares</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.95pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the discussion above under &#8220;- <i>Passive Foreign Investment Company Consequences</i>,&#8221; a U.S. Holder generally will recognize
capital gain or loss for U.S. federal income tax purposes upon the sale, exchange or other disposition of Ordinary Shares in an amount
equal to the difference, if any, between the amount realized (i.e., the amount of cash plus the fair market value of any property received)
on the sale, exchange or other disposition and such U.S. Holder&#8217;s adjusted tax basis in the Ordinary Shares. Such capital gain
or loss generally will be long-term capital gain taxable at a reduced rate for non-corporate U.S. Holders or long-term capital loss if,
on the date of sale, exchange or other disposition, the Ordinary Shares were held by the U.S. Holder for more than one year. Any capital
gain of a non-corporate U.S. Holder that is not long-term capital gain is taxed at ordinary income rates. The deductibility of capital
losses is subject to limitations. Any gain or loss recognized from the sale or other disposition of Ordinary Shares will generally be
gain or loss from sources within the United States for U.S. foreign tax credit purposes.</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.95pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
U.S. Holders that are individuals, estates or trusts and whose income exceeds certain thresholds generally are subject to a 3.8% tax
on all or a portion of their net investment income, which may include their gross dividend income and net gains from the disposition
of Ordinary Shares. If you are a United States person that is an individual, estate or trust, you are encouraged to consult your tax
advisors regarding the applicability of this Medicare tax to your income and gains in respect of your investment in Ordinary Shares.</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.95pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S.
Holders may be required to file certain U.S. information reporting returns with the IRS with respect to an investment in Ordinary Shares,
including, among others, IRS Form 8938 (Statement of Specified Foreign Financial Assets). As described above under &#8220;<i>Passive
Foreign Investment Company Consequences</i>&#8221;, each U.S. Holder who is a shareholder of a PFIC must file an annual report containing
certain information. U.S. Holders paying more than US$100,000 for Ordinary Shares may be required to file IRS Form 926 (Return by a U.S.
Transferor of Property to a Foreign Corporation) reporting this payment. Substantial penalties may be imposed upon a U.S. Holder that
fails to comply with the required information reporting.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.95pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividends
on and proceeds from the sale or other disposition of Ordinary Shares may be reported to the IRS unless the U.S. Holder establishes a
basis for exemption. Backup withholding may apply to amounts subject to reporting if the holder (1) fails to provide an accurate United
States taxpayer identification number or otherwise establish a basis for exemption (usually on IRS Form W-9), or (2) is described in
certain other categories of persons. However, U.S. Holders that are corporations generally are excluded from these information reporting
and backup withholding tax rules. Backup withholding is not an additional tax. Any amounts withheld under the backup withholding rules
generally will be allowed as a refund or a credit against a U.S. Holder&#8217;s U.S. federal income tax liability if the required information
is furnished by the U.S. Holder on a timely basis to the IRS.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.95pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S.
Holders should consult their own tax advisors regarding the backup withholding tax and information reporting rules.</span></p>

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


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    <!-- Field: /Page -->

<p style="font: 10pt 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>EACH
PROSPECTIVE INVESTOR IS URGED TO CONSULT ITS OWN TAX ADVISOR ABOUT THE TAX CONSEQUENCES TO IT OF AN INVESTMENT IN ORDINARY SHARES IN
LIGHT OF THE INVESTOR&#8217;S OWN CIRCUMSTANCES.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.95pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ed_001"></span>UNDERWRITING</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="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
are offering the Units described in this prospectus through the underwriters named below per the underwriting agreement dated ,&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 2022
with Westpark Capital, Inc., the representative of the underwriters in this offering (the &#8220;Representative&#8221;) who is acting
as book-running manager of the offering. Subject to the terms and conditions of the underwriting agreement, the underwriters have agreed
to purchase the number of our securities set forth opposite its name below, if any are purchased. A copy of the underwriting agreement
will be filed as an exhibit to the registration statement of which this prospectus is part.</span></p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 85%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif">Underwriter</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Units</td><td style="font: 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; width: 76%">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 20%; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; 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; padding-bottom: 2.5pt">Total</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;&#160;&#160;&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; 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>

<p style="font: 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 been advised by the underwriters that they propose to offer the units directly to the public at the public offering price set forth
on the cover page of this prospectus. Any units sold by the underwriters to securities dealers will be sold at the public offering price
less a selling concession not in excess of $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; per share and accompanying warrant.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
underwriting agreement provides that the underwriters&#8217; obligation to purchase the securities we are offering is subject to conditions
contained in the underwriting agreement.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
action has been taken by us or the underwriters that would permit a public offering of the shares in any jurisdiction outside the United
States where action for that purpose is required. None of our securities included in this offering may be offered or sold, directly or
indirectly, nor may this prospectus or any other offering material or advertisements in connection with the offer and sales of any of
the securities offering hereby be distributed or published in any jurisdiction except under circumstances that will result in compliance
with the applicable rules and regulations of that jurisdiction. Persons who receive this prospectus are advised to inform themselves
about and to observe any restrictions relating to this offering of securities and the distribution of this prospectus. This prospectus
is neither an offer to sell nor a solicitation of any offer to buy the securities in any jurisdiction where that would not be permitted
or legal.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
underwriters have advised us that they do not intend to confirm sales to any account over which they exercise discretionary authority.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
underwriter may offer the securities from time to time to purchasers directly or through agents, or through brokers in brokerage transactions
on a national securities exchange, or to dealers in negotiated transactions or in a combination of such methods of sale, or otherwise,
at a fixed price or prices, which may be changed, or at market prices prevailing at the time of sale, at prices related to such prevailing
market prices or at negotiated prices, subject to receipt and acceptance by it and subject to its right to reject any order in whole
or in part. The difference between the price at which the underwriter purchases securities from us and the price at which the underwriter
resells such securities may be deemed underwriting compensation. If the underwriter effects such transactions by selling securities to
or through dealers, such dealers may receive compensation in the form of discounts, concessions, or commissions from the underwriter
and/or purchasers of securities for whom they may act as agents or to whom they may sell as principal.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes the underwriting discount and commission to be paid to the underwriters by us.</span></p>

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

<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: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Per <br />Unit</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Total</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Total with Full <br />Exercise of <br />
Option</td><td style="font: 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; width: 46%">Public offering price</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; 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; text-align: left">Underwriting discount to be paid to the underwriters by us (8.0%)(1)(2)</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><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">Proceeds to us (before expenses)</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><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>
  </table>

<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>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have also agreed to pay the Representative $[&#160;&#160;&#160;] for non-accountable 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">&#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">(2)</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">We
                                            have granted a 45 day option to the Representative to purchase up to&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
                                            additional Units and/or Warrants to purchase up to &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
                                            Units (up to 15% of the Units sold in this offering) at the assumed public offering
                                            price set forth above less the underwriting discounts and commissions solely to cover over-allotments,
                                            if any.</p></td></tr>
  </table>
<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">We
estimate the total expenses payable by us for this offering to be approximately $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;, which amount includes (i) the underwriting discount
of $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; and (ii) reimbursement of the non-accountable expenses of the underwriters, and (iii) other estimated company expenses of approximately
$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; which includes legal accounting printing costs and various fees associated with the registration and listing of our securities.</span></p>

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

<p style="font: 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
Units we are offering are being offered by the underwriters subject to certain conditions specified in the underwriting agreement.</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"></p>

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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#toc_001">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page -->

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


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Underwriter&#8217;s
Option</b></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">We have granted to the underwriters an option
exercisable not later than 45 days after the date of this prospectus to purchase up to a number of &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;additional
ordinary Units (equal to 15% of the number of Units sold in the primary offering) at the public offering price set forth
on the cover page hereto less the underwriting discounts and commissions. The underwriters may exercise the option solely to cover overallotments,
if any, made in connection with this offering. If any additional securities are purchased, the underwriters will offer these securities
on the same terms as those on which the other securities are being offered.</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
officers, directors each of their respective affiliates and associated partners and certain shareholders have agreed with the
underwriters to be subject to a lock-up period of twelve (12) months following the date of this prospectus. This means that, during
the applicable lock-up period, such persons may not offer for sale, contract to sell, sell, distribute, grant any option, right or
warrant to purchase, pledge, hypothecate or otherwise dispose of, directly or indirectly, any ordinary shares or any securities
convertible into, or exercisable or exchangeable for, ordinary shares. Certain limited transfers are permitted during the lock-up
period if the transferee agrees to these lock-up restrictions. We have also agreed, in the underwriting agreement, to similar
lock-up restrictions on the issuance and sale of our securities for
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; days following the closing of this
offering, although we will be permitted to issue stock options or stock awards to directors, officers and employees under our
existing plans. The Representative may, in its sole discretion and without notice, waive the terms of any of these lock-up
agreements.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Representative&#8217;s
Warrants</b></span></p>

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

<p style="font: 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">We will issue to the Representative warrants
to purchase an aggregate number of Units equal to 5% of the number of Units offered in this offering (not including ordinary
shares sold pursuant to the underwriter&#8217;s over-allotment option), at an exercise price per share equal to 120% of the public
offering price (the &#8220;Representative&#8217;s Warrants&#8221;). The Representative&#8217;s Warrants will be exercisable, in whole
or in part, immediately upon issuance and will expire on the fifth anniversary of the commencement of sales in this offering in accordance
with FINRA Rule 5110(g)(8)(A). Pursuant to FINRA Rule 5110(e), the Representative Warrants and any ordinary shares issued upon exercise
of the Representative Warrants shall not be sold, transferred, assigned, pledged, or hypothecated, or be the subject of any hedging,
short sale, derivative, put or call transaction that would result in the effective economic disposition of the securities by any person
for a period of 180 days immediately following the date of commencement of sales of this offering, except the transfer of any security:
(i) by operation of law or by reason of reorganization of the issuer; (ii) to any FINRA member firm participating in the offering and
the officers, partners, registered persons or affiliates thereof, if all securities so transferred remain subject to the lock-up restriction
set forth above for the remainder of the time period; (iii) if the aggregate amount of our securities held by the Representative or related
persons does not exceed 1% of the securities being offered; (iv) that is beneficially owned on a pro-rata basis by all equity owners
of an investment fund, provided that no participating member manages or otherwise directs investments by the fund and the participating
members in the aggregate do not own more than 10% of the equity in the fund; (v) the exercise or conversion of any security, if all securities
remain subject to the lock-up restriction set forth above for the remainder of the time period; (vi) if we meet the registration requirements
of Forms S-3, F-3 or F-10; or (vii) back to us in a transaction exempt from registration with the SEC. The Representative Warrants and
the ordinary shares underlying the Representative Warrants are registered on the registration statement of which this prospectus forms
a part.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Representative and its respective affiliates may in the future engage in investment banking and other commercial dealings in the ordinary
course of business with us or our affiliates. The Representative may in the future receive customary fees and commissions for these transactions.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Our ordinary shares
are quoted on the OTCQB under the symbol &#8220;TOMDF.&#8221; We <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">will apply to list our Ordinary Shares
and Warrants on a national securities exchange</span>. There is no assurance that our listing
application will be approved. We will not consummate this offering unless our application is approved.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior
to this offering, there has been no public market for our Warrants. The public offering price for our Units will be determined through
negotiations between us and the underwriters. Among the factors to be considered in these negotiations will be prevailing market conditions,
our financial information, market valuations of other companies that we and the underwriters believe to be comparable to us, estimates
of our business potential, the present state of our development and other factors deemed relevant.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
offer no assurances that the public offering price of our Units will correspond to the price at which our ordinary shares or Warrants
will trade in the public market subsequent to this offering, assuming that our listing applications are approved by a national securities exchange, or that an active trading market for our ordinary shares and Warrants will develop and continue after this offering.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
public offering price of the securities and exercise price of the Warrants offered by this prospectus will be determined by negotiation
between us and the underwriters among the factors considered in determining the public offering price of the shares were;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.55in; text-align: justify; text-indent: -0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    history and our prospects;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    industry in which we operate;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    past and present operating results;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    previous experience of our executive officers; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <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
    general condition of the securities markets at the time of this offering, including discussions between the underwriters and prospective
    investors.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.55in; text-align: justify; text-indent: -0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#toc_001">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page -->

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
offering price stated on the cover page of this prospectus should not be considered an indication of the actual value of the securities
sold in this offering. That price is subject to change as a result of market conditions and other factors and we cannot assure you that
the securities sold in this offering can be resold at or above the public offering price.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
transfer agent for our Ordinary Shares is Worldwide Stock Transfer, LLC, 1 University Plaza Drive #505, Hackensack, NJ, phone number:
(201) 820-2008, and fax number: (201) 820-2010.</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">Price
Stabilization, Short Positions and Penalty Bids</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with the offering the underwriters may engage in stabilizing transactions, over-allotment transactions, syndicate covering
transactions and penalty bids in accordance with Regulation M under the Exchange Act:</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>

<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; text-align: justify"><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; 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; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stabilizing
    transactions permit bids to purchase the underlying security so long as the stabilizing bids do not exceed a specified maximum.</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; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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; vertical-align: top; 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; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Over-allotment
    involves sales by the underwriters of shares in excess of the number of shares the underwriters are obligated to purchase, which
    creates a short position. The short position may be either a covered short position or a naked short position. In a covered short
    position, the number of shares over-allotted by the underwriters is not greater than the number of shares that they may purchase
    in the over-allotment option. In a naked short position, the number of shares involved is greater than the number of shares in the
    over-allotment option. The underwriters may close out any covered short position by either exercising their over-allotment option
    and/or purchasing shares in the open market.</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; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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; vertical-align: top; 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; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Syndicate
    covering transactions involve purchases of ordinary shares in the open market after the distribution has been completed in order
    to cover syndicate short positions. In determining the source of shares to close out the short position, the underwriters will consider,
    among other things, the price of shares available for purchase in the open market as compared to the price at which they may purchase
    shares through the over-allotment option. If the underwriters sell more shares than could be covered by the over-allotment option,
    a naked short position, the position can only be closed out by buying shares in the open market. A naked short position is more likely
    to be created if the underwriters are concerned that there could be downward pressure on the price of the shares in the open market
    after pricing that could adversely affect investors who purchase in the offering.</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; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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; vertical-align: top; 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; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Penalty
    bids permit a syndicate representative to reclaim a selling concession from a syndicate member when the ordinary shares originally
    sold by the syndicate member is purchased in a stabilizing or syndicate covering transaction to cover syndicate short positions.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
stabilizing transactions, over-allotment transactions, syndicate covering transactions and penalty bids, to the extent applicable, may
have the effect of raising or maintaining the market price of our ordinary shares or preventing or retarding a decline in the market
price of the ordinary shares. As a result, the price of our securities may be higher than the price that might otherwise exist in the
open market. Neither we nor the underwriters make any representation or prediction as to the direction or magnitude of any effect that
the transactions described above may have on the price of our ordinary shares. In addition, neither we nor the underwriters make any
representations that the underwriters will engage in these stabilizing transactions or that any transaction, once commenced, will not
be discontinued without notice.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have agreed to indemnify the underwriters against certain liabilities, including certain liabilities arising under the Securities Act
or to contribute to payments that the underwriters may be required to make for these liabilities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-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 id="m_011"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>LEGAL
MATTERS</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
validity of our ordinary shares registered hereby, and certain other matters of Israeli law will be passed upon for us by Rimon PC and
certain matters of U.S. federal law will be passed upon for us by Lucosky Brookman LLP. Hunter Taubman Fischer &amp; Li LLC is
acting as counsel to the underwriters in connection with certain legal matters relating to this offering.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white"><span id="m_012"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>EXPERTS</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
consolidated financial statements as of December 31, 2021 included in this prospectus and elsewhere in the registration statement have
been so included in reliance upon the report of Yarel + Partners, CPA, independent registered public accountants, upon the authority
of said firm as experts in accounting and auditing.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
consolidated financial statements as of December 31, 2020 included in this prospectus and elsewhere in the registration statement have
been so included in reliance upon the report of Fahn Kanne &amp; Co., our former independent registered public accountants, upon the
authority of said firm as experts in accounting and auditing.</span></p>

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


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<p style="font: 10pt Times New Roman, Times, Serif; margin-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; background-color: white"><span id="m_013"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>WHERE
YOU CAN FIND MORE INFORMATION</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are a reporting company and file annual, quarterly and special reports, and other information with the Securities and Exchange Commission.
Such reports and other information may be accessed at the SEC&#8217;s web site at <i>http://</i>www.sec.gov, which contains reports,
proxy and information statements and other information regarding registrants that file electronically with the SEC.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
prospectus is part of a registration statement on Form S-1 that we filed with the SEC. Certain information in the registration statement
has been omitted from this prospectus in accordance with the rules and regulations of the SEC. We have also filed exhibits and schedules
with the registration statement that are excluded from this prospectus. The registration statement may be accessed at the SEC&#8217;s
website.</span></p>

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


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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&#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"><b><span id="toc_002"></span>FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA</b></span></p>


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

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

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

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

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#v_001">Report
    of Independent Registered Public Accounting Firm</a> (Firm Name: Yarel + Partners / PCAOB ID No. 1024)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 0.75in; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-2</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#SUR_001">Report of Independent Registered Public Accounting Firm</a> (Firm Name: Fahn Kanne &amp; Co / PCAOB ID No. 1375)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-4</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#f_001">Consolidated
    Balance Sheets as of December 31, 2021 and 2020</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-5</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#f_002">Consolidated
    Statements of Operations for the years ended December 31, 2021 and 2020</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-6</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#f_003">Consolidated
    Statements of Changes in Shareholders&#8217; Deficit for the years ended December 31, 2021 and 2020</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-7
    - F-8</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#f_004">Consolidated
    Statements of Cash Flows for the years ended December 31, 2021 and 2020</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-9
    - F-10</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#f_005">Notes
    to Consolidated Financial Statements</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-11
    - F-76</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>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#sur_002">Condensed Consolidated Balance Sheets as of March 31, 2022 (unaudited) and December 31, 2021</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-77</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#sur_003">Condensed Consolidated Statements of Operations for the three months ended March 31, 2022 and 2021 (unaudited)</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-</span>78</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#sur_004">Condensed Statements of Changes in Shareholders&#8217; Deficit for the three months ended March 31, 2022 and 2021 (unaudited)</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-</span>79</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#sur_005">Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2022 and 2021 (unaudited)</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-</span>80
    - F-81</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#sur_007">Notes to Condensed Consolidated Financial Statements (unaudited)</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-</span>82
    - F-93</td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New 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: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="v_001"></span><b>REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>To
the Board of Directors and Shareholders of TODOS MEDICAL LTD.</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>&#160;</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>Opinion
on the financial statements</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>&#160;</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">We
have audited the accompanying consolidated balance sheets of Todos Medical Ltd. and subsidiaries (the &#8220;Company&#8221;) as of December
31, 2021, the related consolidated statements of operations, changes in shareholders&#8217; deficit, and cash flows for the year then
ended, 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 year ended 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; 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Going
Concern</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>&#160;</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As
discussed in Note&#160;1C to the financial statements, the Company has incurred net losses since its inception, and has not yet generated
sufficient revenues to support its operations. As of December&#160;31, 2021, there is an accumulated deficit of $90,595 and shareholders&#8217;
deficit of $24,212.&#160;These conditions, along with other matters as set forth in Note 1C, raise substantial doubt about the Company&#8217;s
ability to continue as a going concern. Management&#8217;s plans regarding these matters are also described in Note 1C. 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; 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"><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; 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"></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">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; text-align: justify"><span style="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
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; text-align: justify"><span style="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">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 supporting
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 audit provides
a reasonable basis for our opinion.</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>&#160;</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>Critical
Audit Matters</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>&#160;</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">The
critical audit matter communicated below are matters arising from the current period audit of the consolidated financial statements that
were communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the consolidated financial
statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matter
does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the
critical audit matters below, providing separate opinions on the critical audit matter or on the accounts or disclosures to which they
relate.</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>&#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>Initial
measurement of fair value of goodwill and intangible assets related to a business combination&#8211;</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>&#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">Description
of the Matter -</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">The
Company acquired a 100% interest in Provista Diagnostic, Inc as disclosed in Note 3 to the consolidated financial statements.</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">The
allocation of the purchase price to the identified intangible assets acquired, was a matter of most significance to our current year
audit due to the following: (i) the significant judgements made by management regarding the discount rate and forecast cash flows included
in&#160;the valuation models and certain assumptions utilizing a probability weighted analysis of certain future events; (ii) the magnitude
of the assets recognized in the Purchase Price Allocation (PPA) process.</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">The
company performed a PPA for the acquisition with the assistance from an external valuation expert in order to value the identifiable
assets and liabilities, and specifically in relation to the intangible assets acquired as part of the acquisition.</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">How
We Addressed the Matter in Our Audit -</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
obtained the report issued by the external valuation expert engaged by management to perform the PPA and to&#160;assist management with
the identification of identifiable assets and liabilities in the respective business combinations. We assessed the competence, capabilities
and objectivity of management&#8217;s external valuation expert. We made use of our valuation expertise and involved our valuation specialist
to assess the asset&#160;identification process, the methodology adopted by&#160;management&#8217;s external valuation expert and the
assumptions applied, which included the discount rate and&#160;forecast cashflows used in the models.</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
evaluated management&#8217;s asset identification process, methodology and assumptions. We made use of our valuation expertise to recalculate
the discount rates, taking into account independent data. We agreed the forecast cash flows included in the valuation models to supporting
documentation such as budgets for the individual components within the Company. We also held discussions with management to understand
the basis for the assumptions used and found the forecast. We tested the mathematical accuracy of the valuation model for the intangible
assets acquired.</span></p>

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

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

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    <!-- Field: /Page -->

<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"><b><i>Goodwill
Impairment Assessment-</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>&#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">Description
of the Matter -</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">The
Company&#8217;s evaluation of goodwill for impairment involves the comparison of the fair value of the reporting unit to its carrying
value. The Company estimates fair value using the income method, which is based on the present value of estimated future cash flows attributable
to the respective assets. This requires management to make significant estimates and assumptions related to forecasts of future net sales
and earnings, including growth rates beyond a 10-year time period and discount rates. Changes in the assumptions could have a significant
impact on either the fair value, the amount of any impairment charge, or both. The Company performed their annual impairment assessments
of the Provista Diagnostic, Inc&#8217;s operations as of December 31, 2021. Because the carrying values exceeded their estimated fair values,
impairment of the Goodwill was recorded. Management determines the fair value of the reporting unit using the income approach. The income
approach is based on a discounted cash flow model. The discounted cash flow model requires the exercise of significant judgment, including
judgments and assumptions about appropriate discount rates and revenue growth.</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">Auditing
management&#8217;s goodwill impairment test of the reporting unit was complex and highly judgmental due to the estimation required by management
in determining the fair value of the reporting unit. In particular, the fair value estimate was sensitive to significant assumptions,
such as management&#8217;s cash flow projections, including revenue growth operation margin, terminal value and the discount rate, which
are affected by expectations about future market and economic conditions.</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">How
We Addressed the Matter in Our Audit -</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">To
test the Company&#8217;s assessment of the goodwill impairment test, our audit procedures included, among others, evaluating the methodology
used and testing the significant assumptions used by the Company in its analysis. We also performed sensitivity analyses of the significant
assumptions, we evaluated management&#8217;s ability to accurately forecast net sales and earnings by comparing actual results to management&#8217;s
historical forecasts and obtained appropriate explanations for the variances; examined management&#8217;s support for the current estimates
and projections. We also involved our valuation specialist to assist in the evaluation of the Company&#8217;s valuation methods and certain
significant assumptions.</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"><b><i>Assessment
of unrecognized tax benefits -</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>&#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">Description
of the Matter -</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">As
discussed in Note 23 to the consolidated financial statements, the Company operates in multiple tax jurisdictions in which differing
interpretations of complex tax laws and regulations create uncertainty and necessitate the use of significant judgment in the determination
of the Company&#8217;s unrecognized tax benefits related to carryforward losses and allocation of profits among various jurisdictions
(&#8220;transfer pricing&#8221;). The nature of these activities can result in uncertainties in the estimation of the related tax exposures.
In this regard, the Company uses significant judgment in (1) determining whether a tax position&#8217;s technical merits are more-likely-than-not
to be sustained and (2) measuring the amount of tax benefit that qualifies for recognition. The Company initially recognizes and subsequently
measures the unrecognized tax benefit in its consolidated financial statements when it is more likely than not that the position will
be sustained upon examination by the tax authorities. Auditing the assessment of the technical merits and measurement of the Company&#8217;s
unrecognized tax benefits is challenging because they can be complex, highly judgmental, and based on interpretations of tax laws and
regulations.</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">How
We Addressed the Matter in Our Audit -</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
obtained an understanding, evaluated the design and tested the operating effectiveness of internal controls over the Company&#8217;s
process to assess the technical merits of its tax positions, as well as management&#8217;s process to measure the unrecognized tax benefits
of those tax positions. We used our knowledge of and experience with how the income tax laws and regulations are applied to evaluate
the Company&#8217;s accounting for its unrecognized tax benefits. We analyzed the assumptions and data used by the Company when it determined
there are no amounts of tax benefits to recognize, and we tested the accuracy of those underlying calculations.</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>&#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>Evaluation
of convertible debt with an embedded derivative liability and detachable warrants -</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>&#160;</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description
of the Matter -</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">As
discussed in Notes 2Y through 2BB, 8, 10, 12 and 13 to the consolidated financial statements, upon initial recognition of Convertible
loans, Convertible Notes and similar instruments issued with or without detachable warrants, the Company considers whether the embedded
feature within the convertible instruments should be separated from the host instrument and the manner of its presentation and future
measurement and weather warrants granted by the Company to lenders through convertible bridge loans and stock warrants transactions should
be classified as a component of permanent equity or as derivative liabilities. The Company utilized a Monte Carlo model to value the
derivative bifurcated liabilities, which estimates the fair value of the liabilities based upon certain assumptions utilizing a probability
weighted analysis of certain future events. Other inputs into the model include, volatility, closing stock prices at various valuation
points, and conversion prices as determined by the applicable agreements.</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
identified the fair value of the derivative liability as a critical audit matter, as (i) the assumptions utilized in the model to value
the derivative liability required judgement, and the model is inherently complex. (ii) the accounting for derivative liabilities is complex
(iii) the magnitude of the liabilities and losses recognized in the estimation process.</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">How
We Addressed the Matter in Our Audit -</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">The
primary procedures we performed to address this critical audit matter involved the assistance of our valuation specialist and included
the following: (i) we reviewed the qualifications of the valuation specialist utilized by the Company (ii) we audited the underlying
inputs utilized by the valuation specialist in the model (iii) we evaluated the reasonableness of management&#8217;s assumptions included
in the model (iv) we reviewed the underlying source documents to determine the proper accounting of the transactions (v) we tested the
accuracy of those underlying calculations.</span></p>

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

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

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">March 31, 2022</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="forms-1_003.jpg" alt="" /></span></p>

<p style="font: 10pt Times 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: bold 10pt Times New Roman, Times, Serif; width: 80%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="SUR_001"></span>Report
    of Independent Registered Public Accounting Firm</span></td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; width: 20%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fahn
    Kanne &amp; Co.</span></td></tr>
  <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">Board
    of Directors and Shareholders of Todos Medical Ltd.</span></td>
    <td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font: normal 10pt Times New Roman, Times, Serif">Head
    Office</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">32
    Hamasger Street</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tel-Aviv
    6721118, ISRAEL</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PO
    Box 36172, 6136101</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">T
    +972 3 7106666</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F
    +972 3 7106660</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>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">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have audited the accompanying consolidated balance sheets of Todos Medical Ltd. and subsidiaries (the &#8220;Company&#8221;) as of December
31, 2020, the related consolidated statements of operations, changes in shareholders&#8217; deficit, and cash flows for the year then
ended, 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, 2020, and the results of its operations
and its cash flows for the year then ended, in conformity with accounting principles generally accepted in the United States of America.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Going
Concern</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
accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As discussed
in Note 1C to the financial statements, the Company has incurred net losses since its inception, and has not yet generated sufficient
revenues to support its operations. As of December 31, 2020, there is an accumulated deficit of $47,281 and shareholders&#8217; deficit
of $11,011. These conditions, along with other matters as set forth in Note 1C, raise substantial doubt about the Company&#8217;s ability
to continue as a going concern. Management&#8217;s plans regarding these matters are also described in Note 1C. The financial statements
do not include any adjustments that might result from the outcome of this uncertainty.</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
financial statements are the responsibility of the Company&#8217;s management. Our responsibility is to express an opinion on the Company&#8217;s
financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board
(United States) (&#8220;PCAOB&#8221;) and are required to be independent with respect to the Company in accordance with the U.S. federal
securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company
is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit,
we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion
on the effectiveness of the Company&#8217;s internal control over financial reporting. Accordingly, we express no such opinion.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
audit included performing procedures to assess the risks of material misstatement of the 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 supporting
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: 0; text-align: justify"></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FAHN
KANNE &amp; CO. GRANT THORNTON ISRAEL</b></span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We served as the Company&#8217;s auditor from 2015
until June 23, 2021</p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">April
21, 2021</span></p>

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


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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#toc_002">Table of Contents</a></td></tr></table></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: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TODOS
MEDICAL LTD.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span id="f_001"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CONSOLIDATED
BALANCE SHEETS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(U.S.
dollars in thousands except share and per share amounts)</span></p>

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

<table cellpadding="0" cellspacing="0" id="xdx_309_111_pn3n3_zHnrY2buhHs9" summary="xdx: Statement - Condensed Consolidated Balance Sheets (Unaudited)" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td id="xdx_498_20211231_zQcRgN27U2dl" style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td id="xdx_498_20201231_zehcBFNKHNTc" 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-bottom: 1.5pt; text-align: justify">&#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: center">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><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: center">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr id="xdx_408_eus-gaap--LiabilitiesAndStockholdersEquityAbstract_iB_zKxTXcRQhLSh" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr id="xdx_406_eus-gaap--LiabilitiesCurrentAbstract_i01B_zEFoXtfYDiRf" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr id="xdx_401_ecustom--ReceivablesFinancingFacilityNet_i02I_maLCz7NN_zQcDfIK21ePc" 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: center">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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  <tr id="xdx_402_eus-gaap--LoansPayableCurrent_i02I_maLCz7NN_zK0ns4ZPZgD6" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><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">&#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 id="xdx_402_ecustom--FairValueOfConvertibleComponentOfConvertibleBridgeLoans_i02I_maLNzsWc_zWxpu8EOlGTi" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <tr id="xdx_408_eus-gaap--DeferredIncomeTaxLiabilitiesNet_i02I_maLNzsWc_ze6zktBqYv37" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left">&#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 style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="us-gaap:OtherLiabilitiesNoncurrent" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">140</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_40F_eus-gaap--LiabilitiesNoncurrent_i02TI_mtLNzsWc_maLASEzZXa_zK21s7Z8WeVa" 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: center">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left">&#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 style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="us-gaap:LiabilitiesNoncurrent" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">30,367</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left">&#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: center">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><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">&#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: center">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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  </table>

<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>The
accompanying notes are an integral part of these consolidated financial statements.</b></span></p>

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


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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#toc_002">Table of Contents</a></td></tr></table></div>
    <!-- Field: /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 id="f_002"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TODOS
MEDICAL LTD.</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(U.S.
dollars in thousands except share and per share amounts)</span></p>

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

<table cellpadding="0" cellspacing="0" id="xdx_30C_113_pn3n3_z20DqXVvSgxc" summary="xdx: Statement - Condensed Consolidtaed Statements of Operations (Unaudited)" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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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">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td id="xdx_491_20210101__20211231_z2OeelfyCIA" style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td id="xdx_491_20200101__20201231_z4wTkL1QjXZf" 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: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year ended</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>December 31,</b></span></p></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: justify">&#160;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Note</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: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">&#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 colspan="6" style="font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 49%; text-align: justify">Revenues</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: center">24</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%">&#160;</td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="us-gaap:GrossProfit" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">4,383</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr id="xdx_401_eus-gaap--ResearchAndDevelopmentExpense_iN_di_msOILzWmw_zznsdfZWzIq6" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Research and development expenses</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">18</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(<ix:nonFraction name="us-gaap:ResearchAndDevelopmentExpense" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">824</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(<ix:nonFraction name="us-gaap:ResearchAndDevelopmentExpense" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">9,863</ix:nonFraction></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: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">19</p></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(<ix:nonFraction name="us-gaap:SellingAndMarketingExpense" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">3,481</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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  <tr id="xdx_402_eus-gaap--GeneralAndAdministrativeExpense_iN_di_msOILzWmw_zwxPAeLrSMje" 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: center">20</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left">&#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 style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(<ix:nonFraction name="us-gaap:GeneralAndAdministrativeExpense" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">9,364</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left">)</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 style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(<ix:nonFraction name="us-gaap:GeneralAndAdministrativeExpense" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,729</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr id="xdx_403_eus-gaap--OperatingIncomeLoss_iT_mtOILzWmw_maNILzPPZ_zRkAbNukytj2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: justify">Operating loss</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(<ix:nonFraction name="us-gaap:OperatingIncomeLoss" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">9,286</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(<ix:nonFraction name="us-gaap:OperatingIncomeLoss" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">14,261</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr id="xdx_409_eus-gaap--FinancingInterestExpense_iN_di_msNILzPPZ_zjjqTTduOD5f" 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: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">21</span></p></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(<ix:nonFraction name="us-gaap:FinancingInterestExpense" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">30,340</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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    <td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: center">&#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">&#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="us-gaap:FinancingInterestExpense" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">30,340</ix:nonFraction></td><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">&#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="us-gaap:FinancingInterestExpense" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">14,312</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left">)</td></tr>
  <tr id="xdx_40D_ecustom--ImpairmentLosses_maNILzPPZ_zxFA7clcymm6" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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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>The
accompanying notes are an integral part of these consolidated 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">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#toc_002">Table of Contents</a></td></tr></table></div>
    <!-- Field: /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 id="f_003"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TODOS
MEDICAL LTD.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CONSOLIDATED
STATEMENTS OF CHANGES IN SHAREHOLDERS&#8217; DEFICIT</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(U.S.
dollars in thousands except share and per share amounts)</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" id="xdx_305_114_pn3n3_zPhm4Ew1HYa8" summary="xdx: Statement - Condensed Consolidated Statements of Changes in Shareholders&apos; 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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<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
accompanying notes are an integral part of these consolidated financial statements.</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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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#toc_002">Table of Contents</a></td></tr></table></div>
    <!-- Field: /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: 10pt"><b>TODOS
MEDICAL LTD.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CONSOLIDATED
STATEMENTS OF CHANGES IN SHAREHOLDERS&#8217; DEFICIT</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(U.S.
dollars in thousands except share and per share amounts)</span></p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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>The
accompanying notes are an integral part of these consolidated financial statements.</b></span></p>

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


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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#toc_002">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page -->

<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 id="f_004"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TODOS
MEDICAL LTD.</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(U.S.
dollars in thousands)</span></p>

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

<table cellpadding="0" cellspacing="0" id="xdx_30A_112_pn3n3_zu89f7cqVhSk" summary="xdx: Statement - Condensed Consolidated Statements of Cash Flows (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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  <tr id="xdx_40E_eus-gaap--GoodwillImpairmentLoss_i02_maNCPBUz82F_zhDBNTYl3mX5" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <tr id="xdx_400_eus-gaap--RoyaltyExpense_i02_maNCPBUz82F_zuiAUQ1d5NLd" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_407_eus-gaap--ImpairmentOfInvestments_i02_maNCPBUz82F_zlTrTKwRiIPk" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <tr id="xdx_405_ecustom--IssuanceOfSharesAsCallOptionsToAcquirePotentialAcquiree_i02_maNCPBUz82F_zPbQLbq0UKO6" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt; text-align: left">Expiration of call options to acquire potential acquire</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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  <tr id="xdx_409_ecustom--AdjustmentsToReconcileShareInLossesOfAffiliatedCompany_i02_maNCPBUz82F_zHmrI9Ypobzd" 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_ecustom--ModificationOfTermsRelatingToStraightLoanTransaction_i02N_di_msNCPBUz82F_zPj4vxG7ire1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <tr id="xdx_409_ecustom--DirectAndIncrementalIssuanceCostsAllocatedToFirstWarrantRelatedToConvertibleBridgeLoansTransactionsPaidWithWarrants_i02_maNCPBUz82F_zLwXNKPUJhD4" style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: White">
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  <tr id="xdx_40E_ecustom--AmortizationOfFinancingCostsAndDiscount_i02_maNCPBUz82F_zgt5ZdFZqIn8" style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: White">
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  <tr id="xdx_407_ecustom--ChangeInTermsRelatingToConvertibleBridgeLoansTransactions_i02N_di_msNCPBUz82F_zQ3lvjWWMfHc" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt; text-align: left">Modification of convertible bridge loans transactions</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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  <tr id="xdx_404_ecustom--ExchangeDifferencesRelatingToLoansFromShareholders_i02_maNCPBUz82F_zNVm9NmGWO9b" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <tr id="xdx_408_eus-gaap--NetCashProvidedByUsedInOperatingActivities_i01T_mtNCPBUz82F_maCCERCzr87_znRd7arRfpLf" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_405_eus-gaap--NetCashProvidedByUsedInInvestingActivitiesAbstract_iB_z5SVkpo65jm3" 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--PaymentsToAcquirePropertyPlantAndEquipment_i01N_di_msNCPBUzaD2_zq8yovadtNc" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <tr id="xdx_403_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect_iT_mtCCERCzr87_zvCZJ3m0u6Z6" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  </table>

<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>The accompanying notes are an integral part of these consolidated 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>&#160;</b></span></p>


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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#toc_002">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page -->

<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>TODOS
MEDICAL LTD.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CONSOLIDATED
STATEMENTS OF CASH FLOWS (Cont.)</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">(U.S.
dollars in thousands)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#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="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">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; 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">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">Partial conversion of convertible loans into ordinary shares</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&#160;</td>
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    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0656">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&#160;</td>
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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; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>The accompanying notes are an integral part of these consolidated financial statements.</b></span></p>

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

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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#toc_002">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page -->

<p id="xdx_041_c20210101__20211231_zOW7KSvKMT5j" 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 id="f_005"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TODOS
MEDICAL LTD.</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED 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">(U.S.
dollars in thousands)</span></p>

<p id="xdx_04F_c20210101__20211231_zUtd1fGMAt2" 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>

<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:NatureOfOperations"><p id="xdx_808_eus-gaap--NatureOfOperations_zOTx7jkhwi1l" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
1 - <span id="xdx_821_zietZjkIFze">GENERAL</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -56.7pt">&#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; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Operations</b></span></td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Todos
Medical Ltd. (the &#8220;Company&#8221; or &#8220;Todos&#8221;) was incorporated under the laws of the State of Israel and commenced
its operations on April 22, 2010. The Company engineers life-saving diagnostic solutions for the early detection of a variety of cancers.
The Company&#8217;s patented Todos Biochemical Infrared Analyses (TBIA) is a proprietary cancer-screening technology using peripheral
blood analysis that deploys deep examination into cancer&#8217;s influence on the immune system, looking for biochemical changes in blood
mononuclear cells and plasma. Todos&#8217; two internally developed cancer-screening tests, TMB-1 and TMB-2, have received a CE mark
in Europe.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Todos
is also developing blood tests for the early detection of neurodegenerative disorders, such as Alzheimer&#8217;s disease. The Lymphocyte
Proliferation Test (LymPro Test&#8482;) is a diagnostic blood test that determines the ability of peripheral blood lymphocytes (PBLs)
and monocytes to withstand an exogenous mitogenic stimulation that induces them to enter the cell cycle. LymPro is unique in the use
of peripheral blood lymphocytes as a surrogate for neuronal cell function, suggesting a common relationship between PBLs and neurons
in the brain.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
commencing 2020, the Company through its U.S. subsidiary (Corona Diagnostics, LLC) has entered into several distribution agreements with
other companies to distribute certain novel coronavirus (COVID-19) test kits. The agreements cover multiple international suppliers of
PCR testing kits and related materials and supplies, as well as antibody testing kits from multiple third-party manufacturers after completing
validation of said testing kits and supplies in certified laboratory in the United States. Additionally, upon completion of the Share
Purchase Agreement for the purchase of Provista Diagnostics, Inc. (see Note 3 below), the Company, through Provista Diagnostics, Inc.
provide diagnostic testing laboratory currently performing COVID-19 PCR testing, primarily for the medical and entertainment industries.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
December 2020, the Company announced the commercial launch of its proprietary 3CL protease inhibitor dietary supplement Tollovid&#8482;.
Tollovid, a mix of botanical extracts, is being targeted to support healthy immune function against circulating coronaviruses. Tollovid
was granted a Certificate of Free Sale by the US Food and Drug Administration (FDA) in August 2020, allowing its commercial sale anywhere
in the United States. In May 2021, the FDA granted the Company a new Certificate of Free Sale for a second dosing regimen for Tollovid&#8482;
as a dietary supplement, under which the Company is authorized to market Tollovid with a dosing regimen of 60 pills over a five-day period,
equivalent to 12 pills per day.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenues
of the year ended December 31, 2021, resulted from sales of COVID-19 related products, testing kits and dietary supplement, Tollovid&#8482;
.. Through December 31, 2021, the Company has not yet generated any revenue from its developed cancer-screening tests TMB-1 and TMB-2
or LymPro Test&#8482;.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
an extraordinary general meeting of Company&#8217;s shareholders held on July 26, 2021, the shareholders voted to approve a reverse share
split of the Company&#8217;s ordinary shares within a range of 1:2 to 1:500, to be effective at the ratio and on a date to be determined
by the Board of Directors of the Company (the &#8220;Reverse Split&#8221;). Although Company&#8217;s shareholders approved the Reverse
Split, all per share amounts and calculations in this annual report on Form 10-K and the accompanying financial statements do not reflect
the effects of the Reverse Split, as the Board of Directors has not determined the ratio or the effective date of the Reverse Split.
At its next general meeting, Todos&#8217; shareholders will be asked to approve an extension of the deadline for the Reverse Split.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#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; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Foreign
                                            operations</b></span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#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; width: 0.5in"></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"><b>1.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Todos
                                            Medical (Singapore) Pte Ltd</b></span></td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 27, 2016, the Company incorporated a wholly owned subsidiary in Singapore under the name of Todos Medical (Singapore) Pte Ltd.
(&#8220;Todos Singapore&#8221;) for the purpose of advancing clinical trials of the Company&#8217;s core technology for breast
cancer in Southeast Asia. As of December 31, 2021, Todos Singapore has not yet commenced its business operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#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; width: 0.5in"></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"><b>2.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Todos
                                            Medical USA </b></span></td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
January 2020, the Company incorporated a U.S. subsidiary named Todos Medical USA (&#8220;Todos U.S.&#8221;) for the purpose of conducting
business as medical importer and distributor focused on the distribution of the Company&#8217;s testing products and services
to customers in the North America and Latin America.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#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; width: 0.5in"></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"><b>3.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Corona
                                            Diagnostics, LLC</b></span></td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
April 2020, the Company incorporated a U.S. subsidiary named Corona Diagnostics, LLC (&#8220;Corona Diagnostics&#8221;) for the purpose
of marketing COVID-19 related products in the United States to validate potential products the Company is contemplating distributing
and creating marketing materials for the testing products based upon those validations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</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>TODOS
MEDICAL LTD.</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED 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">(U.S.
dollars in thousands)</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><b>NOTE 1 - GENERAL
(CONT.)</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#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; width: 0.5in"></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"><b>4.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Breakthrough
                                            Diagnostics, Inc.</b></span></td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
February 27, 2019, the Company entered into Shares Purchase and Assignment of License Agreement with Amarantus Bioscience Holdings, Inc.
(&#8220;Amarantus&#8221;), under which the Company purchased <span id="xdx_90C_ecustom--PercentageOfIssuedAndOutstandingCommonStock_iI_pid_dp_uPure_c20190227__dei--LegalEntityAxis__custom--BreakthroughDiagnosticsIncMember_zY6yPdy8B9K" title="Percentage of issued and outstanding common stock"><ix:nonFraction name="TOMDF:PercentageOfIssuedAndOutstandingCommonStock" contextRef="AsOf2019-02-27_custom_BreakthroughDiagnosticsIncMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">19.99</ix:nonFraction></span>% of the issued and outstanding common stock of Breakthrough Diagnostics,
Inc. (&#8220;Breakthrough&#8221;) for entering into the field of early detection of Alzheimer&#8217;s disease. On July 28, 2020, the
Company entered into Amendment No. 1 to the Shares Purchase and Assignment of License Agreement with Amarantus, pursuant to which the
Company completed the purchasing of the remaining <span id="xdx_903_ecustom--RemainingPercentageOfIssuedAndOutstandingCommonStock_iI_pid_dp_uPure_c20200728__dei--LegalEntityAxis__custom--BreakthroughDiagnosticsIncMember_zkoczK6AYIBf" title="Remaining percentage of issued and outstanding common stock"><ix:nonFraction name="TOMDF:RemainingPercentageOfIssuedAndOutstandingCommonStock" contextRef="AsOf2020-07-28_custom_BreakthroughDiagnosticsIncMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">80.01</ix:nonFraction></span>% of the issued and outstanding common stock of Breakthrough for consideration
that was based on the Company&#8217;s shares. See also Note 5A.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
the Closing Date, Breakthrough was determined to be excluding substantive process as required under the definition of business in accordance
with the provisions of ASC Topic 805 &#8220;Business Combination&#8221;. In addition, it was determined that the License represents IPR&amp;D
had no alternative future use and therefore the entire purchase price allocated to the acquired IPR&amp;D was charged to expense
at the acquisition date as part of &#8220;Research and Development expenses&#8221; line in operations in the accompanying consolidated
statement of operations for the year ended December 31, 2020.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#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; width: 0.5in"></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"><b>5.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Provista
                                            Diagnostics, Inc</b></span></td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April 19, 2021, the Company entered into a Share Purchase Agreement (&#8220;SPA&#8221;) with Strategic Investment Holdings, LLC, Ascenda
BioSciences LLC (&#8220;SIH&#8221;, &#8220;Ascenda&#8221; and together referring as &#8220;Sellers&#8221;, respectively) and Provista
Diagnostics, Inc. (&#8220;Provista&#8221;). Ascenda was the sole owner of the outstanding securities of Provista and SIH is the sole
owner of all the outstanding securities of Ascenda. Provista is a medical diagnostics company based in Alpharetta, Georgia that owns
the intellectual property rights to the proprietary breast cancer blood test, Videssa&#174;, and has a diagnostic testing laboratory currently
performing COVID-19 PCR testing, primarily for the medical and entertainment industries. See also Note 3.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#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; width: 0.5in"></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"><b>6.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Other
                                            entities</b></span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#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; width: 0.75in"></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"><b>A.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
                                            June 2020, the Company entered into agreement with NLC Pharma Ltd., under which Antigen COVID
                                            Test Killer was formed for the purpose of development diagnostic candidate Antigen Killer
                                            and product commercialize through the Company&#8217;s sales channels. See also Note 5B and
                                            Note 24 for subsequent events.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#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; width: 0.75in"></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"><b>B.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
                                            August 2020, the Company entered into agreement with Care GB Plus Ltd, under which Bio Imagery
                                            Ltd. (&#8220;Bio Imagery&#8221;) has been incorporated for the purpose of developing, marketing
                                            and commercializing the Products and all the Intellectual Property of the Company (&#8220;Todos
                                            Cancer Assets&#8221;) and to develop new Intellectual Property, products and services, and
                                            pursue the business based on the Todos Cancer Assets and on new intellectual property that
                                            will be developed by Bio Imagery. As of December 31, 2021, Bio Imagery has not yet commenced
                                            its business operations and the Company wrote off its investment in the amount of $<span id="xdx_90F_ecustom--InvestmentWriteOff_pn3n3_c20210101__20211231__dei--LegalEntityAxis__custom--BioImageryLtdMember_zWedfmJ2zeDi" title="investment write off"><ix:nonFraction name="TOMDF:InvestmentWriteOff" contextRef="From2021-01-012021-12-31_custom_BioImageryLtdMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">618</ix:nonFraction></span>. See
                                            also Note 5C.</span></td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company and its entities herein considered as the &#8220;Group&#8221;.</span></p>

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


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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#toc_002">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<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>TODOS
MEDICAL LTD.</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)</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">(U.S.
dollars in thousands)</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
1 - GENERAL (CONT.)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#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; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Going
                                            concern uncertainty</b></span></td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has devoted substantially all of its efforts to research and development of its products and raising capital to fund this development.
The development and commercialization of the Company&#8217;s products are expected to require substantial further expenditures. To date,
the Company has not yet generated sufficient revenues from operations to support its activities, and therefore it is dependent upon external
sources for financing its operations. Since inception through December 31, 2021, the Company has incurred accumulated losses of $<span id="xdx_907_eus-gaap--RetainedEarningsAccumulatedDeficit_iNI_pn3n3_di_c20211231_zpAPzYVOss31"><ix:nonFraction name="us-gaap:RetainedEarningsAccumulatedDeficit" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">90,595</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.
</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2021, the Company&#8217;s current
liabilities exceed its current assets by $<span id="xdx_908_ecustom--WorkingCapital_iI_pn3n3_c20211231_zbmNiRMYzUq4" title="Working capital"><ix:nonFraction name="TOMDF:WorkingCapital" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">4,244</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and there is a shareholders&#8217; deficit of $<span id="xdx_907_eus-gaap--StockholdersEquity_iNI_pn3n3_di_c20211231_zeRtIiSfHFc4"><ix:nonFraction name="us-gaap:StockholdersEquity" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">24,212</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.
</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company has generated negative operating cash
flow for all periods. As of March 31, 2022 (date of approval of these financial statements), the total cash and cash equivalent
balance (individual restricted cash) is approximately $<span id="xdx_902_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_iI_pn3n3_c20220331__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zKWVZQveiBXb"><ix:nonFraction name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" contextRef="AsOf2022-03-31_us-gaap_SubsequentEventMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">31</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.
</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management has considered the significance of such
condition in relation to the Company&#8217;s ability to meet its current obligations and to achieve its business targets and determined
that these conditions raise substantial doubt about the Company&#8217;s ability to continue as a going concern. The Company plans to
finance its operations through the sale of equity and to the extent available, short-term and long-term loans and also through revenues
from sales of corona testing related products. There can be no assurance that the Company will succeed in obtaining the necessary financing
to continue its operations as a going concern. 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-top: 0pt; margin-bottom: 0pt; text-align: justify">&#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; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>D.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>COVID-19</b></span></td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 11, 2020, the World Health Organization declared the COVID-19 outbreak a global pandemic. The outbreak has reached all of the regions
in which the Company does business, and governmental authorities around the world have implemented numerous measures attempting to contain
and mitigate the effects of the virus, including travel bans and restrictions, border closings, quarantines, shutdowns, limitations or
closures of non-essential businesses, and social distancing requirements.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
global spread of COVID-19 and actions taken in response have caused and may continue to cause disruptions and/or delays in our supply
chain and shipments and caused significant economic and business disruption to the Company&#8217;s customers and vendors.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
COVID-19 pandemic has created and may continue to create significant opportunity under the uncertainty in macroeconomic conditions, which
may cause further demand for the Company&#8217;s core business related to PCR testing kits and related materials and supplies as already
reflected by recognized revenues of $<span id="xdx_904_ecustom--ContractWithCustomerLiabilityRevenuesRecognized_pn3n3_c20210101__20211231_zk8OREdCaEna"><ix:nonFraction name="TOMDF:ContractWithCustomerLiabilityRevenuesRecognized" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">12,230</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and $<span id="xdx_902_ecustom--ContractWithCustomerLiabilityRevenuesRecognized_pn3n3_c20200101__20201231_z6amCTQTFzhl" title="Recognized revenues"><ix:nonFraction name="TOMDF:ContractWithCustomerLiabilityRevenuesRecognized" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">5,207</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">during the years ended December 31, 2021 and
2020, respectively, substantially all of which was generated after July 2020. However, the Company may face uncertainties around its
estimates of revenue collectability and accounts receivable credit losses and its expectation to receive funds from external sources
for financing its operations. The Company expects uncertainties around its key accounting estimates to continue to evolve depending on
the duration and degree of impact associated with the COVID-19 pandemic. The Company estimates may change as new events occur and additional
information emerges, and such changes are recognized or disclosed in the Company&#8217;s consolidated financial statements.</span></p>

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


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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#toc_002">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<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>TODOS
MEDICAL LTD.</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)</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">(U.S.
dollars in thousands)</span></p>

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

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:SignificantAccountingPoliciesTextBlock"><p id="xdx_801_eus-gaap--SignificantAccountingPoliciesTextBlock_zd7R2J9fjoDe" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
2 - <span id="xdx_828_zsnbFpHz8Qif">SIGNIFICANT ACCOUNTING POLICIES</span></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (US
GAAP).</span></p>

<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:BasisOfAccountingPolicyPolicyTextBlock"><p id="xdx_849_eus-gaap--BasisOfAccountingPolicyPolicyTextBlock_zLZzH65JKggh" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#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; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span><span id="xdx_862_zxxQUrxc16I6">Use
                                            of estimates in the preparation of financial statements</span></span> </b></span></td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
preparation of the financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect
the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the dates of the financial
statements, and the reported amounts of expenses during the reporting periods. Actual results could differ from those estimates. As applicable
to these financial statements, the most significant estimates and assumptions include (i) identification of and measurement of financial
instruments in funding transactions; (ii) Initial measurement of investment in affiliated companies and subsequent equity method implications;
(iii) determination whether an acquired company or formed entities represents a &#8216;business&#8217;; (iv) determination whether acquired
or formed entities are considered Variable Interest Entity (VIE) and if so, whether the Group is its Primary Beneficiary (PB) (v)
deferred income taxes and (vi) </span><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">measurement
of the fair value of equity awards.</span></p>


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

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock"><p id="xdx_846_eus-gaap--ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock_zWZbTVtilRhi" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#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; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86B_zKInBvbzZxxh">Functional
                                            currency</span></b></span></td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
functional currency of the Company and all of its subsidiaries is the US dollar (&#8220;$&#8221; or &#8220;dollar&#8221;), as the dollar
is the primary currency of the economic environment in which the Company and its subsidiaries have operated and expects to continue to
operate in the foreseeable future. The Company&#8217;s operations are currently conducted in Israel and most of the Israeli expenses
are currently paid in new Israeli shekels (&#8220;NIS&#8221;); however, most of the expenses are denominated and determined in dollar.
Financing and investing activities including loans, equity transactions and cash investments, are made in dollar.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
accordance with ASC 830, &#8220;Foreign Currency Matters&#8221;, balances denominated in or linked to foreign currency are stated on
the basis of the exchange rates prevailing at the applicable balance sheet date. For foreign currency transactions included in the statement
of operations, the exchange rates applicable on the relevant transaction dates are used. Gains or losses arising from changes in the
exchange rates used in the translation of such transactions are presented within financing income or expenses.</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:ConsolidationPolicyTextBlock"><p id="xdx_847_eus-gaap--ConsolidationPolicyTextBlock_z4oj4uMqUrbd" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#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; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_862_zKy3IIrkUBpk">Principles
                                            of Consolidation</span></b></span></td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries and when applicable its majority
owned entities that were determined to be VIE and that the Group was determined as their Primary Beneficiary (PB). Intercompany transactions
and balances have been eliminated upon consolidation.</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:ConsolidationVariableInterestEntityPolicy"><p id="xdx_843_eus-gaap--ConsolidationVariableInterestEntityPolicy_zIquF8CLJ4P7" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#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; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>D.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86A_zJJEU0pjvvBk">Variable
                                            Interest Entities</span></b></span></td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ASC
810-10, &#8220;Consolidation&#8221;, provides a framework for identifying variable interest entities (&#8220;VIEs&#8221;) and determining
when a company should include the assets, liabilities, non-controlling interests and results of activities of a VIE in its consolidated
financial statements. According to ASC 810-10, the Company consolidates a VIE when it has both (i) the power to direct the economically
significant activities of the entity and (ii) the obligation to absorb losses of, or the right to receive benefits from, the entity that
could potentially be significant to the VIE.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s assessment of whether an entity is a VIE and the determination of the primary beneficiary is judgmental in nature and
involves the use of significant estimates and assumptions. The determination of whether the Company should consolidate a VIE is evaluated
continuously as existing relationships change or future transactions occur.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
significant factors and judgments that the Company considers in making the determination as to whether an entity is a VIE include, among
others: the design of the entity, including the nature of its risks and the purpose for which the entity was created&#894; the nature
of the Company&#8217;s involvement with the entity&#894; whether there is sufficient equity investment at risk to finance its current
activities, until it reaches profitability, without additional subordinated financial support&#894; whether parties other than the equity
holders have the obligation to absorb expected losses or the right to receive residual returns.</span></p>

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


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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#toc_002">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<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>TODOS
MEDICAL LTD.</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)</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">(U.S.
dollars in thousands)</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
2 - SIGNIFICANT ACCOUNTING POLICIES (CONT.)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#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; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>D.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Variable
                                            Interest Entities (Cont.)</b></span></td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Unconsolidated
Variable Interest Entity</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#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; width: 0.5in"></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">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
                                            Company has determined that Antigen COVID Test Killer (&#8220;CATK&#8221;), <span id="xdx_90C_eus-gaap--VariableInterestEntityOwnershipPercentage_pid_dp_uPure_c20200101__20201231__us-gaap--AwardTypeAxis__custom--AntigenCOVIDTestKillerMember_zj07CQVQVLNh"><ix:nonFraction name="us-gaap:VariableInterestEntityOwnershipPercentage" contextRef="From2020-01-012020-12-31_custom_AntigenCOVIDTestKillerMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">15</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%-held
                                            entity as of December 31, 2020, is considered a VIE, as CATK was formed to develop diagnostic
                                            candidate Antigen Killer and commercialize the product through the Company&#8217;s sales
                                            channels, as it does not have sufficient resources to carry out its principal activities
                                            without additional financial support (see also Note 5B).</span></td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has determined that it is not the primary beneficiary of CATK due to the Company&#8217;s lacked the ability to direct the activities
that most significantly impact the economic performance of CATK. However, the Company determined that it has the ability to exercise
significant influence over CATK operations through its obligation to supply the investee financial support and accordingly, the investment
is accounted for under the equity method.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#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; width: 0.5in"></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">2.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            Company has determined that Bio Imagery Ltd. (&#8220;Bio Imagery&#8221;), <span id="xdx_90E_eus-gaap--VariableInterestEntityOwnershipPercentage_pid_dp_uPure_c20200101__20201231__dei--LegalEntityAxis__custom--BioImageryLtdMember_z5uAsTW8RhPi"><ix:nonFraction name="us-gaap:VariableInterestEntityOwnershipPercentage" contextRef="From2020-01-012020-12-31_custom_BioImageryLtdMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">33</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%-held
                                            entity as of December 31, 2020, is considered as VIE, as Bio Imagery was formed to (i) develop,
                                            market and commercialize the Company&#8217;s Products and all the Company&#8217;s Intellectual
                                            Property (&#8220;Todos Cancer Assets&#8221;) and (ii) develop new Intellectual Property,
                                            products and services, and peruse the business based on Todos Cancer Assets, as it does not
                                            have sufficient resources to carry out its principal activities without additional financial
                                            support (see also Note 5C).</span></td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has determined that it is not the primary beneficiary of Bio Imagery as the Company lacked the ability to direct
the activities that most significantly impact the economic performance of Bio Imagery. However, the Company determined that it has the
ability to exercise significant influence over Bio Imagery operations through board representation and voting power and accordingly,
the investment is accounted for under the equity method.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2021, there were no consolidated variable interest entities.</span></p>

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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>E.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_867_zRJDffVR3RXh">Cash
                                            and cash equivalents</span></b></span></td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
equivalents are short-term highly liquid investments which include short term bank deposits (up to three months from date of deposit),
that are not restricted as to withdrawals or use that are readily convertible to cash with maturities of three months or less as of the
date acquired.</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:ReceivablesTradeAndOtherAccountsReceivableAllowanceForDoubtfulAccountsPolicy"><p id="xdx_842_eus-gaap--ReceivablesTradeAndOtherAccountsReceivableAllowanceForDoubtfulAccountsPolicy_zgJfk9oXMPme" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#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; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>F.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_860_zP2rUZ4oIDya">Allowance
                                            for doubtful accounts</span></b></span></td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
allowance for doubtful accounts is determined with respect to amounts the Group has determined to be doubtful of collection. In determining
the allowance for doubtful accounts, the Company considers, among other things, its past experience with customers, the length of time
that the balance is past due, the customer&#8217;s current ability to pay and available information about the credit risk on such customers.
During the year ended December 31, 2021 and 2020, the Company recorded allowance in respect of accounts receivable in the amounts
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$<span id="xdx_907_eus-gaap--AccountsReceivableNetCurrent_iI_pn3n3_c20201231_zLRtUD6qsXk5"><ix:nonFraction name="us-gaap:AccountsReceivableNetCurrent" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">0</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
respectively.</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:InventoryPolicyTextBlock"><p id="xdx_848_eus-gaap--InventoryPolicyTextBlock_zi1pggF9G6K" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#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; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>G.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_868_zsUciheEbNsd">Inventories</span></b></span></td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inventories
consist of related equipment, reagents and testing supplies. Inventories are stated at the lower of cost or net realizable value. Cost
of finished products is mainly determined on the basis of the moving average method. Other method which is utilized for determining
the value of inventories is the moving average. The Group regularly reviews its inventories for obsolescence and other impairment risks
and reserves are established when necessary.</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:PropertyPlantAndEquipmentPolicyTextBlock"><p id="xdx_840_eus-gaap--PropertyPlantAndEquipmentPolicyTextBlock_zgCLdkcHcAb4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#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; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>H.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_867_z9uuyzKgyIBf">Property
                                            and equipment</span></b></span></td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property
and equipment are stated at cost, net of accumulated depreciation. Depreciation is calculated using the straight-line method over the
estimated useful lives of the assets. When an asset is retired or otherwise disposed of, the related cost and accumulated depreciation
are removed from the respective accounts and the net difference less any amount realized from disposition is reflected in the statements
of operations.</span></p>

<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="TOMDF:PropertyPlantAndEquipmentDepreciationRateTableTextBlock"><p id="xdx_897_ecustom--PropertyPlantAndEquipmentDepreciationRateTableTextBlock_zeghzIbC8Zmg" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span id="xdx_8BE_zy95XznzgV9f" style="display: none">SCHEDULE OF PROPERTY PLANT AND
EQUIPMENT DEPRECIATION RATE</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 75%; margin-left: 0.5in">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</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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  <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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90A_ecustom--PropertyPlantAndEquipmentDepreciationRate_pid_dp_uPure_c20210101__20211231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember__srt--RangeAxis__srt--MinimumMember_ztn43WDfJFr9" title="Property, plant and equipment, depreciation rate"><ix:nonFraction name="TOMDF:PropertyPlantAndEquipmentDepreciationRate" contextRef="From2021-01-012021-12-31_us-gaap_FurnitureAndFixturesMember_srt_MinimumMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">7</ix:nonFraction></span>-<span id="xdx_909_ecustom--PropertyPlantAndEquipmentDepreciationRate_pid_dp_uPure_c20210101__20211231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember__srt--RangeAxis__srt--MaximumMember_zDM2M5i4DUbg" title="Property, plant and equipment, depreciation rate"><ix:nonFraction name="TOMDF:PropertyPlantAndEquipmentDepreciationRate" contextRef="From2021-01-012021-12-31_us-gaap_FurnitureAndFixturesMember_srt_MaximumMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">15</ix:nonFraction></span></span></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; width: 76%">Computers</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 20%; text-align: center"><span id="xdx_908_ecustom--PropertyPlantAndEquipmentDepreciationRate_pid_dp_uPure_c20210101__20211231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--ComputerEquipmentMember_ztoaHZwIUvB1" title="Property, plant and equipment, depreciation rate"><ix:nonFraction name="TOMDF:PropertyPlantAndEquipmentDepreciationRate" contextRef="From2021-01-012021-12-31_us-gaap_ComputerEquipmentMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">33</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; 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">Vehicle</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: center"><span id="xdx_903_ecustom--PropertyPlantAndEquipmentDepreciationRate_pid_dp_uPure_c20210101__20211231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--VehiclesMember_zmBZN4hgi67i" title="Property, plant and equipment, depreciation rate"><ix:nonFraction name="TOMDF:PropertyPlantAndEquipmentDepreciationRate" contextRef="From2021-01-012021-12-31_us-gaap_VehiclesMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">15</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  </table>


</ix:nonNumeric><p id="xdx_8A1_zKuAMteCp9M4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<ix:exclude><!-- Field: Page; Sequence: 109; 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 -->15<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#toc_002">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<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>TODOS
MEDICAL LTD.</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)</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">(U.S.
dollars in thousands)</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
2 - SIGNIFICANT ACCOUNTING POLICIES (CONT.)</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock"><p id="xdx_84C_eus-gaap--ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock_zubBjWmpUSrh" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#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; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>I.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_869_zTztniLnnDqe">Impairment
                                            of long-lived assets</span></b></span></td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s long-lived assets are reviewed for impairment in accordance with ASC 360, &#8220;Property, Plant and Equipment&#8221;,
whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets
to be held and used is measured by a comparison of the carrying amount of an asset to the future undiscounted cash flows expected to
be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by
which the carrying amount of the asset exceeds its fair value. During the years end December 31, 2021 and 2020 the Company recorded
$<span id="xdx_909_eus-gaap--ImpairmentOfLongLivedAssetsToBeDisposedOf_pn3n3_c20210101__20211231_z0HKPYexGR6k" title="Impairment loss"><ix:nonFraction name="us-gaap:ImpairmentOfLongLivedAssetsToBeDisposedOf" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">485</ix:nonFraction></span> and $<span id="xdx_905_eus-gaap--ImpairmentOfLongLivedAssetsToBeDisposedOf_pn3n3_dxL_c20200101__20201231_zmJyxVzPKDmf" title="::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl0753">0</span></span>, respectively, of impairment losses.</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="TOMDF:InvestmentInOtherCompaniesPolicyTextBlock"><p id="xdx_849_ecustom--InvestmentInOtherCompaniesPolicyTextBlock_zbjdcyUJsTp9" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#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; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>J.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_864_zQvkfB3e3kSl">Investment
                                            in other companies</span></b></span></td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Equity
investments without readily determinable fair values are measured at cost, less impairment, and plus or minus subsequent adjustments
for observable price changes. Periodic changes in the basis of these equity investments are reported in current earnings. In
addition, at each reporting period a qualitative assessment is performed to identify impairment. When a qualitative assessment
indicates an impairment exists, the Company estimates the fair value of the investment and recognize in current earnings an
impairment loss equal to the difference between the fair value and the carrying amount of the equity investment. During the years
ended December 31, 2021 and 2020, the Company has <span id="xdx_908_eus-gaap--ImpairmentLossesRelatedToRealEstatePartnerships_do_c20200101__20201231_zmr7goAjNGn8"><ix:nonFraction name="us-gaap:ImpairmentLossesRelatedToRealEstatePartnerships" contextRef="From2020-01-012020-12-31" format="ixt-sec:numwordsen" decimals="0" unitRef="USD">no</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">t
incurred impairment losses.</span></p>


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

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:InvestmentPolicyTextBlock"><p id="xdx_847_eus-gaap--InvestmentPolicyTextBlock_zEBXdoGsKlK5" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#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; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>K.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86D_zeyouYX9mR92">Investment
                                            in affiliated companies</span></b></span></td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_ecustom--OwnershipPercentageDescription_c20210101__20211231_znR7cDvDN6Yh" title="Ownership percentage, description"><ix:nonNumeric contextRef="From2021-01-012021-12-31" name="TOMDF:OwnershipPercentageDescription">Affiliated
company is company held to the extent of 20% or more (which are not subsidiary), or company less than 20% held, which the Company can
exercise significant influence over operating and financial policy of the affiliate</ix:nonNumeric></span>.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
investment in affiliated company is accounted for by the equity method under ASC Subtopic 323-30, &#8220;Investments - Equity Method
and Joint Ventures: Partnerships, Joint Ventures, and Limited Liability Entities&#8221;. Upon initial recognition, the cost of investment
is based on the direct costs of acquiring the investment including amounts incurred on behalf of the investee.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Following
the acquisition, the Company recognizes its proportionate share of the affiliated company&#8217;s net income or loss after the date of
investment. When previous losses have reduced the common stock investment account to zero, the Company continues to report its share
of equity method losses in its statement of operations to the extent of and as an adjustment to other investments in the investee such
as debt securities, long term loans or advances, if any. Such additional equity method losses are applied to the other investments based
on the seniority of the other investments (priority in liquidation) and the percentage ownership interest in each type of other investment
the Company holds (the &#8216;relative holdings approach&#8217;).</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">When
the Company achieves control on an affiliated company, the Previously Held Equity Interests (PHEI) in the affiliated company is remeasured
to its fair value immediately prior to the asset acquisition.</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:BusinessCombinationsPolicy"><p id="xdx_847_eus-gaap--BusinessCombinationsPolicy_z6mDKtAitail" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">When
the affiliated company is not considered a business as no substantive process is identified, amounts allocated to any In-Process Research
and Development (IPR&amp;D) to be used in research and development projects which have been determined not to have an alternative future
use are charged to expenses as of the acquisition date.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#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; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>L.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86E_zY9DFR6jLYff">Business
                                            Combinations</span></b></span></td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s consolidated financial statements include the operations of acquired businesses from the date of the acquisition&#8217;s
consummation. Acquired businesses are accounted for using the acquisition method of accounting, which requires, among other things, that
most assets acquired and liabilities assumed be recognized at their estimated fair values as of the acquisition date and that the fair
value of acquired in process research and development be recorded on the balance sheet. Transaction costs are expensed as incurred. Any
excess of the consideration transferred over the assigned values of the net assets acquired is recorded as goodwill.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">When
the Company acquires net assets that do not constitute a business, as defined under ASU 2017-01 Business Combinations (Topic 805) Clarifying
the Definition of a Business (such when there is no substantive process in the acquired entity), no goodwill is recognized and acquired
In-Process Research and Development intangible asset (&#8220;IPR&amp;D&#8221;) to be used in research and development projects which
have been determined not to have alternative future use, is expensed immediately. Accordingly, when the purchase price (i.e. cash consideration,
fair value of PHEI and the fair value of the equity interests issued) is fully attributed to such acquired IPR&amp;D to be used in a
research and development project which were determined not to have an alternative future use, the entire purchase price allocated to
the acquired IPR&amp;D and related deferred tax liability are charged to expense at the acquisition date as part of &#8220;Research and
Development expenses&#8221; and &#8220;Tax benefit&#8221; lines, respectively, in operations in the accompanying consolidated statement
of operations for the year ended December 31, 2020 (see also Note 5A3).</span></p>

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


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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#toc_002">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<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>TODOS
MEDICAL LTD.</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)</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">(U.S.
dollars in thousands)</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
2 - SIGNIFICANT ACCOUNTING POLICIES (CONT.)</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:GoodwillAndIntangibleAssetsPolicyTextBlock"><p id="xdx_84B_eus-gaap--GoodwillAndIntangibleAssetsPolicyTextBlock_zvP26CtOk9xd" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#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; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>M.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86F_zvCkIVU2z4d">Goodwill
                                            and intangible assets</span></b></span></td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Goodwill
represents the excess of the purchase price over the fair value of the identifiable net assets acquired in business combinations accounted
for in accordance with the &#8220;purchase method&#8221; and is allocated to reporting units at acquisition. Goodwill is not amortized
but rather tested for impairment at least annually in accordance with the provisions of ASC Topic 350, &#8220;Intangibles - Goodwill
and Other&#8221;. The Company performs its goodwill annual impairment test for the reporting units at December 31 of each year, or more
often if indicators of impairment are present.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intangible
assets with finite lives are amortized using the straight-line basis over their useful lives, to reflect the pattern in which the economic
benefits of the intangible assets are consumed or otherwise used up (See Note 3).</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="TOMDF:RightToObtainControlOverAffiliatedCompanyAndRightToAcquireSharesOfOtherCompaniesPolicyTextBlock"><p id="xdx_846_ecustom--RightToObtainControlOverAffiliatedCompanyAndRightToAcquireSharesOfOtherCompaniesPolicyTextBlock_zD9pNhyR9ay7" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">During the years end December 31,
2021 and 2020 the Company recorded $<span id="xdx_907_eus-gaap--GoodwillImpairmentLoss_pn3n3_c20210101__20211231_z19CWWyOIuga" title="Impairment of goodwill"><ix:nonFraction name="us-gaap:GoodwillImpairmentLoss" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,545</ix:nonFraction></span> and $<span id="xdx_904_eus-gaap--GoodwillImpairmentLoss_pn3n3_dxL_c20200101__20201231_zVTCg21WAFj8" title="::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl0769">0</span></span>, respectively, of impairment losses.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#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; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>N.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_867_zs4bhzRRZ17j">Right
                                            to obtain control over affiliated company and right to acquire shares of other companies</span></b></span></td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company accounted for the right to obtain control over affiliated company and the right to acquire shares of other companies, as a non-current
financial derivative asset according to the provisions of ASC 815-10, &#8220;Derivatives and Hedging - Overall&#8221; (&#8220;ASC 815-10&#8221;).
Upon initial recognition and in subsequent periods such asset is measured at fair value by using the Black-Scholes Option Pricing Model,
which requires inputs such as the underlying share asset value and share price volatility. These assumptions are reviewed on a regular
basis and changes in the estimated fair value of the outstanding right to obtain control over affiliated company and the right to acquire
shares of other companies were recognized each reporting period as part of in the &#8220;Share in Losses of Affiliated Company&#8221;
line or &#8220;Finance Expenses&#8221; line, as applicable in operations in the accompanying consolidated statement of operations, until
such rights are exercised or expired (see also Note 5A).</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:IncomeTaxUncertaintiesPolicy"><p id="xdx_843_eus-gaap--IncomeTaxUncertaintiesPolicy_zB8Bf9cUjzo9" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#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; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>O.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_863_zSHtLQLfRK05">Deferred
                                            income taxes</span></b></span></td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company accounts for income taxes in accordance with ASC Topic 740, &#8220;Income Taxes&#8221;. Accordingly, deferred income taxes are
determined utilizing the asset and liability method based on the estimated future tax effects of differences between the financial accounting
and the tax bases of assets and liabilities under the applicable tax law. Deferred tax balances are computed using the enacted tax rates
expected to be in effect when these differences reverse. Valuation allowance in respect of deferred tax assets are provided for, if necessary,
to reduce deferred tax assets is amounts more likely than not to be realized.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company accounts for uncertain tax positions in accordance with ASC Topic 740-10, which prescribes detailed guidance for the financial
statement recognition, measurement and disclosure of uncertain tax positions recognized in an enterprise&#8217;s financial statements.
According to ASC Topic 740-10, tax positions must meet a more-likely-than-not recognition threshold. The Company&#8217;s accounting policy
is to classify interest and penalties relating to uncertain tax positions under income taxes, however the Company did not recognize such
items in its fiscal 2021 and 2020 financial statements and did not recognize any liability with respect to an unrecognized tax position
in its balance sheets.</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:PostemploymentBenefitPlansPolicy"><p id="xdx_84C_eus-gaap--PostemploymentBenefitPlansPolicy_z9HsLJDkLbJg" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#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; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>P.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_867_zTDn4IZT0Si8">Liability
                                            for employee rights upon retirement</span> </b></span></td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s liability for severance pay to its Israeli employees is pursuant to Section 14 of the Israeli Severance Compensation
Act, 1963 (&#8220;Section 14&#8221;), pursuant to which all the Company&#8217;s employees are included under Section 14, and are entitled
only to monthly deposits, at a rate of <span id="xdx_902_eus-gaap--DefinedContributionPlanEmployerMatchingContributionPercent_pid_dp_uPure_c20210101__20211231_zb0iiLIoZ0ji" title="Employee contribution percentage"><ix:nonFraction name="us-gaap:DefinedContributionPlanEmployerMatchingContributionPercent" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">8.33</ix:nonFraction></span>% of their monthly salary, made in the employee&#8217;s name with insurance companies. Under
Israeli employment law, payments in accordance with Section 14 release the Company from any future severance payments in respect of those
employees. The fund is made available to the employee at the time the employer-employee relationship is terminated, regardless of cause
of termination. The severance pay liabilities and deposits under Section 14 have been irrevocably transferred to the severance funds.
As a result of the implementation of Section 14, as described above, the liability is covered by the amounts deposited, including accumulated
income thereon, as well as by the unfunded provision.</span></p>

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


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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#toc_002">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)</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">(U.S.
dollars in thousands)</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
2 - SIGNIFICANT ACCOUNTING POLICIES (CONT.)</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:ConcentrationRiskCreditRisk"><p id="xdx_84B_eus-gaap--ConcentrationRiskCreditRisk_zlCdgh88QJk6" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Q.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_863_z6pUfQbYgSB4">Concentrations
                                            of credit risk</span></b></span></td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, restricted
cash and trade receivables as well as certain other current assets that do not amount to a significant amount. Cash and cash equivalents,
which are primarily held in Dollars and New Israeli Shekels, are deposited with major banks in Israel. Management believes that such
financial institutions are financially sound and, accordingly, minimal credit risk exists with respect to these financial instruments.
The Company does not have any significant off-balance-sheet concentration of credit risk, such as foreign exchange contracts, option
contracts or other foreign hedging arrangements. Most of the Group&#8217;s sales are made in United States to a small number of customers.
Management periodically evaluates the collectability of the trade receivables to determine the amounts that are doubtful of collection
and determine a proper allowance for doubtful accounts. Accordingly, management believes that the Group&#8217;s trade receivables do
not represent a substantial concentration of credit risk.</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:CommitmentsAndContingenciesPolicyTextBlock"><p id="xdx_840_eus-gaap--CommitmentsAndContingenciesPolicyTextBlock_z37MhUHXwoz5" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#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; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>R.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86D_zePHrBkhkgLc">Contingencies</span></b></span></td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company and its subsidiaries are involved in certain legal proceedings and certain business relationships that arise from time to time
in the ordinary course of their business and in connection with certain agreements with third parties (such as with respect to certain
royalty agreements). Except for income tax contingencies, the Company applies the provisions of ASC Topic 450, Contingencies. Thus, the
Company records accruals for contingencies to the extent that the management concludes that the occurrence is probable and that the related
liabilities are estimable. Legal expenses associated with contingencies are expensed as incurred.</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:LesseeLeasesPolicyTextBlock"><p id="xdx_842_eus-gaap--LesseeLeasesPolicyTextBlock_zPjCpQbmbFT4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#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; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>S.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_860_zRweapArDR23">Leases</span></b></span></td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
February 2016, the FASB established Topic 842, Leases, by issuing Accounting Standards Update (ASU) No. 2016-02. The guidance establishes
a right-of-use model (&#8220;ROU&#8221;) that requires a lessee to recognize a ROU asset and lease liability on the balance sheet for
all leases with a term longer than 12 months. The Company determines if an arrangement is or contains a lease at contract inception.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is a lessee in certain operating leases primarily for office space and transportation.. Operating leases are included in operating
lease right-of-use (&#8220;ROU&#8221;) assets, other current liabilities, and operating lease liabilities in our consolidated balance
sheets.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ROU
assets represent Company&#8217;s right to use an underlying asset for the lease term and lease liabilities represent Company&#8217;s
obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date
based on the present value of lease payments over the lease term. As most of our leases do not provide an implicit rate, the Company
generally uses the incremental borrowing rate based on the estimated rate of interest for collateralized borrowing over a similar term
of the lease payments at commencement date. The operating lease ROU asset also includes any lease payments made and excludes lease incentives.
Company&#8217;s lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise
that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company monitors for events or changes in circumstances that require a reassessment of one of its leases. When a reassessment results
in the remeasurement of a lease liability, a corresponding adjustment is made to the carrying amount of the corresponding ROU asset unless
doing so would reduce the carrying amount of the ROU asset to an amount less than zero. In that case, the amount of the adjustment that
would result in a negative ROU asset balance is recorded in the statement of comprehensive loss.</span></p>

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


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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#toc_002">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)</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">(U.S.
dollars in thousands)</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
2 - SIGNIFICANT ACCOUNTING POLICIES (CONT.)</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:FairValueMeasurementPolicyPolicyTextBlock"><p id="xdx_841_eus-gaap--FairValueMeasurementPolicyPolicyTextBlock_zf1YuYYOlGF9" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>T.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_864_zqeocSM5b3dh">Fair
                                            Value Measurements</span></b></span></td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company measures and discloses fair value in accordance with the ASC Topic 820, Fair Value Measurements and Disclosures which defines
fair value, establishes a framework and gives guidance regarding the methods used for measuring fair value, and expands disclosures about
fair value measurements. Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer
a liability in an orderly transaction between market participants at the measurement date. As such, fair value is a market-based measurement
that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering
such assumptions there exists a three-tier fair-value hierarchy, which prioritizes the inputs used in measuring fair value as follows:</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
1 - unadjusted quoted prices are available in active markets for identical assets or liabilities that the Company has the ability to
access as of the measurement date.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
2 - pricing inputs are other than quoted prices in active markets that are directly observable for the asset or liability or indirectly
observable through corroboration with observable market data.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
3 - pricing inputs are unobservable for the non-financial asset or liability and only used when there is little, if any, market activity
for the non-financial asset or liability at the measurement date. The inputs into the determination of fair value require significant
management judgment or estimation. Level 3 inputs are considered as the lowest priority within the fair value hierarchy. The valuation
of the right to obtain control over affiliated company, right to acquire shares of other companies, contingent consideration to be paid
upon achieving of performance milestone, certain convertible bridge loans (following the maturity date and thereafter) and certain freestanding
stock warrants and bifurcated convertible feature of convertible bridge loans issued to the units&#8217; owners, fall under this category.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
hierarchy requires the Company to use observable market data, when available, and to minimize the use of unobservable inputs when determining
fair value.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
fair value of cash and cash equivalents is based on its demand value, which is equal to its carrying value. Additionally, the carrying
value of all other short-term monetary assets and liabilities are estimated to be equal to their fair value due to the short-term nature
of these instruments.</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:ResearchAndDevelopmentExpensePolicy"><p id="xdx_84C_eus-gaap--ResearchAndDevelopmentExpensePolicy_z0OUNpiFz6ni" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#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; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>U.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_862_zrJhUWfmmBR4">Research
                                            and development expenses</span> </b></span></td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Research
and development expenses are charged to operations as incurred.</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="TOMDF:RoayaltyBearingGrantsPolicyTextBlock"><p id="xdx_845_ecustom--RoayaltyBearingGrantsPolicyTextBlock_zUrZQHhOlwob" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>V.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86D_ztSzVgj81E15">Royalty-bearing
                                            grants</span> </b></span></td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Royalty-bearing
grants from the Israeli Innovation Authority of the Ministry of Industry, Trade and Labor (the &#8220;IIA&#8221;) for funding approved
research and development projects are recognized at the time the Company is entitled to such grants (i.e. at the time that there is reasonable
assurance that the Company will comply with the conditions attached to the grant and that there is reasonable assurance that the grant
will be received), on the basis of the costs incurred and reduce research and development costs (see also Note 14B1). The cumulative
research and development grants received by the Company from inception through December 2021 and 2020, amounted to $<span id="xdx_90D_ecustom--ResearchAndDevelopmentGrantsReceived_pn3n3_c20210101__20211231_zHEhNApN3rkc" title="Research and development grants received"><span id="xdx_908_ecustom--ResearchAndDevelopmentGrantsReceived_pn3n3_c20200101__20201231_zadxvuOUHSZf"><ix:nonFraction name="TOMDF:ResearchAndDevelopmentGrantsReceived" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD"><ix:nonFraction name="TOMDF:ResearchAndDevelopmentGrantsReceived" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">272</ix:nonFraction></ix:nonFraction></span></span>.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2021, and 2021, the Company did not accrue for or pay any royalties to the IIA as no revenue related to the funded projects
has yet been generated.</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_z3Kex9MwgzS9" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#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; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>W.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_860_znI3SoATvg6h">Basic
                                            and diluted net loss per ordinary share</span> </b></span></td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company computes net loss per share in accordance with ASC 260, &#8220;Earning per Share&#8221;, which requires presentation of both
basic and diluted loss per share on the face of the statement of operations.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic
net loss per ordinary share is computed by dividing the net loss for the period applicable to ordinary shareholders, by the weighted
average number of ordinary shares outstanding during the period. Diluted loss per share gives effect to all potentially dilutive common
shares outstanding during the year using the treasury stock method with respect to stock options and certain stock warrants and using
the if-converted method with respect to convertible bridge loans and certain stock warrants. In computing diluted loss per share, the
average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options
or warrants. During the years ended December 31, 2021 and 2020 the total weighted average number of ordinary shares related to outstanding
stock options, stock warrants and convertible bridge loans excluded from the calculation of the diluted loss per share was <span id="xdx_904_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20210101__20211231_z6TR7IXjCSKc"><ix:nonFraction name="us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">450,033,661</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and <span id="xdx_90D_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20200101__20201231_zQj4ikoSI8Kd"><ix:nonFraction name="us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">112,508,547</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
respectively.</span></p>

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


<ix:exclude><!-- Field: Page; Sequence: 113; Value: 1 -->
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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#toc_002">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<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>TODOS
MEDICAL LTD.</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)</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">(U.S.
dollars in thousands)</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
2 - SIGNIFICANT ACCOUNTING POLICIES (CONT.)</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:RevenueRecognitionPolicyTextBlock"><p id="xdx_843_eus-gaap--RevenueRecognitionPolicyTextBlock_zlD0j3hv5D5d" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#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; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>X.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_861_zyrbmhzeJmPh">Revenues
                                            recognition</span></b></span></td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 1, 2018, the Company adopted ASC 606, Revenue from Contracts with Customers (&#8220;ASC 606&#8221;) which supersedes the existing
revenue recognition accounting rules. Under the new guidance the Company determines revenue recognition through the following five steps:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#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; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">&#9632;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Identification
                                            of the contract, or contracts, with a customer;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"></td><td style="font: 10pt Times New Roman, Times, Serif">&#9632;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Identification
                                            of the performance obligations in the contract;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"></td><td style="font: 10pt Times New Roman, Times, Serif">&#9632;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Determination
                                            of the transaction 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">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"></td><td style="font: 10pt Times New Roman, Times, Serif">&#9632;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Allocation
                                            of the transaction price to the performance obligations in the contract; 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">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">&#9632;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Recognition
                                            of revenue when, or as, the Company satisfies a performance obligation.</span></td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
each type of contract at inception, the Company assesses the goods or service promised in a contract with a customer and identifies the
performance obligations.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">When
contract for the sale of goods or service includes option that provides the customer with free or discounted goods or services to be
provided by the Company in the future, the company assess whether such right represent a material right. When it is determined that such
right is considered to be material the Company accounts for such a promise as a separate performance obligation.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
respect to contracts that are determined to have multiple performance obligations (such as goods and a material right to free or discounted
goods to be provided in the future), the Company allocates the contract&#8217;s transaction price to each performance obligation using
its best estimate of the relative standalone selling price of each distinct good or service in the contract. In assessing whether to
allocate variable consideration to a specific part of the contract, the Company considers the nature of variable payment (if any) and
whether it relates specifically to its efforts to satisfy a specific part of the contract.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenues
are recognized when, or as, control of services or products is transferred to the customers at a point in time or over time, as applicable
to each performance obligation.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenues
are recorded in the amount of consideration to which the Company expects to be entitled in exchange for performance obligations upon
transfer of control to the customer, excluding amounts collected on behalf of other third parties and sales taxes.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company does not adjust the amount of consideration for the effects of a significant financing component since the Company expects, at
contract inception, that the period between the time of transfer of the promised goods or services to the customer and the time the customer
pays for these goods or services to be generally one year or less, based on the practical expedient. The Company&#8217;s credit terms
to customers are, on average, between thirty and ninety days.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">When
another party is involved in providing goods or services to the customer, the Company examines whether the nature of its promise is a
performance obligation to provide the defined goods or services itself, which means the Company is a principal and therefore recognizes
revenue in the gross amount of the consideration, or to arrange that another party provide the goods or services which means the Company
is an agent and therefore recognizes revenue in the amount of the net commission. Such determination is performed separately for each
specified good or service promised to a customer.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
making that evaluation, the Company considers whether it controls the promised good or service before transferring that good or service
to the customer. The Company considers indicators such as whether the Company is the primary obligor for fulfilling the promises in the
contract and assumes risks and rewards as a principal or an agent, including the credit risks; the Company has inventory risk before
the goods or services are transferred to the customer; and the Company has discretion in setting prices of the goods or services and
selecting its suppliers.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Generally,
in cases in which the Company is primarily obligated in a transaction, is subject to risk, involved in the determination of the product
(or the service) specifications, separately negotiates each revenue service agreement and has inventory risk, revenue is recorded on
a gross basis.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Commencing
2020, the Company generated revenues from commercial sale of COVID-19 related equipment, reagents and testing supplies through sub-distribution
agreement with unrelated distribution companies with clients who are seeking comprehensive testing solutions for return-to-work programs.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred
revenue includes unearned amounts received and amounts received from customers (mostly advances from customers for COVID-19 related products)
but not yet recognized as revenues as the performance obligation has not been fulfilled by the Company.</span></p>

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


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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#toc_002">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<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>TODOS
MEDICAL LTD.</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)</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">(U.S.
dollars in thousands)</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
2 - SIGNIFICANT ACCOUNTING POLICIES (CONT.)</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="TOMDF:ConvertibleBridgeLoansAndNotesPolicyTextBlock"><p id="xdx_84C_ecustom--ConvertibleBridgeLoansAndNotesPolicyTextBlock_zwTIbEDIGGk6" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#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; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Y.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86D_z1hgE6v9h97k">Convertible
                                            Bridge Loans and Notes</span></b></span></td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
initial recognition of Convertible loans, Convertible Notes and similar instruments, the Company considers the provisions of ASC 815-40,
&#8220;Derivatives and Hedging - Contracts in Entity&#8217;s Own Equity&#8221; (&#8220;ASC 815-40&#8221;) in order to determine whether
the embedded conversion feature within the convertible instrument should be separated from the host instrument.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Host
contract is not convertible upon issuance</span></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">When
it is determined that the embedded conversion feature should not be bifurcated from the host instrument, as at the initial investment
date the loan was considered as straight loan with maturity term which is under the control of the Company, the bridge loan was recognized
based on the amount allocated as described in Note 2Z less the applicable issuance cost. The difference between the face value
of the bridge loan to such allocated process (after allocation of the proceeds received to detachable freestanding financial instrument
(i.e. detachable warrants) that were granted to lenders), represents a discount which is amortized as finance expense to profit or loss
by using effective interest method over the term of the bridge loan until its stated maturity. Following the maturity date and subject
to the Company&#8217;s discrete decision not to repay the loan for cash, the bridge loan became subject to the provision of ASC 480 &#8220;Distinguishing
Liabilities from Equity&#8221; as it represents an obligation to issue a variable number of shares (share-settled obligation). Thus,
upon the lapse of the Company&#8217;s right to repay the bridge loan for cash, the bridge loan is measured at fair value through profit
or loss with changes presented within financing income or expense, as applicable.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Host
contract is convertible upon issuance</span></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">When
it is determined that the embedded conversion feature does not qualify for equity classification, the Company recognized the embedded
conversion feature as a separate derivative liability upon initial recognition and on subsequent periods at fair value by using the Black-Scholes
Option Pricing Model. The remaining consideration amount received or allocated to the entire convertible instrument is allocated to the
host debt instrument. The difference between the face value of the host and such allocated amount represents a discount which is amortized
as finance expense to profit or loss by using effective interest method over the term of the loan until its stated maturity.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">When
it is determined that the embedded conversion feature qualifies for equity classification (such when the embedded conversion option,
if it were freestanding, does not qualify as a derivative in accordance with the provisions of ASC 815-10, &#8220;Derivatives
and Hedging&#8221; since its terms did not require or permit net settlement or when the embedded conversion option is indexed to the
company&#8217;s own stock), the conversion option is not bifurcated. When bifurcation is not required, the Company applies ASC 470-20,
&#8220;Debt - Debt with Conversion and Other Options&#8221; (&#8220;ASC 470-20&#8221;) which clarifies the accounting for instruments
with Beneficial Conversion Feature (BCF) or contingently adjustable conversion ratios, to determine whether the conversion feature is
beneficial to the lender.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BCF
was calculated by allocating the proceeds received to the convertible instrument and to any detachable freestanding financial instrument
(such as detachable warrants) included in the transaction (or any other embedded feature that was required bifurcation from the host)
and by measuring the intrinsic value of the conversion option based on the effective conversion price as a result of the allocated proceed.
The intrinsic value of the conversion option, if any, is recorded as a discount with respect to the loan, with a corresponding amount
credited directly to equity as additional paid-in capital. After the initial recognition, the discount is amortized as interest expense
over the contractual term of the Loan (before its modification) by using the effective interest method.</span></p>

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


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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#toc_002">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<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>TODOS
MEDICAL LTD.</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)</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">(U.S.
dollars in thousands)</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
2 - SIGNIFICANT ACCOUNTING POLICIES (CONT.)</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="TOMDF:AllocationOfProceedsAndRelatedIssuanceCostsPolicyTextBlock"><p id="xdx_840_ecustom--AllocationOfProceedsAndRelatedIssuanceCostsPolicyTextBlock_zJb4gpWpBBca" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#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; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Z.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86F_zuzIMRmGXLvb">Allocation
                                            of proceeds and related issuance costs</span></b></span></td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">When
multiple instruments are issued in a single transaction (package issuance), the total net proceeds from the transaction are allocated
among the individual freestanding instruments identified. The allocation occurs after identifying all the freestanding instruments and
the subsequent measurement basis for those instruments.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
instruments that are required to be subsequently measured at fair value (i.e. derivative warrants liability and derivative liability
related to bifurcated embedded conversion feature) are measured at fair value and the remaining consideration is allocated to other financial
instruments that are not required to be subsequently measured at fair value (i.e. certain convertible bridge loans, warrants eligible
for equity classification) and common stock, based on the relative fair value basis for such instruments.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
allocation of issuance costs to freestanding instruments was based on an approach that is consistent with the allocation of the proceeds,
as described above.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issuance
costs allocated to the derivative warrant liability or bifurcated embedded conversion feature were immediately expensed, as discussed
above. Issuance costs allocated to warrants stock classified as equity component were recorded as a reduction of additional paid-in capital.
Issuance costs allocated to convertible bridge loan (or to the host component of convertible bridge loan if bifurcation was applied)
are recorded as a discount of the host component and accreted over the contractual term of loans up to face value of such loans using
the effective interest method.</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="TOMDF:StockWarrantsPolicyTextBlock"><p id="xdx_84D_ecustom--StockWarrantsPolicyTextBlock_zc85GXxCFck3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#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; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>AA.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86F_zea9ghjIEXUa">Stock
                                            Warrants</span></b></span></td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
warrants that were granted by the Company for lenders through convertible bridge loans transactions and stock warrants that were granted
as result of modification of terms of certain convertible bridge loans transactions (see also Note 10) are classified as a component
of permanent equity since they are freestanding financial instruments that are legally detachable and separately exercisable, do not
embody an obligation for the Company to repurchase its own shares, and permit the holders to receive a fixed number of shares of common
stock upon exercise for a fixed exercise price and thus, are considered as indexed to the Company&#8217;s own stock. In addition, the
warrants must require physical settlement and may not provide any guarantee of value or return. Such warrants were initially recognized
based on the allocation method described in Note 2X above as an increase to additional paid-in capital. When applicable, direct issuance
expenses that were allocated to the above warrants were deducted from additional paid-in capital.</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="TOMDF:DerivativeWarrantsLiabilityPolicyTextBlock"><p id="xdx_849_ecustom--DerivativeWarrantsLiabilityPolicyTextBlock_zhaRUiTS0ZEg" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#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; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BB.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86B_zZ1DpE1cGgSa">Derivative
                                            Warrants Liability</span></b></span></td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company accounts for certain warrants to purchase Ordinary Shares in connection with certain private placement transactions and convertible
bridge loans transactions, held by investors and/or lenders, that include a fundamental transaction feature pursuant to which such warrants
could be required to be settled in cash upon certain events which some of them are not considered solely within the control of the Company,
as a non-current liability according to the provisions of ASC 815-40, &#8220;Derivatives and Hedging - Contracts in Entity&#8217;s Own
Equity&#8221; (&#8220;ASC 815-40&#8221;). The Company accounted for these warrants as a financial liability measured upon initial recognition
and on subsequent periods at fair value by using the Black-Scholes Option Pricing Model.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
warrants that were granted by the Company for lenders through convertible bridge loans transactions (see also Note 10) entitle
the lenders to exercise the warrants for a variable number of shares and/or for a variable exercise price and thus the fixed-for-fixed
criteria is not met. Accordingly, the warrants were classified as a non-current liability according to the provisions of ASC 815-40,
&#8220;Derivatives and Hedging - Contracts in Entity&#8217;s Own Equity&#8221; (&#8220;ASC 815-40&#8221;). The Company accounted for
these warrants as a financial derivative liability measured upon initial recognition and on subsequent periods at fair value by using
the Black-Scholes Option Pricing Model.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
fair value of the aforesaid warrants derivative liability is estimated using the Black-Scholes Model which requires inputs such as the
expected term of the warrants, share price volatility and risk-free interest rate. These assumptions are reviewed on a regular basis
and changes in the estimated fair value of the outstanding warrants are recognized each reporting period as part of in the &#8220;Financing
(income) expenses, net&#8221; line in operations in the accompanying consolidated statement of net loss, until such warrants are exercised
or expired. When applicable, direct issuance expenses that were allocated to the above warrants were expensed as incurred.</span></p>

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


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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#toc_002">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<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>TODOS
MEDICAL LTD.</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)</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">(U.S.
dollars in thousands)</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
2 - SIGNIFICANT ACCOUNTING POLICIES (CONT.)</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:ShareBasedCompensationOptionAndIncentivePlansPolicy"><p id="xdx_842_eus-gaap--ShareBasedCompensationOptionAndIncentivePlansPolicy_zjnYLSEykt5a" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#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; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CC.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86D_zXicQt7Kmcfd">Stock-based
                                            compensation</span></b></span></td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company measures and recognizes the compensation expense for all equity-based payments to employees based on their estimated fair
values in accordance with ASC 718, &#8220;Compensation-Stock Compensation&#8221;. Share-based payments including grants of share
options are recognized in the statement of operations as an operating expense based on the fair value of the award at the grant
date. The fair value of share options granted is estimated using the Black-Scholes option-pricing model. The inputs for the
valuation analysis of the share options include several assumptions, of which the most significant are the expected stock price
volatility and the expected option term. Expected volatility was calculated based upon historical volatility of peer companies in
the same industry on weekly basis since the marketability of the Company is considered low. The expected option term represents the
period that the Company&#8217;s stock options are expected to be outstanding and is determined based on the simplified method until
sufficient historical exercise data will support using expected life assumptions. The risk-free interest rate is based on the yield
from U.S. treasury bonds with an equivalent term. The expected dividend yield assumption is based on the Company&#8217;s historical
experience and expectation of no future dividend payouts. The Company has historically not paid cash dividends and has no
foreseeable plans to pay cash dividends in the future. The Company has expensed compensation costs, net of forfeitures as they
occur, applying the accelerated vesting method, over the requisite service period or over the implicit service period when a
performance condition affects the vesting, and it is considered probable that the performance condition will be achieved.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Until
December 31, 2018, Share-based payments awarded to consultants (non-employees) were accounted for in accordance with ASC Topic 505-50,
&#8220;Equity-Based Payments to Non-Employees&#8221;. Commencing January 1, 2019, following the adoption of ASU 2018-07 which aligns
the measurement and classification guidance for share-based payments to nonemployees with the guidance for share-based payments to employees
(with certain exceptions), share-based payments to non-employees are accounted in accordance with ASC 718.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
modification to the terms and/or conditions of an award (i.e. a change of award&#8217;s fair value, vesting conditions or classification
as an equity or a liability instrument) is accounted for as an exchange of the original award for a new award resulting in total compensation
cost equal to the grant-date fair value of the original award, plus the incremental value of the modification to the award. The calculation
of the incremental value is based on the excess of the fair value of the modified award based following the modification over the fair
value of the original award measured immediately before its terms were modified.</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="TOMDF:ModificationsOrExchangesPolicyTextBlock"><p id="xdx_843_ecustom--ModificationsOrExchangesPolicyTextBlock_zTXCxrV1soX9" style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#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; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>DD.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_863_zGXFFHnH5fHg">Modifications
                                            or exchanges</span></b></span></td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Modifications
to, or exchanges of, financial instruments such as convertible loans, are accounted for as a modification or an extinguishment, following
to provisions of ASC 470-50, &#8220;Debt- Modification and Extinguishments&#8221;, under which modifications or exchanges are generally
considered extinguishments with gains or losses recognized in current earnings if the terms of the new debt and original instrument are
substantially different. Such an assessment is done by management either quantitatively (i.e. when the present value of the cash flows
under the new debt instrument terms is at least 10% different from the present value of the remaining cash flows under the original instrument
terms) or qualitatively based on the facts and circumstances of each transaction.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the terms of a debt instrument are changed or modified and the present value of the cash flows under the terms of the new debt instrument
is less than 10%, the debt instruments are not considered to be substantially different, except in the following two circumstances (i)
the transaction significantly affects the terms of an embedded conversion option, such that the change in the fair value of the embedded
conversion option (calculated as the difference between the fair value of the embedded conversion option immediately before and after
the modification or exchange) is at least 10% of the carrying amount of the original debt instrument immediately before the modification
or exchange or (ii) the transaction adds a substantive conversion option or eliminates a conversion option that was substantive at the
date of the modification or exchange.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the original and new debt instruments are considered as &#8220;substantially different&#8221;, the original debt is derecognized and
the new debt is initially recorded at fair value, with the difference recognized as an extinguishment gain or loss under financial expense
or income as applicable.</span></p>

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


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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#toc_002">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<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>TODOS
MEDICAL LTD.</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)</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">(U.S.
dollars in thousands)</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
2 - SIGNIFICANT ACCOUNTING POLICIES (CONT.)</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock"><p id="xdx_84C_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_zRjBYCTbk46j" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#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; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>EE.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_860_zZuc7bqUK1Q1">Recent
                                            Accounting Pronouncements</span></b></span></td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Recently
Adopted Accounting Pronouncements</i></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 1, 2021, the Company adopted Accounting Standards Update (ASU) No. 2020-01, Investments&#8212;Equity Securities (Topic 321),
Investments&#8212; Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) (ASU 2020-01), which clarifies
the interaction of the accounting for equity securities under Topic 321, the accounting for equity method investments in Topic 323, and
the accounting for certain forward contracts and purchased options in Topic 815. The adoption of this new standard did not have a material
impact on our consolidated financial statements..</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
October 1, 2021, the Company early adopted ASU No. 2020-06, Debt-Debt with Conversion and Other Options (Subtopic 470-20) and
Derivatives and Hedging-Contracts in Entity&#8217;s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts
in an Entity&#8217;s Own Equity (ASU 2020-06), which simplifies the accounting for convertible instruments by reducing the number of
accounting models available for convertible debt instruments. This guidance also eliminates the treasury stock method to calculate diluted
earnings per share for convertible instruments and requires the use of the if-converted method. The new standard was effective for us
beginning January 1, 2022, with early adoption permitted. The adoption of this new standard did not have a material impact on our consolidated
financial statements..</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The amendments in
this ASU simplify the accounting for income taxes, eliminates certain exceptions to the general principles in Topic 740 and clarifies
certain aspects of the current guidance to improve consistent application among reporting entities. ASU 2019-12 is effective for fiscal
years beginning after December 15, 2021 and interim periods within annual periods beginning after December 15, 2022, though early adoption
is permitted, including adoption in any interim period for which financial statements have not yet been issued. The Company is currently
evaluating the effect the adoption of ASU 2019-12 will have on its consolidated financial statements.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
new pronouncements issued but not effective as of December 31, 2021 are not expected to have a material impact on the Company&#8217;s
consolidated financial statements.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Accounting
Pronouncements Not Yet Adopted</i></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities
from Contracts with Customers (ASU 2021-08), which clarifies that an acquirer of a business should recognize and measure contract assets
and contract liabilities in a business combination in accordance with Accounting Standards Codification (ASC) Topic 606, Revenue from
Contracts with Customers (Topic 606). This guidance will be effective for us in the first quarter of 2023 on a prospective basis, with
early adoption permitted. We are currently evaluating the impact of the new guidance on our consolidated financial statements.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
November 2021, the FASB issued ASU No. 2021-10, Government Assistance (Topic 832): Disclosure by Business Entities about Government Assistance
(ASU 2021-10), which improves the transparency of government assistance received by most business entities by requiring the disclosure
of:</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
types of government assistance received; (2) the accounting for such assistance; and (3) the effect of the assistance on a business entity&#8217;s
financial statements. This guidance will be effective for us in the year ended December 31, 2022, with early adoption permitted. We are
currently evaluating the impact of the new guidance on our consolidated financial statements.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
new pronouncements issued but not effective as of December 31, 2021 are not expected to have a material impact on the Company&#8217;s
consolidated financial statements.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 118; Value: 1 -->
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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#toc_002">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<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>TODOS
MEDICAL LTD.</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)</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">(U.S.
dollars in thousands)</span></p>

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

</ix:nonNumeric></ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:InvestmentHoldingsTextBlock"><p id="xdx_806_eus-gaap--InvestmentHoldingsTextBlock_zntH3juMrmS5" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
3 &#8211; <span id="xdx_820_z08c6wLxjN5j">INVESTMENT PROVISTA DIAGNOSTIC, INC</span></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April 19, 2021, the Company entered into a Share Purchase Agreement (&#8220;SPA&#8221;) with Strategic Investment Holdings, LLC, Ascenda
BioSciences LLC (&#8220;SIH&#8221;, &#8220;Ascenda&#8221; and together referring as &#8220;Sellers&#8221;, respectively) and Provista
Diagnostics, Inc. (&#8220;Provista&#8221;). Ascenda was the sole owner of the outstanding securities of Provista and SIH is the sole
owner of all the outstanding securities of Ascenda. Provista is a medical diagnostics company based in Alpharetta, Georgia that owns
the intellectual property rights to the proprietary breast cancer blood test, Videssa&#174;, and has a diagnostic testing laboratory currently
performing COVID-19 PCR testing, primarily for the medical and entertainment industries.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the terms and conditions of the SPA, the Company shall purchase from the Sellers <span id="xdx_90D_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_c20210416__20210419__us-gaap--TypeOfArrangementAxis__custom--SharePurchaseAgreementMember__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember__dei--LegalEntityAxis__custom--ProvistaDiagnosticsIncMember_ztVO0y3GacHa" title="Stock issued during period shares purchase"><ix:nonFraction name="us-gaap:SaleOfStockNumberOfSharesIssuedInTransaction" contextRef="From2021-04-162021-04-19_custom_SharePurchaseAgreementMember_us-gaap_PreferredStockMember_custom_ProvistaDiagnosticsIncMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">3,599</ix:nonFraction></span> shares of Preferred Stock and <span id="xdx_90A_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_c20210416__20210419__us-gaap--TypeOfArrangementAxis__custom--SharePurchaseAgreementMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__dei--LegalEntityAxis__custom--ProvistaDiagnosticsIncMember_zzX3nGxYVAr8" title="Shares of ordinary stock"><ix:nonFraction name="us-gaap:SaleOfStockNumberOfSharesIssuedInTransaction" contextRef="From2021-04-162021-04-19_custom_SharePurchaseAgreementMember_us-gaap_CommonStockMember_custom_ProvistaDiagnosticsIncMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,581</ix:nonFraction></span> shares
of Ordinary Stock (collectively the &#8220;Provista Shares&#8221;) representing <span id="xdx_900_eus-gaap--SaleOfStockPercentageOfOwnershipAfterTransaction_pid_dp_c20210414__20210419__us-gaap--TypeOfArrangementAxis__custom--SharePurchaseAgreementMember__dei--LegalEntityAxis__custom--ProvistaDiagnosticIncMember_zkw55kbVxrZ1" title="Sale of stock, percentage"><ix:nonFraction name="us-gaap:SaleOfStockPercentageOfOwnershipAfterTransaction" contextRef="From2021-04-142021-04-19_custom_SharePurchaseAgreementMember_custom_ProvistaDiagnosticIncMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>% of Provista&#8217; s securities outstanding, for
an aggregate purchase price of $<span id="xdx_906_eus-gaap--SaleOfStockConsiderationReceivedOnTransaction_pn3n3_c20210416__20210419__us-gaap--TypeOfArrangementAxis__custom--SharePurchaseAgreementMember__dei--LegalEntityAxis__custom--ProvistaDiagnosticIncMember_z12xrWrf7cO6" title="Sale of stock value of shares issued in transaction"><ix:nonFraction name="us-gaap:SaleOfStockConsiderationReceivedOnTransaction" contextRef="From2021-04-162021-04-19_custom_SharePurchaseAgreementMember_custom_ProvistaDiagnosticIncMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">7,500</ix:nonFraction></span> subject to the following terms:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#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; width: 0.75in"></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">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">On
                                            or before April 19, 2021, (the &#8220;First Closing Date&#8221;), the Company shall deliver
                                            to Sellers a non-refundable deposit of $<span id="xdx_908_ecustom--CashDeposits_iI_pn3n3_c20210419__us-gaap--AwardTypeAxis__custom--FirstClosingDateMember_zg4WD0rtWPEd" title="Cash deposits"><ix:nonFraction name="TOMDF:CashDeposits" contextRef="AsOf2021-04-19_custom_FirstClosingDateMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,250</ix:nonFraction></span> (the &#8220;Cash Deposit&#8221;). The Cash
                                            Deposit was delivered at April 21, 2021.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#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; width: 0.75in"></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">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">On
                                            or before the First Closing Date, the Company shall deliver to Sellers or Sellers&#8217;
                                            designees such number of non-refundable shares of its ordinary stock, par value NIS <span id="xdx_90F_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_c20211231__us-gaap--TypeOfArrangementAxis__custom--SharePurchaseAgreementMember__dei--LegalEntityAxis__custom--ProvistaDiagnosticIncMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--SubsidiarySaleOfStockAxis__custom--TodosDepositSharesMember__us-gaap--AwardTypeAxis__custom--NISMember_z795662PxdQe" title="Common stock par or stated value per share"><ix:nonFraction name="us-gaap:CommonStockParOrStatedValuePerShare" contextRef="AsOf2021-12-31_custom_SharePurchaseAgreementMember_custom_ProvistaDiagnosticIncMember_us-gaap_CommonStockMember_custom_TodosDepositSharesMember_custom_NISMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.01</ix:nonFraction></span>,
                                            (the &#8220;Todos Deposit Shares&#8221;) with a fair market value of $<span id="xdx_90A_eus-gaap--DebtInstrumentFairValue_iI_pn3n3_c20211231__us-gaap--TypeOfArrangementAxis__custom--SharePurchaseAgreementMember__dei--LegalEntityAxis__custom--ProvistaDiagnosticIncMember__us-gaap--SubsidiarySaleOfStockAxis__custom--TodosDepositSharesMember_zcZREdDdozX2" title="Fair value"><ix:nonFraction name="us-gaap:DebtInstrumentFairValue" contextRef="AsOf2021-12-31_custom_SharePurchaseAgreementMember_custom_ProvistaDiagnosticIncMember_custom_TodosDepositSharesMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,500</ix:nonFraction></span>, as defined in
                                            the SPA. <span id="xdx_907_eus-gaap--StockIssuedDuringPeriodSharesAcquisitions_pid_c20210101__20211231__us-gaap--TypeOfArrangementAxis__custom--SharePurchaseAgreementMember__dei--LegalEntityAxis__custom--ProvistaDiagnosticIncMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--SubsidiarySaleOfStockAxis__custom--TodosDepositSharesMember_z5Sd5ROqR7lc" title="Ordinary shares"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesAcquisitions" contextRef="From2021-01-012021-12-31_custom_SharePurchaseAgreementMember_custom_ProvistaDiagnosticIncMember_us-gaap_CommonStockMember_custom_TodosDepositSharesMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">25,862,069</ix:nonFraction></span> ordinary shares were delivered in August 2021.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#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; width: 0.75in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
                                            or before July 1, 2021 (the &#8220;Second Closing Date&#8221;), the Company shall deliver
                                            to the Sellers a second payment of $<span id="xdx_90F_eus-gaap--ProceedsFromRepaymentsOfDebt_pn3n3_c20210701__20210702__us-gaap--AwardTypeAxis__custom--SecondClosingDateMember__dei--LegalEntityAxis__custom--ProvistaDiagnosticsIncMember_zwrTVneUqTHb" title="Proceeds from repayments of debt"><ix:nonFraction name="us-gaap:ProceedsFromRepaymentsOfDebt" contextRef="From2021-07-012021-07-02_custom_SecondClosingDateMember_custom_ProvistaDiagnosticsIncMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,250</ix:nonFraction></span> (the &#8220;Second Cash Payment&#8221;). The second
                                            payment was made during July 2021.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#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; width: 0.75in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            Company shall have the option of extending the payment of the Second Cash Payment until July
                                            15, 2021, by paying the Sellers an additional amount of $<span id="xdx_902_eus-gaap--PaymentsToAcquireEquityMethodInvestments_pn3n3_c20210713__20210715__us-gaap--AwardTypeAxis__custom--SecondClosingDateMember__dei--LegalEntityAxis__custom--ProvistaDiagnosticsIncMember_zh8UwDXYHEZ2" title="Payments to acquire equity method investments"><ix:nonFraction name="us-gaap:PaymentsToAcquireEquityMethodInvestments" contextRef="From2021-07-132021-07-15_custom_SecondClosingDateMember_custom_ProvistaDiagnosticsIncMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">250</ix:nonFraction></span> (the &#8220;Extension Payment&#8221;)
                                            on or before the Second Closing Date. If the Extension Payment is received by Sellers on
                                            or before the Second Closing Date, then the Company shall deliver the Convertible Note on
                                            the Second Closing Date and the Second Cash Payment on or before July 15, 2021. In the event
                                            the Company completes the Second Cash Payment, the aforesaid Extension Payment shall be credited
                                            towards the Second Cash Payment.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#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; width: 0.75in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
                                            or before the Second Closing Date, the Company shall deliver to Sellers or their designees
                                            the Convertible Note in the principal amount of $<span id="xdx_902_eus-gaap--DebtInstrumentFaceAmount_iI_pn3n3_c20210702__dei--LegalEntityAxis__custom--ProvistaDiagnosticIncMember__us-gaap--DebtInstrumentAxis__custom--ConvertibleNoteMember_zmyun79GMfRg" title="Debt principle amount"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2021-07-02_custom_ProvistaDiagnosticIncMember_custom_ConvertibleNoteMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">3,500</ix:nonFraction></span>, payable by the Company to the Sellers
                                            (the &#8220;Note&#8221;). At any time or times on or after the issuance sate of the Note,
                                            the Holder shall be entitled to convert any portion of the outstanding and unpaid Conversion
                                            Amount into fully paid and nonassessable shares of common stock over a period commencing
                                            <span id="xdx_90D_eus-gaap--DebtInstrumentMaturityDateDescription_c20210701__20210702__dei--LegalEntityAxis__custom--ProvistaDiagnosticsIncMember__us-gaap--DebtInstrumentAxis__custom--ConvertibleNoteMember_zUSVXpbXCF24" title="Maturity date description"><ix:nonNumeric contextRef="From2021-07-012021-07-02_custom_ProvistaDiagnosticsIncMember_custom_ConvertibleNoteMember" name="us-gaap:DebtInstrumentMaturityDateDescription">October 20, 2021</ix:nonNumeric></span> through <span id="xdx_90A_eus-gaap--DebtInstrumentMaturityDate_c20210101__20211231__dei--LegalEntityAxis__custom--ProvistaDiagnosticIncMember__us-gaap--DebtInstrumentAxis__custom--ConvertibleNoteMember_z4nBuBdK3qRk" title="Maturity date"><ix:nonNumeric contextRef="From2021-01-012021-12-31_custom_ProvistaDiagnosticIncMember_custom_ConvertibleNoteMember" format="ixt:datemonthdayyearen" name="us-gaap:DebtInstrumentMaturityDate">April 8, 2025</ix:nonNumeric></span> (the &#8220;Maturity Date&#8221;), at the conversion
                                            price equal to the lesser of (i) $<span id="xdx_906_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_pid_c20210702__dei--LegalEntityAxis__custom--ProvistaDiagnosticIncMember__us-gaap--DebtInstrumentAxis__custom--ConvertibleNoteMember_zq7rSER9bpI8" title="Debt instrument, convertible, conversion price"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleConversionPrice1" contextRef="AsOf2021-07-02_custom_ProvistaDiagnosticIncMember_custom_ConvertibleNoteMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.05</ix:nonFraction></span> or (ii) the volume weighted average price of the last
                                            20 trading days for the common shares prior to the conversion date (the &#8220;Fair Market
                                            Value&#8221;).</span></td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 1in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the event the Sellers deliver a conversion notice to the Company at a per share price less than $<span id="xdx_907_eus-gaap--SharePrice_iI_pid_c20210702__dei--LegalEntityAxis__custom--ProvistaDiagnosticIncMember_z1lkRFCldz42" title="Share price"><ix:nonFraction name="us-gaap:SharePrice" contextRef="AsOf2021-07-02_custom_ProvistaDiagnosticIncMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.05</ix:nonFraction></span>, the Company shall have the right
to immediately notify the Sellers of its intention to pay the conversion amount in cash within 3 business days of receipt of the conversion
notice (i.e. before Sellers would take possession of shares converted under the conversion notice). If, at any time between October 20,
2021 and April 20, 2022, the average of the lowest bid and closing sale price is below $<span id="xdx_908_eus-gaap--SharePrice_iI_pid_c20210702__dei--LegalEntityAxis__custom--ProvistaDiagnosticIncMember__srt--RangeAxis__srt--MaximumMember_z9C0CNeBGSb6" title="Share price"><ix:nonFraction name="us-gaap:SharePrice" contextRef="AsOf2021-07-02_custom_ProvistaDiagnosticIncMember_srt_MaximumMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.05</ix:nonFraction></span>, the Company has the option to buy out all
or any portion of the Note (the &#8220;Buyback Option&#8221;). In the event the Company exercises the Buyback Option for an amount equal
to or greater than $<span id="xdx_90F_eus-gaap--PaymentsForRepurchaseOfCommonStock_pn3n3_c20210701__20210702__dei--LegalEntityAxis__custom--ProvistaDiagnosticIncMember_zBjh1LUzTWQe" title="Payments for repurchase amount"><ix:nonFraction name="us-gaap:PaymentsForRepurchaseOfCommonStock" contextRef="From2021-07-012021-07-02_custom_ProvistaDiagnosticIncMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,170</ix:nonFraction></span> (the &#8220;Buyback Amount&#8221;), the Sellers shall not submit any conversions below $<span id="xdx_900_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_pid_c20210702__dei--LegalEntityAxis__custom--ProvistaDiagnosticIncMember__srt--RangeAxis__srt--MinimumMember_zpDQrQEyUSa8" title="Debt instrument, convertible, conversion price"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleConversionPrice1" contextRef="AsOf2021-07-02_custom_ProvistaDiagnosticIncMember_srt_MinimumMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.05</ix:nonFraction></span> for 90-days period
from receipt of the Buyback Amount (the &#8220;90-Days Period&#8221;). The Company may exercise a second Buyback Option at the end of
the 90-Days Period under the same terms. The Company must provide 30-days&#8217; notice to the Sellers prior to exercising any Buyback
Option or notify the Sellers of its intention to pay the Buyback Amount upon receipt of a conversion notice below $<span id="xdx_90B_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_pid_c20210702__dei--LegalEntityAxis__custom--ProvistaDiagnosticIncMember__srt--RangeAxis__srt--MinimumMember_zJollb0ccq24" title="Debt instrument, convertible, conversion price"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleConversionPrice1" contextRef="AsOf2021-07-02_custom_ProvistaDiagnosticIncMember_srt_MinimumMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.05</ix:nonFraction></span> and pay the Buyback
Amount within 3 business days of receipt of such notice.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 1in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the event that the Company uplists its shares of common stock to a national securities exchange, the Note shall automatically be exchanged
into preferred stock (the &#8220;Series B Preferred Stock&#8221;) with a conversion price equal to the lesser of (i) $<span id="xdx_90F_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_pid_c20210702__dei--LegalEntityAxis__custom--ProvistaDiagnosticIncMember__srt--RangeAxis__srt--MinimumMember__us-gaap--StatementClassOfStockAxis__us-gaap--PreferredClassBMember_zZ2UMKj4EzT2" title="Debt instrument, convertible, conversion price"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleConversionPrice1" contextRef="AsOf2021-07-02_custom_ProvistaDiagnosticIncMember_srt_MinimumMember_us-gaap_PreferredClassBMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.05</ix:nonFraction></span>, (ii) the
opening price on the day of the uplisting provides there is no transaction associated with the uplisting or (iii) the deal price of an
uplisting transaction (the &#8220;Mandatory Conversion&#8221;).</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 1in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If,
at any time while this Note is outstanding, (i) the Company effects a Fundamental Transaction, , as defined in the SPA, then, upon any
subsequent conversion of this Note, the Holder shall have the right to receive, for each Conversion Share that would have been issuable
upon such conversion immediately prior to the occurrence of such Fundamental Transaction, the same kind and amount of securities, cash
or property as it would have been entitled to receive upon the occurrence of such Fundamental Transaction if it had been, immediately
prior to such Fundamental Transaction, the holder of one share of common stock (the &#8220;Alternate Consideration&#8221;).</span></p>

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


<ix:exclude><!-- Field: Page; Sequence: 119; Value: 1 -->
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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#toc_002">Table of Contents</a></td></tr></table></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-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TODOS
MEDICAL LTD.</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)</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">(U.S.
dollars in thousands)</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
3 &#8211; INVESTMENT PROVISTA DIAGNOSTIC, INC </b>(continue)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: -63.8pt"><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; width: 100%; margin-top: 0; margin-bottom: 0">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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">The
    Company&#8217;s obligation to deliver the Second Cash Payment and the Convertible Note to the Seller at the Second Closing shall
    be secured by the Provista Shares to be held and released in accordance with the Escrow Agreement and all of Provista&#8217;s assets
    (the &#8220;Assets&#8221;) pursuant to the terms of the Security Agreement.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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">At
    the First Closing, the Sellers shall hold full right, title, and interest in and to the Cash Deposit, and the Todos Deposit Shares
    paid to the Sellers or their designees and/or assignees on the First Closing Date free and clear of all rights, liens and encumbrances,
    without limitation. Additionally, should the Company fail to deliver the Second Cash Payment and/or the Convertible Note by the Second
    Closing Date, the Escrow Agent shall return the Provista Shares to the Sellers, and the Sellers shall become the sole owners. The
    Company further agrees and understands that in the event that the Company fails to deliver the Second Cash Payment and/or the Convertible
    Note to the Sellers at the Second Closing, the Cash Deposit and the Todos Deposit Shares shall be the property of the Sellers, and
    the Sellers shall retain and hold full right, title, and interest in and be the sole owners of the Cash Deposit, the Todos Deposit
    Shares and <span id="xdx_90B_eus-gaap--SaleOfStockPercentageOfOwnershipAfterTransaction_pid_dp_c20210101__20211231__srt--OwnershipAxis__custom--ProvistaSharesMember_z1Uflmg4mHae" title="Ownership percentage"><ix:nonFraction name="us-gaap:SaleOfStockPercentageOfOwnershipAfterTransaction" contextRef="From2021-01-012021-12-31_custom_ProvistaSharesMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>% of the Provista Shares. In such an event, the Company will have absolutely no rights, claims or interest of any type
    in connection with the Provista Shares, Cash Deposit or Todos Deposit Shares or this transaction, regardless of any alleged conduct
    by Seller or anyone else. Further, in such event the Company irrevocably will be deemed to have canceled this Agreement and relinquished
    all rights in and to the Provista Shares, Cash Deposit and Todos Deposit Shares. </span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -14.15pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
consummation of the transactions contemplated by the SPA have been taken place as of April 19, 2021.</span></p>

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

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

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><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">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">Non-refundable
    shares of its ordinary stock - As agreed in the SPA, the Company committed to issue non-refundable <span id="xdx_90F_ecustom--NonRefundableCommonStockShares_iI_pid_c20211231__us-gaap--TypeOfArrangementAxis__custom--SharePurchaseAgreementMember__dei--LegalEntityAxis__custom--ProvistaDiagnosticIncMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--AwardTypeAxis__custom--NonRefundableMember_za7WxjEjRqri" title="Non refundable common stock shares"><ix:nonFraction name="TOMDF:NonRefundableCommonStockShares" contextRef="AsOf2021-12-31_custom_SharePurchaseAgreementMember_custom_ProvistaDiagnosticIncMember_us-gaap_CommonStockMember_custom_NonRefundableMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">29,296,875</ix:nonFraction></span> ordinary stock, par
    value NIS <span id="xdx_90D_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_c20211231__us-gaap--TypeOfArrangementAxis__custom--SharePurchaseAgreementMember__dei--LegalEntityAxis__custom--ProvistaDiagnosticIncMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--AwardTypeAxis__custom--NISMember_zrLH3ax6pjl7" title="Common stock par value"><ix:nonFraction name="us-gaap:CommonStockParOrStatedValuePerShare" contextRef="AsOf2021-12-31_custom_SharePurchaseAgreementMember_custom_ProvistaDiagnosticIncMember_us-gaap_CommonStockMember_custom_NISMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.01</ix:nonFraction></span>. The fair value of the non-refundable shares was estimated as of the Closing Date based on the Company&#8217;s share
    price as quoted in the OTC as of the Closing Date at $<span id="xdx_903_ecustom--FairValueOfEstimatedCommonStock_c20210101__20211231__us-gaap--TypeOfArrangementAxis__custom--SharePurchaseAgreementMember__dei--LegalEntityAxis__custom--ProvistaDiagnosticIncMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--AwardTypeAxis__custom--NonRefundableMember_zSdQItIl5te4" title="Fair value of estimated common stock"><ix:nonFraction name="TOMDF:FairValueOfEstimatedCommonStock" contextRef="From2021-01-012021-12-31_custom_SharePurchaseAgreementMember_custom_ProvistaDiagnosticIncMember_us-gaap_CommonStockMember_custom_NonRefundableMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,699</ix:nonFraction></span>.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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">The
    fair value of the convertible note was estimated by third party appraiser as weighted average of the two possible scenarios of the
    total loan amount conversion as of April 19, 2021, <span id="xdx_906_ecustom--ConversionLoanPercentage_pid_dp_uPure_c20210414__20210419__srt--StatementScenarioAxis__custom--MandatoryConversionMember_zFgdERIz6n37" title="Conversion loan percentage"><ix:nonFraction name="TOMDF:ConversionLoanPercentage" contextRef="From2021-04-142021-04-19_custom_MandatoryConversionMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">90</ix:nonFraction></span>% probability for the Mandatory Conversion and <span id="xdx_904_ecustom--ConversionLoanPercentage_pid_dp_uPure_c20210414__20210419__srt--StatementScenarioAxis__custom--OptionalOrMandatoryConversionMember_zxDCjMREMVrg" title="Conversion loan percentage"><ix:nonFraction name="TOMDF:ConversionLoanPercentage" contextRef="From2021-04-142021-04-19_custom_OptionalOrMandatoryConversionMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">10</ix:nonFraction></span>% probability for the Optional
    / Maturity Conversion.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2021-01-012021-12-31_custom_OptionalOrMandatoryConversionMember_custom_MonteCarloSimulationModelMember" escape="true" name="TOMDF:ScheduleOfConversionPolicyTextBlock"><p id="xdx_89E_ecustom--ScheduleOfConversionPolicyTextBlock_hsrt--StatementScenarioAxis__custom--OptionalOrMandatoryConversionMember__us-gaap--ValuationTechniqueAxis__custom--MonteCarloSimulationModelMember_zdCMQATfXkib" style="font: 10pt Times New Roman, Times, Serif; margin-left: 1in; text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Optional / Maturity Conversion was estimated by the appraiser using the Monte Carlo Simulation Model based on the following
parameters:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B9_zXDEoIP14vBf" style="display: none">SCHEDULE
OF DEBT CONVERSION OF ASSUMPTION TABLE</span> </span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 60%; margin-right: auto">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">&#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">April 19, 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; width: 70%; text-align: justify">Risk-free interest rate</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</td><td id="xdx_983_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_dp_uPure_c20210419__us-gaap--ValuationTechniqueAxis__custom--MonteCarloSimulationModelMember__srt--StatementScenarioAxis__custom--OptionalOrMandatoryConversionMember__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputRiskFreeInterestRateMember_zbYzpLMOq9fg" title="Debt instrument, measurement input" style="font: 10pt Times New Roman, Times, Serif; width: 26%; text-align: right"><ix:nonFraction name="us-gaap:DebtInstrumentMeasurementInput" contextRef="AsOf2021-04-19_custom_MonteCarloSimulationModelMember_custom_OptionalOrMandatoryConversionMember_us-gaap_MeasurementInputRiskFreeInterestRateMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">0.54</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">%</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Expected term (years)</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"><span id="xdx_900_ecustom--DebtInstrumentMeasurementInputTerm_dtY_c20210414__20210419__us-gaap--ValuationTechniqueAxis__custom--MonteCarloSimulationModelMember__srt--StatementScenarioAxis__custom--OptionalOrMandatoryConversionMember__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedTermMember_zyIkXOUii4E2" title="Debt instrument, measurement input, term"><ix:nonNumeric contextRef="From2021-04-142021-04-19_custom_MonteCarloSimulationModelMember_custom_OptionalOrMandatoryConversionMember_us-gaap_MeasurementInputExpectedTermMember" format="ixt-sec:duryear" name="TOMDF:DebtInstrumentMeasurementInputTerm">3.94</ix:nonNumeric></span></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: justify">Volatility</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td id="xdx_982_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_dp_uPure_c20210419__us-gaap--ValuationTechniqueAxis__custom--MonteCarloSimulationModelMember__srt--StatementScenarioAxis__custom--OptionalOrMandatoryConversionMember__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputPriceVolatilityMember_zwKbQNoUw46c" title="Debt instrument, measurement input" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="us-gaap:DebtInstrumentMeasurementInput" contextRef="AsOf2021-04-19_custom_MonteCarloSimulationModelMember_custom_OptionalOrMandatoryConversionMember_us-gaap_MeasurementInputPriceVolatilityMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">164.02</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Share price</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td id="xdx_985_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_uPure_c20210419__us-gaap--ValuationTechniqueAxis__custom--MonteCarloSimulationModelMember__srt--StatementScenarioAxis__custom--OptionalOrMandatoryConversionMember__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputSharePriceMember_zHdEUVd54Zuh" title="Debt instrument, measurement input" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="us-gaap:DebtInstrumentMeasurementInput" contextRef="AsOf2021-04-19_custom_MonteCarloSimulationModelMember_custom_OptionalOrMandatoryConversionMember_us-gaap_MeasurementInputSharePriceMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">0.058</ix:nonFraction></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: justify">Conversion price</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td id="xdx_F2C_zgFfyHHm0gU2" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#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; text-align: justify">Fair value</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td id="xdx_985_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_pn3n3_c20210419__us-gaap--ValuationTechniqueAxis__custom--MonteCarloSimulationModelMember__srt--StatementScenarioAxis__custom--OptionalOrMandatoryConversionMember_zuzXsfFXtqt" title="Fair value" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="us-gaap:ConvertibleDebtFairValueDisclosures" contextRef="AsOf2021-04-19_custom_OptionalOrMandatoryConversionMember_custom_MonteCarloSimulationModelMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">5,101</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8AC_zs7p0f78lJ9d" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -7.1pt"><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; width: 1in">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.2in"><span id="xdx_F0C_zKuoI8OVHng7" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F18_z8oSS8Mkpa2l" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote000877" xml:lang="en-US">The
    lower of (i) <span id="xdx_90A_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_pid_c20210419__srt--StatementScenarioAxis__custom--OptionalOrMandatoryConversionMember__us-gaap--ValuationTechniqueAxis__custom--MonteCarloSimulationModelMember_zMaaxl1lmtff" title="Debt instrument, convertible, conversion price"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleConversionPrice1" contextRef="AsOf2021-04-19_custom_OptionalOrMandatoryConversionMember_custom_MonteCarloSimulationModelMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.05</ix:nonFraction></span> (ii) the volume weighted average price (VWAP) of the last <span id="xdx_90E_eus-gaap--DebtInstrumentConvertibleThresholdConsecutiveTradingDays1_pid_dtD_uInteger_c20210414__20210419__us-gaap--ValuationTechniqueAxis__custom--MonteCarloSimulationModelMember__srt--StatementScenarioAxis__custom--OptionalOrMandatoryConversionMember_zS1RpSb97P11" title="Debt Instrument, Convertible, Threshold Consecutive Trading Days"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleThresholdConsecutiveTradingDays1" contextRef="From2021-04-142021-04-19_custom_MonteCarloSimulationModelMember_custom_OptionalOrMandatoryConversionMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Integer">20</ix:nonFraction></span> trading days for the Ordinary Stock as reported in
    the OTC market prior to the conversion.</ix:footnote></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -7.1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2021-01-012021-12-31_custom_MandatoryConversionMember" escape="true" name="TOMDF:ScheduleOfConversionPolicyTextBlock"><p id="xdx_89A_ecustom--ScheduleOfConversionPolicyTextBlock_hsrt--StatementScenarioAxis__custom--MandatoryConversionMember_zWo2WBlDdSpj" style="font: 10pt Times New Roman, Times, Serif; margin-left: 1in; text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Mandatory Conversion was estimated by the appraiser using the Monte Carlo Simulation Model based on the following parameters:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8BF_zd92348P7VGh" style="display: none">SCHEDULE
OF DEBT CONVERSION OF ASSUMPTION TABLE</span><span style="display: none"></span> </span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 60%; margin-right: auto">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">&#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">April 19, 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; width: 70%; text-align: justify">Risk-free interest rate</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%">&#160;</td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Expected term (years)</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)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Volatility</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: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Share price</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)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Conversion price</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td id="xdx_F2F_zC5TigFtagV" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#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; text-align: justify">Fair value</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td id="xdx_98D_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_pn3n3_c20210419__us-gaap--ValuationTechniqueAxis__custom--MonteCarloSimulationModelMember__srt--StatementScenarioAxis__custom--MandatoryConversionMember_zQRDtafPwGsf" title="Fair value" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="us-gaap:ConvertibleDebtFairValueDisclosures" contextRef="AsOf2021-04-19_custom_MandatoryConversionMember_custom_MonteCarloSimulationModelMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">4,976</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8AA_zvbHwbAFXDBh" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -7.1pt"><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; width: 1in">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.2in"><span id="xdx_F03_z9TvpCsr96T7" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F13_zkcfOi8fJFPf" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote000894" xml:lang="en-US">The
    lower of (i) <span id="xdx_908_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_pid_c20210419__srt--StatementScenarioAxis__custom--MandatoryConversionMember__us-gaap--ValuationTechniqueAxis__custom--MonteCarloSimulationModelMember_zjrJogPBePzg" title="Debt instrument, convertible, conversion price"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleConversionPrice1" contextRef="AsOf2021-04-19_custom_MandatoryConversionMember_custom_MonteCarloSimulationModelMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.05</ix:nonFraction></span> (ii) the volume weighted average price (VWAP) of the last <span id="xdx_902_eus-gaap--DebtInstrumentConvertibleThresholdConsecutiveTradingDays1_dtD_uDays_c20210414__20210419__us-gaap--ValuationTechniqueAxis__custom--MonteCarloSimulationModelMember__srt--StatementScenarioAxis__custom--MandatoryConversionMember_zLJkdmCzi0Vl" title="Debt Instrument, Convertible, Threshold Consecutive Trading Days"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleThresholdConsecutiveTradingDays1" contextRef="From2021-04-142021-04-19_custom_MonteCarloSimulationModelMember_custom_MandatoryConversionMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="Days">20</ix:nonFraction> </span>trading days for the Ordinary Stock as reported in
    the OTC market prior to the conversion.</ix:footnote></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -7.1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
fair value of the convertible component was estimated by the third-party appraiser after giving effect to the weighted average of the
two possible scenarios as of issuance dates was $<span id="xdx_90E_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_pn3n3_c20211231__us-gaap--RelatedPartyTransactionAxis__custom--ThirdPartyMember_zh8IzP56znyk" title="Fair value of convertible debt"><ix:nonFraction name="us-gaap:ConvertibleDebtFairValueDisclosures" contextRef="AsOf2021-12-31_custom_ThirdPartyMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">4,989</ix:nonFraction></span>.</span></p>

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


<ix:exclude><!-- Field: Page; Sequence: 120; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#toc_002">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<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>TODOS
MEDICAL LTD.</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)</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">(U.S.
dollars in thousands)</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
3 &#8211; INVESTMENT PROVISTA DIAGNOSTIC, INC </b>(continue)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -63.8pt"><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="TOMDF:BusinessCombinationPurchasePriceAllocationTableTextBlock"><p id="xdx_892_ecustom--BusinessCombinationPurchasePriceAllocationTableTextBlock_zXcT4vZ12rvj" style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes the total purchase price and purchase price allocation:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B2_zz4rg57j2SHf" style="display: none">SCHEDULE
OF TOTAL PURCHASE PRICE AND PURCHASE PRICE ALLOCATION</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#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">U.S. dollars in thousands</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; text-align: justify">&#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">Unaudited</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; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td colspan="2" 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 style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 68%; text-align: justify">Cash payment</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td id="xdx_98F_eus-gaap--BusinessCombinationConsiderationTransferred1_pn3n3_c20210101__20211231_zH3VOnatOani" title="Cash payment" style="font: 10pt Times New Roman, Times, Serif; width: 28%; text-align: right"><ix:nonFraction name="us-gaap:BusinessCombinationConsiderationTransferred1" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,500</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; 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; text-align: justify">Consideration in Shares</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td id="xdx_98C_ecustom--BusinessCombinationSharesConsideration_pn3n3_c20210101__20211231_z2oOZDnziFWb" title="Consideration in Shares" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="TOMDF:BusinessCombinationSharesConsideration" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,699</ix:nonFraction></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: justify">Fair value of convertible promissory note</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td id="xdx_983_ecustom--BusinessCombinationFairValueOfConvertiblePromissoryNote_pn3n3_c20210101__20211231_ziU8ve92Yojf" title="Fair value of convertible promissory note" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="TOMDF:BusinessCombinationFairValueOfConvertiblePromissoryNote" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">4,989</ix:nonFraction></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">$</td><td id="xdx_98F_ecustom--BusinessCombinationConsiderationPurchaseprice_pn3n3_c20210101__20211231_zD9vnd5vP6T4" title="Total purchase price" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="TOMDF:BusinessCombinationConsiderationPurchaseprice" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">9,188</ix:nonFraction></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: justify">&#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">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Cash and cash equivalents</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td id="xdx_98A_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashAndEquivalents_iI_pn3n3_c20211231_zPA6Jh1DlYc" title="Cash and cash equivalents" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashAndEquivalents" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">73</ix:nonFraction></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: justify">Trade receivables</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: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Property and equipment, net</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td id="xdx_985_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedPropertyPlantAndEquipment_iI_pn3n3_c20211231_zaMl8QeHJJJ4" title="Property and equipment, net" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedPropertyPlantAndEquipment" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">183</ix:nonFraction></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)">
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -63.8pt"><span style="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: justify; text-indent: -63.8pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">
<td style="font: 10pt Times New Roman, Times, Serif; width: 15pt; text-align: right"><span id="xdx_F0C_zhRSY3kyIVYi">(*)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1A_zOo1d0D05voa"><ix:footnote id="Footnote000933" xml:lang="en-US">Technology intangible asset is amortized using &#8220;Relief from Royalty&#8221; method
over the expected future use (2031). During the year ended December 31, 2021, the Company has not recorded amortization expenses related
to the intangible assets.</ix:footnote></span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">
<td style="font: 10pt Times New Roman, Times, Serif; width: 15pt; text-align: right"><span id="xdx_F03_zuutmTef3du8">(**)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F13_zeSlYpHER1Wk"><ix:footnote id="Footnote000934" xml:lang="en-US">Goodwill is tested for impairment using a third party appraiser as of each balance sheet
date. During the year ended December 31, 2021 the Company recorded $<span id="xdx_906_eus-gaap--AssetImpairmentCharges_pn3n3_c20210101__20211231_zeFEJnmvWaUh" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFRPVEFMIFBVUkNIQVNFIFBSSUNFIEFORCBQVVJDSEFTRSBQUklDRSBBTExPQ0FUSU9OIChEZXRhaWxzKSAoUGFyYW50aGV0aWNhbCkA"><ix:nonFraction name="us-gaap:AssetImpairmentCharges" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,545</ix:nonFraction></span> of impairment losses.</ix:footnote></span></td>
</tr></table>

</ix:nonNumeric><p id="xdx_8AD_zjIxf4W6o1t2" style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unaudited
pro forma results of operations for years ended December 31, 2021 and 2020 are included below as if the acquisition of the Provista&#8217;s
business occurred on January 1, 2020. This summary of the unaudited pro forma results of operations is not necessarily indicative of
what the Company&#8217;s results of operations would have been had the Provista Business been acquired at the beginning of 2020, nor
does it purport to represent results of operations for any future periods.</span></p>

<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:BusinessAcquisitionProFormaInformationTextBlock"><p id="xdx_89A_eus-gaap--BusinessAcquisitionProFormaInformationTextBlock_zHczMQXzKlHd" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B9_z3vGOBiXooR6" style="display: none">SCHEDULE
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  <tr id="xdx_40A_eus-gaap--BusinessAcquisitionsProFormaRevenue_zVW7M3hsdpyg" 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: 56%; text-align: justify">Revenues</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%">&#160;</td>
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  <tr id="xdx_409_ecustom--BusinessAcquisitionProFormaEarningsPerShareBasicAndDiluted_pid_zCpwn2ci8zLa" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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</ix:nonNumeric><p id="xdx_8A8_z9PxoAR06Go1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>


<ix:exclude><!-- Field: Page; Sequence: 121; 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 -->27<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#toc_002">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<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>TODOS
MEDICAL LTD.</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)</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">(U.S.
dollars in thousands)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:OtherCurrentAssetsTextBlock"><p id="xdx_80A_eus-gaap--OtherCurrentAssetsTextBlock_zJw07NkIDm16" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
4 - <span id="xdx_821_z0kJO3UHLSr3">OTHER CURRENT ASSETS</span></b></span></p>

<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:ScheduleOfOtherCurrentAssetsTableTextBlock"><p id="xdx_896_eus-gaap--ScheduleOfOtherCurrentAssetsTableTextBlock_zoeefI0Lttz4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;<span id="xdx_8BF_zDcw9AZkJAy4" style="display: none">SCHEDULE
OF OTHER CURRENT ASSETS</span></b></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: bold 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">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric></ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:InvestmentTextBlock"><p id="xdx_80F_eus-gaap--InvestmentTextBlock_z0laqyR2tZSl" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
5 - <span id="xdx_82D_z8y1eTZ4JVw1">INVESTMENT IN AFFILIATD COMPANIES, NET</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">&#160;</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"><b>A.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Breakthrough
    Diagnostics, Inc.</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -14.15pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</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"><b>1.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_ecustom--OwnershipPercentageDescription_pid_c20190226__20190227__us-gaap--TypeOfArrangementAxis__custom--JointVentureAgreementMember__dei--LegalEntityAxis__custom--AmarantusBioscienceHoldingsIncMember_z28SisGQHGi9" title="Ownership percentage, description"><ix:nonNumeric contextRef="From2019-02-262019-02-27_custom_JointVentureAgreementMember_custom_AmarantusBioscienceHoldingsIncMember" name="TOMDF:OwnershipPercentageDescription">On
    February 27, 2019 (the &#8220;Effective Date&#8221;), following execution of the Convertible bridge loan transactions, the Company
    signed a Definitive Joint Venture Agreement (the &#8220;Joint Venture Agreement&#8221;) and closed the Joint Venture Transaction,
    pursuant to which the Company issued <span id="xdx_906_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_c20190227__us-gaap--TypeOfArrangementAxis__custom--JointVentureAgreementMember__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--AmarantusBioscienceHoldingsIncMember_zc8XT65PKQI8" title="Ownership percentage"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2019-02-27_custom_JointVentureAgreementMember_custom_AmarantusBioscienceHoldingsIncMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">19.99</ix:nonFraction></span>% of its outstanding ordinary shares to Amarantus Bioscience Holdings, Inc. (&#8220;Amarantus&#8221;),
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    (&#8220;Breakthrough&#8221;), and Amarantus assigned to Breakthrough exclusive license to develop and commercialize the LymPro Test&#174;,
    an immune-based neurodiagnostic blood test for the detection of Alzheimer&#8217;s disease (the &#8220;License&#8221;). The transaction
    was consummated as of February 27, 2019 (the &#8220;Closing Date&#8221;) in which the Company issued to Amarantus <span id="xdx_909_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20190226__20190227__us-gaap--TypeOfArrangementAxis__custom--JointVentureAgreementMember__dei--LegalEntityAxis__custom--AmarantusBioscienceHoldingsIncMember_zsYdnKUY98y8" title="Number of shares issued as non refundable"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2019-02-262019-02-27_custom_JointVentureAgreementMember_custom_AmarantusBioscienceHoldingsIncMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">17,986,999</ix:nonFraction></span> ordinary
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -21.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, Amarantus granted the Company an exclusive option, in effect for 60-days from the Closing Date (the &#8220;Expiration Date&#8221;),
to acquire the remaining <span id="xdx_90C_ecustom--RemainingOwnershipPercentage_iI_pid_dp_c20190227__us-gaap--TypeOfArrangementAxis__custom--AssignmentofLicenseAgreementMember__dei--LegalEntityAxis__custom--BreakthroughDiagnosticsIncMember_ztPBH9pXD921" title="Remaining ownership percentage"><ix:nonFraction name="TOMDF:RemainingOwnershipPercentage" contextRef="AsOf2019-02-27_custom_AssignmentofLicenseAgreementMember_custom_BreakthroughDiagnosticsIncMember29409859" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">80.01</ix:nonFraction></span>% of Breakthrough Diagnostics in exchange for an additional <span id="xdx_90E_ecustom--OptionTransactionPercentage_pid_dp_c20190226__20190227__us-gaap--TypeOfArrangementAxis__custom--JointVentureAgreementMember__dei--LegalEntityAxis__custom--AmarantusBioscienceHoldingsIncMember_z4iqdk1P0lD2" title="Option transaction percentage"><ix:nonFraction name="TOMDF:OptionTransactionPercentage" contextRef="From2019-02-262019-02-27_custom_JointVentureAgreementMember_custom_AmarantusBioscienceHoldingsIncMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">30.01</ix:nonFraction></span>% of the Company&#8217;s outstanding shares
(the &#8220;Option Transaction&#8221;). Upon exercise of the Option Transaction, the Company would own 100% of the Subsidiary and Amarantus
would own <span id="xdx_901_ecustom--RemainingOwnershipPercentage_iI_pid_dp_c20190227__us-gaap--TypeOfArrangementAxis__custom--JointVentureAgreementMember__dei--LegalEntityAxis__custom--SubsidiaryAndAmarantusBioscienceHoldingsIncMember_zMuDNLHEBrn3" title="Remaining ownership percentage"><ix:nonFraction name="TOMDF:RemainingOwnershipPercentage" contextRef="AsOf2019-02-27_custom_JointVentureAgreementMember_custom_SubsidiaryAndAmarantusBioscienceHoldingsIncMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">49.99</ix:nonFraction></span>% of the Company. The Company was required to notify Amarantus in writing of its intention to exercise the Option, and
the closing of the Option transaction shall take place within fourteen days of Amarantus&#8217; receipt of such notice.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
ASC Subtopic 323-30, &#8220;Investments - Equity Method and Joint Ventures: Partnerships, Joint Ventures, and Limited Liability Entities&#8221;,
and following the effective date the management determined that the Company had the ability to exercise significant influence over operating
and financial policies of Breakthrough and therefore the equity method was applied at the Closing Date at residual amount of $<span id="xdx_90F_ecustom--ResidualAmount_pn3n3_c20190226__20190227__us-gaap--TypeOfArrangementAxis__custom--JointVentureAgreementMember_zZpJ2vZfDx58" title="Residual amount"><ix:nonFraction name="TOMDF:ResidualAmount" contextRef="From2019-02-262019-02-27_custom_JointVentureAgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,345</ix:nonFraction></span>,
which was the difference between the fair value of the total Equity Consideration that was paid by the Company in total amount of $<span id="xdx_90F_eus-gaap--EquityMethodInvestmentsFairValueDisclosure_iI_pn3n3_c20190227__us-gaap--TypeOfArrangementAxis__custom--JointVentureAgreementMember_zbo3iTtIyXa9" title="Fair value of equity consideration"><ix:nonFraction name="us-gaap:EquityMethodInvestmentsFairValueDisclosure" contextRef="AsOf2019-02-27_custom_JointVentureAgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,518</ix:nonFraction></span>
less the fair value of the Option Transaction of $<span id="xdx_90D_ecustom--FairValueOfOptionTransaction_iI_pn3n3_c20190227__us-gaap--TypeOfArrangementAxis__custom--JointVentureAgreementMember_zINHIfuYuTyc" title="Fair value of option transaction"><ix:nonFraction name="TOMDF:FairValueOfOptionTransaction" contextRef="AsOf2019-02-27_custom_JointVentureAgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,173</ix:nonFraction></span>, as was determined by the management using the assistance of third-party appraiser.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
the Closing Date, Breakthrough was determined to be excluding substantive process as required under the definition of business in accordance
with the provisions of ASC Topic 805 &#8220;Business Combination&#8221;. In addition, it was determined that the License represents IPR&amp;D
with no alternative future use. Consequently, the Company expensed immediately the allocated amount to the investment in affiliated company
in amount of $<span id="xdx_909_ecustom--ExpensesRelatedToInvestment_pn3n3_c20190101__20191231__us-gaap--TypeOfArrangementAxis__custom--JointVentureAgreementMember_zWxXtnH9v2r7" title="Expenses related to investment"><ix:nonFraction name="TOMDF:ExpensesRelatedToInvestment" contextRef="From2019-01-012019-12-31_custom_JointVentureAgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,345</ix:nonFraction></span>. Following the Closing Date and through its Expiration Date, the Company did exercise the Option Transaction and
consequently the Option Transaction amounting to $<span id="xdx_907_ecustom--ExpensesRelatedToOptionTransaction_pn3n3_c20190101__20191231__us-gaap--TypeOfArrangementAxis__custom--JointVentureAgreementMember_zLPTytDFTOp2" title="Expenses related to option transaction"><ix:nonFraction name="TOMDF:ExpensesRelatedToOptionTransaction" contextRef="From2019-01-012019-12-31_custom_JointVentureAgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,173</ix:nonFraction></span> was expensed at the Expiration Date.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 122; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#toc_002">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<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>TODOS
MEDICAL LTD.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)</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">(U.S.
dollars in thousands)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
5 - INVESTMENT IN AFFILIATD COMPANIES, NET (CONT.)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">&#160;</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"><b>A.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Breakthrough
    Diagnostics, Inc. (Cont.)</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -21.25pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</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"><b>2.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    changes in Level 3 asset associated with Option Transaction to obtain control over affiliated company were measured at fair value
    on a recurring basis (until the option expiration). </span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -21.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="TOMDF:InvestmentHoldingsScheduleOfInvestmentsAffiliatedTableTextBlock"><p id="xdx_893_ecustom--InvestmentHoldingsScheduleOfInvestmentsAffiliatedTableTextBlock_zGCPLO5j7Nr2" style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following tabular presentation reflects the Investment in affiliated company:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8BF_zDfRb8PFqLUh" style="display: none">SCHEDULE
OF INVESTMENT IN AFFILIATED COMPANY</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 88%; margin-left: 0.75in">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#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">Investment in <br />
Affiliated <br />
Company</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; width: 70%; text-align: justify">As of January 1, 2020</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td id="xdx_981_ecustom--InvestmentInAffiliatedCompanyNet_iS_pn3n3_c20200101__20201231_zPHb83hZ9IY3" title="Beginning balance" style="font: 10pt Times New Roman, Times, Serif; width: 26%; text-align: right">(<ix:nonFraction name="TOMDF:InvestmentInAffiliatedCompanyNet" contextRef="AsOf2019-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">448</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">)</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Revaluation of investment in affiliated company to its fair value upon obtaining control</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td id="xdx_980_ecustom--RevaluationOfInvestmentInAffiliatedCompanyAtFairValue_pn3n3_c20200101__20201231_zFRI0zwe8lLj" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="TOMDF:RevaluationOfInvestmentInAffiliatedCompanyAtFairValue" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,623</ix:nonFraction></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: justify; padding-bottom: 1.5pt">Amount classified to the cost of subsidiary in acquisition achieved in stages upon obtaining control</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_984_ecustom--AmountClassifiedToCostOfSubsidiaryInAcquisitionAchievedInStagesUponObtainingControl_pn3n3_c20200101__20201231_zEUnTq4B75Dj" title="Revaluation of investment in affiliated company at fair value" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(<ix:nonFraction name="TOMDF:AmountClassifiedToCostOfSubsidiaryInAcquisitionAchievedInStagesUponObtainingControl" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">1,623</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 2.5pt">As of December 31, 2021 and 2020</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 id="xdx_90B_ecustom--InvestmentInAffiliatedCompanyNet_iE_pn3n3_c20200101__20201231_z8pO0ZpKC0Y" title="Ending balance"><span style="-sec-ix-hidden: xdx2ixbrl0996">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8AD_zqmSRIb94zRd" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</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"><b>3.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
    July 2020, the Company entered into Amendment No. 1 to the Joint Venture Agreement with Amarantus pursuant to which the parties agreed
    to amend the Joint Venture Agreement as follows:</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -21.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in">&#160;</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"><b>A.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_905_ecustom--OwnershipPercentageDescription_c20200724__20200731__us-gaap--TypeOfArrangementAxis__custom--JointVentureAgreementMember__dei--LegalEntityAxis__custom--AmarantusBioscienceHoldingsIncMember_zXJKJrloPXxk" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="From2020-07-242020-07-31_custom_JointVentureAgreementMember_custom_AmarantusBioscienceHoldingsIncMember" name="TOMDF:OwnershipPercentageDescription">In
    exchange for the remaining 80.1% equity interest of Breakthrough, the Company will issue 49.9% of its ordinary shares (which including
    <span id="xdx_90F_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_c20211231__us-gaap--TypeOfArrangementAxis__custom--JointVentureAgreementMember__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--AmarantusBioscienceHoldingsIncMember_zjgYaaVVsene" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2021-12-31_custom_JointVentureAgreementMember_custom_AmarantusBioscienceHoldingsIncMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">19.9</ix:nonFraction></span></ix:nonNumeric><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%
    ordinary shares that were already issued) based on the capitalization table of the Company on regular basis as of December 31, 2019.
    On July 16, 2020, the Company achieved control over Breakthrough by issuance of <span id="xdx_902_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20200715__20200716__us-gaap--TypeOfArrangementAxis__custom--JointVentureAgreementMember__dei--LegalEntityAxis__custom--AmarantusBioscienceHoldingsIncMember_zYbrDPZmpn27"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2020-07-152020-07-16_custom_JointVentureAgreementMember_custom_AmarantusBioscienceHoldingsIncMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">67,599,796</ix:nonFraction>
    </span>ordinary shares to Amarantus valued at
    $<span id="xdx_90E_eus-gaap--StockIssuedDuringPeriodValueNewIssues_pid_c20200715__20200716__us-gaap--TypeOfArrangementAxis__custom--JointVentureAgreementMember__dei--LegalEntityAxis__custom--AmarantusBioscienceHoldingsIncMember_zfUSBtaVL1s3" title="Stock issued during period value new issues"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueNewIssues" contextRef="From2020-07-152020-07-16_custom_JointVentureAgreementMember_custom_AmarantusBioscienceHoldingsIncMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">6,084</ix:nonFraction></span> (which reflected as additional <span id="xdx_90F_ecustom--OptionTransactionPercentage_pid_dp_c20200715__20200716__us-gaap--TypeOfArrangementAxis__custom--JointVentureAgreementMember__dei--LegalEntityAxis__custom--AmarantusBioscienceHoldingsIncMember_ze2eyvZC6iAf"><ix:nonFraction name="TOMDF:OptionTransactionPercentage" contextRef="From2020-07-152020-07-16_custom_JointVentureAgreementMember_custom_AmarantusBioscienceHoldingsIncMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">30.01</ix:nonFraction></span></span>%
    of the equity of the Company as of that date), representing the Company&#8217;s right to purchase the remaining <span id="xdx_902_ecustom--RoyaltyFeePercentage_pid_dp_c20200715__20200716__us-gaap--TypeOfArrangementAxis__custom--LicenseAgreementMember_zPiZBtnoWihj"><ix:nonFraction name="TOMDF:RoyaltyFeePercentage" contextRef="From2020-07-152020-07-16_custom_LicenseAgreementMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">80.1</ix:nonFraction></span>%
    of the equity interest of Breakthrough (the &#8220;Equity Consideration&#8221;). </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
    to the approval of the Company&#8217;s Board of Directors, Amarantus will be entitled to royalty fee in a rate of 10% from the gross
    profit of any products selling which are based on LymPro intellectual property (the &#8220;Royalty Fee&#8221;). During the period
    commencing the Completion Date through December 31, 2021, the Company has no obligation with respect to the aforesaid Royalty
    Fee as no revenues from the LymPro intellectual property were recognized.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Company will exercise its best efforts and diligence in developing and commercializing LymPro and in undertaking investigations and
    actions required to obtain regulatory approvals necessary to market LymPro. In the event the Company fails to use best efforts and
    due diligence as required, then Amarantus may, in its sole discretion terminate the LymPro license or convert the License from exclusive
    to non-exclusive. As of December 31, 2021, the License is still deemed as non-exclusive.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>D.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Company will pay to Amarantus an amount of $<span id="xdx_90A_eus-gaap--BusinessCombinationConsiderationTransferred1_pn3n3_c20210101__20211231__us-gaap--TypeOfArrangementAxis__custom--JointVentureAgreementMember__dei--LegalEntityAxis__custom--AmarantusBioscienceHoldingsIncMember_zLCjVmKRENm3" title="Payment of cash consideration"><ix:nonFraction name="us-gaap:BusinessCombinationConsiderationTransferred1" contextRef="From2021-01-012021-12-31_custom_JointVentureAgreementMember_custom_AmarantusBioscienceHoldingsIncMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">450</ix:nonFraction></span> in cash (the &#8220;Cash Consideration&#8221;).</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.25in"><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-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
the Completion Date, Breakthrough was determined to be excluding substantive process as required under the definition of business in
accordance with the provisions of ASC Topic 805 &#8220;Business Combination&#8221;. Accordingly, the transaction was accounted for as
an asset acquisition transaction.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
the Completion Date, management has chosen to remeasure its Previous Held Equity Interest (PHEI) in Breakthrough to its fair value immediately
prior to the asset acquisition in total amount of $<span id="xdx_909_ecustom--FairValueOfOptionTransaction_iI_pn3n3_c20201231__us-gaap--TypeOfArrangementAxis__custom--JointVentureAgreementMember__dei--LegalEntityAxis__custom--AmarantusBioscienceHoldingsIncMember_zgaXt9aQBqxe" title="Fair value of option transaction"><ix:nonFraction name="TOMDF:FairValueOfOptionTransaction" contextRef="AsOf2020-12-31_custom_JointVentureAgreementMember_custom_AmarantusBioscienceHoldingsIncMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,623</ix:nonFraction></span> which was recorded as part of &#8220;Share in Losses of Affiliated Company&#8221;
line. Consequently, the Company&#8217;s carrying amount of the PHEI at the Completion Date amounted to $<span id="xdx_90D_ecustom--FairValueOfOptionTransaction_iI_pn3n3_c20201231__us-gaap--TypeOfArrangementAxis__custom--JointVentureAgreementMember__dei--LegalEntityAxis__custom--AmarantusBioscienceHoldingsIncMember_zOCEC9g5eAU" title="Fair value of option transaction"><ix:nonFraction name="TOMDF:FairValueOfOptionTransaction" contextRef="AsOf2020-12-31_custom_JointVentureAgreementMember_custom_AmarantusBioscienceHoldingsIncMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,623</ix:nonFraction></span>, along with the fair value
of the equity consideration amounted to $<span id="xdx_90E_eus-gaap--EquityMethodInvestmentsFairValueDisclosure_iI_pn3n3_c20201231__us-gaap--TypeOfArrangementAxis__custom--JointVentureAgreementMember__dei--LegalEntityAxis__custom--AmarantusBioscienceHoldingsIncMember_zu4BIQq1SgD7" title="Fair value of equity consideration"><ix:nonFraction name="us-gaap:EquityMethodInvestmentsFairValueDisclosure" contextRef="AsOf2020-12-31_custom_JointVentureAgreementMember_custom_AmarantusBioscienceHoldingsIncMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">6,084</ix:nonFraction></span> and cash consideration paid amounted to $<span id="xdx_906_eus-gaap--BusinessCombinationConsiderationTransferred1_pn3n3_c20200101__20201231__us-gaap--TypeOfArrangementAxis__custom--JointVentureAgreementMember__dei--LegalEntityAxis__custom--AmarantusBioscienceHoldingsIncMember_zekn4GVy9xi4" title="Payment of cash consideration"><ix:nonFraction name="us-gaap:BusinessCombinationConsiderationTransferred1" contextRef="From2020-01-012020-12-31_custom_JointVentureAgreementMember_custom_AmarantusBioscienceHoldingsIncMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">450</ix:nonFraction></span> have been determined as cost to be allocated
to the asset acquired (IPR&amp;D), net of related deferred tax liability.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">However,
it was determined that the LymPro License represents IPR&amp;D with no alternative future use. Consequently, the Company expensed immediately
the entire purchase price allocated to the acquired IPR&amp;D and related deferred tax liability amounted to $<span id="xdx_908_eus-gaap--DeferredTaxLiabilitiesInvestments_iI_pn3n3_c20211231_zsojpxoIPJKj" title="Deferred tax liability investments"><ix:nonFraction name="us-gaap:DeferredTaxLiabilitiesInvestments" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">10,325</ix:nonFraction></span> and $<span id="xdx_909_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_c20200101__20201231__us-gaap--TypeOfArrangementAxis__custom--JointVentureAgreementMember__dei--LegalEntityAxis__custom--AmarantusBioscienceHoldingsIncMember_z1FKQ5wGzE5f" title="Research and development expenses"><ix:nonFraction name="us-gaap:ResearchAndDevelopmentExpense" contextRef="From2020-01-012020-12-31_custom_JointVentureAgreementMember_custom_AmarantusBioscienceHoldingsIncMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,168</ix:nonFraction></span> were
charged to expense at the acquisition date as part of &#8220;Research and Development expenses&#8221; and &#8220;Tax benefit&#8221; lines,
respectively, in operations in the accompanying consolidated statement of operations for the year ended December 31, 2020.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>


<ix:exclude><!-- Field: Page; Sequence: 123; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#toc_002">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<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>TODOS
MEDICAL LTD.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)</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">(U.S.
dollars in thousands)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
5 - INVESTMENT IN AFFILIATD COMPANIES, NET (CONT.)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">&#160;</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"><b>B.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Antigen
    COVID Test Killer</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -21.25pt"><span style="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-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June 14, 2020 (the &#8220;Effective Date&#8221;), the Company entered into joint venture agreement with NLC Pharma Ltd. (&#8220;NLC&#8221;)
as was amended as of September 12, 2020, under which Antigen COVID Test Killer (the &#8220;CATK&#8221;) was formed for the purpose of
development diagnostic candidate Antigen Killer (as defined below) and commercialize the product through the Company&#8217;s sales channels.
Under the terms of the joint venture agreement the following have been determined between the parties:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>License</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -21.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the Term of the joint venture agreement and based on license agreement executed between NLC and CATK as of June 14, 2020, NLC will grant
to CATK an irrevocable, exclusive, non-transferable, royalty-bearing worldwide license (the &#8220;License&#8221;) of its 3C Protease
Coronavirus testing platform (&#8220;Viral Testing&#8221; or &#8220;Antigen Killer&#8221;). NLC will further contribute the expertise
and know-how to CATK necessary to validate and receive the products approved in various jurisdictions worldwide for distribution, especially
the United States and China.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CATK
shall pay NLC a license fee to secure the exclusive license pursuant to the license agreement by issuing to NLC 80% of the equity of
CATK upon execution of the license agreement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Contributions</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -21.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><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"><b>A.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NLC
    shall grant an exclusive worldwide distribution rights to Antigen Killer via distribution agreement.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Company or NLC shall not be entitled to withdraw any of their capital contributions from CATK.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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"><b>D.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
    grants received for the development, marketing and studies of Antigen Killer, shall be considered a contribution to CATK.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -21.25pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</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"><b>3.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Equity
    interest</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -21.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in">&#160;</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"><b>A.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CATK&#8217;s
    equity shall be 10% owned by the Company, 80% owned by NLC and 10% shall be owned by Zegal and Ross Capital, LLC.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.</b></span></td>
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    achieving milestone proof of concept that includes (i) conducting successful test within the environment and (ii) initiation
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    after achieving the Performance Milestone an additional 5% of CATK from NLC for a sum of $</ix:nonNumeric></span><span id="xdx_905_eus-gaap--StockIssuedDuringPeriodValueNewIssues_pn3n3_c20200711__20200712__dei--LegalEntityAxis__custom--NLCPharmaLtdMember_zWjBpb3vX5jj" title="Stock issued during period value new issues" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueNewIssues" contextRef="From2020-07-112020-07-12_custom_NLCPharmaLtdMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">250</ix:nonFraction>
    </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">to
    be paid for in shares of the Company based on market value of the shares at the closing price of a day prior to share issuance. The
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    </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Company&#8217;s
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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">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
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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">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>D.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NLC
    shall maintain its right to develop, market and sell products derived from its technology as it relates to Viral Testing (excluding
    Covid-19) throughout the term of the agreement.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -21.25pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</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"><b>4.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Distributions</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -21.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distributions
from CATK to the Company and NLC shall be made on a semi-annual basis in a percentage set opposite on the name of the Company and NLC.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</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"><b>5.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Marketing
    rights</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -21.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NLC
has marketing rights to use the Antigen Killer technology for all viruses and is legally free and clear to license the rights to Antigen
Killer to CATK.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</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"><b>6.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Project
    supervision</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -21.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
decisions in regard to the therapeutic candidate Antigen Killer, the hiring and firing of program and project managers and other contractors
and certain consultants, selection of sites for clinical trial, pre-clinical trials and manufacturing, and sublicense and sales brokers,
in the sole responsibility of NLC. However, any change to the budget of CATK must be approved by the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 124; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->30<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#toc_002">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<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>TODOS
MEDICAL LTD.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)</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">(U.S.
dollars in thousands)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
5 - INVESTMENT IN AFFILIATD COMPANIES, NET (CONT.)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">&#160;</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"><b>B.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Antigen
    COVID Test Killer (Cont.)</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -21.25pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</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"><b>7.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Distribution
    rights</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -21.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company will have Covid Nutraceutical distribution rights worldwide except for Israel according to the following terms:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in">&#160;</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"><b>A.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CATK
    will receive royalties fee in a rate of <span id="xdx_906_ecustom--RoyaltyFeePercentage_pid_dp_c20200611__20200614__us-gaap--TypeOfArrangementAxis__us-gaap--DistributionRightsMember_zYo2gpcRBXI2" title="Royalty fee percentage"><ix:nonFraction name="TOMDF:RoyaltyFeePercentage" contextRef="From2020-06-112020-06-14_us-gaap_DistributionRightsMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">8</ix:nonFraction></span>% (&#8220;Royalty&#8221;) from the net sales of every nutraceutical product sold whether
    it was sold directly or by the Company of through the Company&#8217;s agent.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
    the Company will grant distribution rights to any related or non-related party of the Company, it will be the obligation of the Company
    to pay the abovementioned Royalty to CATK. </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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
    event that the Company surrenders the distribution rights then the Company&#8217;s share of CATK will be increased from <span id="xdx_907_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_c20200613__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--CATKMember_zdSsUOddyWSf" title="Ownership percentage"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2020-06-13_custom_CATKMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">10</ix:nonFraction></span>% to <span id="xdx_901_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_c20200614__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--CATKMember_zuPB113qR9me" title="Ownership percentage"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2020-06-14_custom_CATKMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">22</ix:nonFraction></span>%.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -21.25pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</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"><b>8.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
    market launch of minimum sales of <span id="xdx_905_ecustom--NumberOfBottles_uInteger_c20200611__20200614__dei--LegalEntityAxis__custom--NLCPharmaLtdMember_zMQNErvEPeR7" title="Number of bottles"><ix:nonFraction name="TOMDF:NumberOfBottles" contextRef="From2020-06-112020-06-14_custom_NLCPharmaLtdMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="Integer">25,000</ix:nonFraction></span> bottles of the Nutraceutical product for Covid-19 or other viruses by the Company, the Company
    shall grant NLC shares of the Company in a value of $<span id="xdx_902_eus-gaap--StockIssuedDuringPeriodValueNewIssues_pn3n3_c20200611__20200614__dei--LegalEntityAxis__custom--NLCPharmaLtdMember_zqz4XDNhNfF7" title="Value of granted shares"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueNewIssues" contextRef="From2020-06-112020-06-14_custom_NLCPharmaLtdMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,500</ix:nonFraction></span> based on the share price on the closing date of the amendment. Through
    December 31, 2020, market launch of sales of bottles of the Nutraceutical product for Covid-19 has not been commenced.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -21.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, if CATK sales will be in excess of $32,500 and the Company will complete an uplisting to Nasdaq within one year of signing
the amendment, then the Company will fully acquire CATK in a share exchange transaction based on value of $65,000 and NLC shall transfer
the IP regarding Viral Testing to the Joint Venture and NLC will have the right to appoint one member of the Company&#8217;s Board of
Directors. Upon event that the Company is not yet listed on the Nasdaq market until September 12, 2021, then the Company will surrender
its distribution rights from CATK.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management,
using the assistance of third-party appraiser has determined that due to the low probability of the aforesaid contingent trigger events
the fair value of such potential obligation as of the effective date (and as of December 31, 2020) was insignificant.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</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"><b>9.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Termination</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -21.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
joint venture agreement shall be terminated on the earlier of (i) lapse of <span id="xdx_901_ecustom--TerminationTerm_dtY_c20210101__20211231_zQQyoClPj0h8" title="Termination term"><ix:nonNumeric contextRef="From2021-01-012021-12-31" format="ixt-sec:duryear" name="TOMDF:TerminationTerm">25</ix:nonNumeric></span> years from the Effective Date (ii) mutual agreement of
both parties to dissolve or (iii) the Company does not comply with section 3B and 3C above (the &#8220;Term&#8221;). Upon termination,
the license between NLC and CATK shall be terminated.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has determined that CATK is considered as VIE since CATK does not have sufficient resources to carry out its principal activities
without additional financial support. In addition, the Company has determined that it is not the primary beneficiary of CATK due to the
Company&#8217;s lacked to direct the activities that most significantly impact the economic performance of CATK. However, the Company
determined that it has the ability to exercise significant influence over CATK operations through its liquidity resources and accordingly,
the investment is accounted for under the equity method.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="TOMDF:ScheduleOfPaidInInvestmentTableTextBlock"><p id="xdx_892_ecustom--ScheduleOfPaidInInvestmentTableTextBlock_z6nDIqODcMie" style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
the closing date the purchase price that was paid in investment in CATK is as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B1_zIHqLC3esQXl" style="display: none">SCHEDULE
OF PAID IN INVESTMENT</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td id="xdx_F44_zIW0cqD5cYm3" style="font: 10pt Times New Roman, Times, Serif; width: 70%; text-align: justify">Funding Commitment (*)</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td id="xdx_982_eus-gaap--EquityMethodInvestments_iI_pn3n3_c20201231_fKCop_zpropdOGDV77" title="Funding Commitment (*)" style="font: 10pt Times New Roman, Times, Serif; width: 26%; text-align: right"><ix:nonFraction name="us-gaap:EquityMethodInvestments" contextRef="AsOf2020-12-31" id="Fact001045" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,550</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; 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; text-align: justify">Fair value of shares upon achieving Performance Milestone</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td id="xdx_989_ecustom--FairValueOfSharesUponAchievingPerformanceMilestone_pn3n3_c20200101__20201231_ztOn3qU3SMX3" title="Fair value of shares upon achieving Performance Milestone" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="TOMDF:FairValueOfSharesUponAchievingPerformanceMilestone" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">250</ix:nonFraction></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 id="xdx_F44_zMBFcCfarvd5" style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Direct costs incurred (**)</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td id="xdx_988_eus-gaap--DirectOperatingCosts_pn3n3_c20200101__20201231_fKCoqKQ_____zLlIdAkaY9Lg" title="Direct costs incurred (**)" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="us-gaap:DirectOperatingCosts" contextRef="From2020-01-012020-12-31" id="Fact001049" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">100</ix:nonFraction></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">
    <td id="xdx_F43_zMx9CLQCkqE4" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 1.5pt">Contingent Consideration (***)</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_985_eus-gaap--BusinessCombinationContingentConsiderationAssetCurrent_iI_pn3n3_c20201231_fKCoqKik___zaVd5iphRdnj" title="Contingent Consideration (***)" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="us-gaap:BusinessCombinationContingentConsiderationAssetCurrent" contextRef="AsOf2020-12-31" id="Fact001051" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,050</ix:nonFraction></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; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 2.5pt">Total consideration</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-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span id="xdx_F06_zZq042bPAqYc" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(*)</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">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_F00_zX0FRlHRAzmf" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(**)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F14_zShQ2VcQKNIg" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote001057" xml:lang="en-US">Number
    of </ix:footnote></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_906_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20210711__20210712__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--AntigenCOVIDTestKillerMember_z3piLAvYPHI9" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBBSUQgSU4gSU5WRVNUTUVOVCAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" title="Stock issued during period new issues"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2021-07-112021-07-12_custom_AntigenCOVIDTestKillerMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="Shares">2,164,502</ix:nonFraction></span>
    </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of common stock
    have been issued as a finder fee in connection with the agreement (see also note 15B3).</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_F01_zrX4CB9LBkDa" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(***)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1D_zKshqJDmCFOc" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote001060" xml:lang="en-US">Was
    determined by the management by using the assistance of third-party appraiser. As the Company&#8217;s obligation under such Contingent
    Consideration provision represent a potential liability to issue a fixed number of its common stock, the obligation was classified
    within shareholder deficit. The shares were issued on October 4, 2021 &#8211; see below.</ix:footnote></span></td></tr>
  </table>
</ix:nonNumeric><p id="xdx_8A2_zYuM2YP3mcXb" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -28.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 125; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#toc_002">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<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>TODOS
MEDICAL LTD.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)</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">(U.S.
dollars in thousands)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
5 - INVESTMENT IN AFFILIATD COMPANIES, NET (CONT.)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">&#160;</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"><b>B.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Antigen
    COVID Test Killer (Cont.)</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -21.25pt"><span style="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-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
the Closing Date, CATK was determined to be excluding substantive process as required under the definition of business in accordance
with the provisions of ASC Topic 805 &#8220;Business Combination&#8221;. In addition, it was determined that the License represents IPR&amp;D
with no alternative future use. Consequently, the Company expensed immediately the allocated amount to the investment in affiliated company
in amount of $<span id="xdx_90A_eus-gaap--InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures_iI_pn3n3_c20201231__us-gaap--TypeOfArrangementAxis__custom--AntigenCOVIDTestKillerMember_z1GmN9FVjexa" title="Investment in affiliated company"><ix:nonFraction name="us-gaap:InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures" contextRef="AsOf2020-12-31_custom_AntigenCOVIDTestKillerMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,718</ix:nonFraction></span>. In addition, following the Closing Date and through December 31, 2020, an amount of $<span id="xdx_903_eus-gaap--GainLossOnInvestments_pn3n3_c20200101__20201231__us-gaap--TypeOfArrangementAxis__custom--AntigenCOVIDTestKillerMember_zL9dEuzYlCy2" title="Share in losses of affiliated company"><ix:nonFraction name="us-gaap:GainLossOnInvestments" contextRef="From2020-01-012020-12-31_custom_AntigenCOVIDTestKillerMember29410078" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">105</ix:nonFraction></span> representing the Company&#8217;s
share in the losses of CATK. Both amounts were recorded as part of &#8220;Share in Losses of Affiliated Company&#8221; line in operations
in the accompanying consolidated statement of operations for the year ended December 31, 2020.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
October 4, 2021, and upon achieving market launch, the Company issued <span id="xdx_900_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20211001__20211004__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zgjGqwIR3Qjg" title="Stock issued during period new issues"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2021-10-012021-10-04_us-gaap_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">39,473,684</ix:nonFraction></span> shares of common stock to cover its Contingent Consideration
as detailed above. The value of the shares was calculated on the share price on the closing date of the amendment at $<span id="xdx_908_eus-gaap--StockIssuedDuringPeriodValueNewIssues_pn3n3_c20211001__20211004_z5x7r75aXQe6" title="Stock issued during period value new issues"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueNewIssues" contextRef="From2021-10-012021-10-04" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,500</ix:nonFraction></span>, and a results
recorded additional $<span id="xdx_902_eus-gaap--PaymentsOfStockIssuanceCosts_pn3n3_c20210101__20211231__us-gaap--TypeOfArrangementAxis__custom--AntigenCOVIDTestKillerMember_z9kMBpfuqjhf" title="Financing expenses"><ix:nonFraction name="us-gaap:PaymentsOfStockIssuanceCosts" contextRef="From2021-01-012021-12-31_custom_AntigenCOVIDTestKillerMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">450</ix:nonFraction></span> as part of financing expenses in the accompanying consolidated statement of operations for the year ended December
31, 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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">&#160;</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"><b>C.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Bio
    Imagery Ltd.</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -28.35pt"><span style="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-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
August 2020 (the &#8220;Effective Date&#8221;), the Company entered into an agreement with CARE GB Plus Ltd (&#8220;CARE GB&#8221;),
under which the parties agreed conjointly to incorporate Bio Imagery Ltd. (&#8220;Bio Imagery&#8221;) for the purpose of developing,
marketing and commercializing the Company&#8217;s Products and all the Company&#8217;s Intellectual Property (&#8220;Todos Cancer Assets&#8221;)
and to develop new Intellectual Property, products and services, and peruse the business based on the Todos Cancer Assets and on the
new intellectual property developed by Bio Imagery.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, it was agreed inter alia that (i) interest in Bio Imagery shall be <span id="xdx_904_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_c20200831__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--BioImageryMember_zHaJnCSsq9ja" title="Ownership percentage"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2020-08-31_custom_BioImageryMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">67</ix:nonFraction></span>% owned and controlled by CARE GB and <span id="xdx_901_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_dp_c20200831__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--CareGBMember_zY9xdksLpnhc" title="Ownership percentage"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2020-08-31_custom_CareGBMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">33</ix:nonFraction></span>% owned and controlled
by the Company; (ii) the Company will grant Bio Imagery an irrevocable, perpetual, worldwide license to distribute, market and sale of
the Products and new products in Israel, Europe and Africa (the &#8220;Territories&#8221;). Distribution, marketing and sale in other
Territories (except China) are authorized by the Company&#8217;s written and in advance approval; (iii) the Board of Managers will initially
consist of five board members: three members shall be appointed by CARE GB and two members shall be appointed by the Company; (iv) Upon
signing the agreement, the Company will issue Bio Imagery <span id="xdx_905_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20200830__20200831__dei--LegalEntityAxis__custom--BioImageryMember__us-gaap--StatementEquityComponentsAxis__custom--RestrictedOrdinarySharesMember_zDsG6aDuW7oj" title="Stock issued during the period, shares"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2020-08-302020-08-31_custom_BioImageryMember_custom_RestrictedOrdinarySharesMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">6,000,000</ix:nonFraction></span> restricted ordinary shares (locked up for a period of one year) for
payment to different suppliers and developers. Any further cash expenses required for ongoing activities shall be borne by Care GB; (v)
Care GB will grant up to 15% of its shares in Bio Imagery to senior executives in Bio Imagery, as a form in exchange for their work.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November 2, 2020, the <span id="xdx_90F_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20201101__20201102__us-gaap--StatementEquityComponentsAxis__custom--OrdinarySharesMember_zgRmQLqXNRuf"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2020-11-012020-11-02_custom_OrdinarySharesMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">6,000,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ordinary shares have been issued by the Company
valued at $<span id="xdx_90C_eus-gaap--StockIssuedDuringPeriodValueNewIssues_c20201101__20201102__us-gaap--StatementEquityComponentsAxis__custom--OrdinarySharesMember_zyFkErPiaWbd"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueNewIssues" contextRef="From2020-11-012020-11-02_custom_OrdinarySharesMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">618</ix:nonFraction></span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has determined that Bio Imagery is considered as a VIE due to Bio Imagery does not have sufficient resources to carry out its
principal activities without additional financial support. In addition, the Company has determined that it is not the primary beneficiary
of Bio Imagery due to the Company&#8217;s lacked the ability to direct the activities that most significantly impact the economic performance
of Bio Imagery.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">However,
the Company determined that it has the ability to exercise significant influence over Bio Imagery operations through board representation
and voting power and accordingly, the investment is accounted for under the equity method. Consequently, as of December 31, 2020 the
Company&#8217;s investment in Bio Imagery has amounted to $<span id="xdx_902_eus-gaap--InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures_iI_pn3n3_c20201231__dei--LegalEntityAxis__custom--BioImageryMember_zVuyDojabDi5"><ix:nonFraction name="us-gaap:InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures" contextRef="AsOf2020-12-31_custom_BioImageryMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">618</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
representing the above issuance of <span id="xdx_908_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20201101__20201102__us-gaap--StatementEquityComponentsAxis__custom--OrdinarySharesMember_zjSBRHvUpRNl"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2020-11-012020-11-02_custom_OrdinarySharesMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">6,000,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ordinary shares multiply by the Company&#8217;s
share price at issuance date. Moreover, through December 31, 2021, Bio Imagery has not yet commenced its business operations,
consequently the entire investment amounting to $<span id="xdx_908_ecustom--InvestmentsWrittenOff_iI_pn3n3_c20211231__dei--LegalEntityAxis__custom--BioImageryMember_zwQWvD9pD9z2" title="Investment written off"><ix:nonFraction name="TOMDF:InvestmentsWrittenOff" contextRef="AsOf2021-12-31_custom_BioImageryMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">618</ix:nonFraction></span> was written off.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="TOMDF:InvestmentInOtherCompanyTextBlock"><p id="xdx_807_ecustom--InvestmentInOtherCompanyTextBlock_zyevtN3MBOed" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
6 - <span id="xdx_82E_zj1lxzXhMHhf">INVESTMENT IN OTHER COMPANY </span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -63.8pt"><span style="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-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 14, 2020, Todos Singapore entered into subscription agreement with Pathnova Laboratories PTE Ltd (&#8220;Pathnova&#8221;) under
which Todos Singapore has agreed to invest in Pathnova up to SGD<span id="xdx_90C_eus-gaap--OtherInvestmentsAndSecuritiesAtCost_iI_c20200814__us-gaap--TypeOfArrangementAxis__custom--SubscriptionAgreementMember__srt--CurrencyAxis__currency--SGD__srt--RangeAxis__srt--MaximumMember_zgKtyhY0N01a" title="Investments and securities, at cost"><ix:nonFraction name="us-gaap:OtherInvestmentsAndSecuritiesAtCost" contextRef="AsOf2020-08-14_custom_SubscriptionAgreementMember_currency_SGD_srt_MaximumMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,000</ix:nonFraction></span> based on the investment payments schedule as determined in the
subscription agreement, for subscribing up to <span id="xdx_90D_eus-gaap--CommonStockSharesSubscribedButUnissued_iI_pid_c20200814__us-gaap--TypeOfArrangementAxis__custom--SubscriptionAgreementMember__srt--RangeAxis__srt--MaximumMember_z2x83gIhuW07" title="Subscription of shares"><ix:nonFraction name="us-gaap:CommonStockSharesSubscribedButUnissued" contextRef="AsOf2020-08-14_custom_SubscriptionAgreementMember_srt_MaximumMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">4,615,385</ix:nonFraction></span> subscription shares of Pathnova.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 31, 2020, <span id="xdx_904_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20200101__20201231__us-gaap--TypeOfArrangementAxis__custom--SubscriptionAgreementMember__srt--RangeAxis__srt--MaximumMember_zYOkAV3qCGuf" title="Stock issued during the period, shares"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2020-01-012020-12-31_custom_SubscriptionAgreementMember_srt_MaximumMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">461,538</ix:nonFraction></span> ordinary shares of Pathnova have been issued to Todos Singapore for total investment amount of SGD<span id="xdx_900_eus-gaap--OtherInvestmentsAndSecuritiesAtCost_iI_c20201231__dei--LegalEntityAxis__custom--PathnovaLaboratoriesPTELtdMember__srt--CurrencyAxis__currency--SGD_zazrRavUlTK" title="Investments and securities, at cost"><ix:nonFraction name="us-gaap:OtherInvestmentsAndSecuritiesAtCost" contextRef="AsOf2020-12-31_custom_PathnovaLaboratoriesPTELtdMember_currency_SGD" format="ixt:numdotdecimal" decimals="0" unitRef="USD">300</ix:nonFraction></span> (approximately
$<span id="xdx_902_eus-gaap--OtherInvestmentsAndSecuritiesAtCost_iI_c20201231__dei--LegalEntityAxis__custom--PathnovaLaboratoriesPTELtdMember_zWkn7ABzex45" title="Investments and securities, at cost"><ix:nonFraction name="us-gaap:OtherInvestmentsAndSecuritiesAtCost" contextRef="AsOf2020-12-31_custom_PathnovaLaboratoriesPTELtdMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">224</ix:nonFraction></span>), representing percentage shareholding of <span id="xdx_909_eus-gaap--InvestmentOwnedPercentOfNetAssets_iI_pid_dp_uPure_c20201231__dei--LegalEntityAxis__custom--PathnovaLaboratoriesPTELtdMember_z8OriSFPDAIa" title="Investment owned, percent of net assets"><ix:nonFraction name="us-gaap:InvestmentOwnedPercentOfNetAssets" contextRef="AsOf2020-12-31_custom_PathnovaLaboratoriesPTELtdMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">4.38</ix:nonFraction></span>% on regular basis. On January 25, 2021, additional <span id="xdx_901_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20210124__20210125__us-gaap--TypeOfArrangementAxis__custom--SubscriptionAgreementMember__srt--RangeAxis__srt--MaximumMember_z6QBAq3QpsOk" title="Stock issued during the period, shares"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2021-01-242021-01-25_custom_SubscriptionAgreementMember_srt_MaximumMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">461,539</ix:nonFraction></span> ordinary shares of Pathnova
have been issued to Todos Singapore for total investment amount of SGD<span id="xdx_904_eus-gaap--OtherInvestmentsAndSecuritiesAtCost_iI_c20210125__dei--LegalEntityAxis__custom--PathnovaLaboratoriesPTELtdMember__srt--CurrencyAxis__currency--SGD_zhl9CcntgQV5" title="Investments and securities, at cost"><ix:nonFraction name="us-gaap:OtherInvestmentsAndSecuritiesAtCost" contextRef="AsOf2021-01-25_custom_PathnovaLaboratoriesPTELtdMember_currency_SGD" format="ixt:numdotdecimal" decimals="0" unitRef="USD">300</ix:nonFraction></span> (approximately $<span id="xdx_900_eus-gaap--OtherInvestmentsAndSecuritiesAtCost_iI_c20210125__dei--LegalEntityAxis__custom--PathnovaLaboratoriesPTELtdMember_z1lfxTuRa5T5" title="Investments and securities, at cost"><ix:nonFraction name="us-gaap:OtherInvestmentsAndSecuritiesAtCost" contextRef="AsOf2021-01-25_custom_PathnovaLaboratoriesPTELtdMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">231</ix:nonFraction></span>), representing percentage shareholding
of additional <span id="xdx_90A_eus-gaap--InvestmentOwnedPercentOfNetAssets_iI_pid_dp_uPure_c20210125__dei--LegalEntityAxis__custom--PathnovaLaboratoriesPTELtdMember_zDJ5CQxJVUkl" title="Investment owned, percent of net assets"><ix:nonFraction name="us-gaap:InvestmentOwnedPercentOfNetAssets" contextRef="AsOf2021-01-25_custom_PathnovaLaboratoriesPTELtdMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">4.38</ix:nonFraction></span>% on regular basis.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management
has determined that its holding in Pathnova does not entitle the Company significant influence over Pathnova and accordingly the Company
accounted for its investment in Pathnova in accordance with the provisions of ASC Topic 321 &#8220;Investment-Equity Securities&#8221;,
as equity investment without readily determinable fair value.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:InvestmentHoldingsScheduleOfInvestmentsTableTextBlock"><p id="xdx_895_eus-gaap--InvestmentHoldingsScheduleOfInvestmentsTableTextBlock_zoEY9J7xV3A6" style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following tabular presentation reflects the Investment in other company:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8BF_zT8xB4znuiW1" style="display: none">SCHEDULE OF INVESTMENT IN OTHER COMPANY</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#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">Investment in other Company</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; text-align: justify">As of January 1, 2020</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: White">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 76%; text-align: justify; padding-bottom: 1.5pt">Issuance of shares as investment in Equity Securities</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</td><td id="xdx_984_ecustom--IssuanceOfSharesAsInvestmentInEquitySecurities_pn3n3_c20200101__20201231_zH2wgl3J2l2b" title="Issuance of shares as investment in Equity Securities" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 20%; text-align: right"><ix:nonFraction name="TOMDF:IssuanceOfSharesAsInvestmentInEquitySecurities" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">224</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1.5pt; text-align: left">&#160;</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; text-align: justify; padding-bottom: 1.5pt">Cash investment</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_982_ecustom--CashInvestment_pn3n3_c20210101__20211231_z8C5Hs23aD" title="Cash investment" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="TOMDF:CashInvestment" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">231</ix:nonFraction></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; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">As of December 31, 2020</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td id="xdx_98D_eus-gaap--InvestmentOwnedAtFairValue_iS_pn3n3_c20210101__20211231_z6tWIEKJyoj6" title="Beginning balance" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="us-gaap:InvestmentOwnedAtFairValue" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">224</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 1.5pt">Cash investment</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td id="xdx_987_ecustom--CashInvestment_pn3n3_c20210101__20211231_zxH1sXEu1Hh5" title="Cash investment" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="TOMDF:CashInvestment" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">231</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 2.5pt">As of December 31, 2021</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td id="xdx_98A_eus-gaap--InvestmentOwnedAtFairValue_iE_pn3n3_c20210101__20211231_zzgZfcNdwlhf" title="Ending balance" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="us-gaap:InvestmentOwnedAtFairValue" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">455</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  </table>


</ix:nonNumeric><p id="xdx_8A9_zIdsu7X94VTa" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 126; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#toc_002">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<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>TODOS
MEDICAL LTD.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)</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">(U.S.
dollars in thousands)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock"><p id="xdx_803_eus-gaap--PropertyPlantAndEquipmentDisclosureTextBlock_zZgjZSe9x79h" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
7 - <span id="xdx_825_zPxe2lc7gmy1">PROPERTY AND EQUIPMENT, NET</span></b></span></p>

<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:PropertyPlantAndEquipmentTextBlock"><p id="xdx_895_eus-gaap--PropertyPlantAndEquipmentTextBlock_zK1ZgokbVMY" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;<span id="xdx_8BB_z24fe1sedIoe" style="display: none">SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT</span></b></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in">
  <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_492_20211231_zV1K7A74iCD2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2021</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>
    <td colspan="2" id="xdx_49B_20201231_zmbnYDPPFctl" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2020</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; padding-bottom: 1.5pt; text-align: justify">&#160;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">As of<br /> December 31,</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; text-align: justify">&#160;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_403_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--LaboratoryEquipmentAndOthersMember_z0bQir7LQC52" 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: 56%; text-align: left">Laboratory equipment and others</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="AsOf2021-12-31_custom_LaboratoryEquipmentAndOthersMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">3,514</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%">&#160;</td>
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  <tr id="xdx_40F_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--ComputersMember_zYpqSxvOZh5f" 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"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="AsOf2021-12-31_custom_ComputersMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">10</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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  <tr id="xdx_403_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--VehiclesMember_zzTHU0t4rhD7" 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">Vehicle</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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  <tr id="xdx_404_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--FurnitureAndEquipmentMember_zkuxEFXZNJye" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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</ix:nonNumeric><p id="xdx_8A7_zVpeySxNi7bh" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -5.65pt"><span style="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: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="TOMDF:LoansNetDisclosureTextBlock"><p id="xdx_80F_ecustom--LoansNetDisclosureTextBlock_zAOKoa3WskVb" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -5.65pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
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<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="TOMDF:ScheduleOfReconciliationStraightLoansAndSimilarInstrumentsTableTextBlock"><p id="xdx_896_ecustom--ScheduleOfReconciliationStraightLoansAndSimilarInstrumentsTableTextBlock_z9712k4tIV5b" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: -5.65pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

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    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.</b></span></td>
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -28.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B2_zTcBLu29zmN6" style="display: none">SCHEDULE
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: bold 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">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: justify">&#160;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td>
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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="TOMDF:LessStraightLoansReclassifiedToConvertibleLoansUponChangeOfTerms" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">1,185</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left">)</td></tr>
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    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="us-gaap:LoansPayableCurrent" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,023</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="us-gaap:LoansPayableCurrent" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,672</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: -5.65pt"><span style="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-indent: -5.65pt"></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">
<td style="font: 10pt Times New Roman, Times, Serif; width: 15pt; text-align: left"><span id="xdx_F0B_zhyorkU9ON4" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(*)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1C_zL0mWfMHAGk5" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote001180" xml:lang="en-US">loans that have
been reclassified to convertible bridge loans upon default events in which the Company has not paid the net principal amount at the stated
maturity date.</ix:footnote></span></td>
</tr></table>

</ix:nonNumeric><p id="xdx_8AA_zoAxltscAOtc" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: -5.65pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Secured
    Convertible Equipment Loan Agreements</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -28.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</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"><b></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
    November 4, 2020 (the &#8220;Effective Date&#8221;), the Company entered into Secured Convertible Equipment Loan Agreement with a
    private lender (the &#8220;Lender&#8221;), under which at the Effective Date and for the purpose for purchasing two Liquid Handler
    Machines (the &#8220;Collateral&#8221;) to be placed in the laboratory of a Company&#8217;s client, the Company received from the
    Lender a net cash amount of $<span id="xdx_90B_eus-gaap--ProceedsFromLoans_pn3n3_c20201103__20201104__us-gaap--TypeOfArrangementAxis__custom--SecuredConvertibleEquipmentLoanAgreementMember__srt--TitleOfIndividualAxis__custom--LenderMember_zk3dXLi8zAab" title="Proceeds from loans"><ix:nonFraction name="us-gaap:ProceedsFromLoans" contextRef="From2020-11-032020-11-04_custom_SecuredConvertibleEquipmentLoanAgreementMember_custom_LenderMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">450</ix:nonFraction></span> which is including an original issue discount at the rate of <span id="xdx_90D_ecustom--LendersDiscountRate_pid_dp_uPure_c20201103__20201104__us-gaap--TypeOfArrangementAxis__custom--SecuredConvertibleEquipmentLoanAgreementMember__srt--TitleOfIndividualAxis__custom--LenderMember_zd32osn2jUC8" title="Lenders discount rate"><ix:nonFraction name="TOMDF:LendersDiscountRate" contextRef="From2020-11-032020-11-04_custom_SecuredConvertibleEquipmentLoanAgreementMember_custom_LenderMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">41.4</ix:nonFraction></span>% valued at $<span id="xdx_906_ecustom--OriginalIssueDiscountOnLoan_pn3n3_c20201103__20201104__us-gaap--TypeOfArrangementAxis__custom--SecuredConvertibleEquipmentLoanAgreementMember__srt--TitleOfIndividualAxis__custom--LenderMember_zhPpQBdswdUg" title="Original issue discount on loan"><ix:nonFraction name="TOMDF:OriginalIssueDiscountOnLoan" contextRef="From2020-11-032020-11-04_custom_SecuredConvertibleEquipmentLoanAgreementMember_custom_LenderMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">320</ix:nonFraction></span>, representing
    a face value of $<span id="xdx_909_ecustom--LoanFaceValue_pn3n3_c20201103__20201104__us-gaap--TypeOfArrangementAxis__custom--SecuredConvertibleEquipmentLoanAgreementMember__srt--TitleOfIndividualAxis__custom--LenderMember_zJc9I4cGjxdb" title="Loan principal amount"><ix:nonFraction name="TOMDF:LoanFaceValue" contextRef="From2020-11-032020-11-04_custom_SecuredConvertibleEquipmentLoanAgreementMember_custom_LenderMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">770</ix:nonFraction></span> for the loan (the &#8220;Aggregate Loan Principal Amount&#8221;). </span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.25in"><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-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Aggregate Loan Principal Amount shall be repaid within 120 days of receipt date (the &#8220;Maturity Date&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the Company&#8217;s discrete decision not to repay the Aggregate Loan Principal Amount in cash by the Maturity Date, the Lenders shall
have the right to convert <span id="xdx_904_eus-gaap--DebtConversionConvertedInstrumentRate_pid_dp_uPure_c20201103__20201104_zoZnQ0gVViN1" title="Debt conversion rate"><ix:nonFraction name="us-gaap:DebtConversionConvertedInstrumentRate" contextRef="From2020-11-032020-11-04" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">200</ix:nonFraction></span>% of the Aggregate Loan Principal Amount, less any amount that has been repaid, at a default conversion
price equal to <span id="xdx_903_ecustom--DefaultConversionRate_pid_dp_uPure_c20201103__20201104_zsUekIL9umF9" title="Debt conversion rate"><ix:nonFraction name="TOMDF:DefaultConversionRate" contextRef="From2020-11-032020-11-04" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">35</ix:nonFraction></span>% of the lowest closing price of the Company&#8217;s ordinary shares in the 10 days prior to the conversion as quoted
by Bloomberg, LP.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the event the Company receives gross proceeds from any equity financing in the amount of $<span id="xdx_905_eus-gaap--ProceedsFromOtherEquity_pn3n3_c20201103__20201104__srt--RangeAxis__srt--MinimumMember_zkER7G2FIDjh" title="Proceeds from equity"><ix:nonFraction name="us-gaap:ProceedsFromOtherEquity" contextRef="From2020-11-032020-11-04_srt_MinimumMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">5,000</ix:nonFraction></span> or more, the Aggregate Loan Principal
Amount will be immediately due and payables.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Aggregate Loan Principal Amount shall be secured by the Collateral. The Lender shall have the right to take possession of the Collateral
if repayment is not made in full by the Maturity Date. Upon default, the Lender shall have the right to take possession of the Collateral
and sell them. All proceeds from such sale will be ducted from the Aggregate Loan Principal Amount on a pro rata basis.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
the secured loan upon their original terms do not include conversion feature (such feature will only become applicable as a penalty,
upon the Company&#8217;s failure to repay the Aggregate Loan Principal Amount by the Maturity Date), the liability was accounted for
using the effective interest method over the term of the loans until their stated Maturity Date.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 127; 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 -->33<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#toc_002">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<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>TODOS
MEDICAL LTD.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)</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">(U.S.
dollars in thousands)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
8 - LOANS, NET </b>(continue)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -5.65pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">in
March 2021, the Company entered into First Amendment (the &#8220;Amendment&#8221;) to the Secured Convertible Equipment Loan Agreement,
under which the parties agreed as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in">&#160;</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">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">On
    or before May 1, 2021, the Company shall repay to the lender the Aggregate Loan Principal Amount of $<span id="xdx_908_eus-gaap--RepaymentsOfDebt_pn3n3_c20210429__20210501__us-gaap--TypeOfArrangementAxis__custom--FirstAmendmentToSecuredConvertibleEquipmentLoanAgreementMember__srt--TitleOfIndividualAxis__custom--LenderMember_z9oxvaic0K3k" title="Repayments of debt"><ix:nonFraction name="us-gaap:RepaymentsOfDebt" contextRef="From2021-04-292021-05-01_custom_FirstAmendmentToSecuredConvertibleEquipmentLoanAgreementMember_custom_LenderMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">450</ix:nonFraction></span> in cash, without 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">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">&#160;</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">On
    or before May 1, 2021, the Company shall repay to the lender, or contribute to a charity designated by the lender, the original initial
    discount in the amount of $<span id="xdx_90D_eus-gaap--DebtInstrumentUnamortizedDiscount_iI_pn3n3_c20210501__us-gaap--TypeOfArrangementAxis__custom--FirstAmendmentToSecuredConvertibleEquipmentLoanAgreementMember__srt--TitleOfIndividualAxis__custom--LenderMember_zx8fJh593Dc4" title="Debt discount of aggregated amount"><ix:nonFraction name="us-gaap:DebtInstrumentUnamortizedDiscount" contextRef="AsOf2021-05-01_custom_FirstAmendmentToSecuredConvertibleEquipmentLoanAgreementMember_custom_LenderMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">320</ix:nonFraction></span>, plus an additional $<span id="xdx_90B_eus-gaap--OfficersCompensation_pn3n3_c20210429__20210501__us-gaap--TypeOfArrangementAxis__custom--FirstAmendmentToSecuredConvertibleEquipmentLoanAgreementMember__srt--TitleOfIndividualAxis__custom--LenderMember_zl6ftfWdMW1c" title="Officer compensation"><ix:nonFraction name="us-gaap:OfficersCompensation" contextRef="From2021-04-292021-05-01_custom_FirstAmendmentToSecuredConvertibleEquipmentLoanAgreementMember_custom_LenderMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">100</ix:nonFraction></span> as compensation for the lender agreeing to postpone repayment of the Aggregate
    Principal Amount.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">&#160;</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">Upon
    execution of the Amendment, the Company shall issue to the lender, or contribute to a charity designated by the lender, <span id="xdx_907_eus-gaap--StockIssuedDuringPeriodSharesRestrictedStockAwardGross_pid_c20210228__20210331__us-gaap--TypeOfArrangementAxis__custom--FirstAmendmentToSecuredConvertibleEquipmentLoanAgreementMember__srt--TitleOfIndividualAxis__custom--LenderMember_z924onKKWmi" title="Stock issued during period shares restricted stock"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesRestrictedStockAwardGross" contextRef="From2021-02-282021-03-31_custom_FirstAmendmentToSecuredConvertibleEquipmentLoanAgreementMember_custom_LenderMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">2,000,000</ix:nonFraction></span>
    restricted ordinary shares of the Company, nominal value NIS <span id="xdx_907_eus-gaap--SharesIssuedPricePerShare_iI_pid_c20210331__us-gaap--TypeOfArrangementAxis__custom--FirstAmendmentToSecuredConvertibleEquipmentLoanAgreementMember__srt--TitleOfIndividualAxis__custom--LenderMember__us-gaap--AwardTypeAxis__custom--NISMember_zc4K1oohv9cf" title="Shares issued, price per share"><ix:nonFraction name="us-gaap:SharesIssuedPricePerShare" contextRef="AsOf2021-03-31_custom_FirstAmendmentToSecuredConvertibleEquipmentLoanAgreementMember_custom_LenderMember_custom_NISMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.0001</ix:nonFraction></span> per share, as additional compensation to the lender for its agreement
    to defer repayment of the Aggregate Loan Principal Amount.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.25in"><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-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2020, the Aggregate Loan Principal Amount amounted to $<span id="xdx_908_ecustom--LoanFaceValue_pn3n3_c20200101__20201231_zxbQGslyBtl1" title="Loan principal amount"><ix:nonFraction name="TOMDF:LoanFaceValue" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">580</ix:nonFraction></span>, which represented discount amortization expenses of $<span id="xdx_907_eus-gaap--AmortizationOfFinancingCosts_pn3n3_c20200101__20201231_z7xfHLhFSoW" title="Amortization expense"><ix:nonFraction name="us-gaap:AmortizationOfFinancingCosts" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">130</ix:nonFraction></span>
and was recorded as part of &#8220;Finance Expenses&#8221; line in operations in the accompanying consolidated statement of operations
for the year ended December 31, 2020.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
March 2021, the  Company entered into First Amendment to Secured Convertible Equipment Loan Agreement    (the &#8220;Amendment&#8221;), under
which the parties agreed (i) on or before May 1, 2021, the Company shall repay to the lender the Aggregate Loan Principal Amount of $<span id="xdx_908_eus-gaap--RepaymentsOfDebt_pn3n3_c20210429__20210501__us-gaap--TypeOfArrangementAxis__custom--FirstAmendmentToSecuredConvertibleEquipmentLoanAgreementMember__srt--TitleOfIndividualAxis__custom--LenderMember_zFoenJTAIkke" title="Repayments of debt"><ix:nonFraction name="us-gaap:RepaymentsOfDebt" contextRef="From2021-04-292021-05-01_custom_FirstAmendmentToSecuredConvertibleEquipmentLoanAgreementMember_custom_LenderMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">450</ix:nonFraction></span>
in cash, without interest, (ii) on or before May 1, 2021, the Company shall repay to the lender, or contribute to a charity designated
by the lender, the original initial discount in the amount of $<span id="xdx_901_eus-gaap--DebtInstrumentUnamortizedDiscount_iI_pn3n3_c20210501__us-gaap--TypeOfArrangementAxis__custom--FirstAmendmentToSecuredConvertibleEquipmentLoanAgreementMember__srt--TitleOfIndividualAxis__custom--LenderMember_zdtodUpdzzTe" title="Original issue discount on loan"><ix:nonFraction name="us-gaap:DebtInstrumentUnamortizedDiscount" contextRef="AsOf2021-05-01_custom_FirstAmendmentToSecuredConvertibleEquipmentLoanAgreementMember_custom_LenderMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">320</ix:nonFraction></span>, plus an additional $<span id="xdx_90F_eus-gaap--OfficersCompensation_pn3n3_c20210428__20210501__us-gaap--TypeOfArrangementAxis__custom--FirstAmendmentToSecuredConvertibleEquipmentLoanAgreementMember__srt--TitleOfIndividualAxis__custom--LenderMember_zAs5Bmmry8re" title="Officer compensation"><ix:nonFraction name="us-gaap:OfficersCompensation" contextRef="From2021-04-282021-05-01_custom_FirstAmendmentToSecuredConvertibleEquipmentLoanAgreementMember_custom_LenderMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">100</ix:nonFraction></span> as compensation for the lender agreeing to
postpone repayment of the Aggregate Principal Amount and (iii) upon the execution of the Amendment, the Company shall issue to the lender,
or contribute to a charity designated by the lender, <span id="xdx_906_eus-gaap--StockIssuedDuringPeriodSharesRestrictedStockAwardGross_pid_c20210228__20210321__us-gaap--TypeOfArrangementAxis__custom--FirstAmendmentToSecuredConvertibleEquipmentLoanAgreementMember__srt--TitleOfIndividualAxis__custom--LenderMember_zVAd3DxJuv6c" title="Stock issued during period shares restricted stock"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesRestrictedStockAwardGross" contextRef="From2021-02-282021-03-21_custom_FirstAmendmentToSecuredConvertibleEquipmentLoanAgreementMember_custom_LenderMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">2,000,000</ix:nonFraction></span> restricted ordinary shares of the Company, nominal value NIS <span id="xdx_90C_eus-gaap--SharesIssuedPricePerShare_iI_pid_c20210321__us-gaap--TypeOfArrangementAxis__custom--FirstAmendmentToSecuredConvertibleEquipmentLoanAgreementMember__srt--TitleOfIndividualAxis__custom--LenderMember__us-gaap--AwardTypeAxis__custom--NISMember_zU8sEBaCzLPj" title="Shares issued, price per share"><ix:nonFraction name="us-gaap:SharesIssuedPricePerShare" contextRef="AsOf2021-03-21_custom_FirstAmendmentToSecuredConvertibleEquipmentLoanAgreementMember_custom_LenderMember_custom_NISMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.0001</ix:nonFraction></span> per
share with fair value of $<span id="xdx_90D_eus-gaap--DerivativeFairValueOfDerivativeLiability_iI_pn3n3_c20211231__us-gaap--TypeOfArrangementAxis__custom--ClosingAgreementMember__srt--TitleOfIndividualAxis__custom--PurchaserMember_zFBjjYQf0WQ1" title="Investment"><ix:nonFraction name="us-gaap:DerivativeFairValueOfDerivativeLiability" contextRef="AsOf2021-12-31_custom_ClosingAgreementMember_custom_PurchaserMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">88</ix:nonFraction></span>, as additional compensation to the lender for its agreement to defer repayment of the Aggregate Loan Principal
Amount.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
management has determined mainly based on the qualitative terms of the amendment that the terms of the amended instruments considered
as substantially different. Consequently, the original convertible bridge loans were derecognized, the new loans were initially recorded
at fair value as current financial liability and the shares were initially recorded at fair value as an increase of additional paid-in
capital. As of December 31, 2021, the loan was repaid in full. Consequently, the Company recorded expenses amounting to $<span id="xdx_909_eus-gaap--OtherNonoperatingGainsLosses_pn3n3_c20210101__20211231__us-gaap--TypeOfArrangementAxis__custom--ClosingAgreementMember_zO3IhY6mrZLd" title="Finance expenses"><ix:nonFraction name="us-gaap:OtherNonoperatingGainsLosses" contextRef="From2021-01-012021-12-31_custom_ClosingAgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">378</ix:nonFraction></span> as part
of the &#8220;finance expenses&#8221; line in operations in the accompanying consolidated statement of operations for the year ended December
31, 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</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"><b>C.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
    November 4, 2020 (the &#8220;Effective Date&#8221;), the Company entered into Secured Convertible Equipment Loan Agreement with a
    private lender (the &#8220;Lender&#8221;), whereby at the Effective Date and for the purpose for purchasing certain two Liquid Handler
    Machines to be placed in the laboratory of a Company&#8217;s client, the Company received from the Lender a net cash amount of $<span id="xdx_907_eus-gaap--ProceedsFromLoans_pn3n3_c20201103__20201104__us-gaap--TypeOfArrangementAxis__custom--SecuredConvertibleEquipmentLoanAgreementMember_zlRc8FShVakh" title="Proceeds from loans"><ix:nonFraction name="us-gaap:ProceedsFromLoans" contextRef="From2020-11-032020-11-04_custom_SecuredConvertibleEquipmentLoanAgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">750</ix:nonFraction></span>
    which is including an original issue discount at the rate of <span id="xdx_90F_ecustom--LendersDiscountRate_pid_dp_uPure_c20201103__20201104__us-gaap--TypeOfArrangementAxis__custom--SecuredConvertibleEquipmentLoanAgreementMember_zgKBVM0COCq1" title="Lenders discount rate"><ix:nonFraction name="TOMDF:LendersDiscountRate" contextRef="From2020-11-032020-11-04_custom_SecuredConvertibleEquipmentLoanAgreementMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">40</ix:nonFraction></span>% valued at $<span id="xdx_907_ecustom--OriginalIssueDiscountOnLoan_pn3n3_c20201103__20201104__us-gaap--TypeOfArrangementAxis__custom--SecuredConvertibleEquipmentLoanAgreementMember_zIZkdANXRKf5" title="Original issue discount on loan"><ix:nonFraction name="TOMDF:OriginalIssueDiscountOnLoan" contextRef="From2020-11-032020-11-04_custom_SecuredConvertibleEquipmentLoanAgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">500</ix:nonFraction></span>, representing a face value of $<span id="xdx_90D_ecustom--LoanFaceValue_pn3n3_c20201103__20201104__us-gaap--TypeOfArrangementAxis__custom--SecuredConvertibleEquipmentLoanAgreementMember_zmRg17RN1fvi" title="Loan principal amount"><ix:nonFraction name="TOMDF:LoanFaceValue" contextRef="From2020-11-032020-11-04_custom_SecuredConvertibleEquipmentLoanAgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,250</ix:nonFraction></span> for the loan
    (the &#8220;Aggregate Loan Principal Amount&#8221;).</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.25in"><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-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Aggregate Loan Principal Amount shall be repaid within 120 days of receipt date (the &#8220;Maturity Date&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the Company&#8217;s discrete decision not to repay the Aggregate Loan Principal Amount in cash by the Maturity Date, the Lenders shall
have the right to convert <span id="xdx_90E_eus-gaap--DebtConversionConvertedInstrumentRate_pid_dp_uPure_c20201103__20201104_zOmWWuBCaOmb" title="Debt conversion rate"><ix:nonFraction name="us-gaap:DebtConversionConvertedInstrumentRate" contextRef="From2020-11-032020-11-04" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">200</ix:nonFraction></span>% of the Aggregate Loan Principal Amount, less any amount that has been repaid, at a default conversion
price equal to <span id="xdx_904_ecustom--DefaultConversionRate_pid_dp_uPure_c20201103__20201104_zfApcwjMe4R" title="Debt conversion rate"><ix:nonFraction name="TOMDF:DefaultConversionRate" contextRef="From2020-11-032020-11-04" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">35</ix:nonFraction></span>% of the lowest closing price of the Company&#8217;s ordinary shares in the 10 days prior to the conversion as quoted
by Bloomberg, LP.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company agrees it will issue <span id="xdx_90D_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20201103__20201104__us-gaap--TypeOfArrangementAxis__custom--SecuredConvertibleEquipmentLoanAgreementMember_z0VrQHPY1yW7" title="Stock issued during the period, shares"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2020-11-032020-11-04_custom_SecuredConvertibleEquipmentLoanAgreementMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">20,000,000</ix:nonFraction></span> ordinary shares (the &#8220;Collateral Shares&#8221;) to the Lender within two days of the Effective
Date. In the event of default occurs and is not cured withing 15 days, the Lender may take such Collateral Shares and dispose of them
as wish. The aforesaid shares have been issued at November 4, 2020.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
the secured loan upon their original terms do not include conversion feature (such feature will only become applicable as a penalty,
upon the Company&#8217;s failure to repay the Aggregate Loan Principal Amount by the Maturity Date), the liability was accounted for
using the effective interest method over the term of the loans until their stated Maturity Date.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2020, the Aggregate Loan Amount amounted to $<span id="xdx_904_ecustom--LoanFaceValue_pn3n3_c20200101__20201231__us-gaap--TypeOfArrangementAxis__custom--SecuredConvertibleEquipmentLoanAgreementMember_zvlXESvI0AW5"><ix:nonFraction name="TOMDF:LoanFaceValue" contextRef="From2020-01-012020-12-31_custom_SecuredConvertibleEquipmentLoanAgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">954</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
which represented discount amortization expenses of $<span id="xdx_90B_eus-gaap--AmortizationOfFinancingCosts_pn3n3_c20200101__20201231__us-gaap--TypeOfArrangementAxis__custom--SecuredConvertibleEquipmentLoanAgreementMember_zjWAubitJgii"><ix:nonFraction name="us-gaap:AmortizationOfFinancingCosts" contextRef="From2020-01-012020-12-31_custom_SecuredConvertibleEquipmentLoanAgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">204</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">as was recorded as part of &#8220;Finance Expenses&#8221;
line in operations in the accompanying consolidated statement of operations for the year ended December 31, 2020.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 128; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->34<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#toc_002">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<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>TODOS
MEDICAL LTD.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)</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">(U.S.
dollars in thousands)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><b>NOTE
8 - LOANS, NET </b>(continue)</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2021, upon the occurrence of an Event of Default in which the Note was not repaid before or at the Maturity Date, the
loan become subject to the provisions of ASC 480, &#8220;Distinguishing Liabilities and Equity&#8221; as it become an obligation that
will be settled by issuance of a variable number of shares (stock settle obligation) and as such is measured at fair value through profit
or loss. Consequently, the Company recorded expenses amounted to $<span id="xdx_901_ecustom--DebtInstrumentRemeasurementOfLoan_pn3n3_c20210101__20211231__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__us-gaap--ShortTermDebtTypeAxis__us-gaap--BridgeLoanMember_zsA34O4pQK61" title="Remeasurement of loan"><ix:nonFraction name="TOMDF:DebtInstrumentRemeasurementOfLoan" contextRef="From2021-01-012021-12-31_custom_SecuritiesPurchaseAgreementMember_us-gaap_BridgeLoanMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">4,306</ix:nonFraction></span> related to remeasurement of the Loan as part of the &#8220;finance
expenses&#8221; line in operations in the accompanying consolidated statement of operations for the year ended December 31, 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
2021, the Company issued the Lender <span id="xdx_90C_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20210101__20211231__srt--TitleOfIndividualAxis__custom--LenderMember_z5rkkqJexzr7"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2021-01-012021-12-31_custom_LenderMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">178,525,619</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ordinary shares of the Company valued at $<span id="xdx_908_eus-gaap--StockIssuedDuringPeriodValueNewIssues_pn3n3_c20210101__20211231__srt--TitleOfIndividualAxis__custom--LenderMember_zwXMDFcfwue8" title="Stock issued during period value new issues"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueNewIssues" contextRef="From2021-01-012021-12-31_custom_LenderMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">4,282</ix:nonFraction></span>
as a result of the default event and recorded additional expenses amounted to $<span id="xdx_90E_ecustom--RemeasurementOfLoan_pn3n3_c20210101__20211231__srt--TitleOfIndividualAxis__custom--LenderMember_zQ8otxuQVDd8" title="Remeasurement loan"><ix:nonFraction name="TOMDF:RemeasurementOfLoan" contextRef="From2021-01-012021-12-31_custom_LenderMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,983</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">related to remeasurement of the Loan as part
of the &#8220;finance expenses&#8221; line in operations in the accompanying consolidated statement of operations for the year ended
December 31, 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2021, the Aggregate Loan Amount was $<span id="xdx_90F_eus-gaap--DebtInstrumentFaceAmount_iI_pn3n3_c20211231__us-gaap--TypeOfArrangementAxis__custom--SecuredConvertibleEquipmentLoanAgreementMember_zcTKh0HCeAyc" title="Debt instrument, face amount"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2021-12-31_custom_SecuredConvertibleEquipmentLoanAgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,997</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>D.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Secured
    Promissory Note</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -28.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 19, 2021, the Company entered into Secured Promissory Note (the &#8220;Note&#8221;) with a lender (the &#8220;Lender&#8221;), pursuant
to which the Company has agreed to issue a Note to the Lender in the principal amount of $<span id="xdx_908_eus-gaap--DebtInstrumentFaceAmount_iI_pp0p0_c20210719_z3wWVb0eneD7" title="Debt principle amount"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2021-07-19" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,666,666</ix:nonFraction></span> for proceeds of $<span id="xdx_900_eus-gaap--ProceedsFromIssuanceOfDebt_pp0p0_c20210718__20210719_zGt8PSkSwFq1" title="Proceeds from issuance of debt"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceOfDebt" contextRef="From2021-07-182021-07-19" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,000,000</ix:nonFraction></span> (the &#8220;Transaction&#8221;).
The Note has a maturity date of 180 days from the date of issuance.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">As of December 31, 2021
the balance of the loan was estimated at $<span id="xdx_900_eus-gaap--DebtInstrumentFaceAmount_iI_pn3n3_c20211231__us-gaap--DebtInstrumentAxis__custom--SecuredPromissoryNoteMember_zo7GK6NuEFd6"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2021-12-31_custom_SecuredPromissoryNoteMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,597</ix:nonFraction></span>. The Company recorded expenses amounting to $<span id="xdx_903_eus-gaap--OtherNonoperatingGainsLosses_pn3n3_c20210101__20211231__us-gaap--DebtInstrumentAxis__custom--SecuredPromissoryNoteMember_zDV3RGhFweLf"><ix:nonFraction name="us-gaap:OtherNonoperatingGainsLosses" contextRef="From2021-01-012021-12-31_custom_SecuredPromissoryNoteMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">597</ix:nonFraction></span> as part of the &#8220;finance expenses&#8221;
line in operations in the accompanying consolidated statement of operations for the year ended December 31, 2021.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>E.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Revenue
    Purchase Agreement</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -28.35pt"><span style="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-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 22, 2020, Corona Diagnostics entered into revenue purchase agreement with a private lender (the &#8220;Lender&#8221;), under
which, the Company will sell, assign and transfer to Lender (making the Lender the absolute owner) in consideration of the Purchase Price
of $<span id="xdx_903_eus-gaap--PurchaseObligation_iI_pn3n3_c20201222_zfHtaRrXmuMi" title="Consideration of purchase price"><ix:nonFraction name="us-gaap:PurchaseObligation" contextRef="AsOf2020-12-22" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">138</ix:nonFraction></span>, the Purchased Percentage at a rate of <span id="xdx_906_ecustom--PurchasePriceConsiderationPercentage_pip0_dp_uPure_c20201221__20201222_zL1ljsbTM5K1" title="Purchase price consideration"><ix:nonFraction name="TOMDF:PurchasePriceConsiderationPercentage" contextRef="From2020-12-212020-12-22" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">7</ix:nonFraction></span>% of all of the Company&#8217;s future accounts, contract rights and other entitlements
arising from or relating to the payment of monies from the Company&#8217;s customers&#8217; and/or other third party payors, for the
payments due to the Company as a result of the Company&#8217;s sale of goods and/or services (the &#8220;Transactions&#8221;) until the
Purchased Amount has been delivered by or on behalf of the Company to Lender. The revenue purchase agreement shall remain in full force
and effect until the entire Purchased Amount and any other amounts due are received by Lender as per the terms of the revenue purchase
agreement. During 2021 the Company repaid the loan in full.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>F.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Assignment
    of Receivable Agreements</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -28.35pt"><span style="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-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2021, Corona Diagnostics (the &#8220;Assignor&#8221;) entered into several Assignment of Receivable Agreements
under which the Assignor assigned to the Assignee all of its right, title and interest in portion of receivable related to invoices for
certain purchase orders with a discount in a rate of 10%. The Assignor is obligated to repurchase the PO in the event that payment is
not received by the Assignee within 60-days period from the singing of the Assignment of Receivable Agreements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2021, the Assignor received total amount of $<span id="xdx_909_eus-gaap--ProceedsFromSaleOfLoansReceivable_pn3n3_c20210101__20211231__us-gaap--TypeOfArrangementAxis__custom--AssignmentOfReceivableAgreementsMember_zzaNxMVBuGG5" title="Proceeds from receivable"><ix:nonFraction name="us-gaap:ProceedsFromSaleOfLoansReceivable" contextRef="From2021-01-012021-12-31_custom_AssignmentOfReceivableAgreementsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,485</ix:nonFraction></span> under the Assignment of Receivable Agreements and repaid
$<span id="xdx_90F_eus-gaap--PaymentsForProceedsFromLoansReceivable_pn3n3_c20210101__20211231__us-gaap--TypeOfArrangementAxis__custom--AssignmentOfReceivableAgreementsMember_z12OyrvQkHbe" title="Repayment for receivable"><ix:nonFraction name="us-gaap:PaymentsForProceedsFromLoansReceivable" contextRef="From2021-01-012021-12-31_custom_AssignmentOfReceivableAgreementsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">592</ix:nonFraction></span>. In addition, the Company incurred finance expenses with respect to the applicable discount Interest under the Assignment of Receivable
Agreements amounted to $<span id="xdx_904_ecustom--FinanceExpensesWithApplicableDiscountInterest_pn3n3_c20210101__20211231__us-gaap--TypeOfArrangementAxis__custom--AssignmentOfReceivableAgreementsMember_zQXjIdUa4QZ5" title="Finance expenses with applicable discount interest"><ix:nonFraction name="TOMDF:FinanceExpensesWithApplicableDiscountInterest" contextRef="From2021-01-012021-12-31_custom_AssignmentOfReceivableAgreementsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">152</ix:nonFraction></span>. As of December 31, 2021, an amounts of $<span id="xdx_90C_eus-gaap--PaymentsForLoans_pn3n3_c20210101__20211231__us-gaap--TypeOfArrangementAxis__custom--AssignmentOfReceivableAgreementsMember_zPLTUaxLhsZ7" title="Repayment for loans"><ix:nonFraction name="us-gaap:PaymentsForLoans" contextRef="From2021-01-012021-12-31_custom_AssignmentOfReceivableAgreementsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">426</ix:nonFraction></span> has not been repaid.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
    June 19, 2020, the Company and its subsidiaries, Todos Medical USA and Corona Diagnostics, LLC (&#8220;Corona&#8221;) entered into a
    Receivables Financing Agreement with Toledo Advisors, LLC (&#8220;Toledo&#8221;) for up to $<span id="xdx_904_eus-gaap--LineOfCreditFacilityMaximumBorrowingCapacity_iI_pn3n3_c20200619__us-gaap--CreditFacilityAxis__us-gaap--RevolvingCreditFacilityMember__dei--LegalEntityAxis__custom--TedosMedicalUSAMember_zBezE173A01c"><ix:nonFraction name="us-gaap:LineOfCreditFacilityMaximumBorrowingCapacity" contextRef="AsOf2020-06-19_us-gaap_RevolvingCreditFacilityMember_custom_TedosMedicalUSAMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">25,000</ix:nonFraction> </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">in
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    been advanced. The financing is secured by all of the assets of the Company&#8217;s wholly-owned subsidiary Todos Medical USA, Inc.
    In addition, Todos Medical USA pledged all of the outstanding equity of Corona to the Lender. The initial draw under the Facility
    was on June 19, 2020 for $<span id="xdx_90F_eus-gaap--LineOfCredit_iI_pn3n3_c20200619__us-gaap--CreditFacilityAxis__us-gaap--RevolvingCreditFacilityMember__dei--LegalEntityAxis__custom--TedosMedicalUSAMember_zBOOpEkYuetc"><ix:nonFraction name="us-gaap:LineOfCredit" contextRef="AsOf2020-06-19_us-gaap_RevolvingCreditFacilityMember_custom_TedosMedicalUSAMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">165</ix:nonFraction> </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">which
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    receivable, for which the draw was made, is paid. The Facility has since been repaid as of December 31, 2020. In November
    2020, the parties agreed to amend the Facility to reduce the cost of funding to Todos Medical USA, and to make the relationship
    between Corona and Toledo nonexclusive in exchange for Toledo being granted a percentage of Corona&#8217;s revenues from diagnostic
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -28.35pt"><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:OtherLiabilitiesDisclosureTextBlock"><p id="xdx_80F_eus-gaap--OtherLiabilitiesDisclosureTextBlock_zlhMMaoS8ayf" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
9 - <span id="xdx_821_zeN9tfKbZzxl">OTHER CURRENT LIABILITIES</span> </b></span></p>

<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:OtherCurrentLiabilitiesTableTextBlock"><p id="xdx_893_eus-gaap--OtherCurrentLiabilitiesTableTextBlock_zO9ip70DdeR7" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;<span id="xdx_8B4_z5X6bgjuxAff" style="display: none">SCHEDULE OF OTHER CURRENT LIABILITIES</span></b></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_49C_20211231_ztLP663BvFcg" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">&#160;</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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<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: justify">&#160;</td><td style="font: bold 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">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_40B_eus-gaap--AccruedPayrollTaxesCurrent_iI_pn3n3_maOLCz9tN_maOLCzS3A_zGW9qxuD1wT1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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</ix:nonNumeric><p id="xdx_8A8_z4v9TVh2iuIk" 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>


<ix:exclude><!-- Field: Page; Sequence: 129; 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 -->35<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#toc_002">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<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>TODOS
MEDICAL LTD.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)</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">(U.S.
dollars in thousands)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:DebtDisclosureTextBlock"><p id="xdx_803_eus-gaap--DebtDisclosureTextBlock_zUE2mPwbZDa3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
10 - <span id="xdx_826_zR4FpVyNdrJ6">CONVERTIBLE BRIDGE LOANS, NET</span></b></span></p>

<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:ConvertibleDebtTableTextBlock"><p id="xdx_897_eus-gaap--ConvertibleDebtTableTextBlock_zkxBpsbWm7xg" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: -5.65pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    following tabular presentation reflects the reconciliation of the carrying amount of the convertible bridge loans, notes and similar
    instruments during the year ended December 31, 2021 and 2020:</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -28.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8BD_zUwobwvUl00d" style="display: none">SCHEDULE OF CARRYING AMOUNT OF CONVERTIBLE BRIDGE LOANS</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_49D_20210101__20211231__us-gaap--DebtInstrumentAxis__custom--ConvertibleBridgeLoanMember_zWqXPUZyr71i" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">&#160;</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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<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: justify">&#160;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">As of<br /> December 31,</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#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: 10pt Times New Roman, Times, Serif; width: 60%; text-align: left">Opening balance</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%">&#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">(<ix:nonFraction name="us-gaap:RepaymentsOfConvertibleDebt" contextRef="From2021-01-012021-12-31_custom_ConvertibleBridgeLoanMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,027</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Less: Recognition of liability related to conversion feature of convertible bridge loans</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(<ix:nonFraction name="TOMDF:RecognitionOfLiabilityRelatedToConversionFeatureOfConvertibleBridgeLoans" contextRef="From2021-01-012021-12-31_custom_ConvertibleBridgeLoanMember" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">7,420</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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  <tr id="xdx_40A_ecustom--LessFairValueOfDetachableInstrumentsAccountedForAsEquityComponent_pn3n3_zwOhXzHLDK3j" 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">Less: Fair value of detachable instruments accounted for as equity component</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(<ix:nonFraction name="TOMDF:LessFairValueOfDetachableInstrumentsAccountedForAsEquityComponent" contextRef="From2021-01-012021-12-31_custom_ConvertibleBridgeLoanMember" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">5,422</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(<ix:nonFraction name="TOMDF:LessFairValueOfDetachableInstrumentsAccountedForAsEquityComponent" contextRef="From2020-01-012020-12-31_custom_ConvertibleBridgeLoanMember" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">758</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
  <tr id="xdx_401_ecustom--ChangesInTermsOfStraightLoansToConvertibleLoans_pn3n3_zwd6Ljvi4xs4" 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">Plus: Changes in terms of straight loans to convertible loans</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="TOMDF:ChangesInTermsOfStraightLoansToConvertibleLoans" contextRef="From2021-01-012021-12-31_custom_ConvertibleBridgeLoanMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,164</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="TOMDF:ChangesInTermsOfStraightLoansToConvertibleLoans" contextRef="From2020-01-012020-12-31_custom_ConvertibleBridgeLoanMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,185</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr id="xdx_405_ecustom--PartialConversionOfConvertibleBridgeLoanIntoEquity_pn3n3_zOUagBKrYCS1" 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">Less: Partial conversion of convertible bridge loans into equity</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(<ix:nonFraction name="TOMDF:PartialConversionOfConvertibleBridgeLoanIntoEquity" contextRef="From2021-01-012021-12-31_custom_ConvertibleBridgeLoanMember" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">17,111</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(<ix:nonFraction name="TOMDF:PartialConversionOfConvertibleBridgeLoanIntoEquity" contextRef="From2020-01-012020-12-31_custom_ConvertibleBridgeLoanMember" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">4,639</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
  <tr id="xdx_403_ecustom--LessModificationOfConvertibleBridgeLoansTransactions_pn3n3_zFIckUGAFgPj" 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">Less: Modification of convertible bridge loans transactions</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="TOMDF:LessModificationOfConvertibleBridgeLoansTransactions" contextRef="From2021-01-012021-12-31_custom_ConvertibleBridgeLoanMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">3,384</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(<ix:nonFraction name="TOMDF:LessModificationOfConvertibleBridgeLoansTransactions" contextRef="From2020-01-012020-12-31_custom_ConvertibleBridgeLoanMember" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">3,375</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
  <tr id="xdx_402_ecustom--IssuanceOfSharesAsCollateralAsResultOfRepaymentDefault_pn3n3_zP4SO0XWAos3" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif">Less: Issuance of shares as collateral as result of repayment default</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(<ix:nonFraction name="TOMDF:IssuanceOfSharesAsCollateralAsResultOfRepaymentDefault" contextRef="From2021-01-012021-12-31_custom_ConvertibleBridgeLoanMember" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">870</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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  <tr id="xdx_402_eus-gaap--AmortizationOfFinancingCostsAndDiscounts_pn3n3_zRAqk1giGFPi" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_40C_ecustom--ChangeInFairValueOfConvertibleBridgeLoans_pn3n3_zhu6WJjCl353" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt">Plus: Change in fair value of convertible bridge loans</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td>
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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="TOMDF:ChangeInFairValueOfConvertibleBridgeLoans" contextRef="From2020-01-012020-12-31_custom_ConvertibleBridgeLoanMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">8,973</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_406_eus-gaap--ConvertibleDebtNoncurrent_iE_pn3n3_zkHWPQNLpD0d" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Closing balance</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">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="us-gaap:ConvertibleDebtNoncurrent" contextRef="AsOf2021-12-31_custom_ConvertibleBridgeLoanMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">25,406</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="us-gaap:ConvertibleDebtNoncurrent" contextRef="AsOf2020-12-31_custom_ConvertibleBridgeLoanMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">5,965</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8AF_z4ZoQQbrWQXg" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2021, Principal Amount and unpaid Interest in total amount of $<span id="xdx_90A_eus-gaap--StockIssuedDuringPeriodValueConversionOfConvertibleSecurities_pn3n3_c20210101__20211231__us-gaap--TypeOfArrangementAxis__custom--SecuredConvertibleEquipmentLoanAgreementMember_z4XWf1HgaQh9" title="Stock issued during the period converted"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueConversionOfConvertibleSecurities" contextRef="From2021-01-012021-12-31_custom_SecuredConvertibleEquipmentLoanAgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">17,111</ix:nonFraction></span> have been converted into <span id="xdx_90B_eus-gaap--StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities_pid_c20210101__20211231__us-gaap--TypeOfArrangementAxis__custom--SecuredConvertibleEquipmentLoanAgreementMember_zpH3uoV15OLc" title="Stock issued during the period converted, shares"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities" contextRef="From2021-01-012021-12-31_custom_SecuredConvertibleEquipmentLoanAgreementMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">379,378,296</ix:nonFraction></span>
Ordinary shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2020, Principal Amount and unpaid Interest in total amount of $<span id="xdx_90E_eus-gaap--StockIssuedDuringPeriodValueConversionOfConvertibleSecurities_pn3n3_c20201230__20201231__us-gaap--TypeOfArrangementAxis__custom--SecuredConvertibleEquipmentLoanAgreementMember_zh0cPLBUvUok" title="Stock issued during the period converted"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueConversionOfConvertibleSecurities" contextRef="From2020-12-302020-12-31_custom_SecuredConvertibleEquipmentLoanAgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">4,639</ix:nonFraction></span> have been converted into <span id="xdx_908_eus-gaap--StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities_pid_c20201230__20201231__us-gaap--TypeOfArrangementAxis__custom--SecuredConvertibleEquipmentLoanAgreementMember_zDQGIom4koy" title="Stock issued during the period converted, shares"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities" contextRef="From2020-12-302020-12-31_custom_SecuredConvertibleEquipmentLoanAgreementMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">64,630,113</ix:nonFraction></span>
Ordinary shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
    the years ended December 31, 2019 and 2018, the Company entered into certain Convertible Bridge Loan Agreements (the &#8220;2019
    and 2018 Loan Agreements&#8221;), under which the Company obtained an aggregate net cash amount of $<span id="xdx_908_eus-gaap--ConvertibleDebt_iI_pn3n3_c20191231__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember_zgovDkkaDbwh" title="Convertible bridge loan"><ix:nonFraction name="us-gaap:ConvertibleDebt" contextRef="AsOf2019-12-31_custom_LoanAgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,443</ix:nonFraction></span> and $<span id="xdx_90E_eus-gaap--ConvertibleDebt_iI_pn3n3_c20181231__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember_zlS4CvhxuGy9" title="Convertible bridge loan"><ix:nonFraction name="us-gaap:ConvertibleDebt" contextRef="AsOf2018-12-31_custom_LoanAgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">27</ix:nonFraction></span>, respectively,
    (which represented <span id="xdx_907_ecustom--DebtInstrumentPrincipalRate_iI_pid_dp_c20191231__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember_zWxAqglR409f"><ix:nonFraction name="TOMDF:DebtInstrumentPrincipalRate" contextRef="AsOf2019-12-31_custom_LoanAgreementMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">90</ix:nonFraction></span>% of the gross Principal Amount of the loans) (the &#8220;Net Principal Amount&#8221;) from several private
    lenders (the &#8220;Lenders&#8221;).</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -28.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Principal Amount has been originally issued with <span id="xdx_90A_ecustom--DebtInstrumentDiscountRate_iI_pid_dp_uPure_c20191231__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember_z4gGEJp4ixl5" title="Debt instrument discount rate"><ix:nonFraction name="TOMDF:DebtInstrumentDiscountRate" contextRef="AsOf2019-12-31_custom_LoanAgreementMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">10</ix:nonFraction></span>% discount of aggregated amount of $<span id="xdx_90B_eus-gaap--DebtInstrumentFaceAmount_iI_pn3n3_c20191231__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember_zJt47l1RZdJ" title="Debt instrument, face amount"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2019-12-31_custom_LoanAgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">163</ix:nonFraction></span>, bear interest at a flat rate of <span id="xdx_905_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20191231__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember_zmjLk1W7Osxh" title="Debt instrument, interest rate"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2019-12-31_custom_LoanAgreementMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">10</ix:nonFraction></span>% (the
&#8220;Interest&#8221;) and have a maturity date of <span id="xdx_90C_eus-gaap--DebtInstrumentTerm_dtM_c20190101__20191231__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember_zqQj5RPssqUh" title="Debt instrument, maturity term"><ix:nonNumeric contextRef="From2019-01-012019-12-31_custom_LoanAgreementMember" format="ixt-sec:durmonth" name="us-gaap:DebtInstrumentTerm">6</ix:nonNumeric></span>-months period after receipt of the Loans funds (the &#8220;Maturity Date&#8221;).
<span id="xdx_907_eus-gaap--DebtInstrumentDescription_c20190101__20191231__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember_zbGXaAM6qWo9" title="Debt instrument, description"><ix:nonNumeric contextRef="From2019-01-012019-12-31_custom_LoanAgreementMember" name="us-gaap:DebtInstrumentDescription">The Company will be required to pay 10% penalty upon repayment of the Principal Amount prior to the Maturity Date. Upon the Maturity
Date of the loans, the Company will be required to repay the Principal Amount of the Loan and unpaid Interest for cash. From the initial
recognition and until the Maturity Date, the loans were presented as current liability. Subject to the Company&#8217;s discrete decision
not to repay the Principal Amount and unpaid Interest for cash, the Principal Amount and the unpaid Interest shall become convertible
into the Company&#8217;s Ordinary Shares following the Maturity Date and thereafter at a conversion price equal to 70% of the average
closing bid price of the Company&#8217;s Ordinary Shares in the 5-days prior to the conversion date. In the event the Company&#8217;s
defaults under the Agreements, the conversion price shall be reduced to 60% of the average closing bid price of the Company&#8217;s Ordinary
Shares in the 15-days prior to the conversion date. Following the Maturity Date, the convertible loans were reclassified to non-current
liability</ix:nonNumeric></span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Amendments
    to 2019 and 2018 Loan Agreements:</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -28.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</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"><b>1.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
    January 9, 2020, the Company entered into second amendment to the 2019 and 2018 Loan Agreements with one of the lenders whereby it
    was determined to extend the Amended Maturity Date of applicable Note until <span id="xdx_90D_eus-gaap--DebtInstrumentMaturityDate_dd_c20200108__20200109__us-gaap--TypeOfArrangementAxis__custom--SecondAmendmentOfTwoThousandNinteenAndTwoThousandEighteenLoanAgreementMember_zRGCYP2G1mRa" title="Debt maturity date"><ix:nonNumeric contextRef="From2020-01-082020-01-09_custom_SecondAmendmentOfTwoThousandNinteenAndTwoThousandEighteenLoanAgreementMember" format="ixt:datemonthdayyearen" name="us-gaap:DebtInstrumentMaturityDate">March 31, 2020</ix:nonNumeric></span> and the Company shall not be deemed to
    have been in default due to it not having repaid the Loan Principal and Interest by the original maturity date unless the Company
    does not obtain additional bridge financing in an amount no less than the aforesaid Additional Bridge on or before January 31, 2019
    (the &#8220;Second Amended Maturity Date&#8221;). The amended term were as follows: (i) the conversion feature of the applicable
    Note and accrued Interest prior to the Amended Maturity Date was waived by the lender (ii) the Principal Amount shall be amended
    by increasing from $<span id="xdx_90C_eus-gaap--DebtInstrumentFaceAmount_iI_pn3n3_c20200109__us-gaap--TypeOfArrangementAxis__custom--SecondAmendmentOfTwoThousandNinteenAndTwoThousandEighteenLoanAgreementMember__srt--RangeAxis__srt--MinimumMember_zbThGUY38Jbc" title="DebtInstrument face amount"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2020-01-09_custom_SecondAmendmentOfTwoThousandNinteenAndTwoThousandEighteenLoanAgreementMember_srt_MinimumMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">101</ix:nonFraction></span> to $<span id="xdx_90F_eus-gaap--DebtInstrumentFaceAmount_iI_pn3n3_c20200109__us-gaap--TypeOfArrangementAxis__custom--SecondAmendmentOfTwoThousandNinteenAndTwoThousandEighteenLoanAgreementMember__srt--RangeAxis__srt--MaximumMember_zItLmiDkKgKf" title="Debt instrument, face amount"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2020-01-09_custom_SecondAmendmentOfTwoThousandNinteenAndTwoThousandEighteenLoanAgreementMember_srt_MaximumMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">127</ix:nonFraction></span> and (iii) the Company issued the lender <span id="xdx_90C_ecustom--NumberOfWarrantsIssued_pid_c20200108__20200109__us-gaap--TypeOfArrangementAxis__custom--SecondAmendmentOfTwoThousandNinteenAndTwoThousandEighteenLoanAgreementMember_z0esy20WK2q3" title="Number of warrants issued"><ix:nonFraction name="TOMDF:NumberOfWarrantsIssued" contextRef="From2020-01-082020-01-09_custom_SecondAmendmentOfTwoThousandNinteenAndTwoThousandEighteenLoanAgreementMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,000,000</ix:nonFraction></span> stock warrants to purchase the same number of ordinary
    shares, at an exercise price equal to $<span id="xdx_90D_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20200109__us-gaap--TypeOfArrangementAxis__custom--SecondAmendmentOfTwoThousandNinteenAndTwoThousandEighteenLoanAgreementMember_z6RvsvqkMOci" title="Exercise price of warrants"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" contextRef="AsOf2020-01-09_custom_SecondAmendmentOfTwoThousandNinteenAndTwoThousandEighteenLoanAgreementMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.10</ix:nonFraction></span> per stock warrant at any time commencing the issuance date and up to five years thereafter
    (the &#8220;Fourth Warrant&#8221;).</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -21.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 130; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->36<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#toc_002">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<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>TODOS
MEDICAL LTD.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)</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">(U.S.
dollars in thousands)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -5.65pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
10 - CONVERTIBLE BRIDGE LOANS, NET (Cont.)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: -5.65pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>D.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Amendments
    to 2019 and 2018 Loan Agreements:</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -28.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</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"><b>2.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
    February 20, 2020, the Company entered into Convertible Note Extension Agreements (the &#8220;Amendments&#8221;) with certain institutional
    investors who participated in the Company&#8217;s 2019 and 2018 Loan Agreements, under which it was agreed to extend the maturity
    of those notes to <span id="xdx_907_eus-gaap--DebtInstrumentMaturityDate_dd_c20200219__20200220__us-gaap--TypeOfArrangementAxis__custom--ConvertibleNoteExtensionAgreementMember_zQ3nhxgBdgP" title="Debt maturity date"><ix:nonNumeric contextRef="From2020-02-192020-02-20_custom_ConvertibleNoteExtensionAgreementMember" format="ixt:datemonthdayyearen" name="us-gaap:DebtInstrumentMaturityDate">August 14, 2020</ix:nonNumeric></span> (the &#8220;Amended Maturity Date&#8221;). The institutional investors shall not be entitled to
    convert the Loan Principal plus Interest prior to the Amended Maturity Date, unless such conversion is either (i) at the Fixed Conversion
    Price as defined in the Amendments or (ii) upon an event of default in which case the Maturity Date shall be accelerated and the
    Note shall be convertible at the Alternate Conversion Price as defined in the Amendments.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -21.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to the warrants issued to the institutional investors pursuant to the original terms of the 2019 and 2018 Loan Agreement, the
Company (i) issued to the institutional investors a third Warrant (the &#8220;Third Warrant&#8221;) providing the institutional investors
with a right to purchase <span id="xdx_90F_eus-gaap--ProceedsFromIssuanceOfWarrants_pid_c20200219__20200220__us-gaap--TypeOfArrangementAxis__custom--ConvertibleNoteExtensionAgreementMember_znv2L1Z1I7kh" title="Proceeds from issuance of warrants"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceOfWarrants" contextRef="From2020-02-192020-02-20_custom_ConvertibleNoteExtensionAgreementMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">20,792,380</ix:nonFraction></span> Third Warrant Shares, at an exercise price equal to $<span id="xdx_903_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20200220__us-gaap--TypeOfArrangementAxis__custom--ConvertibleNoteExtensionAgreementMember_z53v7YA5pav6" title="Exercise price of warrants"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" contextRef="AsOf2020-02-20_custom_ConvertibleNoteExtensionAgreementMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.10</ix:nonFraction></span> per Third Warrant Share and (ii) paid cash
payment of $<span id="xdx_909_ecustom--CashPaymentsForWarrants_iI_pn3n3_c20200220__us-gaap--TypeOfArrangementAxis__custom--ConvertibleNoteExtensionAgreementMember_z2FoOF23b84a" title="Cash payments for warrants"><ix:nonFraction name="TOMDF:CashPaymentsForWarrants" contextRef="AsOf2020-02-20_custom_ConvertibleNoteExtensionAgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">35</ix:nonFraction></span>. The Investor may exercise the Third Warrant after the issue date and up to <span id="xdx_907_eus-gaap--WarrantsAndRightsOutstandingTerm_iI_dtY_c20200220__us-gaap--TypeOfArrangementAxis__custom--ConvertibleNoteExtensionAgreementMember_zUPhAP2DBWPl" title="Warrants term"><ix:nonNumeric contextRef="AsOf2020-02-20_custom_ConvertibleNoteExtensionAgreementMember" format="ixt-sec:duryear" name="us-gaap:WarrantsAndRightsOutstandingTerm">5</ix:nonNumeric></span> years thereafter.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Moreover,
the Company has entered into lock-up agreements with the institutional investors that preclude them from selling common shares in the
market until August 20, 2020.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</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"><b>3.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
    September 1, 2020, the Company entered into Amendment No. 2 to the 2019 and 2018 Loan Agreements (the &#8220;Amendment&#8221;) with
    certain lenders whereby it was determined to (i) reextend the Original Maturity Date of applicable Note until <span id="xdx_90F_eus-gaap--DebtInstrumentMaturityDate_dd_c20200901__20200902__us-gaap--TypeOfArrangementAxis__custom--AmendmentNumberTwoOfTwoThousandNinteenAndTwoThousandEighteenLoanAgreementMember_zKFVeH8GeIUh" title="Debt maturity date"><ix:nonNumeric contextRef="From2020-09-012020-09-02_custom_AmendmentNumberTwoOfTwoThousandNinteenAndTwoThousandEighteenLoanAgreementMember" format="ixt:datemonthdayyearen" name="us-gaap:DebtInstrumentMaturityDate">October 15, 2020</ix:nonNumeric></span> (the
    &#8220;Second Amended Maturity Date&#8221;) and (ii) the Note shall accrue interest at the rate of <span id="xdx_901_ecustom--AccruedInterestPercentage_iI_pid_dp_uPure_c20200902__us-gaap--TypeOfArrangementAxis__custom--AmendmentNumberTwoOfTwoThousandNinteenAndTwoThousandEighteenLoanAgreementMember_zThIJ2qQCHG9" title="Accrued interest percentage"><ix:nonFraction name="TOMDF:AccruedInterestPercentage" contextRef="AsOf2020-09-02_custom_AmendmentNumberTwoOfTwoThousandNinteenAndTwoThousandEighteenLoanAgreementMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">15</ix:nonFraction></span>% per annum, accruing on the
    outstanding Loan Principal from and after the Original Maturity Date, through and including the date the Note is paid in full. All
    accrued interest shall be due on the Second Amended Maturity Date. Upon occurrence and continuation of an Event of Default, the interest
    rate on the Note shall be at the rate of <span id="xdx_905_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20200902__us-gaap--TypeOfArrangementAxis__custom--AmendmentNumberTwoOfTwoThousandNinteenAndTwoThousandEighteenLoanAgreementMember_zCqkWjA61oV6" title="Debt instrument, interest rate"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2020-09-02_custom_AmendmentNumberTwoOfTwoThousandNinteenAndTwoThousandEighteenLoanAgreementMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">20</ix:nonFraction></span>% per annum.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -21.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
exchange for the aforesaid amendments the Company shall (i) pay upfront fee to each of the lenders in an amount equal to 5% of the principal
balance of the Note held by such lender (ii) issue shares of its common stock to each lender with a market value equal to 5% of the principal
balance of the Note held by such lender, based on the closing price of the share of the Company&#8217;s common stock reported on a public
exchange as of the date of the Amendment (iii) the exercise price of each of the First Warrant, Second Warrant and Third Warrant (together
referring as &#8220;Warrant&#8221;) shall be amended to be the lesser of (a) the share price of the share of the Company&#8217;s common
stock reported on a public exchange as of the Second Amended Maturity Date or (b) the exercise price as set forth in the applicable Warrant
and (iv) reimburse the lenders for reasonable fees and expenses incurred by them in execution of the Amendment.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company shall pay a default fee for each of the applicable lender in an amount equal to 5% of the principal balance of the Note held
by such lender if the Company fails to pay the outstanding Loan Principal and Interest on the Second Amended Maturity Date.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2020, the Company issued <span id="xdx_90D_eus-gaap--StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities_pid_c20200101__20201231__us-gaap--DebtInstrumentAxis__custom--ConvertibleBridgeLoanMember_zMATk8AX9Txf" title="Stock issued during the period converted, shares"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities" contextRef="From2020-01-012020-12-31_custom_ConvertibleBridgeLoanMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">309,427</ix:nonFraction></span> ordinary shares representing 5% of the principal balance of the Note and
paid the required upfront fee in cash an amount of $<span id="xdx_906_eus-gaap--StockIssuedDuringPeriodValueConversionOfConvertibleSecurities_pn3n3_c20200101__20201231__us-gaap--DebtInstrumentAxis__custom--ConvertibleBridgeLoanMember_zq1u2hpGr3R4" title="Stock issued during the period converted"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueConversionOfConvertibleSecurities" contextRef="From2020-01-012020-12-31_custom_ConvertibleBridgeLoanMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">19</ix:nonFraction></span> representing 5% of the principal balance of the Note.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2020, the management has determined by using the assistance of third-party appraiser that the fair value
of the modified loans amounted to $<span id="xdx_908_ecustom--FairValueOfOrdinaryShares_pn3n3_c20200101__20201231__us-gaap--DebtInstrumentAxis__custom--ConvertibleBridgeLoanMember_zliH0Orvvg3i" title="Fair value of ordinary shares"><ix:nonFraction name="TOMDF:FairValueOfOrdinaryShares" contextRef="From2020-01-012020-12-31_custom_ConvertibleBridgeLoanMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">697</ix:nonFraction></span> plus the cash payment amounted to $<span id="xdx_907_ecustom--CashPaymentsForWarrants_iI_pn3n3_c20201231__us-gaap--DebtInstrumentAxis__custom--ConvertibleBridgeLoanMember_z9KcdNKPkcal" title="Cash payments for warrants"><ix:nonFraction name="TOMDF:CashPaymentsForWarrants" contextRef="AsOf2020-12-31_custom_ConvertibleBridgeLoanMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">54</ix:nonFraction></span> plus the fair value of the Third Warrant and shares amounted
to $<span id="xdx_903_eus-gaap--FairValueAdjustmentOfWarrants_pn3n3_c20200101__20201231__us-gaap--DebtInstrumentAxis__custom--ConvertibleBridgeLoanMember_zovo5r5KRTb1" title="Changes in fair value"><ix:nonFraction name="us-gaap:FairValueAdjustmentOfWarrants" contextRef="From2020-01-012020-12-31_custom_ConvertibleBridgeLoanMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">416</ix:nonFraction></span> are considered as substantially different from the fair value of the convertible bridge loans amounted to $<span id="xdx_903_eus-gaap--DebtInstrumentFaceAmount_iI_pn3n3_c20201231__us-gaap--DebtInstrumentAxis__custom--ConvertibleBridgeLoanMember_zxV3kTX9mgde" title="Debt instrument, face amount"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2020-12-31_custom_ConvertibleBridgeLoanMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">4,918</ix:nonFraction></span> prior to the
exchange date. Consequently, the original convertible bridge loans were derecognized, the new loans were initially recorded at fair value
as current financial liability and the Third Warrant and shares were initially recorded at fair value as an increase of additional paid-in
capital. The Company recorded an extinguishment amount of $<span id="xdx_90F_eus-gaap--ExtinguishmentOfDebtAmount_pn3n3_c20200101__20201231__us-gaap--DebtInstrumentAxis__custom--ConvertibleBridgeLoanMember_zqDFdwDXJ3v3" title="Extinguishment amount"><ix:nonFraction name="us-gaap:ExtinguishmentOfDebtAmount" contextRef="From2020-01-012020-12-31_custom_ConvertibleBridgeLoanMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">3,751</ix:nonFraction></span> as part of &#8220;Finance Expenses&#8221; line in operations in the
accompanying consolidated statement of operations for the year ended December 31, 2020.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2021, the above loans were converted or repaid. The Company recorded $<span id="xdx_907_eus-gaap--OtherNonoperatingGainsLosses_pn3n3_c20210101__20211231__us-gaap--DebtInstrumentAxis__custom--ConvertibleBridgeLoanMember_zYSg8zhYw8ie"><ix:nonFraction name="us-gaap:OtherNonoperatingGainsLosses" contextRef="From2021-01-012021-12-31_custom_ConvertibleBridgeLoanMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">619</ix:nonFraction></span> income as part of &#8220;Finance Expenses&#8221;
line in operations in the accompanying consolidated statement of operations for the year ended December
31, 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 131; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->37<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#toc_002">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<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>TODOS
MEDICAL LTD.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)</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">(U.S.
dollars in thousands)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -5.65pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
10 - CONVERTIBLE BRIDGE LOANS, NET (Cont.)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: -5.65pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>E.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
    the three months period ended March 31, 2020, the Company entered into certain Convertible Bridge Loan Agreements (the &#8220;March
    2020 Loan Agreements&#8221;), under which the Company obtained an aggregate net cash amount of $<span id="xdx_908_eus-gaap--ConvertibleDebt_iI_pn3n3_c20200331__us-gaap--TypeOfArrangementAxis__custom--MarchTwoThousandTwentyLoanAgreementsMember_zJsNPnXXKfsg" title="Convertible bridge loan"><ix:nonFraction name="us-gaap:ConvertibleDebt" contextRef="AsOf2020-03-31_custom_MarchTwoThousandTwentyLoanAgreementsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">697</ix:nonFraction></span> (which representing <span id="xdx_90A_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20200331__us-gaap--TypeOfArrangementAxis__custom--MarchTwoThousandTwentyLoanAgreementsMember_zlhyXfNxZPsj" title="Debt instrument, interest rate"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2020-03-31_custom_MarchTwoThousandTwentyLoanAgreementsMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">70</ix:nonFraction></span>% of the
    gross Principal Amount of the loans) (the &#8220;Net Principal Amount&#8221;) from several private lenders (the &#8220;Lenders&#8221;).</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -28.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Loan Amount has been originally issued with <span id="xdx_908_ecustom--DebtInstrumentDiscountRate_iI_pid_dp_uPure_c20200331__us-gaap--TypeOfArrangementAxis__custom--MarchTwoThousandTwentyLoanAgreementsMember_zSoNs5CTV8m1" title="Debt instrument discount rate"><ix:nonFraction name="TOMDF:DebtInstrumentDiscountRate" contextRef="AsOf2020-03-31_custom_MarchTwoThousandTwentyLoanAgreementsMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">30</ix:nonFraction></span>% discount of aggregated amount of $<span id="xdx_907_eus-gaap--DebtInstrumentFaceAmount_iI_pn3n3_c20200331__us-gaap--TypeOfArrangementAxis__custom--MarchTwoThousandTwentyLoanAgreementsMember_zsUKy2a9LS93" title="Debt instrument, face amount"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2020-03-31_custom_MarchTwoThousandTwentyLoanAgreementsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">299</ix:nonFraction></span>, bear interest at a flat rate of <span id="xdx_906_eus-gaap--LongTermDebtPercentageBearingFixedInterestRate_iI_dp_c20200331__us-gaap--TypeOfArrangementAxis__custom--MarchTwoThousandTwentyLoanAgreementsMember_zF39M8cVQMu7" title="Debt instrument, bearing interest rate"><ix:nonFraction name="us-gaap:LongTermDebtPercentageBearingFixedInterestRate" contextRef="AsOf2020-03-31_custom_MarchTwoThousandTwentyLoanAgreementsMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">10</ix:nonFraction></span>% (the &#8220;Interest&#8221;).
However, upon occurrence of any uncured Event of Default as defined in March 2020 Loan Agreements, and in the event that Lenders at their
sole discretion elect to allow the Company to continue with repayment of the Loan Amount and Interest after an Event of Default, the
Interest rate on the unpaid Loan Amount will be changed to 18% or the highest interest rate currently allowable under Nevada law for
loans of this amount (the &#8220;Default Interest Rate&#8221;). The Loan Amount has maturity date of <span id="xdx_903_eus-gaap--DebtInstrumentTerm_dtM_c20200101__20200331__us-gaap--TypeOfArrangementAxis__custom--MarchTwoThousandTwentyLoanAgreementsMember_zm2VCs6DjTKi" title="Debt instrument, maturity term"><ix:nonNumeric contextRef="From2020-01-012020-03-31_custom_MarchTwoThousandTwentyLoanAgreementsMember" format="ixt-sec:durmonth" name="us-gaap:DebtInstrumentTerm">6</ix:nonNumeric></span>-months period after receipt of
the Loans funds (the &#8220;Maturity Date&#8221;) but the Company may repay the Loan Amount prior to the Maturity Date with 20% penalty.
From the initial recognition and until the Maturity Date, the loans were presented as current liability.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
part of the transaction, the Company also issued <span id="xdx_90C_ecustom--NumberOfWarrantsIssued_c20200101__20200331__us-gaap--TypeOfArrangementAxis__custom--MarchTwoThousandTwentyLoanAgreementsMember_zBRNb6rj6rS3" title="Number of warrants issued"><ix:nonFraction name="TOMDF:NumberOfWarrantsIssued" contextRef="From2020-01-012020-03-31_custom_MarchTwoThousandTwentyLoanAgreementsMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">31,236,042</ix:nonFraction></span> warrants to purchase of the same number of ordinary shares at an exercise
price of $<span id="xdx_909_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20200331__us-gaap--TypeOfArrangementAxis__custom--MarchTwoThousandTwentyLoanAgreementsMember_zDmqQE5hF8Y4" title="Exercise price of warrants"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" contextRef="AsOf2020-03-31_custom_MarchTwoThousandTwentyLoanAgreementsMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.10</ix:nonFraction> </span>per share. The warrants shall be cashless exercisable with full rachet anti-dilution for a period of <span id="xdx_901_eus-gaap--WarrantsAndRightsOutstandingTerm_iI_dtY_c20200331__us-gaap--TypeOfArrangementAxis__custom--MarchTwoThousandTwentyLoanAgreementsMember_z7GuOX0uzxF8" title="Warrants term"><ix:nonNumeric contextRef="AsOf2020-03-31_custom_MarchTwoThousandTwentyLoanAgreementsMember" format="ixt-sec:duryear" name="us-gaap:WarrantsAndRightsOutstandingTerm">5</ix:nonNumeric></span>-years from the
issuance date (the &#8220;Warrants&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
the earlier of the effective date of Registration Statement as defined in March 2020 Loan Agreements or 6-months period after the Effective
Date provided that the Net Principal Amount and Interest were not repaid in cash by the Company, the Lenders at their sole option, may
convert the outstanding Loan Amount, or any portion of the Loan Amount, and any accrued interest, in whole or in part, into shares of
the common stock of the Company (the &#8220;Common Stock&#8221;). <span id="xdx_909_eus-gaap--DebtConversionDescription_c20200101__20200331__us-gaap--TypeOfArrangementAxis__custom--MarchTwoThousandTwentyLoanAgreementsMember_zBFqGlovuNPb" title="Conversion of debt description"><ix:nonNumeric contextRef="From2020-01-012020-03-31_custom_MarchTwoThousandTwentyLoanAgreementsMember" name="us-gaap:DebtConversionDescription">Any amount so converted will be converted into common stock of the
Company at a price equal to the lower of (i) the closing market price on the date of closing and (ii) 50% of the lowest trading price
on the primary trading market on which the Company&#8217;s Common Stock is quoted for the last 10 trading days immediately prior to but
not including the Conversion Date (&#8220;Conversion Price&#8221;). Following the Maturity Date, the convertible loans are reclassified
to non-current liability.</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
the occurrence of any uncured Event of Default, the Holder at any time, at its sole discretion, may elect to immediately (without prior
notice) convert the outstanding Loan Amount, or any portion of the Loan Amount, and any accrued Interest, in whole or in part, into shares
of the Common Stock, according to the terms of March 2020 Loan Agreements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
initial recognition, the management by assistance of third-party appraiser allocated the net cash proceeds received based on the relative
fair value of the Note and the detachable warrants in total amount of $<span id="xdx_905_eus-gaap--LoansPayableFairValueDisclosure_iI_pn3n3_c20200331__us-gaap--TypeOfArrangementAxis__custom--MarchTwoThousandTwentyLoanAgreementsMember_zROPxHZrBNJ7" title="Fair value of loans payable"><ix:nonFraction name="us-gaap:LoansPayableFairValueDisclosure" contextRef="AsOf2020-03-31_custom_MarchTwoThousandTwentyLoanAgreementsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">236</ix:nonFraction></span> and $<span id="xdx_904_eus-gaap--DerivativeFairValueOfDerivativeLiability_iI_pn3n3_c20200331__us-gaap--TypeOfArrangementAxis__custom--MarchTwoThousandTwentyLoanAgreementsMember_z1lgNyG5XmVi" title="Fair value of derivative liability"><ix:nonFraction name="us-gaap:DerivativeFairValueOfDerivativeLiability" contextRef="AsOf2020-03-31_custom_MarchTwoThousandTwentyLoanAgreementsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">461</ix:nonFraction></span>, respectively. The amount allocated to the warrants
was classified as a component of permanent equity (as their terms permit the holders to receive a fixed number of shares of common stock
upon exercise for a fixed exercise price), net of any related issuance costs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
in subsequent periods, the Note instrument is accounted for using the effective interest method over the term of the loan, until its
stated maturity. Due to the Company discrete decision not to repay the loan for cash), the loan became subject to the provisions
of ASC 480, &#8220;Distinguishing Liabilities and Equity&#8221; as it became an obligation that will be settled by issuance of
a variable number of shares (stock settle obligation) and as such is measured at fair value through profit or loss. Consequently, the
Company recorded expenses amounted to $<span id="xdx_908_ecustom--RemeasurementExpense_pn3n3_c20190101__20191231__us-gaap--DebtInstrumentAxis__custom--ConvertibleBridgeLoanMember_zr9EEgjKOVV7"><ix:nonFraction name="TOMDF:RemeasurementExpense" contextRef="From2019-01-012019-12-31_custom_ConvertibleBridgeLoanMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,985</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and $<span id="xdx_904_eus-gaap--AmortizationOfDebtDiscountPremium_pn3n3_c20190101__20191231__us-gaap--DebtInstrumentAxis__custom--ConvertibleBridgeLoanMember_zjrzqRyy2bui"><ix:nonFraction name="us-gaap:AmortizationOfDebtDiscountPremium" contextRef="From2019-01-012019-12-31_custom_ConvertibleBridgeLoanMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">756</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">related to remeasurement of the Note and the
discount amortization of the Note as part of the &#8220;finance expenses&#8221; line in operations in the accompanying consolidated statement
of operations for the year ended December 31, 2020. During the year ended December 31, 2021 the Company recorded expenses amounted
to $<span id="xdx_90F_eus-gaap--AmortizationOfDebtDiscountPremium_pn3n3_c20210101__20211231__us-gaap--DebtInstrumentAxis__custom--ConvertibleBridgeLoanMember_zRBLegilL8h2"><ix:nonFraction name="us-gaap:AmortizationOfDebtDiscountPremium" contextRef="From2021-01-012021-12-31_custom_ConvertibleBridgeLoanMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">81</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> as part of the &#8220;finance expenses&#8221; line in operations in the accompanying consolidated statement of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 132; 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 -->38<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#toc_002">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<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>TODOS
MEDICAL LTD.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)</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">(U.S.
dollars in thousands)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -5.65pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
10 - CONVERTIBLE BRIDGE LOANS, NET (Cont.)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: -5.65pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>F.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Amendments
    to March 2020 Loan Agreements:</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -28.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</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"><b>1.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
    the three months period ended June 30 2020, the Company entered into amendment to March 2020 Loan Agreements with one of the lenders
    whereby it was determined to extend the original Maturity Date of applicable Note by another 90-days from the original Maturity Date
    (the &#8220;Amended Maturity Date&#8221;) in exchange for (i) waiver of the conversion feature of the applicable Note and accrued
    Interest prior to the Amended Maturity Date and (ii) issuance of <span id="xdx_90B_eus-gaap--StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities_pid_c20200401__20200630__us-gaap--DebtInstrumentAxis__custom--ConvertibleBridgeLoanMember_zatoMB7AOjtl" title="Stock issued during the period converted, shares"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities" contextRef="From2020-04-012020-06-30_custom_ConvertibleBridgeLoanMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">720,000</ix:nonFraction></span> shares of restricted 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">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
    the three months period ended June 30 2020, the Company entered into amendment to March 2020 Loan Agreements with the other lenders
    whereby it was determined to extend the maturity date of applicable Notes by another 90-days from the original Maturity Date (the
    &#8220;Amended Maturity Date&#8221;). The amended term were as follows: (i) the conversion feature of the applicable Principal Amount
    and accrued Interest prior to the Amended Maturity Date was waived by the lenders, but the lenders shall be entitled to conversion
    only until a reverse split in the Company&#8217;s shares, and thereafter will be redeemed at the Nasdaq listing or at the Amended
    Maturity Date, whichever is first. If a Nasdaq listing occurs prior to the Amended Maturity Date, the Company will redeem the outstanding
    note. <span id="xdx_90C_eus-gaap--DebtConversionDescription_c20200401__20200630__us-gaap--DebtInstrumentAxis__custom--ConvertibleBridgeLoanMember_zRvz8uBi29Ml" title="Conversion of debt description"><ix:nonNumeric contextRef="From2020-04-012020-06-30_custom_ConvertibleBridgeLoanMember" name="us-gaap:DebtConversionDescription">If a Nasdaq listing does not happen by the Amended Maturity Date, the lender will be entitled to convert or request redemption
    at its option; (ii) the Company will pay in cash to lenders 10% of the outstanding balance of the note within 25 days from the amendment
    date and 10% of the outstanding balance in equity in consideration for the extension of the loan and (iii) the Third Warrants will
    be cashless exercised upon the Company listing its ordinary shares on the Nasdaq.</ix:nonNumeric></span> </span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -21.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due
to elimination of a substantive conversion option, it was determined that the amended terms are substantially different than the original
terms and accordingly the modification was accounted for as an extinguishment of the modified loans. Consequently, the original convertible
bridge loans were derecognized, the new loans were initially recorded at fair value as current financial liability and the Third Warrant
was initially recorded at fair value as an increase of additional paid-in capital. The Company recorded an extinguishment amount of $<span id="xdx_90A_eus-gaap--ExtinguishmentOfDebtAmount_pn3n3_c20200401__20200630__us-gaap--DebtInstrumentAxis__custom--ConvertibleBridgeLoanMember_zQ3zOBBWm9rh" title="Extinguishment amount"><ix:nonFraction name="us-gaap:ExtinguishmentOfDebtAmount" contextRef="From2020-04-012020-06-30_custom_ConvertibleBridgeLoanMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">97</ix:nonFraction></span>
as part of &#8220;Finance Expenses&#8221; line in operations in the accompanying consolidated statement of operations for the year ended
December 31, 2020.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>G.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
    April 24, 2020, the Company entered into a Securities Purchase Agreement for issuance of Convertible Redeemable Note (&#8220;Note&#8221;),
    under which the Company received net cash of $<span id="xdx_904_eus-gaap--ProceedsFromIssuanceOfDebt_pn3n3_c20200423__20200424__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember_zcRKnJcWCxog" title="Proceeds from debt"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceOfDebt" contextRef="From2020-04-232020-04-24_custom_SecuritiesPurchaseAgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">200</ix:nonFraction></span> (which representing <span id="xdx_907_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20200424__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember_z6u5Ao05QQli" title="Debt instrument, interest rate"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2020-04-24_custom_SecuritiesPurchaseAgreementMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">20</ix:nonFraction></span>% of the gross Principal Amount of the note) from several
    private lenders (the &#8220;Lenders&#8221;).</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -28.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Note was issued with <span id="xdx_907_ecustom--DebtInstrumentDiscountRate_iI_pid_dp_uPure_c20200424__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember_zbYf0nbxOCc1" title="Debt instrument discount rate"><ix:nonFraction name="TOMDF:DebtInstrumentDiscountRate" contextRef="AsOf2020-04-24_custom_SecuritiesPurchaseAgreementMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">20</ix:nonFraction></span>% original issue discount totaling $<span id="xdx_906_eus-gaap--DebtInstrumentUnamortizedDiscount_iI_pn3n3_c20200424__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember_zbgWQmcE7Fr1" title="Debt instrument discount"><ix:nonFraction name="us-gaap:DebtInstrumentUnamortizedDiscount" contextRef="AsOf2020-04-24_custom_SecuritiesPurchaseAgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">50</ix:nonFraction></span>, bears interest at a flat rate of <span id="xdx_906_eus-gaap--LongTermDebtPercentageBearingFixedInterestRate_iI_dp_c20200424__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember_zxSEqdTKlmG2" title="Debt instrument, interest rate"><ix:nonFraction name="us-gaap:LongTermDebtPercentageBearingFixedInterestRate" contextRef="AsOf2020-04-24_custom_SecuritiesPurchaseAgreementMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">8</ix:nonFraction></span>% (which shall be increased to a rate
of <span id="xdx_90E_ecustom--DebtInstrumentIncreaseDecreasePercentage_iI_dp_c20200424__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember_zn1FvsZDNT33" title="Debt Instrument increase decrease percentage"><ix:nonFraction name="TOMDF:DebtInstrumentIncreaseDecreasePercentage" contextRef="AsOf2020-04-24_custom_SecuritiesPurchaseAgreementMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">12</ix:nonFraction></span>% upon the occurrence of an Event of Default (as defined in the Note)) and has a maturity date of <span id="xdx_903_eus-gaap--DebtInstrumentMaturityDate_dd_c20200423__20200424__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember_z6SkRFCTGOc2" title="Debt maturity date"><ix:nonNumeric contextRef="From2020-04-232020-04-24_custom_SecuritiesPurchaseAgreementMember" format="ixt:datemonthdayyearen" name="us-gaap:DebtInstrumentMaturityDate">April 24, 2021</ix:nonNumeric></span> unless extended
at the option of Lenders for an additional term of 180 days (the &#8220;Maturity Date&#8221;). The Company shall have the right to prepay
all or any part of the principal under the Note without penalty upon not less than 10 days prior written notice to Lenders.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Lenders are entitled, at its option, at any time, to convert all or any amount of the principal face amount of the Note and the accumulated
Interest then outstanding into the Company&#8217;s ordinary shares at a price equal to $<span id="xdx_903_ecustom--AccumulatedInterestCostConversionPrice_iI_pid_c20200424__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember_zb85PpdloI02" title="Accumulated interest cost, conversion price"><ix:nonFraction name="TOMDF:AccumulatedInterestCostConversionPrice" contextRef="AsOf2020-04-24_custom_SecuritiesPurchaseAgreementMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.08</ix:nonFraction></span> (the &#8220;Optional Conversion Price&#8221;).
In the event the Company completes an uplisting to Nasdaq (the &#8220;Mandatory Conversion Event&#8221;), the conversion price shall
equal to the lower of (i) 80% of the common share price as determined in the Mandatory Conversion Event; and (ii) the Optional Conversion
Price.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Lenders are also entitled to an amount of <span id="xdx_90F_ecustom--NumberOfWarrantsIssued_c20200423__20200424__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember_pdd"><ix:nonFraction name="TOMDF:NumberOfWarrantsIssued" contextRef="From2020-04-232020-04-24_custom_SecuritiesPurchaseAgreementMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,250,000</ix:nonFraction></span> warrants to purchase the same number of ordinary shares for a period of <span id="xdx_904_eus-gaap--WarrantsAndRightsOutstandingTerm_iI_dt_c20200424__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember_zuKJhJWqqk6b" title="Warrants term"><ix:nonNumeric contextRef="AsOf2020-04-24_custom_SecuritiesPurchaseAgreementMember" format="ixt-sec:durwordsen" name="us-gaap:WarrantsAndRightsOutstandingTerm">five years</ix:nonNumeric></span>
at an exercise price equal to $<span id="xdx_902_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20200424__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember_zVIa5vhobRvg" title="Exercise price of warrants"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" contextRef="AsOf2020-04-24_custom_SecuritiesPurchaseAgreementMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.10</ix:nonFraction></span> subject to certain adjustments (the &#8220;Warrant&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
initial recognition, the management by assistance of third-party appraiser allocated the net cash proceeds received based on the relative
fair value of the Note and the detachable warrants in total amount of $<span id="xdx_90D_eus-gaap--LoansPayableFairValueDisclosure_iI_pn3n3_c20200424__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember_zX3EMq3ZchPi" title="Fair value of loans payable"><ix:nonFraction name="us-gaap:LoansPayableFairValueDisclosure" contextRef="AsOf2020-04-24_custom_SecuritiesPurchaseAgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">135</ix:nonFraction> </span>and $<span id="xdx_90E_eus-gaap--DerivativeFairValueOfDerivativeLiability_iI_pn3n3_c20200424__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember_zmRmnusfKv2e" title="Fair value of derivative liability"><ix:nonFraction name="us-gaap:DerivativeFairValueOfDerivativeLiability" contextRef="AsOf2020-04-24_custom_SecuritiesPurchaseAgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">65</ix:nonFraction></span>, respectively. The amount allocated to the warrants
was classified as a component of permanent equity (as their terms permit the holders to receive a fixed number of shares of common stock
upon exercise for a fixed exercise price), net of any related issuance costs. Furthermore, it was determined that the embedded conversion
feature is required to be bifurcated from the host loan instrument. The embedded conversion feature was recognized in total amount of
$<span id="xdx_902_eus-gaap--DebtInstrumentConvertibleBeneficialConversionFeature_pn3n3_c20200423__20200424__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember_zyrYGUWtOPFk" title="Beneficial conversion feature"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleBeneficialConversionFeature" contextRef="From2020-04-232020-04-24_custom_SecuritiesPurchaseAgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">127</ix:nonFraction></span> upon initial recognition and in subsequent periods as derivative liability at fair value through profit and loss and the remaining
amount of $<span id="xdx_90F_eus-gaap--LoansPayableFairValueDisclosure_iI_pn3n3_c20200424__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__us-gaap--DebtInstrumentAxis__custom--HostLoanInstrumentMember_zCW547U4gAvh" title="Loans payable fair value"><ix:nonFraction name="us-gaap:LoansPayableFairValueDisclosure" contextRef="AsOf2020-04-24_custom_SecuritiesPurchaseAgreementMember_custom_HostLoanInstrumentMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">8</ix:nonFraction></span> was allocated to the host loan instrument, less any related issuance costs. In subsequent periods, the host loan instrument
is accounted for using the effective interest method over the term of the loan, until its stated maturity.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
balance of the loan as of December 31, 2021 and 2020 amounted to $<span id="xdx_90E_eus-gaap--LoansPayableToBank_iI_pn3n3_c20211231__us-gaap--DebtInstrumentAxis__custom--ConvertibleBridgeLoanMember_zUHAf6DeMDF4"><ix:nonFraction name="us-gaap:LoansPayableToBank" contextRef="AsOf2021-12-31_custom_ConvertibleBridgeLoanMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">162</ix:nonFraction></span> and $<span id="xdx_902_eus-gaap--LoansPayableToBank_iI_pn3n3_c20201231__us-gaap--DebtInstrumentAxis__custom--ConvertibleBridgeLoanMember_zkwwLlMAAbK5"><ix:nonFraction name="us-gaap:LoansPayableToBank" contextRef="AsOf2020-12-31_custom_ConvertibleBridgeLoanMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">89</ix:nonFraction></span>, respectively.</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">
The Company recorded (income) expenses amounted to ($<span id="xdx_906_eus-gaap--DebtInstrumentConvertibleBeneficialConversionFeature_pn3n3_c20200101__20201231__us-gaap--DebtInstrumentAxis__custom--ConvertibleBridgeLoanMember_zvrG1PBGUDf2"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleBeneficialConversionFeature" contextRef="From2020-01-012020-12-31_custom_ConvertibleBridgeLoanMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">60</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)
and $<span id="xdx_900_eus-gaap--AmortizationOfDebtDiscountPremium_pn3n3_c20200101__20201231__us-gaap--DebtInstrumentAxis__custom--ConvertibleBridgeLoanMember_zXKdp71TK9Zh"><ix:nonFraction name="us-gaap:AmortizationOfDebtDiscountPremium" contextRef="From2020-01-012020-12-31_custom_ConvertibleBridgeLoanMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">81</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">related to remeasurement of the embedded conversion
feature and the discount amortization of the host loan instrument as part of the &#8220;finance expenses&#8221; line in operations in
the accompanying consolidated statement of operations for the year ended December 31, 2020. During the year ended December 31, 2021 the
Company recorded expenses amounted to $(<span id="xdx_90F_eus-gaap--DebtInstrumentConvertibleBeneficialConversionFeature_pn3n3_c20210101__20211231__us-gaap--DebtInstrumentAxis__custom--ConvertibleBridgeLoanMember__us-gaap--TypeOfArrangementAxis__custom--HostLoanInstrumentMember_zIjqEbCmtNC9"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleBeneficialConversionFeature" contextRef="From2021-01-012021-12-31_custom_ConvertibleBridgeLoanMember_custom_HostLoanInstrumentMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">66</ix:nonFraction></span>)
</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and $<span id="xdx_903_eus-gaap--AmortizationOfDebtDiscountPremium_pn3n3_c20210101__20211231__us-gaap--DebtInstrumentAxis__custom--ConvertibleBridgeLoanMember__us-gaap--TypeOfArrangementAxis__custom--HostLoanInstrumentMember_zKWQxwysFFta"><ix:nonFraction name="us-gaap:AmortizationOfDebtDiscountPremium" contextRef="From2021-01-012021-12-31_custom_ConvertibleBridgeLoanMember_custom_HostLoanInstrumentMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">71</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">related to remeasurement of the embedded conversion
feature and the discount amortization of the host loan instrument as part of the &#8220;finance expenses&#8221; line in operations in
the accompanying consolidated statement of operations</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 133; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->39<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#toc_002">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<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>TODOS
MEDICAL LTD.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)</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">(U.S.
dollars in thousands)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -5.65pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
10 - CONVERTIBLE BRIDGE LOANS, NET (Cont.)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: -5.65pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>H.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
    June 12, 2020 (the &#8220;Issuance Date&#8221;), the Company entered into a Securities Purchase Agreement for issuance of Convertible
    Redeemable Note (&#8220;Note&#8221;), under which the Company received net cash of $<span id="xdx_906_eus-gaap--ProceedsFromIssuanceOfDebt_pn3n3_c20200610__20200612__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember_zblTNz6x8l1l" title="Proceeds from issuance of debt"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceOfDebt" contextRef="From2020-06-102020-06-12_custom_SecuritiesPurchaseAgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">50</ix:nonFraction></span> (which representing <span id="xdx_903_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20200612__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember_z9qe7GXcOfNj" title="Debt instrument, interest rate"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2020-06-12_custom_SecuritiesPurchaseAgreementMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">84</ix:nonFraction></span>% of the gross Principal
    Amount of the note) from a private lender (the &#8220;Lender&#8221;).</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -28.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Note was issued with <span id="xdx_90F_ecustom--DebtInstrumentDiscountRate_iI_pid_dp_uPure_c20200612__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember_zF1IozDQsFNd" title="Debt instrument discount rate"><ix:nonFraction name="TOMDF:DebtInstrumentDiscountRate" contextRef="AsOf2020-06-12_custom_SecuritiesPurchaseAgreementMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">20</ix:nonFraction></span>% original issue discount totaling $<span id="xdx_90F_eus-gaap--DebtInstrumentUnamortizedDiscount_iI_pn2n3_c20200612__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember_zeUDGu8RVXwe" title="Debt discount of aggregated amount"><ix:nonFraction name="us-gaap:DebtInstrumentUnamortizedDiscount" contextRef="AsOf2020-06-12_custom_SecuritiesPurchaseAgreementMember" format="ixt:numdotdecimal" decimals="-2" scale="3" unitRef="USD">12.5</ix:nonFraction></span>, bears interest at a flat rate of <span id="xdx_90F_eus-gaap--LongTermDebtPercentageBearingFixedInterestRate_iI_pid_dp_uPure_c20200612__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember_z0NHwP6RQu38" title="Debt instrument, bearing interest rate"><ix:nonFraction name="us-gaap:LongTermDebtPercentageBearingFixedInterestRate" contextRef="AsOf2020-06-12_custom_SecuritiesPurchaseAgreementMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">2</ix:nonFraction></span>% and has a maturity date of <span id="xdx_906_eus-gaap--DebtInstrumentMaturityDate_dd_c20200610__20200612__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember_zI6FOYOPLkye" title="Debt maturity date"><ix:nonNumeric contextRef="From2020-06-102020-06-12_custom_SecuritiesPurchaseAgreementMember" format="ixt:datemonthdayyearen" name="us-gaap:DebtInstrumentMaturityDate">June
12, 2021</ix:nonNumeric></span> (the &#8220;Maturity Date&#8221;) on which all principal and interest is due and payable in one payment. During the first 40
days after the Issuance Date, the Company has the right to redeem the Note at a price equal to <span id="xdx_90F_ecustom--DebtInstrumentPrincipalRate_iI_pid_dp_uPure_c20200612__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember_z9qHJX0ziXwb" title="Debt instrument, principal rate"><ix:nonFraction name="TOMDF:DebtInstrumentPrincipalRate" contextRef="AsOf2020-06-12_custom_SecuritiesPurchaseAgreementMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">125</ix:nonFraction></span>% of the Note&#8217;s face amount.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Lender is entitled, at its option, at any time, to convert all or any amount of the principal face amount of the Note and the accumulated
Interest then outstanding into the Company&#8217;s ordinary shares at a price equal to 80% of the lower of (i) the lowest closing bid
price on the trading day prior to the Issuance Date or (ii) the lowest trading price of the ordinary shares as reported by the trading
market on which the Company&#8217;s shares are traded, for the 20 prior trading days including the day upon which a conversion notice
is received (the &#8220;Conversion Price&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Lenders are also entitled to an amount of <span id="xdx_90B_ecustom--NumberOfWarrantsIssued_c20200611__20200612__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember_zNAQvxXjBy1e" title="Number of warrants issued"><ix:nonFraction name="TOMDF:NumberOfWarrantsIssued" contextRef="From2020-06-112020-06-12_custom_SecuritiesPurchaseAgreementMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">500,000</ix:nonFraction></span> warrants to purchase the same number of ordinary shares for a period of five years
at an exercise price equal to $<span id="xdx_900_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20200612__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember_z0JllyNtjEe1" title="Exercise price of warrants"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" contextRef="AsOf2020-06-12_custom_SecuritiesPurchaseAgreementMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.10</ix:nonFraction></span> subject to certain adjustments (the &#8220;Warrant&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_eus-gaap--DebtInstrumentDescription_c20200611__20200612__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember"><ix:nonNumeric contextRef="From2020-06-112020-06-12_custom_SecuritiesPurchaseAgreementMember" name="us-gaap:DebtInstrumentDescription">Upon
the occurrence of an Event of Default (as defined in the Note), the Note shall accrue interest at the lower of (i) 24% per annum or (ii)
the highest rate of interest permitted by law. In addition, the Company may be subject to the daily penalty pending of default scenario
as described in the Note.</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
initial recognition, the management by assistance of third-party appraiser allocated the net cash proceeds received based on the relative
fair value of the Note and the detachable warrants in total amount of $<span id="xdx_900_eus-gaap--LoansPayableFairValueDisclosure_iI_pn3n3_c20200612__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember_zvbgWuIdH7nj" title="Fair value of loans payable"><ix:nonFraction name="us-gaap:LoansPayableFairValueDisclosure" contextRef="AsOf2020-06-12_custom_SecuritiesPurchaseAgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">61</ix:nonFraction></span> and $<span id="xdx_900_eus-gaap--DerivativeFairValueOfDerivativeLiability_iI_pn3n3_c20200612__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember_zbGNnyY63jH8" title="Fair value of derivative liability"><ix:nonFraction name="us-gaap:DerivativeFairValueOfDerivativeLiability" contextRef="AsOf2020-06-12_custom_SecuritiesPurchaseAgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">10</ix:nonFraction></span>, respectively. The amount allocated to the warrants
was classified as a component of permanent equity (as their terms permit the holders to receive a fixed number of shares of common stock
upon exercise for a fixed exercise price), net of any related issuance costs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
it was determined that the embedded conversion feature is required to be bifurcated from the host loan instrument. The embedded conversion
feature was recognized in total amount of $<span id="xdx_903_eus-gaap--DebtInstrumentConvertibleBeneficialConversionFeature_pn3n3_c20200611__20200612__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember_zIEO9I4IeYY7" title="Beneficial conversion feature"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleBeneficialConversionFeature" contextRef="From2020-06-112020-06-12_custom_SecuritiesPurchaseAgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">60</ix:nonFraction></span> upon initial recognition and in subsequent periods as derivative liability at fair value
through profit and loss. The excess of the fair value of identified instruments over net proceeds amounted to $<span id="xdx_909_eus-gaap--AmortizationOfDebtDiscountPremium_pn3n3_c20200611__20200612__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember_z0Y5NsANj4Bb" title="Discount on amortization"><ix:nonFraction name="us-gaap:AmortizationOfDebtDiscountPremium" contextRef="From2020-06-112020-06-12_custom_SecuritiesPurchaseAgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">21</ix:nonFraction></span> was recorded as part
of the &#8220;finance expenses&#8221; line in operations in the accompanying consolidated statement of operations for the year ended
December 31, 2020. In subsequent periods, the host loan instrument is accounted for using the effective interest method over the term
of the loan, until its stated maturity.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The balance of the loan
as of December 31, 2021 and 2020 amounted to $<span id="xdx_900_eus-gaap--LoansPayableToBank_iI_pn3n3_c20211231__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__us-gaap--DebtInstrumentAxis__custom--HostLoanInstrumentMember_zDYU59U0y6F7"><ix:nonFraction name="us-gaap:LoansPayableToBank" contextRef="AsOf2021-12-31_custom_SecuritiesPurchaseAgreementMember_custom_HostLoanInstrumentMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">0</ix:nonFraction></span> and $<span id="xdx_908_eus-gaap--LoansPayableToBank_iI_pn3n3_c20201231__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__us-gaap--DebtInstrumentAxis__custom--HostLoanInstrumentMember_zMA2k8fpG1Ck"><ix:nonFraction name="us-gaap:LoansPayableToBank" contextRef="AsOf2020-12-31_custom_SecuritiesPurchaseAgreementMember_custom_HostLoanInstrumentMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">10</ix:nonFraction></span>, respectively. <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company recorded expenses amounted to $<span id="xdx_90F_eus-gaap--DebtInstrumentConvertibleBeneficialConversionFeature_pn3n3_c20200611__20200612__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__us-gaap--DebtInstrumentAxis__custom--HostLoanInstrumentMember_zf1ZarFhzdUe"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleBeneficialConversionFeature" contextRef="From2020-06-112020-06-12_custom_SecuritiesPurchaseAgreementMember_custom_HostLoanInstrumentMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">10</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and $<span id="xdx_909_eus-gaap--AmortizationOfDebtDiscountPremium_pn3n3_c20200611__20200612__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__us-gaap--DebtInstrumentAxis__custom--HostLoanInstrumentMember_zkuKsOjUpyu8"><ix:nonFraction name="us-gaap:AmortizationOfDebtDiscountPremium" contextRef="From2020-06-112020-06-12_custom_SecuritiesPurchaseAgreementMember_custom_HostLoanInstrumentMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">9</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">related to remeasurement of the embedded conversion
feature and the discount amortization of the host loan instrument as part of the &#8220;finance expenses&#8221; line in operations in
the accompanying consolidated statement of operations for the year ended December 31, 2020.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2021 the Company recorded expenses amounted to $(<span id="xdx_908_eus-gaap--DebtInstrumentConvertibleBeneficialConversionFeature_pn3n3_c20210101__20211231__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__us-gaap--DebtInstrumentAxis__custom--HostLoanInstrumentMember_zwDSb2SyidG4"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleBeneficialConversionFeature" contextRef="From2021-01-012021-12-31_custom_SecuritiesPurchaseAgreementMember_custom_HostLoanInstrumentMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">37</ix:nonFraction></span>)
</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and $<span id="xdx_904_eus-gaap--AmortizationOfDebtDiscountPremium_pn3n3_c20210101__20211231__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__us-gaap--DebtInstrumentAxis__custom--HostLoanInstrumentMember_zAypORsamnq6"><ix:nonFraction name="us-gaap:AmortizationOfDebtDiscountPremium" contextRef="From2021-01-012021-12-31_custom_SecuritiesPurchaseAgreementMember_custom_HostLoanInstrumentMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">3</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">related to remeasurement of the embedded conversion
feature and the discount amortization of the host loan instrument as part of the &#8220;finance expenses&#8221; line in operations in
the accompanying consolidated statement of operations</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 134; Value: 1 -->
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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#toc_002">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<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>TODOS
MEDICAL LTD.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)</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">(U.S.
dollars in thousands)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -5.65pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
10 - CONVERTIBLE BRIDGE LOANS, NET (Cont.)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: -5.65pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>I.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
    June 15, 2020 (the &#8220;Issuance Date&#8221;), the Company entered into a Securities Purchase Agreement for issuance of Convertible
    Redeemable Note (&#8220;Note&#8221;), under which the Company received net cash of $<span id="xdx_900_eus-gaap--ProceedsFromIssuanceOfDebt_pn3n3_c20200611__20200615__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember_znSMT9OKKb26" title="Proceeds from debt"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceOfDebt" contextRef="From2020-06-112020-06-15_custom_SecuritiesPurchaseAgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">315</ix:nonFraction></span> (which representing 84% of the gross Principal
    Amount of the note) from a private lender (the &#8220;Lender&#8221;).</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -28.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Note was issued with <span id="xdx_90B_ecustom--DebtInstrumentDiscountRate_iI_pid_dp_uPure_c20200615__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember_z757KqXwC3E3" title="Debt instrument discount rate"><ix:nonFraction name="TOMDF:DebtInstrumentDiscountRate" contextRef="AsOf2020-06-15_custom_SecuritiesPurchaseAgreementMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">16</ix:nonFraction></span>% original issue discount totaling $<span id="xdx_908_eus-gaap--DebtInstrumentUnamortizedDiscount_iI_pn3n3_c20200615__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember_zx6jvqP1yp89" title="Debt instrument discount"><ix:nonFraction name="us-gaap:DebtInstrumentUnamortizedDiscount" contextRef="AsOf2020-06-15_custom_SecuritiesPurchaseAgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">60</ix:nonFraction></span>, bears interest at a flat rate of <span id="xdx_90B_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20200615__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember_zELXlwTM13x6" title="Debt instrument, interest rate"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2020-06-15_custom_SecuritiesPurchaseAgreementMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">2</ix:nonFraction></span>% and has a maturity date of June 15,
2021 (the &#8220;Maturity Date&#8221;) on which all principal and interest is due and payable in one payment. During the first 40 days
after the Issuance Date, the Company has the right to redeem the Note at a price equal to <span id="xdx_908_ecustom--DebtInstrumentPrincipalRate_iI_pid_dp_uPure_c20200615__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember_zeroYmFpQJQ5" title="Debt instrument principal rate"><ix:nonFraction name="TOMDF:DebtInstrumentPrincipalRate" contextRef="AsOf2020-06-15_custom_SecuritiesPurchaseAgreementMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">125</ix:nonFraction></span>% of the Note&#8217;s face amount.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Lender is entitled, at its option, at any time, to convert all or any amount of the principal face amount of the Note and the accumulated
Interest then outstanding into the Company&#8217;s ordinary shares at a price equal to 80% of the lower of (i) the lowest closing bid
price on the trading day prior to the Issuance Date or (ii) the lowest trading price of the ordinary shares as reported by the trading
market on which the Company&#8217;s shares are traded, for the 20 prior trading days including the day upon which a conversion notice
is received (the &#8220;Conversion Price&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_eus-gaap--DebtInstrumentDescription_c20200611__20200615__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember_zEJLD0IxoOT2" title="Debt instrument, description"><ix:nonNumeric contextRef="From2020-06-112020-06-15_custom_SecuritiesPurchaseAgreementMember" name="us-gaap:DebtInstrumentDescription">Upon
occurrence of Sale Event (as defined in the Note), upon the Lender request, the Company shall redeem the Note in cash in an amount equal
to 150% of the principal amount, plus accrued but unpaid interest through the redemption date, or at the Lender election, such Lender
may convert the unpaid principal amount of the Note and interest into ordinary shares of the Company at the Conversion Price immediately
prior to such Sale Event. At the closing date and December 31, 2020, the management considered Sale Event as remotely.</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90A_eus-gaap--DebtInstrumentDescription_c20200101__20201231__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember_zdVS2zXNXqR7" title="Debt instrument, description"><ix:nonNumeric contextRef="From2020-01-012020-12-31_custom_SecuritiesPurchaseAgreementMember" name="us-gaap:DebtInstrumentDescription">Upon
the occurrence of an Event of Default (as defined in the Note), the Note shall accrue interest at the lower of (i) 24% per annum or (ii)
the highest rate of interest permitted by law. In addition, the Company may be subject to the daily penalty pending of default scenario
as described in the Note.</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">It
was determined that the embedded conversion feature is required to be bifurcated from the host loan instrument. Upon initial recognition,
the management by assistance of third-party appraiser recognized an embedded conversion feature in total amount of $<span id="xdx_90B_eus-gaap--LoansPayableFairValueDisclosure_iI_pn3n3_c20200615__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember_zbWSc7O363xa" title="Loans payable fair value"><ix:nonFraction name="us-gaap:LoansPayableFairValueDisclosure" contextRef="AsOf2020-06-15_custom_SecuritiesPurchaseAgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">374</ix:nonFraction></span> and in subsequent
periods as derivative liability at fair value through profit and loss. In subsequent periods, the host loan instrument is accounted for
using the effective interest method over the term of the loan, until its stated maturity. The excess of the fair value of identified
instruments over net proceeds amounted to $<span id="xdx_908_eus-gaap--DerivativeFairValueOfDerivativeLiability_iI_pn3n3_c20200615__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember_zFbtWlIDRe81" title="Fair value of derivative liability"><ix:nonFraction name="us-gaap:DerivativeFairValueOfDerivativeLiability" contextRef="AsOf2020-06-15_custom_SecuritiesPurchaseAgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">60</ix:nonFraction></span> was recorded as part of the &#8220;finance expenses&#8221; line in operations in the accompanying
consolidated statement of operations for the year ended December 31, 2020.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
balance of the loan as of December 31, 2020 amounted to $<span id="xdx_905_eus-gaap--LoansPayableToBank_iI_pn3n3_c20201231__us-gaap--TypeOfArrangementAxis__custom--AmendmentToMarchTwoThousandTwentyLoanAgreementMember_zzezE1avMyAe"><ix:nonFraction name="us-gaap:LoansPayableToBank" contextRef="AsOf2020-12-31_custom_AmendmentToMarchTwoThousandTwentyLoanAgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">24</ix:nonFraction></span>. During 2021 the loan was fully converted into <span id="xdx_90A_eus-gaap--ConversionOfStockSharesConverted1_pid_c20210101__20211231__us-gaap--TypeOfArrangementAxis__custom--AmendmentToMarchTwoThousandTwentyLoanAgreementMember_zXDI2JkYdhd8"><ix:nonFraction name="us-gaap:ConversionOfStockSharesConverted1" contextRef="From2021-01-012021-12-31_custom_AmendmentToMarchTwoThousandTwentyLoanAgreementMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">23,803,446</ix:nonFraction></span> share of common
stock of the Company.</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> The Company recorded expenses
amounted to $<span id="xdx_90A_eus-gaap--DebtInstrumentConvertibleBeneficialConversionFeature_pn3n3_c20200611__20200615__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember_zGiA8O7JIbni"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleBeneficialConversionFeature" contextRef="From2020-06-112020-06-15_custom_SecuritiesPurchaseAgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">173</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and $<span id="xdx_90D_eus-gaap--AmortizationOfDebtDiscountPremium_pn3n3_c20200611__20200615__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember_z79r9Qy2oG6h"><ix:nonFraction name="us-gaap:AmortizationOfDebtDiscountPremium" contextRef="From2020-06-112020-06-15_custom_SecuritiesPurchaseAgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">23</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">related to remeasurement of the embedded conversion
feature and the discount amortization of the host loan instrument as part of the &#8220;finance expenses&#8221; line in operations in
the accompanying consolidated statement of operations for the year ended December 31, 2020.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2021 the Company recorded  expenses amounted to $<span id="xdx_90F_eus-gaap--DebtInstrumentConvertibleBeneficialConversionFeature_pn3n3_c20210101__20211231__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__us-gaap--ShortTermDebtTypeAxis__us-gaap--BridgeLoanMember_zrK3zFdK0qV9"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleBeneficialConversionFeature" contextRef="From2021-01-012021-12-31_custom_SecuritiesPurchaseAgreementMember_us-gaap_BridgeLoanMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">68</ix:nonFraction></span>
</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and $<span id="xdx_909_eus-gaap--AmortizationOfDebtDiscountPremium_pn3n3_c20210101__20211231__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__us-gaap--ShortTermDebtTypeAxis__us-gaap--BridgeLoanMember_z3blmiAxI6Sk"><ix:nonFraction name="us-gaap:AmortizationOfDebtDiscountPremium" contextRef="From2021-01-012021-12-31_custom_SecuritiesPurchaseAgreementMember_us-gaap_BridgeLoanMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">659</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">related to remeasurement of the embedded conversion
feature and the discount amortization of the host loan instrument as part of the &#8220;finance expenses&#8221; line in operations in
the accompanying consolidated statement of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 135; Value: 1 -->
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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#toc_002">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<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>TODOS
MEDICAL LTD.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)</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">(U.S.
dollars in thousands)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -5.65pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
10 - CONVERTIBLE BRIDGE LOANS, NET (Cont.)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: -5.65pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>J.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
    June and July 2020, the Company entered into a Securities Purchase Agreement for issuance of Convertible Redeemable Note (&#8220;Note&#8221;),
    under which the Company received net cash of $<span id="xdx_90F_eus-gaap--ProceedsFromIssuanceOfDebt_pn3n3_c20200629__20200630__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--TwoPrivateLendersMember_z7mpkKPUGSq6" title="Proceeds from debt"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceOfDebt" contextRef="From2020-06-292020-06-30_custom_SecuritiesPurchaseAgreementMember_custom_TwoPrivateLendersMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">300</ix:nonFraction></span> (which representing <span id="xdx_900_ecustom--GrossPrincipalAmountPercentage_iI_pid_dp_uPure_c20200630__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--TwoPrivateLendersMember_zmRyJ7WzXbp3" title="Gross principal amount percentage"><ix:nonFraction name="TOMDF:GrossPrincipalAmountPercentage" contextRef="AsOf2020-06-30_custom_SecuritiesPurchaseAgreementMember_custom_TwoPrivateLendersMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">75</ix:nonFraction></span>% of the gross Principal Amount of the note) from two private
    lenders (the &#8220;Lenders&#8221;).</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -28.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Note was issued with <span id="xdx_907_ecustom--DebtInstrumentDiscountRate_iI_pid_dp_uPure_c20200731__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--TwoPrivateLendersMember_zdtwaNbYi3H3" title="Debt instrument discount rate"><ix:nonFraction name="TOMDF:DebtInstrumentDiscountRate" contextRef="AsOf2020-07-31_custom_SecuritiesPurchaseAgreementMember_custom_TwoPrivateLendersMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">25</ix:nonFraction></span>% original issue discount totaling $<span id="xdx_900_eus-gaap--DebtInstrumentUnamortizedDiscount_iI_pn3n3_c20200731__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--TwoPrivateLendersMember_zYYBcBknpqP9" title="Debt instrument discount"><ix:nonFraction name="us-gaap:DebtInstrumentUnamortizedDiscount" contextRef="AsOf2020-07-31_custom_SecuritiesPurchaseAgreementMember_custom_TwoPrivateLendersMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">100</ix:nonFraction></span>, bears interest at a flat rate of <span id="xdx_906_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20200731__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--TwoPrivateLendersMember_ztX2RcUI2sgc" title="Debt instrument, interest rate"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2020-07-31_custom_SecuritiesPurchaseAgreementMember_custom_TwoPrivateLendersMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">2</ix:nonFraction></span>% and has a maturity date of <span id="xdx_904_eus-gaap--DebtInstrumentMaturityDate_pn3n3_dd_c20200701__20200731__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--TwoPrivateLendersMember_zSPN7EVnM9hb" title="Debt maturity date"><ix:nonNumeric contextRef="From2020-07-012020-07-31_custom_SecuritiesPurchaseAgreementMember_custom_TwoPrivateLendersMember" format="ixt:datemonthdayyearen" name="us-gaap:DebtInstrumentMaturityDate">December
22, 2020</ix:nonNumeric></span> (the &#8220;Maturity Date&#8221;) on which all principal and interest is due and payable in one payment. <span id="xdx_908_eus-gaap--DebtInstrumentDescription_c20200101__20201231__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--TwoPrivateLendersMember_zs4ZaS7Wzrv1" title="Debt instrument, description"><ix:nonNumeric contextRef="From2020-01-012020-12-31_custom_SecuritiesPurchaseAgreementMember_custom_TwoPrivateLendersMember" name="us-gaap:DebtInstrumentDescription">During the first 40
days after the Issuance Date, the Company has the right to redeem the Note at a price equal to 125% of the Note&#8217;s face amount.</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90C_eus-gaap--DebtInstrumentDescription_c20200726__20200731__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--TwoPrivateLendersMember_zaNYtucJVkC4" title="Debt instrument, description"><ix:nonNumeric contextRef="From2020-07-262020-07-31_custom_SecuritiesPurchaseAgreementMember_custom_TwoPrivateLendersMember" name="us-gaap:DebtInstrumentDescription">The
Lenders are entitled, at its option, at any time, to convert all or any amount of the principal face amount of the Note and the accumulated
Interest then outstanding into the Company&#8217;s ordinary shares at a price equal to 150% of the closing price on the closing date
and will be effective for 40 trading days from the closing date. After the initial 40 trading days, the conversion price shall equal
to the lower of (i) 60% of the lowest volume weighted average price trading price for the common stock as reported at the market reporting
trade prices for the common stock during the 10 trading days immediately prior to conversion, and including, the date of the conversion
notice; and (ii) 150% of the closing price on the closing date and the closing price on the effectiveness date of the registration statement,
including the day upon which a conversion notice is received by the Company (the &#8220;Conversion Price&#8221;).</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
the occurrence of an Event of Default (as defined in the Note), the Note shall accrue interest at the lower of (i) 24% per annum or (ii)
the highest rate of interest permitted by law. In addition, the Company may be subject to the daily penalty pending of default scenario
as described in the Note.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Note is entitled to a disbursement of shares of <span id="xdx_90C_eus-gaap--StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities_c20200629__20200630__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--TwoPrivateLendersMember_zeUWEeC3YDHh" title="Stock issued during the period converted, shares"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities" contextRef="From2020-06-292020-06-30_custom_SecuritiesPurchaseAgreementMember_custom_TwoPrivateLendersMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">2,000,000</ix:nonFraction></span> Ordinary Shares of the Company in consideration for issuing the notes (the
&#8220;Commitment Shares&#8221;). On January 18, 2021, the Commitment Shares have been issued to the Lenders.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Lenders are also entitled to an amount of <span id="xdx_903_ecustom--NumberOfWarrantsIssued_c20200726__20200731__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--TwoPrivateLendersMember_zWzdDDtTlVpg" title="Number of warrants issued"><ix:nonFraction name="TOMDF:NumberOfWarrantsIssued" contextRef="From2020-07-262020-07-31_custom_SecuritiesPurchaseAgreementMember_custom_TwoPrivateLendersMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">3,000,000</ix:nonFraction></span> warrants to purchase the same number of ordinary shares for a period of five years
at an exercise price equal to $<span id="xdx_909_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20200630__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--TwoPrivateLendersMember_zfrHi9KkLq38" title="Exercise price of warrants"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" contextRef="AsOf2020-06-30_custom_SecuritiesPurchaseAgreementMember_custom_TwoPrivateLendersMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.10</ix:nonFraction></span> subject to certain adjustments (the &#8220;Warrant&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
initial recognition, the management by assistance of third-party appraiser allocated the net cash proceeds received based on the relative
fair value of the Note, the shares and the detachable warrants in total amount of $<span id="xdx_903_eus-gaap--LoansPayableFairValueDisclosure_iI_pn3n3_c20200630__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--TwoPrivateLendersMember_znwE3kC2wTD7" title="Fair value of loans payable"><ix:nonFraction name="us-gaap:LoansPayableFairValueDisclosure" contextRef="AsOf2020-06-30_custom_SecuritiesPurchaseAgreementMember_custom_TwoPrivateLendersMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">360</ix:nonFraction></span>, $<span id="xdx_90C_eus-gaap--FairValueAdjustmentOfWarrants_pn3n3_c20200726__20200731__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--TwoPrivateLendersMember_zu1Y0hJejrI2" title="Changes in fair value"><ix:nonFraction name="us-gaap:FairValueAdjustmentOfWarrants" contextRef="From2020-07-262020-07-31_custom_SecuritiesPurchaseAgreementMember_custom_TwoPrivateLendersMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">42</ix:nonFraction></span> and $<span id="xdx_90E_eus-gaap--DerivativeFairValueOfDerivativeLiability_iI_pn3n3_c20200630__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--TwoPrivateLendersMember_z9Hl2E2tRFQj" title="Fair value of derivative liability"><ix:nonFraction name="us-gaap:DerivativeFairValueOfDerivativeLiability" contextRef="AsOf2020-06-30_custom_SecuritiesPurchaseAgreementMember_custom_TwoPrivateLendersMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">51</ix:nonFraction></span>, respectively. The amount allocated
to the warrants was classified as a component of permanent equity (as their terms permit the holders to receive a fixed number of shares
of common stock upon exercise for a fixed exercise price), net of any related issuance costs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
it was determined that the embedded conversion feature is required to be bifurcated from the host loan instrument. The embedded conversion
feature was recognized in total amount of $<span id="xdx_90B_eus-gaap--DebtInstrumentConvertibleBeneficialConversionFeature_pn3n3_c20200629__20200630__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--TwoPrivateLendersMember_zAuooacw2Vi7" title="Beneficial conversion feature"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleBeneficialConversionFeature" contextRef="From2020-06-292020-06-30_custom_SecuritiesPurchaseAgreementMember_custom_TwoPrivateLendersMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">359</ix:nonFraction></span> upon initial recognition and in subsequent periods as derivative liability at fair value
through profit and loss. The excess of the fair value of identified instruments over net proceeds amounted to $<span id="xdx_90A_eus-gaap--AmortizationOfDebtDiscountPremium_pn3n3_c20200629__20200630__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--TwoPrivateLendersMember_zxipn05WdCoc" title="Discount on amortization"><ix:nonFraction name="us-gaap:AmortizationOfDebtDiscountPremium" contextRef="From2020-06-292020-06-30_custom_SecuritiesPurchaseAgreementMember_custom_TwoPrivateLendersMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">153</ix:nonFraction></span> was recorded as part
of the &#8220;finance expenses&#8221; line in operations in the accompanying consolidated statement of operations for the year ended
December 31, 2020. In subsequent periods, the host loan instrument is accounted for using the effective interest method over the term
of the loan, until its stated maturity.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2020, upon the occurrence of an Event of Default in which the Note was not repaid before or at the Maturity Date (due
to the Company discrete decision not to repay the loan for cash), the loan become subject to the provisions of ASC 480, &#8220;Distinguishing
Liabilities and Equity&#8221; as it become an obligation that will be settled by issuance of a variable number of shares (stock settle
obligation) and as such is measured at fair value through profit or loss. Consequently, the Company recorded expenses amounted to $<span id="xdx_90E_eus-gaap--AmortizationOfDebtDiscountPremium_pn3n3_c20200726__20200731__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--TwoPrivateLendersMember_z4MEj2ct3dV" title="Discount on amortization"><ix:nonFraction name="us-gaap:AmortizationOfDebtDiscountPremium" contextRef="From2020-07-262020-07-31_custom_SecuritiesPurchaseAgreementMember_custom_TwoPrivateLendersMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">723</ix:nonFraction></span>
and ($<span id="xdx_906_eus-gaap--DebtInstrumentConvertibleBeneficialConversionFeature_pn3n3_c20190101__20201231__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--TwoPrivateLendersMember_zVEArQMMs695" title="Beneficial conversion feature"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleBeneficialConversionFeature" contextRef="From2019-01-012020-12-31_custom_SecuritiesPurchaseAgreementMember_custom_TwoPrivateLendersMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">359</ix:nonFraction></span>) related to remeasurement of the Note and its embedded conversion feature as part of the &#8220;finance expenses&#8221; line
in operations in the accompanying consolidated statement of operations for the year ended December 31, 2020.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
balance of the loan as of December 31, 2021 and 2020 amounted to $<span id="xdx_900_eus-gaap--LoansPayableToBank_iI_pn3n3_c20211231__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--TwoPrivateLendersMember_zv8tFbE6sFie"><ix:nonFraction name="us-gaap:LoansPayableToBank" contextRef="AsOf2021-12-31_custom_SecuritiesPurchaseAgreementMember_custom_TwoPrivateLendersMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">539</ix:nonFraction></span> and $<span id="xdx_90C_eus-gaap--LoansPayableToBank_iI_pn3n3_c20201231__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--TwoPrivateLendersMember_zkwV9cS4T0xa"><ix:nonFraction name="us-gaap:LoansPayableToBank" contextRef="AsOf2020-12-31_custom_SecuritiesPurchaseAgreementMember_custom_TwoPrivateLendersMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">724</ix:nonFraction></span>, respectively</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">
During the year ended December 31, 2021 the Company recorded income amounted to $(<span id="xdx_905_eus-gaap--AmortizationOfDebtDiscountPremium_pn3n3_c20210101__20211231__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--TwoPrivateLendersMember_zYBPHnwRYCn"><ix:nonFraction name="us-gaap:AmortizationOfDebtDiscountPremium" contextRef="From2021-01-012021-12-31_custom_SecuritiesPurchaseAgreementMember_custom_TwoPrivateLendersMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">74</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)
related to discount amortization of the host loan instrument as part of the &#8220;finance expenses&#8221; line in operations in the
accompanying consolidated statement of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 136; 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 -->42<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#toc_002">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<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>TODOS
MEDICAL LTD.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)</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">(U.S.
dollars in thousands)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -5.65pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
10 - CONVERTIBLE BRIDGE LOANS, NET (Cont.)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: -5.65pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>K.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
    July 2020, the Company entered into a Securities Purchase Agreement with institutional and high net worth investors (the &#8220;July
    2020 Loan Agreements&#8221; and &#8220;Lenders&#8221;, respectively), under which the Company agreed to issue to the Lenders secured
    promissory convertible notes in an aggregate principal amount of $<span id="xdx_905_eus-gaap--DebtInstrumentFaceAmount_iI_pn3n3_c20200731__us-gaap--TypeOfArrangementAxis__custom--JulyTwoThousandTwentyLoanAgreementMember_z0c4QFb4f1aj" title="Debt instrument, face amount"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2020-07-31_custom_JulyTwoThousandTwentyLoanAgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,881</ix:nonFraction></span> (the &#8220;Convertible Note&#8221;). The Company received
    net cash of $<span id="xdx_907_eus-gaap--ProceedsFromIssuanceOfDebt_pn3n3_c20200726__20200731__us-gaap--TypeOfArrangementAxis__custom--JulyTwoThousandTwentyLoanAgreementMember_zYyrhONocmU2" title="Proceeds from debt"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceOfDebt" contextRef="From2020-07-262020-07-31_custom_JulyTwoThousandTwentyLoanAgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,350</ix:nonFraction></span> (which representing <span id="xdx_900_ecustom--DebtInstrumentPrincipalRate_iI_pid_dp_uPure_c20200731__us-gaap--TypeOfArrangementAxis__custom--JulyTwoThousandTwentyLoanAgreementMember_zYtunyPVZZL2" title="Debt instrument principal rate"><ix:nonFraction name="TOMDF:DebtInstrumentPrincipalRate" contextRef="AsOf2020-07-31_custom_JulyTwoThousandTwentyLoanAgreementMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">71.8</ix:nonFraction></span>% of the gross Principal Amount of the note) from the Lenders. The Convertible Note bears
    interest at a flat rate of <span id="xdx_90F_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20200731__us-gaap--TypeOfArrangementAxis__custom--JulyTwoThousandTwentyLoanAgreementMember_z8YboEZS7wM4" title="Debt instrument, interest rate"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2020-07-31_custom_JulyTwoThousandTwentyLoanAgreementMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">2</ix:nonFraction></span>% (the &#8220;Interest&#8221;) and have a maturity date of <span id="xdx_907_eus-gaap--DebtInstrumentTerm_dtM_c20200726__20200731__us-gaap--TypeOfArrangementAxis__custom--JulyTwoThousandTwentyLoanAgreementMember_zSICQSugUdOf" title="Debt instrument, maturity term"><ix:nonNumeric contextRef="From2020-07-262020-07-31_custom_JulyTwoThousandTwentyLoanAgreementMember" format="ixt-sec:durmonth" name="us-gaap:DebtInstrumentTerm">6</ix:nonNumeric></span>-months period after receipt of the Loans
    funds (the &#8220;Maturity Date&#8221;). At Maturity Date the Company may pay the lender the loan principal and accrued interest
    in cash or at the option of the lender in shares of the Company. </span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -28.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90A_eus-gaap--DebtInstrumentDescription_c20200726__20200731__us-gaap--TypeOfArrangementAxis__custom--JulyTwoThousandTwentyLoanAgreementMember_z7hkF5CIzInk" title="Debt instrument, description"><ix:nonNumeric contextRef="From2020-07-262020-07-31_custom_JulyTwoThousandTwentyLoanAgreementMember" name="us-gaap:DebtInstrumentDescription">The
Convertible Note may be redeemed at any time at an amount equal to 125% of the outstanding loan principal and unpaid interest. The Lenders
may convert the loan principal and accrued interest by 150% of the closing bid price and will be effective for 40 days following the
closing date. After the initial 40 days, the conversion price shall equal the lower of (i) 60% of the lowest VMAP trading price for the
common stock as reported on the market reporting trade prices for the common stock during 11 trading days immediately prior to the conversion
date (including conversion date) or (ii) 150% of the closing bid price on the closing date and (iii) 150% of the closing bid price on
the effectiveness date of the Company&#8217;s registration statements registering the conversion shares.</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_906_eus-gaap--DebtConversionDescription_c20200726__20200731__us-gaap--TypeOfArrangementAxis__custom--JulyTwoThousandTwentyLoanAgreementMember_z20hXPsSw3gb" title="Conversion of debt description"><ix:nonNumeric contextRef="From2020-07-262020-07-31_custom_JulyTwoThousandTwentyLoanAgreementMember" name="us-gaap:DebtConversionDescription">Upon
event of default as defined in the Securities Purchase Agreement, the Lenders may require the Company to redeem all or any portion of
the note at the greater of default interest rate of 18% or the maximum rate permitted under applicable law (the &#8220;Event of Default
Price&#8221;) together with liquidated damages of $250 plus an amount in cash equal to 1% of the Event of Default Price for each 30 day
period during which redemptions fail to be made. In addition, the Lenders may convert the loan principal and accrued interest by 150%
of the closing bid price and will be effective for 40 days following the closing date. After the initial 40 days, the conversion price
shall equal the lower of (i) 35% of the lowest VMAP trading price for the common stock as reported on the market reporting trade prices
for the common stock during 11 trading days immediately prior to the conversion date (including the conversion date), (ii) 150% of the
closing bid price on the closing date and (iii) 150% of the closing bid price on the effectiveness date of the Company&#8217;s registration
statements registering the conversion shares.</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Lenders are also entitled to an amount of <span id="xdx_908_ecustom--NumberOfWarrantsIssued_c20200726__20200731__us-gaap--TypeOfArrangementAxis__custom--JulyTwoThousandTwentyLoanAgreementMember_zjT6us0p24rd" title="Number of warrants issued"><ix:nonFraction name="TOMDF:NumberOfWarrantsIssued" contextRef="From2020-07-262020-07-31_custom_JulyTwoThousandTwentyLoanAgreementMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">10,513,513</ix:nonFraction></span> warrants to purchase the same number of ordinary shares for a period of five years
at an exercise price equal to $<span id="xdx_908_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20200731__us-gaap--TypeOfArrangementAxis__custom--JulyTwoThousandTwentyLoanAgreementMember_ztcf7ZWz0OJ5" title="Exercise price of warrants"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" contextRef="AsOf2020-07-31_custom_JulyTwoThousandTwentyLoanAgreementMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.10</ix:nonFraction></span> subject to certain adjustments (the &#8220;Warrant&#8221;). If at the time of exercise hereof there
is no effective registration statement registering, or the prospectus contained therein is not available for the issuance of the Warrant
Shares to the Lenders, then the Warrant may also be exercised, in whole or in part, at such time by means of a &#8220;cashless exercise&#8221;.
In addition, the Lenders are entitled to an option to require the Company to purchase the Warrant for cash in an amount equal to their
Black-Scholes Option Pricing Model value (the Black-Scholes Model), in the event that certain fundamental transactions (which some of
them are not considered solely within the control of the Company) as defined in the warrant agreement, occur.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company also entered into a Security Agreement with one of the lenders under which the Company granted a security interest to the
lender in all equipment now existing or hereafter arising or acquired (see also Note 10K). The Company also issued the
Lenders an amount of <span id="xdx_906_eus-gaap--StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities_c20200726__20200731__us-gaap--TypeOfArrangementAxis__custom--JulyTwoThousandTwentyLoanAgreementMember_zlieoB8ls169"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities" contextRef="From2020-07-262020-07-31_custom_JulyTwoThousandTwentyLoanAgreementMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">7,333,333</ix:nonFraction> </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares
as a commitment fee (the &#8220;Commitment Shares&#8221;) and an additional <span id="xdx_906_eus-gaap--StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities_c20200726__20200731__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--TwoPrivateLendersMember_z9uVLZd5DL8l"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities" contextRef="From2020-07-262020-07-31_custom_SecuritiesPurchaseAgreementMember_custom_TwoPrivateLendersMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">2,000,000</ix:nonFraction> </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares
as a diligence fee (the &#8220;Diligence Shares&#8221;) to one of the Lenders.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
initial recognition, the management by assistance of third-party appraiser allocated the net cash proceeds received based on the relative
fair value of the Note, the shares and the detachable warrants in total amount of $<span id="xdx_904_eus-gaap--LoansPayableFairValueDisclosure_iI_pn3n3_c20200731__us-gaap--TypeOfArrangementAxis__custom--JulyTwoThousandTwentyLoanAgreementMember_zcWv3sRZh1X2" title="Fair value of loans payable"><ix:nonFraction name="us-gaap:LoansPayableFairValueDisclosure" contextRef="AsOf2020-07-31_custom_JulyTwoThousandTwentyLoanAgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,710</ix:nonFraction></span>, $<span id="xdx_906_eus-gaap--DerivativeFairValueOfDerivativeLiability_iI_pn3n3_c20200731__us-gaap--TypeOfArrangementAxis__custom--JulyTwoThousandTwentyLoanAgreementMember_zERwKGSWYhWb" title="Fair value of derivative liability"><ix:nonFraction name="us-gaap:DerivativeFairValueOfDerivativeLiability" contextRef="AsOf2020-07-31_custom_JulyTwoThousandTwentyLoanAgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">230</ix:nonFraction></span> and $<span id="xdx_906_eus-gaap--DerivativeFairValueOfDerivativeLiability_iI_pn3n3_c20201231__us-gaap--TypeOfArrangementAxis__custom--JulyTwoThousandTwentyLoanAgreementMember_z7qqU9b6Kbf2" title="Fair value of derivative liability"><ix:nonFraction name="us-gaap:DerivativeFairValueOfDerivativeLiability" contextRef="AsOf2020-12-31_custom_JulyTwoThousandTwentyLoanAgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">237</ix:nonFraction></span>, respectively. The amount allocated
to the warrants was classified as a component of permanent equity (as their terms permit the holders to receive a fixed number of shares
of common stock upon exercise for a fixed exercise price), net of any related issuance costs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
it was determined that the embedded conversion feature is required to be bifurcated from the host loan instrument. The embedded conversion
feature was recognized in total amount of $<span id="xdx_909_eus-gaap--DebtInstrumentConvertibleBeneficialConversionFeature_pn3n3_c20200726__20200731__us-gaap--TypeOfArrangementAxis__custom--JulyTwoThousandTwentyLoanAgreementMember_zkN0wAdn8e1c" title="Beneficial conversion feature"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleBeneficialConversionFeature" contextRef="From2020-07-262020-07-31_custom_JulyTwoThousandTwentyLoanAgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,708</ix:nonFraction></span> upon initial recognition and in subsequent periods as derivative liability at fair value
through profit and loss. The excess of the fair value of identified instruments over net proceeds amounted to $<span id="xdx_90D_ecustom--FairValueOfOrdinaryShares_pn3n3_c20200726__20200731__us-gaap--TypeOfArrangementAxis__custom--JulyTwoThousandTwentyLoanAgreementMember_zfJH6O6zF991" title="Fair value of ordinary shares"><ix:nonFraction name="TOMDF:FairValueOfOrdinaryShares" contextRef="From2020-07-262020-07-31_custom_JulyTwoThousandTwentyLoanAgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">826</ix:nonFraction></span> was recorded as part
of the &#8220;finance expenses&#8221; line in operations in the accompanying consolidated statement of operations for the year ended
December 31, 2020. In subsequent periods, the host loan instrument is accounted for using the effective interest method over the term
of the loan, until its stated maturity.</span></p>
<!-- Field: Split-Segment; Name: 001 -->
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<ix:exclude><!-- Field: Page; Sequence: 137; Value: 1 -->
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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#toc_002">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TODOS
MEDICAL LTD.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)</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">(U.S.
dollars in thousands)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -5.65pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
10 - CONVERTIBLE BRIDGE LOANS, NET (Cont.)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -5.65pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Amendments
to July 2020 Loan Agreement:</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -28.35pt"><span style="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-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November 4, 2020 (the &#8220;Effective Date&#8221;), the Company entered into amendment to July 2020 Loan Agreement with the one of its
lenders, under which it was determined to as follows: (i) the lender consented the Company entering into the Secured Convertible Equipment
Loan Agreements (see also Note 8A above); (ii) the lender subordinated its security interest in the four Liquid Handler Machines to the
security interest that will be granted by the Company to the lender parties under the Secured Convertible Equipment Loan Agreements (see
also Note 8H above); (iii) the lender waived the Registration Statement Events of Default (with respect to the Registration Statement
Event of Default, the Company shall be granted an extension of 60 days from the Effective Date to cause the Registration Statement registering
for resale the ordinary shares of the Company held by lender to be declared effective); (iv) the lender waived its rights under the most
favored nation clause only with respect to the Secured Convertible Equipment Loan Agreements and only under the condition that other
creditors of the Company also waive their rights under any most favored nation clauses they may be otherwise entitle to with respect
to the Secured Convertible Equipment Loan Agreements and (v) the Note shall be amended as follows: (i) <span id="xdx_902_eus-gaap--DebtConversionDescription_c20201103__20201104__us-gaap--TypeOfArrangementAxis__custom--AmendmentToJulyTwoThousandTwentyLoanAgreementMember" title="Conversion of debt description"><ix:nonNumeric contextRef="From2020-11-032020-11-04_custom_AmendmentToJulyTwoThousandTwentyLoanAgreementMember" name="us-gaap:DebtConversionDescription">the Conversion Price shall in
no event be greater than $0.05; (ii) an amount equal to 25% of the total outstanding amount due under the Note shall be added to the
Principal amount and (iii) an additional 2.5 million warrants shall be issued in the same form as those issued pursuant to the Purchase
Agreement.</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
management has determined by using the assistance of third-party appraiser that the fair value of the modified loans amounted to $<span id="xdx_90D_eus-gaap--LoansPayableFairValueDisclosure_iI_pn3n3_c20201104__us-gaap--TypeOfArrangementAxis__custom--AmendmentToJulyTwoThousandTwentyLoanAgreementMember_zhWZksnOycm2" title="Fair value of loans payable"><ix:nonFraction name="us-gaap:LoansPayableFairValueDisclosure" contextRef="AsOf2020-11-04_custom_AmendmentToJulyTwoThousandTwentyLoanAgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,434</ix:nonFraction></span>
plus the fair value of the Third Warrant amounted to $<span id="xdx_903_eus-gaap--DerivativeFairValueOfDerivativeLiability_c20201104__us-gaap--TypeOfArrangementAxis__custom--AmendmentToJulyTwoThousandTwentyLoanAgreementMember_pn3n3" title="Fair value of derivative liability"><ix:nonFraction name="us-gaap:DerivativeFairValueOfDerivativeLiability" contextRef="AsOf2020-11-04_custom_AmendmentToJulyTwoThousandTwentyLoanAgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">115</ix:nonFraction></span> are considered as substantially different from the fair value of the convertible
bridge loans amounted to $<span id="xdx_90A_eus-gaap--ConvertibleDebt_c20201104__us-gaap--TypeOfArrangementAxis__custom--AmendmentToJulyTwoThousandTwentyLoanAgreementMember_pn3n3" title="Convertible bridge loan"><ix:nonFraction name="us-gaap:ConvertibleDebt" contextRef="AsOf2020-11-04_custom_AmendmentToJulyTwoThousandTwentyLoanAgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,100</ix:nonFraction></span> prior to the exchange date. Consequently, the original convertible bridge loans were derecognized, the
new loans were initially recorded at fair value as current financial liability and the Third Warrant was initially recorded at fair value
as an increase of additional paid-in capital. The Company recorded an extinguishment amount of $<span id="xdx_905_eus-gaap--ExtinguishmentOfDebtAmount_pn3n3_c20200101__20201231__us-gaap--DebtInstrumentAxis__custom--ConvertibleBridgeLoanMember__us-gaap--TypeOfArrangementAxis__custom--AmendmentToJulyTwoThousandTwentyLoanAgreementMember_zlniswbKJXci" title="Extinguishment amount"><ix:nonFraction name="us-gaap:ExtinguishmentOfDebtAmount" contextRef="From2020-01-012020-12-31_custom_ConvertibleBridgeLoanMember_custom_AmendmentToJulyTwoThousandTwentyLoanAgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">449</ix:nonFraction></span> as part of &#8220;Finance Expenses&#8221;
line in operations in the accompanying consolidated statement of operations for the year ended December 31, 2020.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The
balance of the loans as of December 31, 2021 and 2020 amounted to $<span id="xdx_900_eus-gaap--LoansPayableToBank_iI_pn3n3_c20211231__us-gaap--TypeOfArrangementAxis__custom--AmendmentToJulyTwoThousandTwentyLoanAgreementMember__us-gaap--DebtInstrumentAxis__custom--ConvertibleBridgeLoanMember_z4zie7IC0VXj"><ix:nonFraction name="us-gaap:LoansPayableToBank" contextRef="AsOf2021-12-31_custom_AmendmentToJulyTwoThousandTwentyLoanAgreementMember_custom_ConvertibleBridgeLoanMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">899</ix:nonFraction></span> and $<span id="xdx_902_eus-gaap--LoansPayableToBank_iI_pn3n3_c20201231__us-gaap--TypeOfArrangementAxis__custom--AmendmentToJulyTwoThousandTwentyLoanAgreementMember__us-gaap--DebtInstrumentAxis__custom--ConvertibleBridgeLoanMember_zRZLkLi8gAo4"><ix:nonFraction name="us-gaap:LoansPayableToBank" contextRef="AsOf2020-12-31_custom_AmendmentToJulyTwoThousandTwentyLoanAgreementMember_custom_ConvertibleBridgeLoanMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,664</ix:nonFraction></span>, respectively. The Company recorded expenses amounted
to $(<span id="xdx_903_eus-gaap--DebtInstrumentConvertibleBeneficialConversionFeature_pn3n3_c20201103__20201104__us-gaap--TypeOfArrangementAxis__custom--AmendmentToJulyTwoThousandTwentyLoanAgreementMember__us-gaap--DebtInstrumentAxis__custom--ConvertibleBridgeLoanMember_zbAXYLobRyJ4"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleBeneficialConversionFeature" contextRef="From2020-11-032020-11-04_custom_AmendmentToJulyTwoThousandTwentyLoanAgreementMember_custom_ConvertibleBridgeLoanMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">66</ix:nonFraction></span>) and $<span id="xdx_90D_eus-gaap--AmortizationOfDebtDiscountPremium_pn3n3_c20201103__20201104__us-gaap--TypeOfArrangementAxis__custom--AmendmentToJulyTwoThousandTwentyLoanAgreementMember__us-gaap--DebtInstrumentAxis__custom--ConvertibleBridgeLoanMember_zzcJn5BlJRbd"><ix:nonFraction name="us-gaap:AmortizationOfDebtDiscountPremium" contextRef="From2020-11-032020-11-04_custom_AmendmentToJulyTwoThousandTwentyLoanAgreementMember_custom_ConvertibleBridgeLoanMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,991</ix:nonFraction></span> related to remeasurement of the embedded conversion feature and the discount amortization of the host loan instrument
as part of the &#8220;finance expenses&#8221; line in operations in the accompanying consolidated statement of operations for the year
ended December 31, 2020. During the year ended December 31, 2021 the Company recorded expenses amounted to $<span id="xdx_908_eus-gaap--DebtInstrumentConvertibleBeneficialConversionFeature_pn3n3_c20210101__20211231__us-gaap--TypeOfArrangementAxis__custom--AmendmentToJulyTwoThousandTwentyLoanAgreementMember__us-gaap--DebtInstrumentAxis__custom--ConvertibleBridgeLoanMember_zmBoHrcrP1b6"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleBeneficialConversionFeature" contextRef="From2021-01-012021-12-31_custom_AmendmentToJulyTwoThousandTwentyLoanAgreementMember_custom_ConvertibleBridgeLoanMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">0</ix:nonFraction></span> and $<span id="xdx_907_eus-gaap--AmortizationOfDebtDiscountPremium_pn3n3_c20210101__20211231__us-gaap--TypeOfArrangementAxis__custom--AmendmentToJulyTwoThousandTwentyLoanAgreementMember__us-gaap--DebtInstrumentAxis__custom--ConvertibleBridgeLoanMember_zIxox77cViR9"><ix:nonFraction name="us-gaap:AmortizationOfDebtDiscountPremium" contextRef="From2021-01-012021-12-31_custom_AmendmentToJulyTwoThousandTwentyLoanAgreementMember_custom_ConvertibleBridgeLoanMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">4,030</ix:nonFraction></span> related to remeasurement
of the embedded conversion feature and the discount amortization of the host loan instrument as part of the &#8220;finance expenses&#8221;
line in operations in the accompanying consolidated statement of operations.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><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: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#toc_002">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<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>TODOS
MEDICAL LTD.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)</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">(U.S.
dollars in thousands)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -5.65pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
10 - CONVERTIBLE BRIDGE LOANS, NET (Cont.)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: -5.65pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>L.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
    August 21, 2020, the Company entered into a Securities Purchase Agreement for issuance of Convertible Promissory Note (&#8220;Note&#8221;),
    under which the Company received net cash of $<span id="xdx_902_eus-gaap--ProceedsFromIssuanceOfDebt_pn3n3_c20200820__20200821__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember_z7GsFBMKrG6i" title="Proceeds from debt"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceOfDebt" contextRef="From2020-08-202020-08-21_custom_SecuritiesPurchaseAgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">175</ix:nonFraction></span> (which representing <span id="xdx_903_ecustom--DebtInstrumentPrincipalRate_iI_pid_dp_uPure_c20200821__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember_zPpSZPPgXTnb" title="Debt instrument, principal rate"><ix:nonFraction name="TOMDF:DebtInstrumentPrincipalRate" contextRef="AsOf2020-08-21_custom_SecuritiesPurchaseAgreementMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">30</ix:nonFraction></span>% of the gross Principal Amount of the note) from private
    lender (the &#8220;Lender&#8221;).</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -28.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Note was issued with <span id="xdx_901_ecustom--DebtInstrumentDiscountRate_iI_dp_uPure_c20200821__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember_zqTRU1gI0jLg" title="Debt instrument discount rate"><ix:nonFraction name="TOMDF:DebtInstrumentDiscountRate" contextRef="AsOf2020-08-21_custom_SecuritiesPurchaseAgreementMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">25</ix:nonFraction></span>% original issue discount totaling $<span id="xdx_90A_eus-gaap--DebtInstrumentUnamortizedDiscount_iI_pn3n3_c20200821__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember_zVyDFG5Bz5l4" title="Debt instrument discount"><ix:nonFraction name="us-gaap:DebtInstrumentUnamortizedDiscount" contextRef="AsOf2020-08-21_custom_SecuritiesPurchaseAgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">75</ix:nonFraction></span>, bears interest at a flat rate of <span id="xdx_900_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_dp_c20200821__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember_zoxdGPUKRENa" title="Debt instrument, interest rate"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2020-08-21_custom_SecuritiesPurchaseAgreementMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">10</ix:nonFraction></span>% and has a maturity date of <span id="xdx_909_eus-gaap--DebtInstrumentMaturityDate_dd_c20200820__20200821__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember_zqYeWpmGHnig" title="Debt maturity date"><ix:nonNumeric contextRef="From2020-08-202020-08-21_custom_SecuritiesPurchaseAgreementMember" format="ixt:datemonthdayyearen" name="us-gaap:DebtInstrumentMaturityDate">November
21, 2020</ix:nonNumeric></span> (the &#8220;Maturity Date&#8221;) on which all principal and interest is due and payable in one payment. The Company may, at
its option, at any time and from time to time, prepay all or any part of the principal balance of this Note before the Maturity Date,
with a penalty or premium equal to 20% of the sum of any outstanding Principal and any interest accrued as of the prepayment date.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Lender at its sole option, may convert the outstanding Principal Amount of the Note, or any portion of the Principal Amount hereof, and
any accrued interest, in whole or in part, into shares of the common stock of the Company. <span id="xdx_904_eus-gaap--DebtInstrumentDescription_c20200820__20200821__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember"><ix:nonNumeric contextRef="From2020-08-202020-08-21_custom_SecuritiesPurchaseAgreementMember" name="us-gaap:DebtInstrumentDescription">Any amount so converted will be converted
into common stock of the Company at a price equal to the lower of (1) the closing market price on the date of closing and (2) 60% of
the lowest daily volume weighted average price (&#8220;VWAP&#8221;) of the Common Stock as reported on the market during the 11 trading
days immediately prior to but not including the date of conversion (&#8220;Conversion Price&#8221;). In addition, the Lender must convert
any outstanding balances due under the Note within 15 days if, (a) the Company successfully uplists its common stock to trade on the
Nasdaq stock exchange, and (2) there is an effective registration statement on file with the Securities and Exchange Commission that
includes a registration of the common stock underlying the Note.</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company agrees to reimburse the Lender&#8217;s certificate processing cost by adding $<span id="xdx_909_ecustom--CertificateProcessingCost_pp2n3_c20200820__20200821_zKEMGA1oXf4k" title="Certificate processing cost"><ix:nonFraction name="TOMDF:CertificateProcessingCost" contextRef="From2020-08-202020-08-21" format="ixt:numdotdecimal" decimals="2" scale="3" unitRef="USD">1.5</ix:nonFraction></span> to the Principal for each note conversion effected
by Lender.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
the occurrence of an Event of Default (as defined in the Note), there shall be a default charge equal to 30% of the sum of any unpaid
principal plus any interest accrued as of the default date. In the event that Lender at its sole discretion elects to allow the Company
to continue with repayment of the principal and interest on the Note after an Event of Default, the interest rate on the unpaid principal
of the Note will be change to 18% or the highest interest rate currently allowable under Nevada law for loans of the above amount (the
&#8220;Default Interest Rate&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Lender is also entitled to an amount of <span id="xdx_902_ecustom--NumberOfWarrantsIssued_c20200820__20200821__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember_zUdX1N3oYoA2" title="Number of warrants issued"><ix:nonFraction name="TOMDF:NumberOfWarrantsIssued" contextRef="From2020-08-202020-08-21_custom_SecuritiesPurchaseAgreementMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">8,000,000</ix:nonFraction></span> warrants to purchase the same number of ordinary shares for a period of five years
at an exercise price equal to $<span id="xdx_906_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20200821__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember_zVEkVhnhTQv2" title="Exercise price of warrants"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" contextRef="AsOf2020-08-21_custom_SecuritiesPurchaseAgreementMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.10</ix:nonFraction></span> subject to certain adjustments (the &#8220;Warrant&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
initial recognition, the management by assistance of third-party appraiser allocated the net cash proceeds received based on the relative
fair value of the Note and the detachable warrants in total amount of $<span id="xdx_905_eus-gaap--LoansPayableFairValueDisclosure_iI_pn3n3_c20200821__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember_zBcykO8H1vV2" title="Fair value of loans payable"><ix:nonFraction name="us-gaap:LoansPayableFairValueDisclosure" contextRef="AsOf2020-08-21_custom_SecuritiesPurchaseAgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">267</ix:nonFraction></span> and $<span id="xdx_90E_eus-gaap--DerivativeFairValueOfDerivativeLiability_iI_pn3n3_c20200821__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember_zmIru7yIfrel" title="Fair value of derivative liability"><ix:nonFraction name="us-gaap:DerivativeFairValueOfDerivativeLiability" contextRef="AsOf2020-08-21_custom_SecuritiesPurchaseAgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">123</ix:nonFraction></span>, respectively. The amount allocated to the warrants
was classified as a component of permanent equity (as their terms permit the holders to receive a fixed number of shares of common stock
upon exercise for a fixed exercise price), net of any related issuance costs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
it was determined that the embedded conversion feature is required to be bifurcated from the host loan instrument. The embedded conversion
feature was recognized in total amount of $<span id="xdx_90D_eus-gaap--AmortizationOfDebtDiscountPremium_pn3n3_c20200820__20200821__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember_zZsdlDyvv5Wh" title="Discount on amortization"><ix:nonFraction name="us-gaap:AmortizationOfDebtDiscountPremium" contextRef="From2020-08-202020-08-21_custom_SecuritiesPurchaseAgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">266</ix:nonFraction></span> upon initial recognition and in subsequent periods as derivative liability at fair value
through profit and loss. The excess of the fair value of identified instruments over net proceeds amounted to $<span id="xdx_906_ecustom--FairValueOfOrdinaryShares_pn3n3_c20200820__20200821__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember_zfV1bTRLNimb" title="Fair value of ordinary shares"><ix:nonFraction name="TOMDF:FairValueOfOrdinaryShares" contextRef="From2020-08-202020-08-21_custom_SecuritiesPurchaseAgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">215</ix:nonFraction></span> was recorded as part
of the &#8220;finance expenses&#8221; line in operations in the accompanying consolidated statement of operations for the year ended
December 31, 2020. In subsequent periods, the host loan instrument is accounted for using the effective interest method over the term
of the loan, until its stated maturity.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2020, upon the occurrence of an Event of Default in which the Note was not repaid before or at the Maturity Date (due
to the Company discrete decision not to repay the loan for cash), the loan become subject to the provisions of ASC 480, &#8220;Distinguishing
Liabilities and Equity&#8221; as it become an obligation that will be settled by issuance of a variable number of shares (stock settle
obligation) and as such is measured at fair value through profit or loss (see also Note 2W). Consequently, the Company recorded expenses
amounted to $<span id="xdx_908_eus-gaap--DebtInstrumentConvertibleBeneficialConversionFeature_pn3n3_c20200820__20200821__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember_zrWbScYC5Wz5" title="Beneficial conversion feature"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleBeneficialConversionFeature" contextRef="From2020-08-202020-08-21_custom_SecuritiesPurchaseAgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">463</ix:nonFraction></span> and ($<span id="xdx_90B_eus-gaap--AmortizationOfDebtDiscountPremium_pn3n3_c20200820__20200821__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember_zWojwIWYrmxc" title="Discount on amortization"><ix:nonFraction name="us-gaap:AmortizationOfDebtDiscountPremium" contextRef="From2020-08-202020-08-21_custom_SecuritiesPurchaseAgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">266</ix:nonFraction></span>) related to remeasurement of the Note and its embedded conversion feature as part of the &#8220;finance expenses&#8221;
line in operations in the accompanying consolidated statement of operations for the year ended December 31, 2020.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
balance of the loan as of December 31, 2020 amounted to $<span id="xdx_90F_eus-gaap--LoansPayableToBank_iI_pn3n3_c20201231__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember_zgW8di2fPkH"><ix:nonFraction name="us-gaap:LoansPayableToBank" contextRef="AsOf2020-12-31_custom_SecuritiesPurchaseAgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">464</ix:nonFraction></span> . In March 2021 the loan was converted into <span id="xdx_90C_eus-gaap--ConversionOfStockSharesConverted1_c20210101__20210331__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember_zlAITETqQqPl"><ix:nonFraction name="us-gaap:ConversionOfStockSharesConverted1" contextRef="From2021-01-012021-03-31_custom_SecuritiesPurchaseAgreementMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">6,337,180</ix:nonFraction></span> shares of common stock
of the Company.</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> During the year ended December 31,
2021 the Company recorded expenses amounted to $(<span id="xdx_90E_eus-gaap--AmortizationOfDebtDiscountPremium_pn3n3_c20210101__20211231__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember_zfcug2AFuRWe"><ix:nonFraction name="us-gaap:AmortizationOfDebtDiscountPremium" contextRef="From2021-01-012021-12-31_custom_SecuritiesPurchaseAgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">188</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">) as part of the &#8220;finance expenses&#8221; line in operations in the
accompanying consolidated statement of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 139; Value: 1 -->
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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#toc_002">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<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>TODOS
MEDICAL LTD.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)</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">(U.S.
dollars in thousands)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
10 - CONVERTIBLE BRIDGE LOANS, NET (Cont.)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: -5.65pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>M.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Secured
    Convertible Equipment Loan Agreement</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -28.35pt"><span style="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-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 31, 2020 (the &#8220;Effective Date&#8221;), the Company entered into Secured Convertible Equipment Loan Agreement with a private
lender (the &#8220;Lender&#8221;), under which at the Effective Date and for the purpose for purchasing two Liquid Handler Machines (the
&#8220;Collateral&#8221;) to be placed in the laboratory of a Company&#8217;s client, the Company will receive from the Lender a net
cash amount of $<span id="xdx_909_eus-gaap--ProceedsFromIssuanceOfDebt_pn3n3_c20200101__20201231__us-gaap--TypeOfArrangementAxis__custom--SecuredConvertibleEquipmentLoanAgreementMember_z4p4HOGuWwEk" title="Proceeds from debt"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceOfDebt" contextRef="From2020-01-012020-12-31_custom_SecuredConvertibleEquipmentLoanAgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">450</ix:nonFraction></span> which is including an original issue discount at the rate of <span id="xdx_908_ecustom--DebtInstrumentDiscountRate_iI_pid_dp_uPure_c20201231__us-gaap--TypeOfArrangementAxis__custom--SecuredConvertibleEquipmentLoanAgreementMember_zM0DtbrX4v54"><ix:nonFraction name="TOMDF:DebtInstrumentDiscountRate" contextRef="AsOf2020-12-31_custom_SecuredConvertibleEquipmentLoanAgreementMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">40</ix:nonFraction></span>% valued at $<span id="xdx_906_eus-gaap--DebtInstrumentUnamortizedDiscount_iI_pn3n3_c20201231__us-gaap--TypeOfArrangementAxis__custom--SecuredConvertibleEquipmentLoanAgreementMember_zkIPC65SEjSg" title="Debt instrument discount"><ix:nonFraction name="us-gaap:DebtInstrumentUnamortizedDiscount" contextRef="AsOf2020-12-31_custom_SecuredConvertibleEquipmentLoanAgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">300</ix:nonFraction></span>, representing a face value of $<span id="xdx_90D_eus-gaap--DebtInstrumentFaceAmount_iI_pn3n3_c20201231__us-gaap--TypeOfArrangementAxis__custom--SecuredConvertibleEquipmentLoanAgreementMember_zYY1RaEmOIgc" title="Debt instrument, face amount"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2020-12-31_custom_SecuredConvertibleEquipmentLoanAgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">750</ix:nonFraction></span>
for the loan (the &#8220;Aggregate Loan Principal Amount&#8221;). In addition, the Company incurred incremental and direct costs of $<span id="xdx_90D_eus-gaap--DirectOperatingCosts_pn3n3_c20200101__20201231__us-gaap--TypeOfArrangementAxis__custom--SecuredConvertibleEquipmentLoanAgreementMember_zeBva7lb21ke" title="Incremental and direct costs"><ix:nonFraction name="us-gaap:DirectOperatingCosts" contextRef="From2020-01-012020-12-31_custom_SecuredConvertibleEquipmentLoanAgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">54</ix:nonFraction></span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, under the terms of the Secured Convertible Equipment Loan Agreement, the Lender will be entitled to receive a royalty at a
rate of <span id="xdx_90B_ecustom--RoyaltyInterestRate_pid_dp_uPure_c20200101__20201231__us-gaap--TypeOfArrangementAxis__custom--SecuredConvertibleEquipmentLoanAgreementMember_zKu0lcaFdB1c" title="Royalty interest rate"><ix:nonFraction name="TOMDF:RoyaltyInterestRate" contextRef="From2020-01-012020-12-31_custom_SecuredConvertibleEquipmentLoanAgreementMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">12.5</ix:nonFraction></span>% of all amounts resulting from any diagnostic tests performed by the two liquid handler machines. <span id="xdx_908_eus-gaap--DebtInstrumentDescription_c20200101__20201231__us-gaap--TypeOfArrangementAxis__custom--SecuredConvertibleEquipmentLoanAgreementMember_zvkiblYiY0zb" title="Debt instrument, description"><ix:nonNumeric contextRef="From2020-01-012020-12-31_custom_SecuredConvertibleEquipmentLoanAgreementMember" name="us-gaap:DebtInstrumentDescription">During the initial payback
period and up until the earlier of either (a) April 30, 2021, or (b) the aggregate loan amount is paid in full, all royalty payments
made to Lender will be counted towards their loan balance. Thereafter, the royalties continue so long as the machines are in use.</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Aggregate Loan Principal Amount was received in January 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has determined that its obligation for future royalties under the Secured Convertible Equipment Loan Agreement represent contingent
interest feature. However, it was determined that such feature is not required to be bifurcated and accounted for as derivatives, as
they are eligible for the scope exception prescribed under ASC Topic 815-10-15-59 (d) with respect to certain contracts that are not
traded on an exchange, as the underlying is an entity specific performance measure. Accordingly, the obligation for future royalties
was accounted for in accordance with the provisions of ASC Topic 450, Contingencies.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
the secured loan upon its original term does not include conversion feature (such feature will only become applicable as a penalty, upon
the Company&#8217;s failure to repay the Aggregate Loan Principal Amount by the Maturity Date), the liability was accounted for using
the effective interest method over the term of the loans until their stated Maturity Date.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
discount amortization expenses of $<span id="xdx_90C_eus-gaap--AmortizationOfFinancingCosts_pn3n3_c20210101__20211231__us-gaap--TypeOfArrangementAxis__custom--SecuredConvertibleEquipmentLoanAgreementMember_zRw1ANwr1yIk"><ix:nonFraction name="us-gaap:AmortizationOfFinancingCosts" contextRef="From2021-01-012021-12-31_custom_SecuredConvertibleEquipmentLoanAgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,414</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
were recorded as part of &#8220;Finance Expenses&#8221; line in operations in the accompanying consolidated statement of operations for
the year ended December 31, 2021. During the year ended December 31, 2021 the lender exercise the entire loan amount into <span id="xdx_907_eus-gaap--StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities_pid_c20210101__20211231__us-gaap--TypeOfArrangementAxis__custom--SecuredConvertibleEquipmentLoanAgreementMember__srt--TitleOfIndividualAxis__custom--LenderMember_zg6WMjPrFsW2"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities" contextRef="From2021-01-012021-12-31_custom_SecuredConvertibleEquipmentLoanAgreementMember_custom_LenderMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">81,736,111</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ordinary shares of the Company with aggregated
value of $<span id="xdx_904_eus-gaap--StockIssuedDuringPeriodValueConversionOfConvertibleSecurities_pn3n3_c20210101__20211231__us-gaap--TypeOfArrangementAxis__custom--SecuredConvertibleEquipmentLoanAgreementMember__srt--TitleOfIndividualAxis__custom--LenderMember_zYKYMvgAPDD3"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueConversionOfConvertibleSecurities" contextRef="From2021-01-012021-12-31_custom_SecuredConvertibleEquipmentLoanAgreementMember_custom_LenderMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,810</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>N.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Securities
    Purchase Agreement</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -28.35pt"><span style="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-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 22, 2021, the Company entered into a Securities Purchase Agreement with Yozma Global Genomic Fund 1 (&#8220;Yozma&#8221;) pursuant
to which Yozma purchased from Todos a convertible note in the original principal amount of up to $<span id="xdx_907_eus-gaap--DebtInstrumentFaceAmount_iI_pn3n3_c20210122__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__dei--LegalEntityAxis__custom--YozmaGlobalGenomicFund1Member_zgB9UR47VEo" title="Debt instrument, face amount"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2021-01-22_custom_SecuritiesPurchaseAgreementMember_custom_YozmaGlobalGenomicFund1Member" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">4,857</ix:nonFraction></span>. The original principal amount
has been originally issued with <span id="xdx_908_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_uPure_c20210122__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__dei--LegalEntityAxis__custom--YozmaGlobalGenomicFund1Member_zBvP0oitSmig" title="Debt instrument original issue discount, rate"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateEffectivePercentage" contextRef="AsOf2021-01-22_custom_SecuritiesPurchaseAgreementMember_custom_YozmaGlobalGenomicFund1Member" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">30</ix:nonFraction></span>% discount of aggregated amount of $<span id="xdx_90F_eus-gaap--DebtInstrumentUnamortizedDiscount_iI_pn3n3_c20210122__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__dei--LegalEntityAxis__custom--YozmaGlobalGenomicFund1Member_zeOWntngygH8" title="Original issue discount on loan"><ix:nonFraction name="us-gaap:DebtInstrumentUnamortizedDiscount" contextRef="AsOf2021-01-22_custom_SecuritiesPurchaseAgreementMember_custom_YozmaGlobalGenomicFund1Member" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,457</ix:nonFraction></span>, bearing per annum interest at a flat rate of <span id="xdx_905_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20210122__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__dei--LegalEntityAxis__custom--YozmaGlobalGenomicFund1Member_z65m9RnCamZ" title="Debt instrument, interest rate"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2021-01-22_custom_SecuritiesPurchaseAgreementMember_custom_YozmaGlobalGenomicFund1Member" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">4</ix:nonFraction></span>% (the &#8220;Interest&#8221;)
until it becomes due and payable, whether upon the maturity date, which is <span id="xdx_909_eus-gaap--DebtInstrumentMaturityDate_dd_c20210101__20210122__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__dei--LegalEntityAxis__custom--YozmaGlobalGenomicFund1Member_z6ST1Z2n838e" title="Debt maturity date"><ix:nonNumeric contextRef="From2021-01-012021-01-22_custom_SecuritiesPurchaseAgreementMember_custom_YozmaGlobalGenomicFund1Member" format="ixt:datemonthdayyearen" name="us-gaap:DebtInstrumentMaturityDate">January 22, 2022</ix:nonNumeric></span>, acceleration, conversion, redemption or
otherwise (in each case in accordance with the terms hereof) (the &#8220;Maturity Date&#8221;). In addition, the outstanding principal
amount to be converted, redeemed or otherwise with respect to which this determination is being made and the accrued and unpaid Interest
with respect to such outstanding principal amount shall be converted into shares of the Company at conversion price of $<span id="xdx_90C_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_pid_dp_c20210122__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__dei--LegalEntityAxis__custom--YozmaGlobalGenomicFund1Member_zEXEDTtFp8u4" title="Debt instrument, convertible, conversion price"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleConversionPrice1" contextRef="AsOf2021-01-22_custom_SecuritiesPurchaseAgreementMember_custom_YozmaGlobalGenomicFund1Member" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="USDPShares">0.07161</ix:nonFraction></span> (the
&#8220;Conversion Price&#8221;). Subsequent to the effective date of the registration statement registering for resale the Conversions
Shares and the Warrant Shares pursuant to the Purchase Agreement, if the closing sale price of the Common Stock averages less than the
then Conversion Price over a period of <span id="xdx_907_eus-gaap--DebtInstrumentConvertibleThresholdTradingDays_uDays_c20210101__20210122__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__dei--LegalEntityAxis__custom--YozmaGlobalGenomicFund1Member_z30tInYFfKci" title="Debt instrument, trading days"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleThresholdTradingDays" contextRef="From2021-01-012021-01-22_custom_SecuritiesPurchaseAgreementMember_custom_YozmaGlobalGenomicFund1Member" format="ixt:numdotdecimal" decimals="INF" unitRef="Days">10</ix:nonFraction></span> consecutive trading days, the Conversion Price shall reset to such average price. If the 10-day
volume weighted average price of the Common Stock continues to be less than the Conversion Price, then the Conversion Price should reset
to such 10-day average price with a maximum of a <span id="xdx_90E_eus-gaap--DebtInstrumentConvertibleConversionRatio1_pid_dp_uPure_c20210101__20210122__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__dei--LegalEntityAxis__custom--YozmaGlobalGenomicFund1Member_zz2hi4MuXXg3" title="Debt instrument conversion price, rate"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleConversionRatio1" contextRef="From2021-01-012021-01-22_custom_SecuritiesPurchaseAgreementMember_custom_YozmaGlobalGenomicFund1Member" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">20</ix:nonFraction></span>% discount from the initial Conversion Price.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
the Company&#8217;s option and upon 30 days&#8217; notice to Yozma, <span id="xdx_90B_eus-gaap--DebtInstrumentRedemptionPricePercentageOfPrincipalAmountRedeemed_pid_dp_uPure_c20210101__20210122__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__dei--LegalEntityAxis__custom--YozmaGlobalGenomicFund1Member_zsYycsVkg84j" title="Debt unpaid loan, interest rate"><ix:nonFraction name="us-gaap:DebtInstrumentRedemptionPricePercentageOfPrincipalAmountRedeemed" contextRef="From2021-01-012021-01-22_custom_SecuritiesPurchaseAgreementMember_custom_YozmaGlobalGenomicFund1Member" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">33</ix:nonFraction></span>% of the outstanding Principal and accrued and unpaid Interest
of the Note (the &#8220;Repayment Amount&#8221;) may be redeemed at any time at an amount equal to <span id="xdx_902_eus-gaap--DebtInstrumentRedemptionPricePercentage_pid_dp_uPure_c20210101__20210122__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__dei--LegalEntityAxis__custom--YozmaGlobalGenomicFund1Member_zmFv3PK17MGe" title="Debt instrument repayment rate"><ix:nonFraction name="us-gaap:DebtInstrumentRedemptionPricePercentage" contextRef="From2021-01-012021-01-22_custom_SecuritiesPurchaseAgreementMember_custom_YozmaGlobalGenomicFund1Member" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">115</ix:nonFraction></span>% of the Repayment Amount. The
foregoing notwithstanding, Yozma may convert any or all of the Note into shares of Common Stock at any time. Through September 30, 2021,
the Company has not redeemed any of the outstanding principal amount and accrued interest, and Yozma has not converted any portion of
the Note into shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>



<ix:exclude><!-- Field: Page; Sequence: 140; 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 -->46<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#toc_002">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<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>TODOS
MEDICAL LTD.</b></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)</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">(U.S.
dollars in thousands)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
10 - CONVERTIBLE BRIDGE LOANS, NET (Cont.)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: -5.65pt"><span style="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-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
any time after Yozma becoming aware of an Event of Default as defined in the Securities Purchase Agreement, Yozma may require the Company
to redeem (an &#8220;Event of Default Redemption&#8221;) all or any portion of the Note in cash by wire transfer of immediately available
funds at a price equal to principal amount plus interest calculated from the Event of Default at the greater of the default interest
at a rate of <span id="xdx_90E_eus-gaap--DebtInstrumentRedemptionPricePercentageOfPrincipalAmountRedeemed_pid_dp_uPure_c20210101__20210122__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__dei--LegalEntityAxis__custom--YozmaGlobalGenomicFund1Member__srt--RangeAxis__srt--MaximumMember_zQz4pM5Oa0g1" title="Debt unpaid loan, interest rate"><ix:nonFraction name="us-gaap:DebtInstrumentRedemptionPricePercentageOfPrincipalAmountRedeemed" contextRef="From2021-01-012021-01-22_custom_SecuritiesPurchaseAgreementMember_custom_YozmaGlobalGenomicFund1Member_srt_MaximumMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">18</ix:nonFraction></span>% per annum or the maximum rate permitted under applicable law (the &#8220;Event of Default Redemption Price&#8221;) together
with liquidated damages of $<span id="xdx_900_eus-gaap--LossContingencyDamagesSoughtValue_pn3n3_c20210101__20210122__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__dei--LegalEntityAxis__custom--YozmaGlobalGenomicFund1Member_z4xJPZt61bw5" title="Liquidation damages, value"><ix:nonFraction name="us-gaap:LossContingencyDamagesSoughtValue" contextRef="From2021-01-012021-01-22_custom_SecuritiesPurchaseAgreementMember_custom_YozmaGlobalGenomicFund1Member" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">250</ix:nonFraction></span> plus an amount in cash equal to <span id="xdx_90B_eus-gaap--DebtInstrumentRedemptionPricePercentage_pid_dp_uPure_c20210101__20210122__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__dei--LegalEntityAxis__custom--YozmaGlobalGenomicFund1Member__srt--RangeAxis__srt--MaximumMember_zku757dL8Jt7" title="Debt instrument repayment rate"><ix:nonFraction name="us-gaap:DebtInstrumentRedemptionPricePercentage" contextRef="From2021-01-012021-01-22_custom_SecuritiesPurchaseAgreementMember_custom_YozmaGlobalGenomicFund1Member_srt_MaximumMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">1</ix:nonFraction></span>% of the Event of Default Redemption Price for each 30 day period during
which redemptions fail to be made. No event of default has occurred through September 30, 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, the Company granted Yozma a warrant to purchase up to <span id="xdx_90A_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight_iI_c20210122__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__dei--LegalEntityAxis__custom--YozmaGlobalGenomicFund1Member__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_z3sITfvgbzHk" title="Warrants to purchase common stock"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight" contextRef="AsOf2021-01-22_custom_SecuritiesPurchaseAgreementMember_custom_YozmaGlobalGenomicFund1Member_us-gaap_WarrantMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">16,956,929</ix:nonFraction></span> ordinary shares for a period of <span id="xdx_90A_eus-gaap--WarrantsAndRightsOutstandingTerm_iI_dtY_c20210122__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__dei--LegalEntityAxis__custom--YozmaGlobalGenomicFund1Member__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_z0iBweNkABtd" title="Warrants term"><ix:nonNumeric contextRef="AsOf2021-01-22_custom_SecuritiesPurchaseAgreementMember_custom_YozmaGlobalGenomicFund1Member_us-gaap_WarrantMember" format="ixt-sec:duryear" name="us-gaap:WarrantsAndRightsOutstandingTerm">5</ix:nonNumeric></span> years with a fixed exercise
price equal to $<span id="xdx_902_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20210122__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__dei--LegalEntityAxis__custom--YozmaGlobalGenomicFund1Member__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zWPgaKr2xt0f" title="Exercise price of warrants"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" contextRef="AsOf2021-01-22_custom_SecuritiesPurchaseAgreementMember_custom_YozmaGlobalGenomicFund1Member_us-gaap_WarrantMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.107415</ix:nonFraction></span>, subject to certain adjustments (the &#8220;Warrant&#8221;). If at the time of exercise hereof there is no effective
registration statement registering, or the prospectus contained therein is not available for the issuance of the Warrant Shares to Yozma,
then the Warrant may also be exercised, in whole or in part, at such time by means of a net shares settlement. Moreover, Yozma is entitled
to an option to require the Company to purchase the Warrant for cash in an amount equal to their Black-Scholes Option Pricing Model value
(the Black-Scholes Model), upon occurrence of fundamental transactions, as defined in the warrant agreement, occur.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
initial recognition, the management by assistance of third-party appraiser allocated the net cash proceeds received based on the relative
fair value of the Note and the detachable warrants in total amount of $<span id="xdx_906_eus-gaap--LoansPayableFairValueDisclosure_iI_pn3n3_c20210122__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__dei--LegalEntityAxis__custom--YozmaGlobalGenomicFund1Member__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zxoDkjB37Hlk" title="Fair value of loans payable"><ix:nonFraction name="us-gaap:LoansPayableFairValueDisclosure" contextRef="AsOf2021-01-22_custom_SecuritiesPurchaseAgreementMember_custom_YozmaGlobalGenomicFund1Member_us-gaap_WarrantMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">423</ix:nonFraction></span> and $<span id="xdx_90C_eus-gaap--FairValueAdjustmentOfWarrants_pn3n3_c20210101__20210122__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__dei--LegalEntityAxis__custom--YozmaGlobalGenomicFund1Member__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zrAnz5mbzs89" title="Fair value of warrants"><ix:nonFraction name="us-gaap:FairValueAdjustmentOfWarrants" contextRef="From2021-01-012021-01-22_custom_SecuritiesPurchaseAgreementMember_custom_YozmaGlobalGenomicFund1Member_us-gaap_WarrantMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">861</ix:nonFraction></span>, respectively. The amount allocated to the warrants
was classified as a component of permanent equity (as their terms permit the holders to receive a fixed number of shares of common stock
upon exercise for a fixed exercise price), net of any related issuance costs and as upon fundamental transaction the warrants holder
shall be entitled to receive from the Company the same type of form of consideration such as holders of common stock.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
it was determined that the embedded conversion feature is required to be bifurcated from the host loan instrument. The embedded conversion
feature was recognized in total amount of $<span id="xdx_904_eus-gaap--DebtInstrumentConvertibleBeneficialConversionFeature_pn3n3_c20210101__20210122__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__dei--LegalEntityAxis__custom--YozmaGlobalGenomicFund1Member__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zZ3626p39wQ1" title="Beneficial conversion feature"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleBeneficialConversionFeature" contextRef="From2021-01-012021-01-22_custom_SecuritiesPurchaseAgreementMember_custom_YozmaGlobalGenomicFund1Member_us-gaap_WarrantMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,116</ix:nonFraction></span> upon initial recognition and in subsequent periods as derivative liability at fair value
through profit and loss. The remaining amounted to $<span id="xdx_90C_ecustom--RemainingAmountAllocatedForHostLoanInstrument_pn3n3_c20210101__20210930__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__dei--LegalEntityAxis__custom--YozmaGlobalGenomicFund1Member__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember__us-gaap--DebtInstrumentAxis__custom--ConvertibleBridgeLoanMember_zN4Q1OfnITi8" title="Remaining amount allocated for host loan instrument"><ix:nonFraction name="TOMDF:RemainingAmountAllocatedForHostLoanInstrument" contextRef="From2021-01-012021-09-30_custom_SecuritiesPurchaseAgreementMember_custom_YozmaGlobalGenomicFund1Member_us-gaap_WarrantMember_custom_ConvertibleBridgeLoanMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">423</ix:nonFraction></span> was allocated to the host loan instrument, which in subsequent periods is
accounted for using the effective interest method over the term of the loan, until its stated maturity.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company recorded an income of $<span id="xdx_90A_eus-gaap--DebtInstrumentConvertibleBeneficialConversionFeature_pn3n3_c20210101__20211231__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__dei--LegalEntityAxis__custom--YozmaGlobalGenomicFund1Member__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember__us-gaap--DebtInstrumentAxis__custom--ConvertibleBridgeLoanMember_zQIuCCZzlws8" title="Beneficial conversion feature"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleBeneficialConversionFeature" contextRef="From2021-01-012021-12-31_custom_SecuritiesPurchaseAgreementMember_custom_YozmaGlobalGenomicFund1Member_us-gaap_WarrantMember_custom_ConvertibleBridgeLoanMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,552</ix:nonFraction></span> and expense of $<span id="xdx_906_ecustom--RemeasurementExpense_pn3n3_c20210101__20211231__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__dei--LegalEntityAxis__custom--YozmaGlobalGenomicFund1Member__us-gaap--DebtInstrumentAxis__custom--ConvertibleBridgeLoanMember_zBx47QvKDd4" title="Remeasurement expense"><ix:nonFraction name="TOMDF:RemeasurementExpense" contextRef="From2021-01-012021-12-31_custom_SecuritiesPurchaseAgreementMember_custom_YozmaGlobalGenomicFund1Member_custom_ConvertibleBridgeLoanMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">3,939</ix:nonFraction></span> related to remeasurement of the embedded conversion feature of convertible
bridge loan and the discount amortization of the host loan instrument, respectively, as part of the &#8220;Finance Expenses&#8221; line
in operations in the accompanying consolidated statement of operations for the year ended December 31, 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, on October 7, 2020, the Company entered into consulting agreement with Aslano Private Limited (&#8220;Aslano&#8221;) whereby
Aslano will render non-exclusive advice and service to the Company concerning equity and/or debt financing with certain Potential Buyer
or Investor or Financing Party as defined in the consulting agreement in exchange for success fee equal to <span id="xdx_90D_ecustom--SuccessFeePercentage_iI_pid_dp_uPure_c20211231__dei--LegalEntityAxis__custom--AslanoPrivateLimitedMember_zegdAYNL0Zf5" title="Success fee percentage"><ix:nonFraction name="TOMDF:SuccessFeePercentage" contextRef="AsOf2021-12-31_custom_AslanoPrivateLimitedMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">8</ix:nonFraction></span>% of the gross amount paid
by the Potential Buyer or Investor or Financing Party. In consideration for Aslano&#8217;s non-exclusive services with respect to the
aforesaid Securities Purchase Agreement, during the year ended December 31, 2021, the Company incurred incremental and direct finder
fee cost of $<span id="xdx_90C_eus-gaap--ProceedsFromLoans_pn3n3_c20210101__20211231__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__dei--LegalEntityAxis__custom--YozmaGlobalGenomicFund1Member__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zYD7vTSngMqd" title="Proceeds from loans"><ix:nonFraction name="us-gaap:ProceedsFromLoans" contextRef="From2021-01-012021-12-31_custom_SecuritiesPurchaseAgreementMember_custom_YozmaGlobalGenomicFund1Member_us-gaap_WarrantMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">272</ix:nonFraction></span> which was allocated to the identified components (i.e. convertible bridge loans, bifurcated embedded conversion feature
and detachable Warrant) consistent with the allocation of the proceeds issuance expenses. Consequently, an amount of $<span id="xdx_907_ecustom--AdditionalDiscountOfConvertibleBridgeLoans_pn3n3_c20210101__20211231__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember_zxdjguyIfud9" title="Additional discount of the convertible bridge loans"><ix:nonFraction name="TOMDF:AdditionalDiscountOfConvertibleBridgeLoans" contextRef="From2021-01-012021-12-31_custom_LoanAgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">34</ix:nonFraction></span>, $<span id="xdx_90B_ecustom--ImmediateChargeToFinanceExpenses_pn3n3_c20210101__20211231__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember_zJg4bqLmBw3j" title="Immediate charge to finance expenses"><ix:nonFraction name="TOMDF:ImmediateChargeToFinanceExpenses" contextRef="From2021-01-012021-12-31_custom_LoanAgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">169</ix:nonFraction></span> and $<span id="xdx_90F_ecustom--DeductionOfAdditionalPaidinCapital_pn3n3_c20210101__20211231__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember_z8Qrh4Dc2fvj" title="Deduction of additional paid-in capital"><ix:nonFraction name="TOMDF:DeductionOfAdditionalPaidinCapital" contextRef="From2021-01-012021-12-31_custom_LoanAgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">69</ix:nonFraction>
</span>out of which was recorded as additional discount of the convertible bridge loans, immediate charge to finance expenses and as deduction
of additional paid-in capital, respectively, at the outset of the transaction.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>O.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Closing
    Agreement</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -28.35pt"><span style="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-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 3, 2021, the Company and one of its lenders entered into a Closing Agreement (the &#8220;Closing Agreement&#8221;), under which
the lender exercised its right to invest an additional $<span id="xdx_907_eus-gaap--Investments_iI_pn3n3_c20211231__us-gaap--TypeOfArrangementAxis__custom--ClosingAgreementMember__srt--TitleOfIndividualAxis__custom--PurchaserMember_z0F1aa4PxT4g"><ix:nonFraction name="us-gaap:Investments" contextRef="AsOf2021-12-31_custom_ClosingAgreementMember_custom_PurchaserMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">884</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">into the Company in the form of July 2020 Convertible
Notes (the &#8220;Tranche 2 Securities&#8221;). The original principal amount has been issued with <span id="xdx_907_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_c20211231__us-gaap--TypeOfArrangementAxis__custom--ClosingAgreementMember__srt--TitleOfIndividualAxis__custom--PurchaserMember_zwcgtnPd0BBl" title="Discount rate"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateEffectivePercentage" contextRef="AsOf2021-12-31_custom_ClosingAgreementMember_custom_PurchaserMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">30</ix:nonFraction>%</span> discount of aggregated amount
of $<span id="xdx_90C_eus-gaap--DebtInstrumentAnnualPrincipalPayment_iI_pn3n3_c20211231__us-gaap--TypeOfArrangementAxis__custom--ClosingAgreementMember__srt--TitleOfIndividualAxis__custom--PurchaserMember_zPOz7b7AlSfj"><ix:nonFraction name="us-gaap:DebtInstrumentAnnualPrincipalPayment" contextRef="AsOf2021-12-31_custom_ClosingAgreementMember_custom_PurchaserMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">379</ix:nonFraction></span> bearing per annum interest at a flat rate of <span title="Interest rate"><span id="xdx_90B_eus-gaap--DebtInstrumentInterestRateDuringPeriod_pid_dp_c20210101__20211231__us-gaap--TypeOfArrangementAxis__custom--ClosingAgreementMember__srt--TitleOfIndividualAxis__custom--PurchaserMember_z9oOEvqQ8qfh"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateDuringPeriod" contextRef="From2021-01-012021-12-31_custom_ClosingAgreementMember_custom_PurchaserMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">2</ix:nonFraction>%</span></span> (the &#8220;Interest&#8221;). In addition, the Company covenanted and agreed
to file a registration agreement with respect to the Tranche 2 Securities on or before the earlier to occur of (i) the date that the
Company files a registration statement with respect to any other securities of the Company or (ii) April 1, 2021 (such date, the &#8220;Tranche
2 Filing Date&#8221;) and cause a registration statement to be declared effective under the Securities Act with respect to the Tranche
2 Securities on or before May 1, 2021. <span id="xdx_90B_eus-gaap--LossContingencyDamagesSought_c20210101__20211231__us-gaap--TypeOfArrangementAxis__custom--ClosingAgreementMember__srt--TitleOfIndividualAxis__custom--PurchaserMember_zbhZmf8y3mRd"><ix:nonNumeric contextRef="From2021-01-012021-12-31_custom_ClosingAgreementMember_custom_PurchaserMember" name="us-gaap:LossContingencyDamagesSought">The
Company acknowledges that failure to timely comply with the foregoing obligations will subject the Company to substantial liability under
the Registration Agreement, including without limitation liquidated damages in the amount of $250, along with an amount of cash accruing
each month equal to the value of 1% of the value of the Tranche 2 Securities.</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, the Company granted the lender warrants to purchase up to <span id="xdx_903_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_c20210301__20210303__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zpV4WPGpjbAj" title="Warrant granted"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" contextRef="From2021-03-012021-03-03_us-gaap_WarrantMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">5,513,513</ix:nonFraction></span> ordinary shares and issued <span id="xdx_901_eus-gaap--SharesIssued_iI_c20210331_z27pHixdUqMl" title="Shares issued"><ix:nonFraction name="us-gaap:SharesIssued" contextRef="AsOf2021-03-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">6,000,000</ix:nonFraction></span> shares.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 141; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->47<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#toc_002">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<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>TODOS
MEDICAL LTD.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)</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">(U.S.
dollars in thousands)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
10 - CONVERTIBLE BRIDGE LOANS, NET (Cont.)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
initial recognition, it was determined that the embedded conversion feature is required to be bifurcated from the host loan instrument.
The management by assistance of third-party appraiser measured the embedded conversion feature in total amount of $<span id="xdx_90D_eus-gaap--DerivativeFairValueOfDerivativeLiability_iI_pn3n3_c20211231__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember_zz1dHuApdRn8"><ix:nonFraction name="us-gaap:DerivativeFairValueOfDerivativeLiability" contextRef="AsOf2021-12-31_custom_SecuritiesPurchaseAgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,127</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">upon initial recognition and in subsequent periods
as derivative liability at fair value through profit and loss. The excess of the fair value of identified instruments over net proceeds
upon initial recognition amounted to $<span id="xdx_900_eus-gaap--DebtInstrumentConvertibleBeneficialConversionFeature_pn3n3_c20211227__20211231__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember_zRNaggBaTfn5"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleBeneficialConversionFeature" contextRef="From2021-12-272021-12-31_custom_SecuritiesPurchaseAgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">243</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">was recorded as part of the &#8220;Finance Expenses&#8221;
line in operations in the accompanying consolidated statement of operations. In subsequent periods, the host loan instrument is accounted
for using the effective interest method over the term of the loan, until its stated maturity.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company recorded additional interest expenses amounting to $<span id="xdx_902_eus-gaap--AmortizationOfDebtDiscountPremium_pn3n3_c20210101__20211231__us-gaap--DebtInstrumentAxis__custom--ConvertibleBridgeLoanMember__us-gaap--ShortTermDebtTypeAxis__us-gaap--BridgeLoanMember_zeU0tzaL0xOl"><ix:nonFraction name="us-gaap:AmortizationOfDebtDiscountPremium" contextRef="From2021-01-012021-12-31_custom_ConvertibleBridgeLoanMember_us-gaap_BridgeLoanMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,776</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">related to valuation of the loan to fair value
upon default event and income of $<span id="xdx_90E_ecustom--RemeasurementExpense_pn3n3_c20210101__20211231__us-gaap--DebtInstrumentAxis__custom--ConvertibleBridgeLoanMember_zlp6hCDSbtq8"><ix:nonFraction name="TOMDF:RemeasurementExpense" contextRef="From2021-01-012021-12-31_custom_ConvertibleBridgeLoanMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">34</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">related to remeasurement of the embedded conversion
feature, which were recorded as part of the &#8220;Finance Expenses&#8221; line in operations in the accompanying consolidated statement
of operations for the year ended December 31, 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>P.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Securities
    Purchase Agreements</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -28.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</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"><b>1.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
    April 9, 2021, the Company entered into a Securities Purchase Agreement (the &#8220;SPA&#8221;) with a Family Office Investor (the
    &#8220;Family Office&#8221;) to which the Company has agreed to issue a promissory convertible note (the &#8220;Note&#8221;) to the
    Family Office in the principal amount of $<span id="xdx_905_eus-gaap--DebtInstrumentFaceAmount_iI_pn3n3_c20210409__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--FamilyOfficeInvestorMember_z5IM3jDvrhp8" title="Debt instrument, face amount"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2021-04-09_custom_SecuritiesPurchaseAgreementMember_custom_FamilyOfficeInvestorMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">4,286</ix:nonFraction></span> for proceeds of $<span id="xdx_906_eus-gaap--ProceedsFromIssuanceOfDebt_pn3n3_c20210408__20210409__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--FamilyOfficeInvestorMember_zw8G6XUzE1A2" title="Proceeds from issuance of note"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceOfDebt" contextRef="From2021-04-082021-04-09_custom_SecuritiesPurchaseAgreementMember_custom_FamilyOfficeInvestorMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">3,000</ix:nonFraction></span> (the &#8220;Transaction&#8221;). The closing occurred on April
    12, 2021. The Note has a maturity date of one year from the date of issuance and pays interest at a rate of <span id="xdx_905_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20210409__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--FamilyOfficeInvestorMember_zX7JciRmxxw7" title="Debt instrument, interest rate"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2021-04-09_custom_SecuritiesPurchaseAgreementMember_custom_FamilyOfficeInvestorMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">4</ix:nonFraction></span>% per annum. The Note
    is convertible into shares of Common Stock (the &#8220;Conversion Shares&#8221;) at a conversion price of $<span id="xdx_908_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_pid_c20210409__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--FamilyOfficeInvestorMember_z84rM748qiL6" title="Debt instrument, convertible, conversion price"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleConversionPrice1" contextRef="AsOf2021-04-09_custom_SecuritiesPurchaseAgreementMember_custom_FamilyOfficeInvestorMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.0599</ix:nonFraction></span> (the &#8220;Conversion
    Price). In addition, the Family Office received a warrant (the &#8220;Warrant&#8221;) to purchase up to <span id="xdx_900_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight_iI_pid_c20210409__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--FamilyOfficeInvestorMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember__srt--RangeAxis__srt--MaximumMember_zcMOCUU892K4" title="Warrants to purchase common stock"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight" contextRef="AsOf2021-04-09_custom_SecuritiesPurchaseAgreementMember_custom_FamilyOfficeInvestorMember_us-gaap_WarrantMember_srt_MaximumMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">16,000,000</ix:nonFraction></span> shares of Common
    Stock (the &#8220;Warrant Shares&#8221;) of the Company with an exercise price equal to $<span id="xdx_905_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20210409__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--FamilyOfficeInvestorMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zGenaBBLSn19" title="Exercise price of warrants"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" contextRef="AsOf2021-04-09_custom_SecuritiesPurchaseAgreementMember_custom_FamilyOfficeInvestorMember_us-gaap_WarrantMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.107415</ix:nonFraction></span> per share. The Warrant is exercisable
    for a <span id="xdx_901_eus-gaap--WarrantsAndRightsOutstandingTerm_iI_dtY_c20210409__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--FamilyOfficeInvestorMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zXQFNXQRgIyb" title="Warrants term"><ix:nonNumeric contextRef="AsOf2021-04-09_custom_SecuritiesPurchaseAgreementMember_custom_FamilyOfficeInvestorMember_us-gaap_WarrantMember" format="ixt-sec:duryear" name="us-gaap:WarrantsAndRightsOutstandingTerm">5</ix:nonNumeric></span>-year period from the issuance date. Upon a listing of the Company&#8217;s common shares onto a national exchange, the Note
    will exchange into a class of Series A Preferred Shares in order to help improve the Company&#8217;s shareholder equity to meet the
    Nasdaq CM Initial Listing Standards. </span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -21.25pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Family Office shall have the option, exercisable at the Family Office&#8217;s sole discretion, on the date that is ninety (90) days following
the date of effectiveness of a registration statement filed by the Company, to purchase a Second Note and the Second Warrant, for a principal
amount of $<span id="xdx_90E_eus-gaap--DebtInstrumentFaceAmount_iI_pn3n3_c20210409__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__dei--LegalEntityAxis__custom--FamilyOfficeInvestorMember__srt--TitleOfIndividualAxis__custom--PurchaserMember_zbHaLTLK017a" title="Debt instrument, face amount"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2021-04-09_custom_SecuritiesPurchaseAgreementMember_custom_FamilyOfficeInvestorMember_custom_PurchaserMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">4,286</ix:nonFraction></span> for a consideration of $<span id="xdx_908_eus-gaap--ProceedsFromIssuanceOfDebt_pn3n3_c20210408__20210409__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__dei--LegalEntityAxis__custom--FamilyOfficeInvestorMember__srt--TitleOfIndividualAxis__custom--PurchaserMember_zfwiqocfVnhd" title="Proceeds from issuance of note"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceOfDebt" contextRef="From2021-04-082021-04-09_custom_SecuritiesPurchaseAgreementMember_custom_FamilyOfficeInvestorMember_custom_PurchaserMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">3,000</ix:nonFraction></span> and a Warrant to purchase up to <span id="xdx_90E_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight_iI_c20210409__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__dei--LegalEntityAxis__custom--FamilyOfficeInvestorMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember__srt--TitleOfIndividualAxis__custom--PurchaserMember_zSoYr1Z90Qmc" title="Warrants to purchase common stock"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight" contextRef="AsOf2021-04-09_custom_SecuritiesPurchaseAgreementMember_custom_FamilyOfficeInvestorMember_us-gaap_WarrantMember_custom_PurchaserMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">16,000,000</ix:nonFraction></span> shares of Common Stock, with an exercise price
equal to $<span id="xdx_904_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20210409__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__dei--LegalEntityAxis__custom--FamilyOfficeInvestorMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember__srt--TitleOfIndividualAxis__custom--PurchaserMember_zlIW1qijrROi" title="Exercise price of warrants"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" contextRef="AsOf2021-04-09_custom_SecuritiesPurchaseAgreementMember_custom_FamilyOfficeInvestorMember_us-gaap_WarrantMember_custom_PurchaserMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.107415</ix:nonFraction></span> per share.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
initial recognition, the management by assistance of third-party appraiser allocated the net cash proceeds received based on the relative
fair value of the Note and the detachable warrants in total amount of $<span id="xdx_90B_eus-gaap--ProceedsFromSaleOfNotesReceivable_pn3n3_c20210408__20210409__srt--TitleOfIndividualAxis__custom--FamilyOfficeInvestorMember__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember_zlw3wZZd1oHi" title="Cash proceeds from notes receivable"><ix:nonFraction name="us-gaap:ProceedsFromSaleOfNotesReceivable" contextRef="From2021-04-082021-04-09_custom_SecuritiesPurchaseAgreementMember_custom_FamilyOfficeInvestorMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1</ix:nonFraction></span> and $<span id="xdx_905_eus-gaap--ProceedsFromWarrantExercises_pn3n3_c20210408__20210409__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--FamilyOfficeInvestorMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_z5VAHnrUNXx3" title="Proceeds from Warrant"><ix:nonFraction name="us-gaap:ProceedsFromWarrantExercises" contextRef="From2021-04-082021-04-09_custom_SecuritiesPurchaseAgreementMember_custom_FamilyOfficeInvestorMember_us-gaap_WarrantMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">508</ix:nonFraction></span>, respectively. The amount allocated to the warrants
was classified as a component of permanent equity (as their terms permit the holders to receive a fixed number of shares of common stock
upon exercise for a fixed exercise price), net of any related issuance costs and as upon fundamental transaction the warrants holder
shall be entitled to receive from the Company the same type of form of consideration such as holders of common stock.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
it was determined that the Convertible note is hybrid instrument embodies both an embedded derivative and a host contract and that the
embedded conversion feature is required to be bifurcated from the host loan instrument using the with-and-without method. The embedded
derivative was measured first at fair value, and the residual amount was allocated to the host contract. The embedded conversion feature
was recognized in total amount of $<span id="xdx_90D_eus-gaap--AdjustmentsToAdditionalPaidInCapitalConvertibleDebtWithConversionFeature_pn3n3_c20210408__20210409_za7UDq1uxSVb" title="Adjustments to Additional Paid in Capital, Convertible Debt with Conversion Feature"><ix:nonFraction name="us-gaap:AdjustmentsToAdditionalPaidInCapitalConvertibleDebtWithConversionFeature" contextRef="From2021-04-082021-04-09" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">3,007</ix:nonFraction></span> upon initial recognition and in subsequent periods as derivative liability at fair value through
profit and loss. The host loan instrument is accounted for, in subsequent periods, using the effective interest method over the term
of the loan, until its stated maturity.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The excess of the fair
value of identified instruments over net proceeds upon initial recognition amounted to $<span id="xdx_901_eus-gaap--DebtInstrumentConvertibleBeneficialConversionFeature_pn3n3_c20210101__20211231__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember_zQDiD9oMpEVk" title="Beneficial conversion feature"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleBeneficialConversionFeature" contextRef="From2021-01-012021-12-31_custom_SecuritiesPurchaseAgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">516</ix:nonFraction></span> was recorded as part of the &#8220;Finance
Expenses&#8221; line in operations in the accompanying consolidated statement of operations.<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company recorded an income of $<span id="xdx_90A_eus-gaap--DebtInstrumentConvertibleBeneficialConversionFeature_pn3n3_c20210101__20211231__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--FamilyOfficeInvestorMember_zzssMy2Hpef8"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleBeneficialConversionFeature" contextRef="From2021-01-012021-12-31_custom_SecuritiesPurchaseAgreementMember_custom_FamilyOfficeInvestorMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,565</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and expenses of $<span id="xdx_903_ecustom--RemeasurementExpense_pn3n3_c20210101__20211231__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--FamilyOfficeInvestorMember_zfd0e2tH3Hdc"><ix:nonFraction name="TOMDF:RemeasurementExpense" contextRef="From2021-01-012021-12-31_custom_SecuritiesPurchaseAgreementMember_custom_FamilyOfficeInvestorMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">466</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">related to remeasurement of the embedded conversion
feature of convertible bridge loan and the discount amortization of the host loan instrument, respectively, as part of the &#8220;Finance
Expenses&#8221; line in operations in the accompanying consolidated statement of operations for the year ended December 31, 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 142; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->48<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#toc_002">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<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>TODOS
MEDICAL LTD.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)</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">(U.S.
dollars in thousands)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
10 - CONVERTIBLE BRIDGE LOANS, NET (Cont.)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</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"><b>2.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Further
    to the Securities Purchase Agreement described in Note 10Q above, on April 27, 2021, the Company entered into an additional
    Securities Purchase Agreement (the &#8220;SPA&#8221;) with Yozma to which the Company has agreed to issue a promissory convertible
    note (the &#8220;Note&#8221;) to Yozma in the principal amount of $<span id="xdx_900_eus-gaap--DebtInstrumentFaceAmount_iI_pn3n3_c20210427__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__dei--LegalEntityAxis__custom--YozmaGlobalGenomicFund1Member_zQjNYV5eIktg"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2021-04-27_custom_SecuritiesPurchaseAgreementMember_custom_YozmaGlobalGenomicFund1Member" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">4,714</ix:nonFraction>
    </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">for proceeds of $<span id="xdx_902_eus-gaap--ProceedsFromIssuanceOfDebt_pn3n3_c20210426__20210427__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__dei--LegalEntityAxis__custom--YozmaGlobalGenomicFund1Member_zChknFfBYLn3"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceOfDebt" contextRef="From2021-04-262021-04-27_custom_SecuritiesPurchaseAgreementMember_custom_YozmaGlobalGenomicFund1Member" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">3,300</ix:nonFraction>
    </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(the &#8220;Transaction&#8221;). The closing
    occurred on April 27, 2021. The Note has a maturity date of one year from the date of issuance and pays interest at a rate of <span id="xdx_909_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20210427__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__dei--LegalEntityAxis__custom--YozmaGlobalGenomicFund1Member_zFazcju7Z5Vl"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2021-04-27_custom_SecuritiesPurchaseAgreementMember_custom_YozmaGlobalGenomicFund1Member" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">4</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%
    per annum. The Note is convertible into shares of Common Stock (the &#8220;Conversion Shares&#8221;) at a conversion price of $<span id="xdx_904_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_pid_uUSDPShares_c20210427__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__dei--LegalEntityAxis__custom--YozmaGlobalGenomicFund1Member_zXRs1NgyKaZf"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleConversionPrice1" contextRef="AsOf2021-04-27_custom_SecuritiesPurchaseAgreementMember_custom_YozmaGlobalGenomicFund1Member" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.0599</ix:nonFraction>
    </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(the &#8220;Conversion Price). In addition,
    Yozma received a warrant (the &#8220;Warrant&#8221;) to purchase up to <span id="xdx_90E_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight_iI_pid_c20210427__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__dei--LegalEntityAxis__custom--YozmaGlobalGenomicFund1Member__srt--RangeAxis__srt--MaximumMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zee8j5OxKrgc"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight" contextRef="AsOf2021-04-27_custom_SecuritiesPurchaseAgreementMember_custom_YozmaGlobalGenomicFund1Member_srt_MaximumMember_us-gaap_WarrantMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">16,458,196</ix:nonFraction>
    </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of Common Stock (the &#8220;Warrant
    Shares&#8221;) of the Company with an exercise price equal to $<span id="xdx_903_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20210427__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__dei--LegalEntityAxis__custom--YozmaGlobalGenomicFund1Member__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zUTcd3NCcNoa"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" contextRef="AsOf2021-04-27_custom_SecuritiesPurchaseAgreementMember_custom_YozmaGlobalGenomicFund1Member_us-gaap_WarrantMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.107415</ix:nonFraction>
    </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per share. The Warrant is exercisable for
    a <span id="xdx_90E_eus-gaap--WarrantsAndRightsOutstandingTerm_iI_dtY_c20210427__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__dei--LegalEntityAxis__custom--YozmaGlobalGenomicFund1Member__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zZc8qRs1oX2c"><ix:nonNumeric contextRef="AsOf2021-04-27_custom_SecuritiesPurchaseAgreementMember_custom_YozmaGlobalGenomicFund1Member_us-gaap_WarrantMember" format="ixt-sec:duryear" name="us-gaap:WarrantsAndRightsOutstandingTerm">5</ix:nonNumeric></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-year
    period from the issuance date. Upon a listing of the Company&#8217;s common shares onto a national exchange, the Note will exchange
    into a class of Series A Preferred Shares in order to help improve the Company&#8217;s shareholder equity to meet the Nasdaq CM Initial
    Listing Standards.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
initial recognition, the management by assistance of third-party appraiser allocated the net cash proceeds received based on the relative
fair value of the Note and the detachable warrants in total amount of $<span id="xdx_902_eus-gaap--ProceedsFromSaleOfNotesReceivable_pn3n3_c20210426__20210427__srt--TitleOfIndividualAxis__custom--YozmaGlobalGenomicFund1Member__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember_z8HnodmVknce" title="Cash proceeds from notes receivable"><ix:nonFraction name="us-gaap:ProceedsFromSaleOfNotesReceivable" contextRef="From2021-04-262021-04-27_custom_YozmaGlobalGenomicFund1Member_custom_SecuritiesPurchaseAgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">378</ix:nonFraction></span> and $<span id="xdx_90D_eus-gaap--WarrantsAndRightsOutstanding_iI_pn3n3_c20210427__us-gaap--ClassOfWarrantOrRightAxis__custom--DetachableWarrantsMember_zjUYUikJuQ72" title="Detachable warrant"><ix:nonFraction name="us-gaap:WarrantsAndRightsOutstanding" contextRef="AsOf2021-04-27_custom_DetachableWarrantsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,922</ix:nonFraction></span>, respectively. The amount allocated to the warrants
was classified as a component of permanent equity (as their terms permit the holders to receive a fixed number of shares of common stock
upon exercise for a fixed exercise price), net of any related issuance costs and as upon fundamental transaction the warrants holder
shall be entitled to receive from the Company the same type of form of consideration such as holders of common stock.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company recorded expenses in the amount of $<span id="xdx_904_eus-gaap--OperatingExpenses_pn3n3_c20210101__20211231__us-gaap--IncomeStatementLocationAxis__custom--FinanaceExpensesMember_zOApzdLiIe5l" title="Operating expenses"><ix:nonFraction name="us-gaap:OperatingExpenses" contextRef="From2021-01-012021-12-31_custom_FinanaceExpensesMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,779</ix:nonFraction></span>, related to remeasurement of the host loan instrument as part of the &#8220;Finance
Expenses&#8221; line in operations in the accompanying consolidated statement of operations for the for the year ended December 31, 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has agreed to file a registration statement on Form S-1 with the Securities and Exchange Commission registering for resale the
Conversion Shares and the Warrant Shares (the &#8220;Registration Statement) under the above two transactions. Subsequent to the effective
date of such registration statement, if the closing sale price of the Common Stock averages less than the then Conversion Price over
a period of 10 consecutive trading days, the Conversion Price shall reset to such average price. If the 10-days volume weighted average
price of the Common Stock continues to be less than the Conversion Price then the Conversion Price should reset to such 10-day average
price with a maximum of a 20% discount from the initial Conversion Price.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May 13, 2021, the Company filed a registration statement on Form S-1 with respect to up to <span id="xdx_907_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20210512__20210513__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__us-gaap--VestingAxis__custom--FirstAndSecondTranchesMember_zP9SqoKgSo8l" title="Stock issued during period new issues"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2021-05-122021-05-13_custom_SecuritiesPurchaseAgreementMember_custom_FirstAndSecondTranchesMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">240,591,462</ix:nonFraction></span> ordinary shares to be issued pursuant
to Securities Purchase Agreement with Family Office and Yozma (first and second Tranches). As the Company complied with the registration
statement filing requirements, as of December 31, 2021, no accrual has been recorded for liquidated damages since the amount to be paid
was not probable and reasonably estimate under ASC 450 &#8220;Contingencies&#8221;.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</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"><b>3.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
    July 7, 2021, the Company entered into a Securities Purchase Agreement (the &#8220;SPA&#8221;) with an institutional investor (the
    &#8220;Purchaser&#8221;) pursuant to which the Company has agreed to issue a promissory convertible note (the &#8220;Note&#8221;)
    to the Purchaser in the principal amount of $<span id="xdx_90A_eus-gaap--DebtInstrumentFaceAmount_iI_pn3n3_c20210707__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__us-gaap--DebtInstrumentAxis__custom--PromissoeryConvertibleNoteMember_zO6Paq63goVd" title="Debt instrument, face amount"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2021-07-07_custom_SecuritiesPurchaseAgreementMember_custom_PromissoeryConvertibleNoteMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,536</ix:nonFraction></span> for proceeds of $<span id="xdx_90D_eus-gaap--ProceedsFromIssuanceOfDebt_pn3n3_c20210706__20210707__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__us-gaap--DebtInstrumentAxis__custom--PromissoeryConvertibleNoteMember_zbg8bUilD6w6" title="Proceeds from issuance of note"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceOfDebt" contextRef="From2021-07-062021-07-07_custom_SecuritiesPurchaseAgreementMember_custom_PromissoeryConvertibleNoteMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,075</ix:nonFraction></span> (the &#8220;Transaction&#8221;). The closing occurred on
    July 7, 2021 (the &#8220;Closing Date&#8221;). The Note has a maturity date of one year from the date of issuance and pays interest
    at a rate of <span id="xdx_906_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20210707__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__us-gaap--DebtInstrumentAxis__custom--PromissoeryConvertibleNoteMember_zAMp5WnLqfQ3" title="Debt instrument, interest rate"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2021-07-07_custom_SecuritiesPurchaseAgreementMember_custom_PromissoeryConvertibleNoteMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">4</ix:nonFraction></span>% per annum. The Note is convertible into shares of Common Stock (the &#8220;Conversion Shares&#8221;) at a conversion
    price of $<span id="xdx_901_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_pid_c20210707__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__us-gaap--DebtInstrumentAxis__custom--PromissoeryConvertibleNoteMember_zJQ4563y0EJk" title="Debt instrument, convertible, conversion price"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleConversionPrice1" contextRef="AsOf2021-07-07_custom_SecuritiesPurchaseAgreementMember_custom_PromissoeryConvertibleNoteMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.0599</ix:nonFraction></span> (the &#8220;Conversion Price). In addition, the Purchaser received a warrant (the &#8220;Warrant&#8221;) to purchase
    up to <span id="xdx_90E_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight_c20210707__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__us-gaap--DebtInstrumentAxis__custom--PromissoeryConvertibleNoteMember_pdd" title="Warrants to purchase common stock"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight" contextRef="AsOf2021-07-07_custom_SecuritiesPurchaseAgreementMember_custom_PromissoeryConvertibleNoteMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">3,440,000</ix:nonFraction></span> shares of Common Stock (the &#8220;Warrant Shares&#8221;) of the Company with an exercise price equal to $<span id="xdx_90F_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_c20210707__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__us-gaap--DebtInstrumentAxis__custom--PromissoeryConvertibleNoteMember_pdd" title="Exercise price of warrants"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" contextRef="AsOf2021-07-07_custom_SecuritiesPurchaseAgreementMember_custom_PromissoeryConvertibleNoteMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.107415</ix:nonFraction></span>
    per share. The Warrant is exercisable for <span id="xdx_90B_eus-gaap--WarrantsAndRightsOutstandingTerm_iI_dtY_c20210707__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__us-gaap--DebtInstrumentAxis__custom--PromissoeryConvertibleNoteMember_z0CVPKr8BcXb" title="Warrants term"><ix:nonNumeric contextRef="AsOf2021-07-07_custom_SecuritiesPurchaseAgreementMember_custom_PromissoeryConvertibleNoteMember" format="ixt-sec:duryear" name="us-gaap:WarrantsAndRightsOutstandingTerm">5</ix:nonNumeric></span> years from the date of issuance. From the Closing Date until 180 days thereafter, the
    Company shall be restricted from issuing or entering into any agreement to issue any shares of Common Stock, except under certain
    circumstances. This provision shall no longer be in effect if the closing sale price of the Common Stock exceeds $<span id="xdx_90F_eus-gaap--SaleOfStockPricePerShare_c20210707__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__us-gaap--DebtInstrumentAxis__custom--PromissoeryConvertibleNoteMember_pdd" title="Sales price"><ix:nonFraction name="us-gaap:SaleOfStockPricePerShare" contextRef="AsOf2021-07-07_custom_SecuritiesPurchaseAgreementMember_custom_PromissoeryConvertibleNoteMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.10</ix:nonFraction></span>. The Company
    intends to use the net proceeds for general corporate purposes.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -21.25pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has agreed to file a registration statement with the Securities and Exchange Commission registering for resale of the Conversion
Shares and the Warrant Shares (the &#8220;Registration Statement). Subsequent to the effective date of such registration statement, if
the closing sale price of the Common Stock averages less than the then Conversion Price over a period of ten (10) consecutive trading
days, the Conversion Price shall reset to such average price. If the 10-day volume weighted average price of the Common Stock continues
to be less than the Conversion Price then the Conversion Price should reset to such 10-day average price with a maximum of a 20% discount
from the initial Conversion Price.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<ix:exclude><!-- Field: Page; Sequence: 143; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->49<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#toc_002">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<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>TODOS
MEDICAL LTD.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)</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">(U.S.
dollars in thousands)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
10 - CONVERTIBLE BRIDGE LOANS, NET (Cont.)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
initial recognition, the management by assistance of third-party appraiser allocated the net cash proceeds received based on the relative
fair value of the Note and the detachable warrants in total amount of $<span id="xdx_90C_eus-gaap--ProceedsFromSaleOfNotesReceivable_c20210706__20210707__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__us-gaap--DebtInstrumentAxis__custom--PromissoeryConvertibleNoteMember_pn3n3"><ix:nonFraction name="us-gaap:ProceedsFromSaleOfNotesReceivable" contextRef="From2021-07-062021-07-07_custom_SecuritiesPurchaseAgreementMember_custom_PromissoeryConvertibleNoteMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">954</ix:nonFraction>
</span>and $</span><span id="xdx_903_eus-gaap--ProceedsFromWarrantExercises_c20210706__20210707__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__us-gaap--DebtInstrumentAxis__custom--PromissoeryConvertibleNoteMember_pn3n3" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:ProceedsFromWarrantExercises" contextRef="From2021-07-062021-07-07_custom_SecuritiesPurchaseAgreementMember_custom_PromissoeryConvertibleNoteMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">121</ix:nonFraction></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
respectively. The amount allocated to the warrants was classified as a component of permanent equity (as their terms permit the holders
to receive a fixed number of shares of common stock upon exercise for a fixed exercise price), net of any related issuance costs and
as upon fundamental transaction the warrants holder shall be entitled to receive from the Company the same type of form of consideration
such as holders of common stock.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
it was determined that the Convertible note is hybrid instrument embodies both an embedded derivative and a host contract and that the
embedded conversion feature is required to be bifurcated from the host loan instrument using the with-and-without method. The embedded
derivative was measured first at fair value, and the residual amount was allocated to the host contract. The embedded conversion feature
was recognized in total amount of $<span id="xdx_902_eus-gaap--AdjustmentsToAdditionalPaidInCapitalConvertibleDebtWithConversionFeature_c20210706__20210707__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__us-gaap--DebtInstrumentAxis__custom--PromissoeryConvertibleNoteMember_pn3n3" title="Conversion feature"><ix:nonFraction name="us-gaap:AdjustmentsToAdditionalPaidInCapitalConvertibleDebtWithConversionFeature" contextRef="From2021-07-062021-07-07_custom_SecuritiesPurchaseAgreementMember_custom_PromissoeryConvertibleNoteMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">257</ix:nonFraction></span> upon initial recognition and in subsequent periods as derivative liability at fair value through
profit and loss. The host loan instrument is accounted for, in subsequent periods, using the effective interest method over the term
of the loan, until its stated maturity.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company recorded expenses of $<span id="xdx_901_eus-gaap--DebtInstrumentConvertibleBeneficialConversionFeature_c20210706__20210707__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember_pn3n3" title="Beneficial conversion feature"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleBeneficialConversionFeature" contextRef="From2021-07-062021-07-07_custom_SecuritiesPurchaseAgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">459</ix:nonFraction></span> and $<span id="xdx_909_ecustom--RemeasurementExpense_pn3n3_c20210706__20210707__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember_zDrxTcgqa6J4" title="Remeasurement expense"><ix:nonFraction name="TOMDF:RemeasurementExpense" contextRef="From2021-07-062021-07-07_custom_SecuritiesPurchaseAgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">345</ix:nonFraction></span> related to remeasurement of the embedded conversion feature of convertible bridge
loan and the discount amortization of the host loan instrument, respectively, as part of the &#8220;Finance Expenses&#8221; line in operations
in the accompanying consolidated statement of operations for the year ended December 31, 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</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"><b>4.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
    September 23, 2021, the Company completed the conditions precedent required to enter into a Securities Purchase Agreement (the &#8220;SPA&#8221;)
    with an institutional investor (the &#8220;Purchaser&#8221;) pursuant to which the Company issued a promissory convertible note (the
    &#8220;Note&#8221;) to the Purchaser in the principal amount of $<span id="xdx_905_eus-gaap--DebtInstrumentFaceAmount_iI_pn3n3_c20210923__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__us-gaap--DebtInstrumentAxis__custom--PromissoeryConvertibleNoteMember_zZMGwjLjHnx9"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2021-09-23_custom_SecuritiesPurchaseAgreementMember_custom_PromissoeryConvertibleNoteMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,857</ix:nonFraction></span> for proceeds of $<span id="xdx_905_eus-gaap--ProceedsFromIssuanceOfDebt_c20210922__20210923__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__us-gaap--DebtInstrumentAxis__custom--PromissoeryConvertibleNoteMember_pn3n3" title="Proceeds from issuance of note"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceOfDebt" contextRef="From2021-09-222021-09-23_custom_SecuritiesPurchaseAgreementMember_custom_PromissoeryConvertibleNoteMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,000</ix:nonFraction></span> (the &#8220;Transaction&#8221;). The
    Note has a maturity date of one year from the date of issuance and pays interest at a rate of <span id="xdx_90C_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20210923__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__us-gaap--DebtInstrumentAxis__custom--PromissoeryConvertibleNoteMember_zsoi4gzXU3H" title="Debt instrument, interest rate"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2021-09-23_custom_SecuritiesPurchaseAgreementMember_custom_PromissoeryConvertibleNoteMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">4</ix:nonFraction></span>% per annum. The Note is convertible
    into shares of Common Stock (the &#8220;Conversion Shares&#8221;) at a conversion price of $<span id="xdx_909_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_pid_uUSDPShares_c20210923__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__us-gaap--DebtInstrumentAxis__custom--PromissoeryConvertibleNoteMember_zpaEqADtxfS8" title="Debt instrument, convertible, conversion price" style="font: 10pt Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleConversionPrice1" contextRef="AsOf2021-09-23_custom_SecuritiesPurchaseAgreementMember_custom_PromissoeryConvertibleNoteMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.0599</ix:nonFraction></span> (the &#8220;Conversion Price).
    In addition, the Purchaser received a warrant (the &#8220;Warrant&#8221;) to purchase up to <span id="xdx_90E_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight_c20210923__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__us-gaap--DebtInstrumentAxis__custom--PromissoeryConvertibleNoteMember_pdd" title="Warrants to purchase common stock"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight" contextRef="AsOf2021-09-23_custom_SecuritiesPurchaseAgreementMember_custom_PromissoeryConvertibleNoteMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">11,924,636</ix:nonFraction></span> shares of Common Stock (the
    &#8220;Warrant Shares&#8221;) of the Company with an exercise price equal to $<span id="xdx_90F_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_c20210923__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__us-gaap--DebtInstrumentAxis__custom--PromissoeryConvertibleNoteMember_pdd" title="Exercise price of warrants"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" contextRef="AsOf2021-09-23_custom_SecuritiesPurchaseAgreementMember_custom_PromissoeryConvertibleNoteMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.107415</ix:nonFraction></span> per share. The Warrant is exercisable for
    <span id="xdx_90B_eus-gaap--WarrantsAndRightsOutstandingTerm_iI_dtY_c20210923__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__us-gaap--DebtInstrumentAxis__custom--PromissoeryConvertibleNoteMember_zmJMAZeZ2t4g"><ix:nonNumeric contextRef="AsOf2021-09-23_custom_SecuritiesPurchaseAgreementMember_custom_PromissoeryConvertibleNoteMember" format="ixt-sec:duryear" name="us-gaap:WarrantsAndRightsOutstandingTerm">5</ix:nonNumeric></span> years from the date of issuance. The Company intends to use the net proceeds from this Note to initiate Phase 2/3 trials for Tollovir&#8482;
    COVID-19 patients, initiate digital marketing for its dietary supplement Tollovid&#174;, increase sales &amp; marketing for Provista
    Diagnostics, and for general corporate purposes. </span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -21.25pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has agreed to file a registration statement with the Securities and Exchange Commission registering for resale the Conversion
Shares and the Warrant Shares (the &#8220;Registration Statement). Subsequent to the effective date of the Registration Statement, if
the closing sale price of the Common Stock averages less than the then Conversion Price over a period of ten (10) consecutive trading
days, the Conversion Price shall reset to such average price. If the 10 day volume weighted average price of the Common Stock continues
to be less than the Conversion Price then the Conversion Price should reset to such 10-day average price with a maximum of a 20% discount
from the initial Conversion Price.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
initial recognition, the management by assistance of third-party appraiser allocated the net cash proceeds received based on the relative
fair value of the Note and the detachable warrants in total amount of $<span id="xdx_900_eus-gaap--ProceedsFromSaleOfNotesReceivable_pn3n3_c20210922__20210923__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__us-gaap--DebtInstrumentAxis__custom--PromissoeryConvertibleNoteMember_zoGwXblkiajc"><ix:nonFraction name="us-gaap:ProceedsFromSaleOfNotesReceivable" contextRef="From2021-09-222021-09-23_custom_SecuritiesPurchaseAgreementMember_custom_PromissoeryConvertibleNoteMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,442</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and $<span id="xdx_901_eus-gaap--ProceedsFromWarrantExercises_pn3n3_c20210922__20210923__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__us-gaap--DebtInstrumentAxis__custom--PromissoeryConvertibleNoteMember_zANdEY3yeMRe"><ix:nonFraction name="us-gaap:ProceedsFromWarrantExercises" contextRef="From2021-09-222021-09-23_custom_SecuritiesPurchaseAgreementMember_custom_PromissoeryConvertibleNoteMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">558</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
respectively. The amount allocated to the warrants was classified as a component of permanent equity (as their terms permit the holders
to receive a fixed number of shares of common stock upon exercise for a fixed exercise price), net of any related issuance costs and
as upon fundamental transaction the warrants holder shall be entitled to receive from the Company the same type of form of consideration
such as holders of common stock.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
it was determined that the Convertible note is hybrid instrument embodies both an embedded derivative and a host contract and that the
embedded conversion feature is required to be bifurcated from the host loan instrument using the with-and-without method. The embedded
derivative was measured first at fair value, and the residual amount was allocated to the host contract. The embedded conversion feature
was recognized in total amount of $<span id="xdx_902_eus-gaap--AdjustmentsToAdditionalPaidInCapitalConvertibleDebtWithConversionFeature_c20210922__20210923__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__us-gaap--DebtInstrumentAxis__custom--PromissoeryConvertibleNoteMember_pn3n3" title="Conversion feature"><ix:nonFraction name="us-gaap:AdjustmentsToAdditionalPaidInCapitalConvertibleDebtWithConversionFeature" contextRef="From2021-09-222021-09-23_custom_SecuritiesPurchaseAgreementMember_custom_PromissoeryConvertibleNoteMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">152</ix:nonFraction> </span>upon initial recognition and in subsequent periods as derivative liability at fair value through
profit and loss. The host loan instrument is accounted for, in subsequent periods, using the effective interest method over the term
of the loan, until its stated maturity.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company recorded expenses of $<span id="xdx_901_eus-gaap--DebtInstrumentConvertibleBeneficialConversionFeature_pn3n3_c20210922__20210923__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember_zX0cpNvpqk9l"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleBeneficialConversionFeature" contextRef="From2021-09-222021-09-23_custom_SecuritiesPurchaseAgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">41</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and $<span id="xdx_90A_eus-gaap--AmortizationOfDebtDiscountPremium_pn3n3_c20210922__20210923__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember_zrQUVSOv70k7"><ix:nonFraction name="us-gaap:AmortizationOfDebtDiscountPremium" contextRef="From2021-09-222021-09-23_custom_SecuritiesPurchaseAgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">357</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">related to remeasurement of the embedded conversion
feature of convertible bridge loan and the discount amortization of the host loan instrument, respectively, as part of the &#8220;Finance
Expenses&#8221; line in operations in the accompanying consolidated statement of operations for the year ended December 31, 2021.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 144; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->50<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#toc_002">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<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>TODOS
MEDICAL LTD.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)</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">(U.S.
dollars in thousands)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><b>NOTE
10 - CONVERTIBLE BRIDGE LOANS, NET (Cont.) </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</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"><b>5.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
    October 21, 2021, the Company entered into a Securities Purchase Agreement (the &#8220;SPA&#8221;) with an institutional investor
    (the &#8220;Purchaser&#8221;) pursuant to which the Company has agreed to issue a promissory convertible note (the &#8220;Note&#8221;)
    to the Purchaser in the principal amount of $<span id="xdx_90B_eus-gaap--DebtInstrumentFaceAmount_iI_pn3n3_c20211021__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__us-gaap--DebtInstrumentAxis__custom--PromissoeryConvertibleNoteMember_zaPtRiMXCbf5"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2021-10-21_custom_SecuritiesPurchaseAgreementMember_custom_PromissoeryConvertibleNoteMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,428</ix:nonFraction></span> for proceeds of $<span id="xdx_909_eus-gaap--ProceedsFromIssuanceOfDebt_pn3n3_c20211020__20211021__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__us-gaap--DebtInstrumentAxis__custom--PromissoeryConvertibleNoteMember_zaL7XqTfnlD6"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceOfDebt" contextRef="From2021-10-202021-10-21_custom_SecuritiesPurchaseAgreementMember_custom_PromissoeryConvertibleNoteMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,000</ix:nonFraction></span> (the &#8220;Transaction&#8221;). The closing occurred on
    October 22, 2021 (the &#8220;Closing Date&#8221;). The Note has a maturity date of one year from the date of issuance and pays interest
    at a rate of <span id="xdx_90A_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20211021__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__us-gaap--DebtInstrumentAxis__custom--PromissoeryConvertibleNoteMember_zy2kdVjVObb5" title="Debt instrument, interest rate"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2021-10-21_custom_SecuritiesPurchaseAgreementMember_custom_PromissoeryConvertibleNoteMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">4</ix:nonFraction></span>% per annum. The Note is convertible into shares of Common Stock (the &#8220;Conversion Shares&#8221;) at a conversion
    price of $<span id="xdx_90C_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_pid_uUSDPShares_c20211021__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__us-gaap--DebtInstrumentAxis__custom--PromissoeryConvertibleNoteMember_z2h1eb8l8Dhg" title="Debt instrument, convertible, conversion price"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleConversionPrice1" contextRef="AsOf2021-10-21_custom_SecuritiesPurchaseAgreementMember_custom_PromissoeryConvertibleNoteMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.0599</ix:nonFraction> </span>(the &#8220;Conversion Price). In addition, the Purchaser received a warrant (the &#8220;Warrant&#8221;) to purchase
    up to <span id="xdx_90B_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight_iI_c20211021__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__us-gaap--DebtInstrumentAxis__custom--PromissoeryConvertibleNoteMember_zBho4kWZ6L5d" title="Warrants to purchase common stock"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight" contextRef="AsOf2021-10-21_custom_SecuritiesPurchaseAgreementMember_custom_PromissoeryConvertibleNoteMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="Shares">3,440,000</ix:nonFraction></span> shares of Common Stock (the &#8220;Warrant Shares&#8221;) of the Company with an exercise price equal to $<span id="xdx_906_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20211021__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__us-gaap--DebtInstrumentAxis__custom--PromissoeryConvertibleNoteMember_zIjeXGFFsrM7" title="Exercise price of warrants"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" contextRef="AsOf2021-10-21_custom_SecuritiesPurchaseAgreementMember_custom_PromissoeryConvertibleNoteMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.107415</ix:nonFraction></span>
    per share. The Warrant is exercisable for <span id="xdx_902_eus-gaap--WarrantsAndRightsOutstandingTerm_iI_dtY_c20211021__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__us-gaap--DebtInstrumentAxis__custom--PromissoeryConvertibleNoteMember_zTKlC6urgVkf" title="Warrants term"><ix:nonNumeric contextRef="AsOf2021-10-21_custom_SecuritiesPurchaseAgreementMember_custom_PromissoeryConvertibleNoteMember" format="ixt-sec:duryear" name="us-gaap:WarrantsAndRightsOutstandingTerm">5</ix:nonNumeric></span> years from the date of issuance. The Company intends to use the net proceeds from this
    Note to continue funding the ongoing Phase 2 clinical trial of Tollovir&#174; in hospitalized COVID-19 patients, beginning the initial
    marketing campaign for the cPass neutralizing antibody test launch at Provista Diagnostics and general corporate purposes. </span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -21.25pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has agreed to file a registration statement with the Securities and Exchange Commission registering for resale the Conversion
Shares and the Warrant Shares (the &#8220;Registration Statement). Subsequent to the effective date of the Registration Statement, if
the closing sale price of the Common Stock averages less than the then Conversion Price over a period of ten (10) consecutive trading
days, the Conversion Price shall reset to such average price. If the 10 day volume weighted average price of the Common Stock continues
to be less than the Conversion Price then the Conversion Price should reset to such 10-day average price with a maximum of a 20% discount
from the initial Conversion Price.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
initial recognition, the management by assistance of third-party appraiser allocated the net cash proceeds received based on the relative
fair value of the Note and the detachable warrants in total amount of $<span id="xdx_907_eus-gaap--ProceedsFromSaleOfNotesReceivable_pn3n3_c20211020__20211021__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__us-gaap--DebtInstrumentAxis__custom--PromissoeryConvertibleNoteMember_z2OidOrle0g6"><ix:nonFraction name="us-gaap:ProceedsFromSaleOfNotesReceivable" contextRef="From2021-10-202021-10-21_custom_SecuritiesPurchaseAgreementMember_custom_PromissoeryConvertibleNoteMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">877</ix:nonFraction>
</span>and $</span><span id="xdx_904_eus-gaap--ProceedsFromWarrantExercises_pn3n3_c20211020__20211021__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__us-gaap--DebtInstrumentAxis__custom--PromissoeryConvertibleNoteMember_zyp9e7f1hOp9" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:ProceedsFromWarrantExercises" contextRef="From2021-10-202021-10-21_custom_SecuritiesPurchaseAgreementMember_custom_PromissoeryConvertibleNoteMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">123</ix:nonFraction></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
respectively. The amount allocated to the warrants was classified as a component of permanent equity (as their terms permit the holders
to receive a fixed number of shares of common stock upon exercise for a fixed exercise price), net of any related issuance costs and
as upon fundamental transaction the warrants holder shall be entitled to receive from the Company the same type of form of consideration
such as holders of common stock.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
it was determined that the Convertible note is hybrid instrument embodies both an embedded derivative and a host contract and that the
embedded conversion feature is required to be bifurcated from the host loan instrument using the with-and-without method. The embedded
derivative was measured first at fair value, and the residual amount was allocated to the host contract. The embedded conversion feature
was recognized in total amount of $<span id="xdx_903_eus-gaap--AdjustmentsToAdditionalPaidInCapitalConvertibleDebtWithConversionFeature_pn3n3_c20211020__20211021__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__us-gaap--DebtInstrumentAxis__custom--PromissoeryConvertibleNoteMember_zV7rWWT61R53"><ix:nonFraction name="us-gaap:AdjustmentsToAdditionalPaidInCapitalConvertibleDebtWithConversionFeature" contextRef="From2021-10-202021-10-21_custom_SecuritiesPurchaseAgreementMember_custom_PromissoeryConvertibleNoteMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">356</ix:nonFraction></span> upon initial recognition and in subsequent periods as derivative liability at fair value through
profit and loss. The host loan instrument is accounted for, in subsequent periods, using the effective interest method over the term
of the loan, until its stated maturity.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company recorded expenses of $<span id="xdx_907_eus-gaap--DebtInstrumentConvertibleBeneficialConversionFeature_pn3n3_c20211020__20211021__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember_z9JLeDFH6ip2"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleBeneficialConversionFeature" contextRef="From2021-10-202021-10-21_custom_SecuritiesPurchaseAgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">360</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and $<span id="xdx_900_ecustom--RemeasurementExpense_pn3n3_c20211020__20211021__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember_zyHEE4EwmF0j"><ix:nonFraction name="TOMDF:RemeasurementExpense" contextRef="From2021-10-202021-10-21_custom_SecuritiesPurchaseAgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">123</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">related to remeasurement of the embedded conversion
feature of convertible bridge loan and the discount amortization of the host loan instrument, respectively, as part of the &#8220;Finance
Expenses&#8221; line in operations in the accompanying consolidated statement of operations for the year ended December 31, 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>6.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
    November 2, 2021, the Company entered into a Securities Purchase Agreement (the &#8220;SPA&#8221;) with an institutional investor
    (the &#8220;Purchaser&#8221;) which was amended on November 24, 2021, pursuant to which the Company has agreed to issue a promissory
    convertible note (the &#8220;Note&#8221;) to the Purchaser in the principal amount of $<span title="Debt instumrnt,face amount"><span id="xdx_906_eus-gaap--DebtInstrumentFaceAmount_iI_pn3n3_c20211102__srt--TitleOfIndividualAxis__custom--InstitutionalInvestorMember__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember_zWCBdbLcrHjk" title="Debt instrument, face amount"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2021-11-02_custom_InstitutionalInvestorMember_custom_SecuritiesPurchaseAgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,432</ix:nonFraction></span></span> for proceeds of $<span id="xdx_90E_eus-gaap--ProceedsFromIssuanceOfDebt_pn3n3_c20211101__20211102__srt--TitleOfIndividualAxis__custom--InstitutionalInvestorMember__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember_z6fjxJzLfeg5" title="Proceeds from issuance of note"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceOfDebt" contextRef="From2021-11-012021-11-02_custom_InstitutionalInvestorMember_custom_SecuritiesPurchaseAgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,000</ix:nonFraction></span> (the &#8220;Transaction&#8221;).
    The closing occurred on November 2, 2021 (the &#8220;Closing Date&#8221;). The Note has a maturity date of one year from the date
    of issuance and pays interest at a rate of <span id="xdx_90C_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_c20211102__srt--TitleOfIndividualAxis__custom--InstitutionalInvestorMember__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember_zP1EWJtyAQgj" title="Debt instrument, interest rate"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2021-11-02_custom_InstitutionalInvestorMember_custom_SecuritiesPurchaseAgreementMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">4</ix:nonFraction>%</span> per annum. The Note is convertible into shares of Common Stock (the &#8220;Conversion
    Shares&#8221;) at a conversion price of $<span id="xdx_909_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_pid_c20211102__srt--TitleOfIndividualAxis__custom--InstitutionalInvestorMember__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember_zGo808Xwv0Ck" title="Debt instrument, convertible, conversion price"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleConversionPrice1" contextRef="AsOf2021-11-02_custom_InstitutionalInvestorMember_custom_SecuritiesPurchaseAgreementMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.06</ix:nonFraction></span> (the &#8220;Conversion Price). In addition, the Purchaser received a warrant (the &#8220;Warrant&#8221;)
    to purchase up to <span id="xdx_90D_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight_iI_c20211102__srt--RangeAxis__srt--MaximumMember__srt--TitleOfIndividualAxis__custom--InstitutionalInvestorMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember_z9i3K29ODIVe" title="Warrants to purchase common stock"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight" contextRef="AsOf2021-11-02_srt_MaximumMember_custom_InstitutionalInvestorMember_us-gaap_WarrantMember_custom_SecuritiesPurchaseAgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="Shares">3,733,333</ix:nonFraction></span> shares of Common Stock (the &#8220;Warrant Shares&#8221;) of the Company with an exercise price equal
    to $<span id="xdx_909_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20211102__srt--TitleOfIndividualAxis__custom--InstitutionalInvestorMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember_zWVz83rh6qN8" title="Exercise price of warrants"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" contextRef="AsOf2021-11-02_custom_InstitutionalInvestorMember_us-gaap_WarrantMember_custom_SecuritiesPurchaseAgreementMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.107</ix:nonFraction></span> per share. The Warrant is exercisable for <span id="xdx_900_eus-gaap--WarrantsAndRightsOutstandingTerm_iI_dtY_c20211102__srt--TitleOfIndividualAxis__custom--InstitutionalInvestorMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember_zmg3sA61z9tb" title="Warrants term"><ix:nonNumeric contextRef="AsOf2021-11-02_custom_InstitutionalInvestorMember_us-gaap_WarrantMember_custom_SecuritiesPurchaseAgreementMember" format="ixt-sec:duryear" name="us-gaap:WarrantsAndRightsOutstandingTerm">5</ix:nonNumeric></span> years from the date of issuance.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <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
    initial recognition, the management by assistance of third-party appraiser allocated the net cash proceeds received based on the
    relative fair value of the Note and the detachable warrants in total amount of $<span id="xdx_90A_eus-gaap--ProceedsFromSaleOfNotesReceivable_pn3n3_c20211101__20211102__us-gaap--DebtInstrumentAxis__custom--PromissoeryConvertibleNoteMember__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember_zdg7547OzDQl" title="Cash proceeds from notes receivable"><ix:nonFraction name="us-gaap:ProceedsFromSaleOfNotesReceivable" contextRef="From2021-11-012021-11-02_custom_PromissoeryConvertibleNoteMember_custom_SecuritiesPurchaseAgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">727</ix:nonFraction></span> and $<span id="xdx_905_eus-gaap--ProceedsFromWarrantExercises_pn3n3_c20211101__20211102__us-gaap--DebtInstrumentAxis__custom--PromissoeryConvertibleNoteMember__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember_zDT1uXqVeWE6" title="Proceeds from Warrant"><ix:nonFraction name="us-gaap:ProceedsFromWarrantExercises" contextRef="From2021-11-012021-11-02_custom_PromissoeryConvertibleNoteMember_custom_SecuritiesPurchaseAgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">208</ix:nonFraction></span>, respectively. The amount allocated
    to the warrants was classified as a component of permanent equity (as their terms permit the holders to receive a fixed number of
    shares of common stock upon exercise for a fixed exercise price), net of any related issuance costs and as upon fundamental transaction
    the warrants holder shall be entitled to receive from the Company the same type of form of consideration such as holders of common
    stock.</span></td></tr>
</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>


<ix:exclude><!-- Field: Page; Sequence: 145; 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 -->51<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#toc_002">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<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>TODOS
MEDICAL LTD.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)</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">(U.S.
dollars in thousands)</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><b>NOTE 10 - CONVERTIBLE
BRIDGE LOANS, NET (Cont.)</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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-top: 0pt; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
                                            it was determined that the Convertible note is hybrid instrument embodies both an embedded
                                            derivative and a host contract and that the embedded conversion feature is required to be
                                            bifurcated from the host loan instrument using the with-and-without method. The embedded
                                            derivative was measured first at fair value, and the residual amount was allocated to the
                                            host contract. The embedded conversion feature was recognized in total amount of $<span id="xdx_908_eus-gaap--DebtInstrumentConvertibleBeneficialConversionFeature_pn3n3_c20210101__20211231__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__dei--LegalEntityAxis__custom--YozmaGlobalGenomicFund1Member_z7zQxmDNZkaf" title="Beneficial conversion feature"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleBeneficialConversionFeature" contextRef="From2021-01-012021-12-31_custom_SecuritiesPurchaseAgreementMember_custom_YozmaGlobalGenomicFund1Member" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">68</ix:nonFraction></span> upon
                                            initial recognition and in subsequent periods as derivative liability at fair value through
                                            profit and loss. The host loan instrument is accounted for, in subsequent periods, using
                                            the effective interest method over the term of the loan, until its stated maturity.</span></p>
</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt">The
                                            Company recorded expenses of $<span id="xdx_90B_eus-gaap--DebtInstrumentConvertibleBeneficialConversionFeature_pn3n3_c20210101__20211231__us-gaap--DebtInstrumentAxis__custom--ConvertibleBridgeLoanMember__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__dei--LegalEntityAxis__custom--YozmaGlobalGenomicFund1Member_zTj5ve4Xa9rk" title="Beneficial conversion feature"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleBeneficialConversionFeature" contextRef="From2021-01-012021-12-31_custom_SecuritiesPurchaseAgreementMember_custom_YozmaGlobalGenomicFund1Member_custom_ConvertibleBridgeLoanMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">39</ix:nonFraction></span> and $<span id="xdx_909_ecustom--RemeasurementExpense_pn3n3_c20210101__20211231__us-gaap--DebtInstrumentAxis__custom--ConvertibleBridgeLoanMember__dei--LegalEntityAxis__custom--YozmaGlobalGenomicFund1Member_zZszzucfEJLk" title="Remeasurement expense"><ix:nonFraction name="TOMDF:RemeasurementExpense" contextRef="From2021-01-012021-12-31_custom_ConvertibleBridgeLoanMember_custom_YozmaGlobalGenomicFund1Member" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">89</ix:nonFraction></span> related to remeasurement of the embedded conversion
                                            feature of convertible bridge loan and the discount amortization of the host loan instrument,
                                            respectively, as part of the &#8220;Finance Expenses&#8221; line in operations in the accompanying
                                            consolidated statement of operations for the year ended December 31, 2021.</p>
</td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>7.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
    2021, the Company entered into additional Securities Purchase Agreements in total amount of $<span id="xdx_90B_eus-gaap--DebtInstrumentFaceAmount_iI_pn3n3_c20211231__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember_zY6f3xSAGwTj"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2021-12-31_custom_SecuritiesPurchaseAgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,171</ix:nonFraction>
    </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">with several lenders.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:LesseeOperatingLeasesTextBlock"><p id="xdx_809_eus-gaap--LesseeOperatingLeasesTextBlock_zMUsMWfb0d2d" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
11 &#8211; <span id="xdx_820_zPFw2wtCRFf7">LEASES</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>



<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:LeaseCostTableTextBlock"><p id="xdx_895_eus-gaap--LeaseCostTableTextBlock_zIPbyC0Y6rM6" style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The components of operating lease cost for the year ended December 31, 2021 and 2020 were as follows:</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B6_z4w1cAhsYtfd" style="display: none">SCHEDULE
OF OPERATING LEASE COSTS</span><b>&#160;</b></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 89%; margin-left: 0.75in">
  <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_49D_20210101__20211231_zrRnDtkldRai" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2021</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>
    <td colspan="2" id="xdx_499_20200101__20201231_zfpzaSfbdi64" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2020</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; padding-bottom: 1.5pt; text-align: justify">&#160;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">December 31,</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; text-align: justify">&#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">2021</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>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2020</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; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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</ix:nonNumeric><p id="xdx_8AA_zWWeqUZe4xB5" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>


<ix:exclude><!-- Field: Page; Sequence: 146; 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>
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    <!-- Field: /Page --></ix:exclude>

<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>TODOS
MEDICAL LTD.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
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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">(U.S.
dollars in thousands)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
11 &#8211; LEASES (continue)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:SupplementalBalanceSheetDisclosuresTextBlock"><p id="xdx_89A_eus-gaap--SupplementalBalanceSheetDisclosuresTextBlock_zuLEMnpuBhsa" style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-left: 0.25in; margin-top: 0pt; margin-bottom: 0pt">&#160; <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">C.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Supplemental balance sheet information related to operating leases was as follows:</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B5_ziEK3bdmUgLl" 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: 89%; margin-left: 0.75in">
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</ix:nonNumeric><p id="xdx_8A2_zOLN3gdcw6og" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -63.8pt"><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:LesseeOperatingLeaseLiabilityMaturityTableTextBlock"><p id="xdx_89C_eus-gaap--LesseeOperatingLeaseLiabilityMaturityTableTextBlock_zS7Fcaof2AY6" style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; margin-top: 0pt; margin-bottom: 0pt">&#160; <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">D.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Future minimum lease payments under non-cancellable leases as of December 31, 2021 were as follows:</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8BD_zNEj5p9QqX8j" style="display: none">SCHEDULE
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</ix:nonNumeric><p id="xdx_8A5_zOuWCagbvyk6" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -63.8pt"><span style="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: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company signed a month-to-month lease agreement in Tel Aviv, Israel. Additionally, the Company lease office space in New York, which
is subject to an annual lease that is currently due to expire at the end of March 2022 and which is shared with two of our United States
subsidiaries, Todos Medical USA and Corona Diagnostics LLC.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Provista
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in respect of the lease.<sup></sup></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 147; 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 -->53<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#toc_002">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<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>TODOS
MEDICAL LTD.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)</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">(U.S.
dollars in thousands)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -63.8pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock"><p id="xdx_804_eus-gaap--DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock_zmflDvSMLIPl" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
12 - <span id="xdx_821_zbL1qernc7Hh">DERIVATIVE WARRANTS LIABILITY</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Warrants
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -21.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company issued under Private Placement transactions <span id="xdx_902_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20180101__20181231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_z6sadvykvOk3" title="Stock issued during period new issues"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2018-01-012018-12-31_us-gaap_WarrantMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">600,000</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
<span id="xdx_90D_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20160101__20161231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zV9DasrXRv55" title="Stock issued during period new issues"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2016-01-012016-12-31_us-gaap_WarrantMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">4,518,406</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and <span id="xdx_90A_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20150101__20151231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zJr174JM6S9g" title="Stock issued during period new issues"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2015-01-012015-12-31_us-gaap_WarrantMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">3,106,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">warrants during the years ended December
31, 2018, 2016 and 2015, respectively. These warrants were classified as financial liability because of provisions in such warrants that
allow for the net cash settlement of such warrants in the event of certain fundamental transactions, as defined in the warrant agreement
(some of which are not considered solely within the control of the Company). The estimated fair value of this derivative liability for
such warrants as of December 31, 2021 and 2020, was $<span id="xdx_903_eus-gaap--DerivativeLiabilitiesNoncurrent_iI_pn3n3_c20211231__us-gaap--ShortTermDebtTypeAxis__custom--ConvertibleBridgeLoanTransactionsMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zpOoUvzRJrX8"><ix:nonFraction name="us-gaap:DerivativeLiabilitiesNoncurrent" contextRef="AsOf2021-12-31_custom_ConvertibleBridgeLoanTransactionsMember_us-gaap_PrivatePlacementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">0</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and $<span id="xdx_901_eus-gaap--DerivativeLiabilitiesNoncurrent_c20201231__us-gaap--ShortTermDebtTypeAxis__custom--ConvertibleBridgeLoanTransactionsMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_pn3n3"><ix:nonFraction name="us-gaap:DerivativeLiabilitiesNoncurrent" contextRef="AsOf2020-12-31_custom_ConvertibleBridgeLoanTransactionsMember_us-gaap_PrivatePlacementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">54</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Warrants
    granted to lenders and placement agent through Convertible Bridge Loans transactions</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -21.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company issued under convertible bridge loans transactions certain warrants during the year ended December 31, 2019 (the First Warrant
as described in Note 10B). In addition, the Company has an obligation to issue warrants in total amount of $<span id="xdx_901_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_pn3n3_c20191231__us-gaap--ShortTermDebtTypeAxis__custom--ConvertibleBridgeLoanTransactionsMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zDtLZB9Y3Es6"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightOutstanding" contextRef="AsOf2019-12-31_custom_ConvertibleBridgeLoanTransactionsMember_us-gaap_PrivatePlacementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="Shares">79</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">to the placement agent in connection with the
convertible bridge loans transactions (see also Note 10B). These warrants were classified as financial liability because of provisions
in such warrants that permit the holders to receive a variable number of shares of common stock upon exercise (see also Note 2Y).
The estimated fair value of derivative liability for such warrants as of December 31, 2021 and 2020, was $<span id="xdx_903_eus-gaap--DerivativeLiabilitiesNoncurrent_iI_pn3n3_c20211231__us-gaap--ShortTermDebtTypeAxis__us-gaap--BridgeLoanMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zNM1WMeHAwml"><ix:nonFraction name="us-gaap:DerivativeLiabilitiesNoncurrent" contextRef="AsOf2021-12-31_us-gaap_BridgeLoanMember_us-gaap_PrivatePlacementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">0</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and $<span id="xdx_909_eus-gaap--DerivativeLiabilitiesNoncurrent_iI_pn3n3_c20201231__us-gaap--ShortTermDebtTypeAxis__us-gaap--BridgeLoanMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zM9UNNo4vIoa"><ix:nonFraction name="us-gaap:DerivativeLiabilitiesNoncurrent" contextRef="AsOf2020-12-31_us-gaap_BridgeLoanMember_us-gaap_PrivatePlacementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">247</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="TOMDF:ScheduleOfOutstandingWarrantsAndTermsTableTextBlock"><p id="xdx_897_ecustom--ScheduleOfOutstandingWarrantsAndTermsTableTextBlock_zjHO36mC4bN8" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The remaining outstanding warrants and terms as of December 31, 2021 and 2020 is as follows: </span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -21.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B4_zKpd37wsq8Yl" style="display: none">SCHEDULE OF OUTSTANDING WARRANTS AND TERMS</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="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Issuance date</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td>
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 December 31, <br />
2021</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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 December 31, <br />
2020</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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 Through</td></tr>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td id="xdx_981_ecustom--ClassOfWarrantOrRightExercisable_iI_pid_c20211231__us-gaap--AwardDateAxis__custom--IssuanceDateTwoMember_zAm6Gn944vS7" title="Exercisable" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="TOMDF:ClassOfWarrantOrRightExercisable" contextRef="AsOf2021-12-31_custom_IssuanceDateTwoMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">375,000</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td id="xdx_98F_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_pid_c20211231__us-gaap--AwardDateAxis__custom--IssuanceDateThreeMember_z8pNQpFLVji9" title="Outstanding" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1947">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td id="xdx_989_ecustom--ClassOfWarrantOrRightExercisable_iI_pid_c20211231__us-gaap--AwardDateAxis__custom--IssuanceDateThreeMember_zBgIO6lmJnS6" title="Exercisable" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1952">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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</ix:nonNumeric><p id="xdx_8A7_zGAUWiJF4Bcf" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -21.25pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company uses the Black-Scholes valuation model to estimate fair value of these warrants. In using this model, the Company makes certain
assumptions about risk-free interest rates, dividend yields, expected stock price volatility, expected term of the warrants and other
assumptions. Expected volatility was calculated based upon historical volatility of peer companies in the same industry on weekly basis
since the marketability of the Company is considered low. Risk-free interest rates are derived from the yield on U.S. Treasury debt securities.
Dividend yields are based on historical dividend payments, which have been zero to date. The expected term of the warrants is based on
the time to expiration of the warrants from the measurement date.</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>


<ix:exclude><!-- Field: Page; Sequence: 148; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->54<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#toc_002">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<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"><b>TODOS MEDICAL LTD.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)</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">(U.S.
dollars in thousands)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
12 - DERIVATIVE WARRANTS LIABILITY (CONT.)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:ScheduleOfDerivativeLiabilitiesAtFairValueTableTextBlock"><p id="xdx_89F_eus-gaap--ScheduleOfDerivativeLiabilitiesAtFairValueTableTextBlock_zLQAmq38E6Ul" 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"><b>D.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table summarizes the observable inputs used in the valuation of the derivative warrant liabilities as of December 31, 2020:</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -21.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8BB_zrPrzMINVEp8" style="display: none">SCHEDULE OF VALUATION OF THE DERIVATIVE WARRANT LIABILITIES</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%">
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Dividend yield</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: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Expected term (years)</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)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Probability for uplisting</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td id="xdx_98E_ecustom--ProbabilityForUplisting_iI_pid_dp_uPure_c20201231__us-gaap--AwardDateAxis__custom--ClosingDateMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zycNHG9U9zNe" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="TOMDF:ProbabilityForUplisting" contextRef="AsOf2020-12-31_custom_ClosingDateMember_us-gaap_WarrantMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">75</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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</ix:nonNumeric><p id="xdx_8AC_zTvRtyRvOTPi" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="TOMDF:ScheduleOfWarrantActivitiesTableTextBlock"><p id="xdx_893_ecustom--ScheduleOfWarrantActivitiesTableTextBlock_zxBRDwwt91x7" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_8B4_zQ1yl9BZHzoe" style="display: none">SCHEDULE OF WARRANT ACTIVITIES</span></b></span></p>

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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td>
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 Warrant</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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  <tr id="xdx_408_ecustom--DerivativeWarrantsAmountClassifiedToEquityUponDeterminationOfExercisePrice_zgakd2h0OTa" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Amount classified to equity upon determination of the exercise price (<span id="xdx_F4E_zc3xZu6Bengk">*</span>)</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2045">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2046">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(<ix:nonFraction name="TOMDF:DerivativeWarrantsAmountClassifiedToEquityUponDeterminationOfExercisePrice" contextRef="From2020-01-012020-12-31_custom_TwoThousandNineteenWarrantsMember" id="Fact002047" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">651</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2048">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(<ix:nonFraction name="TOMDF:DerivativeWarrantsAmountClassifiedToEquityUponDeterminationOfExercisePrice" contextRef="From2020-01-012020-12-31" id="Fact002049" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">651</ix:nonFraction></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"><span style="-sec-ix-hidden: xdx2ixbrl2051">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2052">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2053">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(<ix:nonFraction name="TOMDF:DerivativeWarrantsAmountClassifiedToEquityUponDeterminationOfExercisePrice" contextRef="From2020-01-012020-12-31_custom_TwoThousandNineteenWarrantsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">651</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2055">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(<ix:nonFraction name="TOMDF:DerivativeWarrantsAmountClassifiedToEquityUponDeterminationOfExercisePrice" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">651</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
<tr id="xdx_407_ecustom--DerivativeWarrantsModificationOfConvertibleBridgeLoansTransactions_zK3ppCWOgVvj" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Modification of convertible bridge loans transactions</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td id="xdx_F07_zy7qXoCVBlEa" style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(*)
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1A_zlxOXDNCdHOb" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote002106" xml:lang="en-US">Following
    the partial conversion of certain convertible bridge loans into ordinary shares (see also Note 10), the right that was granted
    to the lenders to receive a variable number of shares of common stock upon exercise of certain warrants has been lapsed and accordingly
    the applicable amount was reclassified from non-current financial liability into additional paid-in capital.</ix:footnote></span></td></tr>
  </table>
</ix:nonNumeric><p id="xdx_8A5_zPtkQZTis6n" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -28.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 149; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->55<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#toc_002">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<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"><b>TODOS MEDICAL LTD.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)</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">(U.S.
dollars in thousands)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:FairValueDisclosuresTextBlock"><p id="xdx_80A_eus-gaap--FairValueDisclosuresTextBlock_zCbYMKzewPoj" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
13 - <span id="xdx_829_zjLoSh46VTS5">FAIR VALUE OF BIFRUCATED CONVERTIBLE FEATURE OF CONVERTIBLE BRIDGE LOANS</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
    the years ended December 31, 2021 and 2020, the Company allocated approximately $<span id="xdx_90E_eus-gaap--ProceedsFromConvertibleDebt_pn3n3_c20210101__20211231__us-gaap--DebtInstrumentAxis__custom--ConvertibleBridgeLoanMember_zjGaVQWCnVb1"><ix:nonFraction name="us-gaap:ProceedsFromConvertibleDebt" contextRef="From2021-01-012021-12-31_custom_ConvertibleBridgeLoanMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">7,420</ix:nonFraction>
    </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and $<span id="xdx_906_eus-gaap--ProceedsFromConvertibleDebt_pn3n3_c20200101__20201231__us-gaap--DebtInstrumentAxis__custom--ConvertibleBridgeLoanMember_zVT5d5S8HgKb"><ix:nonFraction name="us-gaap:ProceedsFromConvertibleDebt" contextRef="From2020-01-012020-12-31_custom_ConvertibleBridgeLoanMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,893</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
    respectively, of proceeds from its units that were issued under convertible bridge loans transactions to the fair value of the convertible
    feature embedded in such convertible bridge loans (see also Note 10E - Note 101M). The Company has determined that
    such feature requires bifurcation, as the conversion represent an obligation to issue a variable number of shares and as such the
    embedded conversion feature cannot be considered as indexed to the Company&#8217;s own stock. The estimated fair value of derivative
    liability for such convertible components as of December 31, 2021 and 2020 was $<span id="xdx_908_eus-gaap--DerivativeFairValueOfDerivativeLiability_iI_pn3n3_c20211231__us-gaap--DebtInstrumentAxis__custom--ConvertibleBridgeLoanMember_ztyhTvARKbp6"><ix:nonFraction name="us-gaap:DerivativeFairValueOfDerivativeLiability" contextRef="AsOf2021-12-31_custom_ConvertibleBridgeLoanMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">4,182</ix:nonFraction>
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    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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Company uses the Monte-Carlo Simulation Model to estimate fair value of this convertible component liability. In using this model,
    the Company makes certain assumptions about risk-free interest rates, expected stock price volatility and other assumptions. Expected
    volatility was calculated based on the Company&#8217;s stock performance. Risk-free interest rates are derived from the yield
    on U.S. Treasury debt securities.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    following table summarizes the observable inputs used in the valuation of the convertible component liability as of the closing date
    and December 31, 2021 and 2020:</span></td></tr>
  </table>
<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock"><p id="xdx_896_eus-gaap--FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock_zH9xDUUIsG98" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -21.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B1_zPIEj17AcgWb" style="display: none">SUMMARY OF OBSERVABLE INPUTS USED IN THE VALUATION OF THE CONVERTIBLE COMPONENT LIABILITY</span></span></p>

<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; vertical-align: bottom">
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    <td style="font: 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">As of<br /> December 31, 2021</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 52%; text-align: justify">Share price (U.S. dollars)</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%">&#160;</td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Expected volatility</td><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">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: justify">&#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: bold 10pt Times New Roman, Times, Serif">&#160;</td>
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    <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%">$</td>
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td id="xdx_987_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_uPure_c20201231__us-gaap--DebtInstrumentAxis__custom--ConvertibleBridgeLoanMember__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputSharePriceMember_zsq1dkUqkFA9" title="Convertible component liability for measurment input" style="font: 10pt Times New Roman, Times, Serif; width: 20%; text-align: right"><ix:nonFraction name="us-gaap:DebtInstrumentMeasurementInput" contextRef="AsOf2020-12-31_custom_ConvertibleBridgeLoanMember_us-gaap_MeasurementInputSharePriceMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">0.075</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; 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; text-align: justify">Expected volatility</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"><span id="xdx_907_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_uPure_c20201231__us-gaap--DebtInstrumentAxis__custom--ConvertibleBridgeLoanMember__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputPriceVolatilityMember__us-gaap--AwardDateAxis__custom--ClosingDateMember__srt--RangeAxis__srt--MinimumMember_zCX8I7KTNba5"><ix:nonFraction name="us-gaap:DebtInstrumentMeasurementInput" contextRef="AsOf2020-12-31_custom_ConvertibleBridgeLoanMember_us-gaap_MeasurementInputPriceVolatilityMember_custom_ClosingDateMember_srt_MinimumMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">95.92</ix:nonFraction></span>%-<span id="xdx_901_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_uPure_c20201231__us-gaap--DebtInstrumentAxis__custom--ConvertibleBridgeLoanMember__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputPriceVolatilityMember__us-gaap--AwardDateAxis__custom--ClosingDateMember__srt--RangeAxis__srt--MaximumMember_z26Kni1GCyme"><ix:nonFraction name="us-gaap:DebtInstrumentMeasurementInput" contextRef="AsOf2020-12-31_custom_ConvertibleBridgeLoanMember_us-gaap_MeasurementInputPriceVolatilityMember_custom_ClosingDateMember_srt_MaximumMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">127.53</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif">%</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_uPure_c20201231__us-gaap--DebtInstrumentAxis__custom--ConvertibleBridgeLoanMember__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputPriceVolatilityMember__srt--RangeAxis__srt--MinimumMember_zweVQQpaZK6k"><ix:nonFraction name="us-gaap:DebtInstrumentMeasurementInput" contextRef="AsOf2020-12-31_custom_ConvertibleBridgeLoanMember_us-gaap_MeasurementInputPriceVolatilityMember_srt_MinimumMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">128.3</ix:nonFraction></span>%-<span id="xdx_907_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_uPure_c20201231__us-gaap--DebtInstrumentAxis__custom--ConvertibleBridgeLoanMember__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputPriceVolatilityMember__srt--RangeAxis__srt--MaximumMember_zQeafiqJRTX6" title="Convertible component liability for measurment input"><ix:nonFraction name="us-gaap:DebtInstrumentMeasurementInput" contextRef="AsOf2020-12-31_custom_ConvertibleBridgeLoanMember_us-gaap_MeasurementInputPriceVolatilityMember_srt_MaximumMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">131.5</ix:nonFraction></span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</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: justify">Risk-free interest rate</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"><span id="xdx_90E_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_uPure_c20201231__us-gaap--DebtInstrumentAxis__custom--ConvertibleBridgeLoanMember__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputRiskFreeInterestRateMember__us-gaap--AwardDateAxis__custom--ClosingDateMember__srt--RangeAxis__srt--MinimumMember_zTz8vs46Yeg8"><ix:nonFraction name="us-gaap:DebtInstrumentMeasurementInput" contextRef="AsOf2020-12-31_custom_ConvertibleBridgeLoanMember_us-gaap_MeasurementInputRiskFreeInterestRateMember_custom_ClosingDateMember_srt_MinimumMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">0.10</ix:nonFraction></span>%-<span id="xdx_90A_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_uPure_c20201231__us-gaap--DebtInstrumentAxis__custom--ConvertibleBridgeLoanMember__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputRiskFreeInterestRateMember__us-gaap--AwardDateAxis__custom--ClosingDateMember__srt--RangeAxis__srt--MaximumMember_zFJuSHOQzf0h"><ix:nonFraction name="us-gaap:DebtInstrumentMeasurementInput" contextRef="AsOf2020-12-31_custom_ConvertibleBridgeLoanMember_us-gaap_MeasurementInputRiskFreeInterestRateMember_custom_ClosingDateMember_srt_MaximumMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">0.18</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif">%</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_uPure_c20201231__us-gaap--DebtInstrumentAxis__custom--ConvertibleBridgeLoanMember__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputRiskFreeInterestRateMember__srt--RangeAxis__srt--MinimumMember_znAMLmQFISOl" title="Convertible component liability for measurment input"><ix:nonFraction name="us-gaap:DebtInstrumentMeasurementInput" contextRef="AsOf2020-12-31_custom_ConvertibleBridgeLoanMember_us-gaap_MeasurementInputRiskFreeInterestRateMember_srt_MinimumMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">0.08</ix:nonFraction></span>%-<span id="xdx_906_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_uPure_c20201231__us-gaap--DebtInstrumentAxis__custom--ConvertibleBridgeLoanMember__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputRiskFreeInterestRateMember__srt--RangeAxis__srt--MaximumMember_z7DVTRKCBAdd" title="Convertible component liability for measurment input"><ix:nonFraction name="us-gaap:DebtInstrumentMeasurementInput" contextRef="AsOf2020-12-31_custom_ConvertibleBridgeLoanMember_us-gaap_MeasurementInputRiskFreeInterestRateMember_srt_MaximumMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">0.14</ix:nonFraction></span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr>
  </table>


</ix:nonNumeric><p id="xdx_8A8_z1NHGEd2d7hd" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:FairValueLiabilitiesMeasuredOnRecurringBasisTextBlock"><p id="xdx_89D_eus-gaap--FairValueLiabilitiesMeasuredOnRecurringBasisTextBlock_z8QDLOlEkq5l" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_8B0_za0nPPLBZowa" style="display: none">SUMMARY OF FAIR VALUE OF CONVERTIBLE COMPONENT LIABILITY</span></b></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">&#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">Fair value of <br />
bifurcated <br />
conversion<br />
 feature liability</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; text-align: justify">Balances as of December 31, 2019</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td id="xdx_98A_eus-gaap--DerivativeFairValueOfDerivativeLiability_iS_pn3n3_c20200101__20201231__us-gaap--DebtInstrumentAxis__custom--ConvertibleBridgeLoanMember_zTh5t92lYIj1" title="Balances as of December 31, 2019" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2144">-</span></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">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 78%; text-align: justify">Plus: Recognition at the initial date</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</td><td id="xdx_982_ecustom--RecognitionAtInitialDate_pn3n3_c20200101__20201231__us-gaap--DebtInstrumentAxis__custom--ConvertibleBridgeLoanMember_z7XEulzjWC19" title="Plus: Recognition at the initial date" style="font: 10pt Times New Roman, Times, Serif; width: 18%; text-align: right"><ix:nonFraction name="TOMDF:RecognitionAtInitialDate" contextRef="From2020-01-012020-12-31_custom_ConvertibleBridgeLoanMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,893</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; 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: justify">Less: Partial conversion of convertible bridge loans into equity</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td id="xdx_983_ecustom--PartialConversionOfConvertibleBridgeLoansIntoEquity_pn3n3_c20200101__20201231__us-gaap--DebtInstrumentAxis__custom--ConvertibleBridgeLoanMember_z4bXuVBBwYzj" title="Less: Partial conversion of convertible bridge loans into equity" style="font: 10pt Times New Roman, Times, Serif; text-align: right">(<ix:nonFraction name="TOMDF:PartialConversionOfConvertibleBridgeLoansIntoEquity" contextRef="From2020-01-012020-12-31_custom_ConvertibleBridgeLoanMember" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">38</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Plus: Modification of convertible bridge loans transactions</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td id="xdx_985_ecustom--ModificationOfConvertibleBridgeLoansTransactions_pn3n3_c20200101__20201231__us-gaap--DebtInstrumentAxis__custom--ConvertibleBridgeLoanMember_z9UhGcmgTd8f" title="Plus: Modification of convertible bridge loans transactions" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="TOMDF:ModificationOfConvertibleBridgeLoansTransactions" contextRef="From2020-01-012020-12-31_custom_ConvertibleBridgeLoanMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">213</ix:nonFraction></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: justify; padding-bottom: 1.5pt">Less: Changes in fair value</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_986_eus-gaap--DerivativeGainLossOnDerivativeNet_pn3n3_c20200101__20201231__us-gaap--DebtInstrumentAxis__custom--ConvertibleBridgeLoanMember_zsZ6CbNRIIig" title="Less: Changes in fair value" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(<ix:nonFraction name="us-gaap:DerivativeGainLossOnDerivativeNet" contextRef="From2020-01-012020-12-31_custom_ConvertibleBridgeLoanMember" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">568</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Balances as of December 31, 2020</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td id="xdx_988_eus-gaap--DerivativeFairValueOfDerivativeLiability_iS_pn3n3_c20210101__20211231__us-gaap--DebtInstrumentAxis__custom--ConvertibleBridgeLoanMember_zr8pU6NtFnHk" title="Balances as of December 31, 2020" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="us-gaap:DerivativeFairValueOfDerivativeLiability" contextRef="AsOf2020-12-31_custom_ConvertibleBridgeLoanMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,500</ix:nonFraction></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: justify">Plus: Recognition at the initial date</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td id="xdx_982_ecustom--RecognitionAtInitialDate_pn3n3_c20210101__20211231__us-gaap--DebtInstrumentAxis__custom--ConvertibleBridgeLoanMember_ziSN0WEDfxL5" title="Plus: Recognition at the initial date" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="TOMDF:RecognitionAtInitialDate" contextRef="From2021-01-012021-12-31_custom_ConvertibleBridgeLoanMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">7,420</ix:nonFraction></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">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Less: Partial conversion of convertible bridge loans into equity</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td id="xdx_983_ecustom--PartialConversionOfConvertibleBridgeLoansIntoEquity_pn3n3_c20210101__20211231__us-gaap--DebtInstrumentAxis__custom--ConvertibleBridgeLoanMember_zB6SyqqxNgz1" title="Less: Partial conversion of convertible bridge loans into equity" style="font: 10pt Times New Roman, Times, Serif; text-align: right">(<ix:nonFraction name="TOMDF:PartialConversionOfConvertibleBridgeLoansIntoEquity" contextRef="From2021-01-012021-12-31_custom_ConvertibleBridgeLoanMember" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">174</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</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: justify">Plus: Modification of convertible bridge loans transactions</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td id="xdx_989_ecustom--ModificationOfConvertibleBridgeLoansTransactions_pn3n3_c20210101__20211231__us-gaap--DebtInstrumentAxis__custom--ConvertibleBridgeLoanMember_zJHsrd6s84l5" title="Plus: Modification of convertible bridge loans transactions" style="font: 10pt Times New Roman, Times, Serif; text-align: right">(<ix:nonFraction name="TOMDF:ModificationOfConvertibleBridgeLoansTransactions" contextRef="From2021-01-012021-12-31_custom_ConvertibleBridgeLoanMember" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">3,384</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 1.5pt">Less: Changes in fair value</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_98C_eus-gaap--DerivativeGainLossOnDerivativeNet_pn3n3_c20210101__20211231__us-gaap--DebtInstrumentAxis__custom--ConvertibleBridgeLoanMember_zIgCtTXGdTce" title="Less: Changes in fair value" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(<ix:nonFraction name="us-gaap:DerivativeGainLossOnDerivativeNet" contextRef="From2021-01-012021-12-31_custom_ConvertibleBridgeLoanMember" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">2,180</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left">)</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: justify; padding-bottom: 2.5pt">Balances as of December 31, 2021</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 id="xdx_985_eus-gaap--DerivativeFairValueOfDerivativeLiability_iE_pn3n3_c20210101__20211231__us-gaap--DebtInstrumentAxis__custom--ConvertibleBridgeLoanMember_zZmfSL7wgn05" title="Balances as of December 31, 2021" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="us-gaap:DerivativeFairValueOfDerivativeLiability" contextRef="AsOf2021-12-31_custom_ConvertibleBridgeLoanMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">4,182</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A1_z4gr5fmXPuTh" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>


<ix:exclude><!-- Field: Page; Sequence: 150; 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 -->56<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#toc_002">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<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"><b>TODOS MEDICAL LTD.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)</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">(U.S.
dollars in thousands)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:CommitmentsAndContingenciesDisclosureTextBlock"><p id="xdx_807_eus-gaap--CommitmentsAndContingenciesDisclosureTextBlock_zQP2ExHNC7Yh" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
14 - <span id="xdx_820_zTHRFnMJYyd3">COMMITMENTS AND CONTINGENT LIABILITIES</span></b></span><b> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: -63.8pt"><span style="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-indent: -63.8pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><b>A.</b></td><td style="font: 10pt Times New Roman, Times, Serif"><b>Consulting
                                            Agreements</b></td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: -63.8pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">&#160;</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"><b>1.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Financial
    Buzz Media Networks LLC</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</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"><b>A.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_eus-gaap--OtherCommitmentsDescription_c20200607__20200608__us-gaap--TypeOfArrangementAxis__custom--PRandMediaServiceProviderAgreementMember__dei--LegalEntityAxis__custom--FinancialBuzzMediaNetworksLLCMember"><ix:nonNumeric contextRef="From2020-06-072020-06-08_custom_PRandMediaServiceProviderAgreementMember_custom_FinancialBuzzMediaNetworksLLCMember" name="us-gaap:OtherCommitmentsDescription">On
    June 8, 2020, the Company entered into new PR and Media Service Provider Agreement with Financial Buzz, whereby Financial Buzz would
    provide the Company with media and PR marketing services will be extended over a period of 6 months commenced on June 8, 2020. In
    consideration for the Media Services, the Company shall issue a total of <span id="xdx_90A_eus-gaap--StockIssuedDuringPeriodSharesIssuedForServices_pip0_c20200607__20200608__us-gaap--TypeOfArrangementAxis__custom--PRandMediaServiceProviderAgreementMember__dei--LegalEntityAxis__custom--FinancialBuzzMediaNetworksLLCMember_zPuRdmzvfTZj" title="Number of shares issued for services"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesIssuedForServices" contextRef="From2020-06-072020-06-08_custom_PRandMediaServiceProviderAgreementMember_custom_FinancialBuzzMediaNetworksLLCMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares">5,000,000</ix:nonFraction></span> fully vested Ordinary Shares of NIS <span id="xdx_90F_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_c20200608__us-gaap--TypeOfArrangementAxis__custom--PRandMediaServiceProviderAgreementMember__dei--LegalEntityAxis__custom--FinancialBuzzMediaNetworksLLCMember__us-gaap--AwardTypeAxis__custom--NISMember_znL568p1bJ2b" title="Ordinary shares, par value"><ix:nonFraction name="us-gaap:CommonStockParOrStatedValuePerShare" contextRef="AsOf2020-06-08_custom_PRandMediaServiceProviderAgreementMember_custom_FinancialBuzzMediaNetworksLLCMember_custom_NISMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.01</ix:nonFraction></span> par value
    to Financial Buzz upon execution of the PR and Media Service Provider Agreement. The fair value of these shares amounted to $<span id="xdx_90C_ecustom--FairValueOfOrdinaryShares_pn3n3_c20200607__20200608__us-gaap--TypeOfArrangementAxis__custom--PRandMediaServiceProviderAgreementMember__dei--LegalEntityAxis__custom--FinancialBuzzMediaNetworksLLCMember_zbT6IOZfdjG" title="Fair value of ordinary shares"><ix:nonFraction name="TOMDF:FairValueOfOrdinaryShares" contextRef="From2020-06-072020-06-08_custom_PRandMediaServiceProviderAgreementMember_custom_FinancialBuzzMediaNetworksLLCMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">450</ix:nonFraction></span>,
    representing a price per share of $<span id="xdx_90B_eus-gaap--SharesIssuedPricePerShare_iI_pid_c20200608__us-gaap--TypeOfArrangementAxis__custom--PRandMediaServiceProviderAgreementMember__dei--LegalEntityAxis__custom--FinancialBuzzMediaNetworksLLCMember_zKNOq3kFVQl3" title="Shares issued, price per share"><ix:nonFraction name="us-gaap:SharesIssuedPricePerShare" contextRef="AsOf2020-06-08_custom_PRandMediaServiceProviderAgreementMember_custom_FinancialBuzzMediaNetworksLLCMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.09</ix:nonFraction></span> at the commitment date.</ix:nonNumeric></span></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
    December 14, 2021, the Company entered into new PR and Media Service Provider Agreement with Financial Buzz, whereby Financial Buzz
    would provide the Company with media and PR marketing services over a period of 6 months commenced on December 14, 2021. In consideration
    for the Media Services, the Company shall issue a total of <span id="xdx_905_eus-gaap--StockIssuedDuringPeriodSharesIssuedForServices_pip0_c20211213__20211214__us-gaap--TypeOfArrangementAxis__custom--PRandMediaServiceProviderAgreementMember__dei--LegalEntityAxis__custom--FinancialBuzzMediaNetworksLLCMember_zf3EeauKkjQ9"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesIssuedForServices" contextRef="From2021-12-132021-12-14_custom_PRandMediaServiceProviderAgreementMember_custom_FinancialBuzzMediaNetworksLLCMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares">15,000,000</ix:nonFraction></span> fully vested Ordinary Shares of NIS <span id="xdx_90E_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_c20211214__us-gaap--TypeOfArrangementAxis__custom--PRandMediaServiceProviderAgreementMember__dei--LegalEntityAxis__custom--FinancialBuzzMediaNetworksLLCMember__us-gaap--AwardTypeAxis__custom--NISMember_z5fzhhgtUtse"><ix:nonFraction name="us-gaap:CommonStockParOrStatedValuePerShare" contextRef="AsOf2021-12-14_custom_PRandMediaServiceProviderAgreementMember_custom_FinancialBuzzMediaNetworksLLCMember_custom_NISMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.01</ix:nonFraction></span> par value to Financial
    Buzz upon execution of the PR and Media Service Provider Agreement. The fair value of these shares amounted to $<span id="xdx_903_ecustom--FairValueOfOrdinaryShares_pn3n3_c20211213__20211214__us-gaap--TypeOfArrangementAxis__custom--PRandMediaServiceProviderAgreementMember__dei--LegalEntityAxis__custom--FinancialBuzzMediaNetworksLLCMember_zRJQBsX2ogi9"><ix:nonFraction name="TOMDF:FairValueOfOrdinaryShares" contextRef="From2021-12-132021-12-14_custom_PRandMediaServiceProviderAgreementMember_custom_FinancialBuzzMediaNetworksLLCMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,170</ix:nonFraction></span>, representing
    a price per share of $<span id="xdx_901_eus-gaap--SharesIssuedPricePerShare_iI_pid_c20211231__us-gaap--TypeOfArrangementAxis__custom--PRandMediaServiceProviderAgreementMember__dei--LegalEntityAxis__custom--FinancialBuzzMediaNetworksLLCMember_zArSIeb0Y9J5"><ix:nonFraction name="us-gaap:SharesIssuedPricePerShare" contextRef="AsOf2021-12-31_custom_PRandMediaServiceProviderAgreementMember_custom_FinancialBuzzMediaNetworksLLCMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.078</ix:nonFraction></span> at the commitment date.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.25in"><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-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May 27, 2020, the Company issued <span id="xdx_907_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20200521__20200527__us-gaap--TypeOfArrangementAxis__custom--BusinessDevelopmentAgreementMember__dei--LegalEntityAxis__custom--OrionCapitalAdvisorsLLCMember__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zbEyMNvaEuGj" title="Stock issued during period new issues"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2020-05-212020-05-27_custom_BusinessDevelopmentAgreementMember_custom_OrionCapitalAdvisorsLLCMember_us-gaap_RestrictedStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">2,500,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ordinary shares to Financial Buzz.</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">
As of December 31, 2021, the Company has an obligation to issue the aforesaid <span id="xdx_90F_eus-gaap--StockIssuedDuringPeriodSharesIssuedForServices_pip0_c20210101__20211231__dei--LegalEntityAxis__custom--FinancialBuzzMediaNetworksLLCMember_zrWVyrb2Mzle"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesIssuedForServices" contextRef="From2021-01-012021-12-31_custom_FinancialBuzzMediaNetworksLLCMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares">17,500,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares under both agreements. During the year
ended December 31, 2021 and 2020, the Company recorded stock-based compensation expenses in total amount of $<span id="xdx_902_eus-gaap--ShareBasedCompensation_pn3n3_c20210101__20211231__dei--LegalEntityAxis__custom--FinancialBuzzMediaNetworksLLCMember_zOF1teZ8AYo5"><ix:nonFraction name="us-gaap:ShareBasedCompensation" contextRef="From2021-01-012021-12-31_custom_FinancialBuzzMediaNetworksLLCMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">117</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and $<span id="xdx_906_eus-gaap--ShareBasedCompensation_pn3n3_c20210101__20211231__dei--LegalEntityAxis__custom--FinancialBuzzMediaNetworksLLCMember__us-gaap--IncomeStatementLocationAxis__us-gaap--SellingAndMarketingExpenseMember_z7LDoUsM8EC7"><ix:nonFraction name="us-gaap:ShareBasedCompensation" contextRef="From2021-01-012021-12-31_custom_FinancialBuzzMediaNetworksLLCMember_us-gaap_SellingAndMarketingExpenseMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">450</ix:nonFraction></span>, respectively, </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">as part of &#8220;Sales
and Marketing Expenses&#8221; line in operations in the accompanying consolidated statement of operations. </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<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">&#160;</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"><b>2.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3D
    Biomedicine Science and Technology Co. Limited</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 16, 2020 (the &#8220;Effective Date&#8221;), Todos Medical USA entered into Distribution Agreement with 3D Biomedicine Science
and Technology Co. Limited (&#8220;3DMed&#8221;), whereby at the Effective Date 3DMed appointed Todos Medical USA as its non-exclusive
agent for importing, marketing and distributing of the 3DMed&#8217;s products which include physician kits, lab kits and any other kits
that may be used in the process of analyzing and diagnostic swab samples (the &#8220;Products&#8221;) in specific countries (the &#8220;Territories&#8221;).
The Distribution Agreement shall be in effect for a period of one year from the Effective Date (the &#8220;Term&#8221;) and will be extending
automatically for an additional period of three years unless terminated by either party at the end of the Term by giving the other party
termination notice in writing at least 90 days prior to the Term end.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
the initial of the Distribution Agreement, the Company will validate the performance of the Products provided by 3DMed (the &#8220;Validation
Stage&#8221;). If the Validation Stage result will be accepted by the Company, both parties will have further commercial cooperation
according to the terms of the Distribution Agreement, under which the Company will be committed to minimum purchase quantities of the
Products according to the supply price as defined in the Distribution Agreement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
consideration for the reduced supply price that the Company will be entitled to under the Distribution Agreement, the Company will
issue to 3DMed restricted ordinary shares at the end of the Validation Stage upon successful completion of the Validation based on value
of $<span id="xdx_903_eus-gaap--StockIssuedDuringPeriodValueNewIssues_pn3n3_c20200312__20200313__us-gaap--TypeOfArrangementAxis__custom--DistributionAgreementMember__dei--LegalEntityAxis__custom--ThreeDBiomedicineScienceAndTechnologyCoLimitedMember_zg2e8T6JkZ8f" title="Number of ordinary shares issued, value"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueNewIssues" contextRef="From2020-03-122020-03-13_custom_DistributionAgreementMember_custom_ThreeDBiomedicineScienceAndTechnologyCoLimitedMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">250</ix:nonFraction> </span>according to the share price as of March 13, 2020. As of December 31, 2020, and as of the signing date of these consolidated
financial statements, the Validation Stage is still in progress and the Company has its own discretion to stop the commercial cooperation
with 3DMed.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 151; 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"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#toc_002">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<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"><b>TODOS MEDICAL LTD.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)</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">(U.S.
dollars in thousands)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
14 - COMMITMENTS AND CONTINGENT LIABILITIES (CONT.)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: -63.8pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">&#160;</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"><b>3.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Andrew
    Blumenthal</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May 23, 2020, the Company entered into Consulting Agreement with Andrew Blumenthal (&#8220;Andrew&#8221;) whereby Andrew will provide
service to the Company in connection with entering into contracts with third parties for sales and or sub distribution agreements whereby
Company will provide testing and treatment products related to COVID-19 (the &#8220;Service&#8221;). For fulfillment of Andrew&#8217;s
duties under the Consulting Agreement, Andrew will receive compensation as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</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"><b>A.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Monthly
    retainer of $<span id="xdx_903_eus-gaap--RetainageDeposit_iI_pn3n3_c20200523__us-gaap--TypeOfArrangementAxis__custom--ConsultingAgreementMember__dei--LegalEntityAxis__custom--AndrewBlumenthalMember_z2e5W3Vwd5ed" title="Monthly retainer"><ix:nonFraction name="us-gaap:RetainageDeposit" contextRef="AsOf2020-05-23_custom_ConsultingAgreementMember_custom_AndrewBlumenthalMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">15</ix:nonFraction></span> beginning upon execution of Consulting Agreement (the &#8220;Monthly Retainer&#8221;).</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issuance
    of <span id="xdx_905_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pip0_c20200522__20200523__us-gaap--TypeOfArrangementAxis__custom--ConsultingAgreementMember__dei--LegalEntityAxis__custom--AndrewBlumenthalMember_z3jwpauDON6e" title="Stock issued during the period, shares"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2020-05-222020-05-23_custom_ConsultingAgreementMember_custom_AndrewBlumenthalMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares">2,500,000</ix:nonFraction></span> ordinary shares of the Company par value NIS <span id="xdx_90D_eus-gaap--SharesIssuedPricePerShare_iI_pid_c20200523__us-gaap--TypeOfArrangementAxis__custom--ConsultingAgreementMember__dei--LegalEntityAxis__custom--AndrewBlumenthalMember__us-gaap--AwardTypeAxis__custom--NISMember_zCRVikuz3Vy" title="Shares issued, price per share"><ix:nonFraction name="us-gaap:SharesIssuedPricePerShare" contextRef="AsOf2020-05-23_custom_ConsultingAgreementMember_custom_AndrewBlumenthalMember_custom_NISMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.01</ix:nonFraction></span> per share which will be vested over a period of nine months as follows:</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in">&#160;</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"><b>1.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_900_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingRights_pp0p0_c20200522__20200523__us-gaap--TypeOfArrangementAxis__custom--ConsultingAgreementMember__dei--LegalEntityAxis__custom--AndrewBlumenthalMember_zQmQbdRVEfm3" title="Vesting description"><ix:nonNumeric contextRef="From2020-05-222020-05-23_custom_ConsultingAgreementMember_custom_AndrewBlumenthalMember" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingRights">900,000 vested in 100,000 monthly increments over nine months commencing with the execution of the Consulting Agreement.</ix:nonNumeric></span></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber_iI_pip0_c20200523__us-gaap--TypeOfArrangementAxis__custom--ConsultingAgreementMember__dei--LegalEntityAxis__custom--AndrewBlumenthalMember_z0fXT3TGEyq2"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber" contextRef="AsOf2020-05-23_custom_ConsultingAgreementMember_custom_AndrewBlumenthalMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares">400,000</ix:nonFraction></span>
    for each contract that delivers over $<span id="xdx_90A_eus-gaap--GrossProfit_pn3n3_c20200522__20200523__us-gaap--TypeOfArrangementAxis__custom--ConsultingAgreementMember__dei--LegalEntityAxis__custom--AndrewBlumenthalMember_zspvZ85eCOed" title="Gross profit"><ix:nonFraction name="us-gaap:GrossProfit" contextRef="From2020-05-222020-05-23_custom_ConsultingAgreementMember_custom_AndrewBlumenthalMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,000</ix:nonFraction></span> in gross profits, up to 4 contracts.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -14.2pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</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"><b>C.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_ecustom--RevenuesPercentage_pid_dp_uPure_c20200522__20200523__us-gaap--TypeOfArrangementAxis__custom--ConsultingAgreementMember__dei--LegalEntityAxis__custom--AndrewBlumenthalMember_zuwCSQarAVWc" title="Revenues percentage"><ix:nonFraction name="TOMDF:RevenuesPercentage" contextRef="From2020-05-222020-05-23_custom_ConsultingAgreementMember_custom_AndrewBlumenthalMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">25</ix:nonFraction></span>%
    of net revenues (gross sales price less the acquisitions cost excluding financing and operational expenses) from any product sale
    in which Andrew is the introducing representative (the &#8220;Commission Fee&#8221;). The Company&#8217;s Commission Fee shall be
    remained as long as the Company sell product to a representative sourced by Andrew, regardless of whether the Consulting Agreement
    has been terminated. </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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>D.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
    every month that Andrew is engaged with the Company, up to maximum of 6-months period, Andrew shall be granted one month of severance
    consulting fee posts termination equal to Monthly Retainer.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.25in"><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-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span id="xdx_901_eus-gaap--OtherCommitmentsDescription_c20200522__20200523__us-gaap--TypeOfArrangementAxis__custom--ConsultingAgreementMember__dei--LegalEntityAxis__custom--AndrewBlumenthalMember_zYQbTZhOX3W2" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="From2020-05-222020-05-23_custom_ConsultingAgreementMember_custom_AndrewBlumenthalMember" name="us-gaap:OtherCommitmentsDescription">The
Consulting Agreement term commenced on May 6, 2020 and will continue until the earlier to occur of: (i) March 25, 2021, or (ii) termination
as described in the Consulting Agreement. Commencing August 2021, Andrew is compensated as an employee of the Company and the Company
and Andrew terminated the Consulting Agreement</ix:nonNumeric></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the years ended December 31, 2021 and 2020, the Company recorded expenses in total amount of $<span id="xdx_903_eus-gaap--OperatingExpenses_pn3n3_c20210101__20211231__us-gaap--TypeOfArrangementAxis__custom--ConsultingAgreementMember__dei--LegalEntityAxis__custom--AndrewBlumenthalMember_z7zeagtfbD8b"><ix:nonFraction name="us-gaap:OperatingExpenses" contextRef="From2021-01-012021-12-31_custom_ConsultingAgreementMember_custom_AndrewBlumenthalMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">46</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">($<span id="xdx_901_eus-gaap--ShareBasedCompensation_pn3n3_c20210101__20211231__us-gaap--TypeOfArrangementAxis__custom--ConsultingAgreementMember__dei--LegalEntityAxis__custom--AndrewBlumenthalMember_zCaxNtSJgpFc"><ix:nonFraction name="us-gaap:ShareBasedCompensation" contextRef="From2021-01-012021-12-31_custom_ConsultingAgreementMember_custom_AndrewBlumenthalMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">13</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">out of which related to stock-based compensation
expenses which represented a price per share of $<span id="xdx_903_eus-gaap--SharesIssuedPricePerShare_iI_pid_c20211231__us-gaap--TypeOfArrangementAxis__custom--ConsultingAgreementMember__dei--LegalEntityAxis__custom--AndrewBlumenthalMember_zsV4rVYp4rVh"><ix:nonFraction name="us-gaap:SharesIssuedPricePerShare" contextRef="AsOf2021-12-31_custom_ConsultingAgreementMember_custom_AndrewBlumenthalMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.067</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">at the commitment date) and $<span id="xdx_90D_eus-gaap--OperatingExpenses_pn3n3_c20200101__20201231__us-gaap--TypeOfArrangementAxis__custom--ConsultingAgreementMember__dei--LegalEntityAxis__custom--AndrewBlumenthalMember_zAUzAFZhQCD3"><ix:nonFraction name="us-gaap:OperatingExpenses" contextRef="From2020-01-012020-12-31_custom_ConsultingAgreementMember_custom_AndrewBlumenthalMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">159</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">($<span id="xdx_904_eus-gaap--ShareBasedCompensation_pn3n3_c20200101__20201231__us-gaap--TypeOfArrangementAxis__custom--ConsultingAgreementMember__dei--LegalEntityAxis__custom--AndrewBlumenthalMember_zOh9hlpVbl42"><ix:nonFraction name="us-gaap:ShareBasedCompensation" contextRef="From2020-01-012020-12-31_custom_ConsultingAgreementMember_custom_AndrewBlumenthalMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">47</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">out of which related to stock-based compensation
expenses which represented a price per share of $<span id="xdx_907_eus-gaap--SharesIssuedPricePerShare_iI_pid_c20201231__us-gaap--TypeOfArrangementAxis__custom--ConsultingAgreementMember__dei--LegalEntityAxis__custom--AndrewBlumenthalMember_zKJ9oVEIgIE4"><ix:nonFraction name="us-gaap:SharesIssuedPricePerShare" contextRef="AsOf2020-12-31_custom_ConsultingAgreementMember_custom_AndrewBlumenthalMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.067</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">at the commitment date), respectively, as part
of &#8220;Sales and Marketing Expenses&#8221; line in operations in the accompanying consolidated statement of operations. During the
years ended December 31, 2021 and 2020, the Company has not recorded expenses with respect to the aforesaid Commission Fee.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 152; 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 -->58<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#toc_002">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<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"><b>TODOS MEDICAL LTD.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)</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">(U.S.
dollars in thousands)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
14 - COMMITMENTS AND CONTINGENT LIABILITIES (CONT.)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: -63.8pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Consulting
    Agreements (Cont.)</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -28.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">&#160;</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"><b>4.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Singh
    Global LLC</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May 23, 2020, the Company entered into Consulting Agreement with Singh Global LLC (&#8220;Singh&#8221;) whereby Singh will provide service
to the Company in connection with entering into contracts with third parties for sales and or sub distribution agreements whereby the
Company will provide Testing and Treatment products related to COVID-19 (the &#8220;Service&#8221;). For fulfillment of its duties under
the Consulting Agreement, Singh will receive compensation as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</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"><b>A.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Monthly
    retainer of $<span id="xdx_907_eus-gaap--RetainageDeposit_iI_pn3n3_c20200523__us-gaap--TypeOfArrangementAxis__custom--ConsultingAgreementMember__dei--LegalEntityAxis__custom--SinghGlobalLLCMember_zU2oTjmfQsi4" title="Monthly retainer"><ix:nonFraction name="us-gaap:RetainageDeposit" contextRef="AsOf2020-05-23_custom_ConsultingAgreementMember_custom_SinghGlobalLLCMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">15</ix:nonFraction></span> beginning upon execution of Consulting Agreement (the &#8220;Monthly Retainer&#8221;).</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issuance
    of <span id="xdx_903_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pip0_c20200522__20200523__us-gaap--TypeOfArrangementAxis__custom--ConsultingAgreementMember__dei--LegalEntityAxis__custom--SinghGlobalLLCMember_zTi6eKV3OOV6" title="Stock issued during the period, shares"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2020-05-222020-05-23_custom_ConsultingAgreementMember_custom_SinghGlobalLLCMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares">2,500,000</ix:nonFraction></span> ordinary shares of the Company par value NIS <span id="xdx_902_eus-gaap--SharesIssuedPricePerShare_iI_pid_c20200523__us-gaap--TypeOfArrangementAxis__custom--ConsultingAgreementMember__dei--LegalEntityAxis__custom--SinghGlobalLLCMember__us-gaap--AwardTypeAxis__custom--NISMember_zTovFVkMjf9b" title="Shares issued, price per share"><ix:nonFraction name="us-gaap:SharesIssuedPricePerShare" contextRef="AsOf2020-05-23_custom_ConsultingAgreementMember_custom_SinghGlobalLLCMember_custom_NISMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.01</ix:nonFraction></span> per share which will be vested over a period of nine months as follows:
    </span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -17.45pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in">&#160;</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"><b>1.</b></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">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber_iI_pip0_c20200523__us-gaap--TypeOfArrangementAxis__custom--ConsultingAgreementMember__dei--LegalEntityAxis__custom--SinghGlobalLLCMember_zY93O6OPlHs4"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber" contextRef="AsOf2020-05-23_custom_ConsultingAgreementMember_custom_SinghGlobalLLCMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares">400,000</ix:nonFraction></span>
    for each contract that delivers over $<span id="xdx_900_eus-gaap--GrossProfit_pn3n3_c20200522__20200523__us-gaap--TypeOfArrangementAxis__custom--ConsultingAgreementMember__dei--LegalEntityAxis__custom--SinghGlobalLLCMember_zM4Io7FI6oo6"><ix:nonFraction name="us-gaap:GrossProfit" contextRef="From2020-05-222020-05-23_custom_ConsultingAgreementMember_custom_SinghGlobalLLCMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,000</ix:nonFraction></span> in gross profits, up to 4 contracts.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -14.2pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</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"><b>C.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_ecustom--RevenuesPercentage_pid_dp_uPure_c20200522__20200523__us-gaap--TypeOfArrangementAxis__custom--ConsultingAgreementMember__dei--LegalEntityAxis__custom--SinghGlobalLLCMember_zAXHVYUTzVrj" title="Revenues percentage"><ix:nonFraction name="TOMDF:RevenuesPercentage" contextRef="From2020-05-222020-05-23_custom_ConsultingAgreementMember_custom_SinghGlobalLLCMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">25</ix:nonFraction></span>%
    of net revenues (gross sales price less the acquisitions cost excluding financing and operational expenses) from any product sale
    in which Singh is the introducing representative (the &#8220;Commission Fee&#8221;). The Company&#8217;s Commission Fee shall be
    remained as long as the Company sell product to a representative sourced by Singh, regardless of whether the Consulting Agreement
    has been terminated.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -17.45pt"><span style="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-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_eus-gaap--OtherCommitmentsDescription_c20200522__20200523__us-gaap--TypeOfArrangementAxis__custom--ConsultingAgreementMember__dei--LegalEntityAxis__custom--SinghGlobalLLCMember_z5KXe26wng2g"><ix:nonNumeric contextRef="From2020-05-222020-05-23_custom_ConsultingAgreementMember_custom_SinghGlobalLLCMember" name="us-gaap:OtherCommitmentsDescription">The
Consulting Agreement term commenced on May 6, 2020 and will continue until the earlier to occur of: (i) March 25, 2021, or (ii) termination
as described in the Consulting Agreement.</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the years ended December 31, 2021 and 2020, the Company recorded expenses in total amount of $<span id="xdx_905_eus-gaap--OperatingExpenses_pn3n3_c20210101__20211231__us-gaap--TypeOfArrangementAxis__custom--ConsultingAgreementMember__dei--LegalEntityAxis__custom--SinghGlobalLLCMember_zXD0Vooz1eL5" title="Expenses"><ix:nonFraction name="us-gaap:OperatingExpenses" contextRef="From2021-01-012021-12-31_custom_ConsultingAgreementMember_custom_SinghGlobalLLCMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">59</ix:nonFraction></span> ($<span id="xdx_902_eus-gaap--ShareBasedCompensation_pn3n3_c20210101__20211231__us-gaap--TypeOfArrangementAxis__custom--ConsultingAgreementMember__dei--LegalEntityAxis__custom--SinghGlobalLLCMember_zL7J4wgeGDSb" title="Stock-based compensation"><ix:nonFraction name="us-gaap:ShareBasedCompensation" contextRef="From2021-01-012021-12-31_custom_ConsultingAgreementMember_custom_SinghGlobalLLCMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">14</ix:nonFraction></span> out of which related to stock-based
compensation expenses which representing a price per share of $<span id="xdx_906_eus-gaap--SharesIssuedPricePerShare_iI_c20211231__us-gaap--TypeOfArrangementAxis__custom--MediaAdvertisingAgreementMember__dei--LegalEntityAxis__custom--AlAndJMediaIncMember_zgIVeDzYqxtc" title="Shares issued, price per share"><ix:nonFraction name="us-gaap:SharesIssuedPricePerShare" contextRef="AsOf2021-12-31_custom_MediaAdvertisingAgreementMember_custom_AlAndJMediaIncMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.067</ix:nonFraction></span> at the commitment date) and $<span id="xdx_904_eus-gaap--OperatingExpenses_pn3n3_c20200101__20201231__us-gaap--TypeOfArrangementAxis__custom--ConsultingAgreementMember__dei--LegalEntityAxis__custom--SinghGlobalLLCMember_zNftosczE4Yk"><ix:nonFraction name="us-gaap:OperatingExpenses" contextRef="From2020-01-012020-12-31_custom_ConsultingAgreementMember_custom_SinghGlobalLLCMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">139</ix:nonFraction></span> ($<span id="xdx_903_eus-gaap--ShareBasedCompensation_pn3n3_c20200101__20201231__us-gaap--TypeOfArrangementAxis__custom--ConsultingAgreementMember__dei--LegalEntityAxis__custom--SinghGlobalLLCMember_zh5U0BVY3m89"><ix:nonFraction name="us-gaap:ShareBasedCompensation" contextRef="From2020-01-012020-12-31_custom_ConsultingAgreementMember_custom_SinghGlobalLLCMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">49</ix:nonFraction></span> out of which related to stock-based
compensation expenses which representing a price per share of $<span id="xdx_90D_eus-gaap--SharesIssuedPricePerShare_iI_c20201231__us-gaap--TypeOfArrangementAxis__custom--MediaAdvertisingAgreementMember__dei--LegalEntityAxis__custom--AlAndJMediaIncMember_zxJUwGeumWO9"><ix:nonFraction name="us-gaap:SharesIssuedPricePerShare" contextRef="AsOf2020-12-31_custom_MediaAdvertisingAgreementMember_custom_AlAndJMediaIncMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.07</ix:nonFraction></span> at the commitment date), respectively, as part of &#8220;Sales and
Marketing Expenses&#8221; line in operations in the accompanying consolidated statement of operations. During the year ended December
31, 2021 and 2020, the Company has not recorded expenses with respect to the aforesaid Commission Fee.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">&#160;</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"><b>5.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Priyanka
    Misra</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June 22, 2020, the Company entered into Consulting Agreement with Priyanka Misra (&#8220;Priyanka&#8221;) whereby Priyanka will provide
service to the Company which include inter alia (i) implementing salesforce and sale surveillance strategies; (ii) develop and implement
a methodology to track sales and strategic relationship opportunities; (iii) investor relations (the &#8220;Service&#8221;). For fulfillment
of its duties under the Consulting Agreement, Priyanka will receive compensation as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</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"><b>A.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Monthly
    draw of $<span id="xdx_90E_eus-gaap--RetainageDeposit_iI_pn3n3_c20200622__us-gaap--TypeOfArrangementAxis__custom--ConsultingAgreementMember__dei--LegalEntityAxis__custom--PriyankaMisraMember_zdmns1donqal" title="Monthly retainer"><ix:nonFraction name="us-gaap:RetainageDeposit" contextRef="AsOf2020-06-22_custom_ConsultingAgreementMember_custom_PriyankaMisraMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">15</ix:nonFraction></span> beginning upon execution of Consulting Agreement (the &#8220;Monthly Draw&#8221;). </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_908_ecustom--OperatingProfitsPercentage_pid_dp_uPure_c20200621__20200622__us-gaap--TypeOfArrangementAxis__custom--ConsultingAgreementMember__dei--LegalEntityAxis__custom--PriyankaMisraMember_zVajF9WTlfR1" title="Operating profits percentage"><ix:nonFraction name="TOMDF:OperatingProfitsPercentage" contextRef="From2020-06-212020-06-22_custom_ConsultingAgreementMember_custom_PriyankaMisraMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">25</ix:nonFraction></span>%
    of monthly operating profits generated by all sales representatives working under Priyanka, to be calculated as the value of gross
    sales received minus cost of goods sold (including shipping, accounting and bookkeeping expenses and sales commission paid to Expansion&#8217;s
    sales force, less the Monthly Draw (the &#8220;Commission Fee&#8221;). </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issuance
    of <span id="xdx_905_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pip0_c20200621__20200622__us-gaap--TypeOfArrangementAxis__custom--ConsultingAgreementMember__dei--LegalEntityAxis__custom--PriyankaMisraMember_zqDRpIHwbPEd" title="Stock issued during the period, shares"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2020-06-212020-06-22_custom_ConsultingAgreementMember_custom_PriyankaMisraMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares">1,250,000</ix:nonFraction></span> ordinary shares of the Company par value NIS <span id="xdx_908_eus-gaap--SharesIssuedPricePerShare_iI_pid_c20200622__us-gaap--TypeOfArrangementAxis__custom--ConsultingAgreementMember__dei--LegalEntityAxis__custom--PriyankaMisraMember__us-gaap--AwardTypeAxis__custom--NISMember_zPZ5RjZ45Chi" title="Shares issued, price per share"><ix:nonFraction name="us-gaap:SharesIssuedPricePerShare" contextRef="AsOf2020-06-22_custom_ConsultingAgreementMember_custom_PriyankaMisraMember_custom_NISMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.01</ix:nonFraction></span> per share which will be vested over a period of six months as follows:
    </span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -17.45pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in">&#160;</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"><b>1.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingRights_c20200621__20200622__us-gaap--TypeOfArrangementAxis__custom--ConsultingAgreementMember__dei--LegalEntityAxis__custom--PriyankaMisraMember_zw1xkSU4VUd2" title="Vesting description"><ix:nonNumeric contextRef="From2020-06-212020-06-22_custom_ConsultingAgreementMember_custom_PriyankaMisraMember" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingRights">250,000
    vested upon completion of salesforce implementation or equipment CRM.</ix:nonNumeric></span></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_909_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber_iI_pip0_c20200622__us-gaap--TypeOfArrangementAxis__custom--ConsultingAgreementMember__dei--LegalEntityAxis__custom--PriyankaMisraMember_zGR1G27TiQy9"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber" contextRef="AsOf2020-06-22_custom_ConsultingAgreementMember_custom_PriyankaMisraMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares">250,000</ix:nonFraction></span>
    for each contract that delivers over $<span id="xdx_90F_eus-gaap--GrossProfit_pn3n3_c20200621__20200622__us-gaap--TypeOfArrangementAxis__custom--ConsultingAgreementMember__dei--LegalEntityAxis__custom--PriyankaMisraMember_zwmd803ldrA6" title="Gross profits"><ix:nonFraction name="us-gaap:GrossProfit" contextRef="From2020-06-212020-06-22_custom_ConsultingAgreementMember_custom_PriyankaMisraMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,000</ix:nonFraction></span> in gross profits, up to 4 contracts.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -14.2pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(together
referring herein as &#8220;Performance Condition&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span id="xdx_90B_eus-gaap--OtherCommitmentsDescription_c20200621__20200622__us-gaap--TypeOfArrangementAxis__custom--ConsultingAgreementMember__dei--LegalEntityAxis__custom--PriyankaMisraMember_z8IAtgkJj9d8" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="From2020-06-212020-06-22_custom_ConsultingAgreementMember_custom_PriyankaMisraMember" name="us-gaap:OtherCommitmentsDescription">The
Consulting Agreement term commenced on June 22, 2020 and will continue until the earlier to occur of: (i) June 23, 2021, or (ii) termination
as described in the Consulting Agreement. Commencing March 2021, Priyanka is compensated as an employee of the Company and the Company
and the Company and Priyanka terminated the Consulting Agreement</ix:nonNumeric></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 153; 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 -->59<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#toc_002">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<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"><b>TODOS MEDICAL LTD.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)</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">(U.S.
dollars in thousands)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
14 - COMMITMENTS AND CONTINGENT LIABILITIES (CONT.)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Consulting
    Agreements (Cont.)</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -28.35pt"><span style="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-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the years ended December 31, 2021 and 2020, the Company recorded expenses in total amount of $<span id="xdx_904_eus-gaap--OperatingExpenses_pn3n3_c20210101__20211231__us-gaap--TypeOfArrangementAxis__custom--ConsultingAgreementMember__dei--LegalEntityAxis__custom--PriyankaMisraMember_zbv3rS0Sj7P8"><ix:nonFraction name="us-gaap:OperatingExpenses" contextRef="From2021-01-012021-12-31_custom_ConsultingAgreementMember_custom_PriyankaMisraMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">107</ix:nonFraction></span> ($<span id="xdx_906_eus-gaap--ShareBasedCompensation_pn3n3_c20210101__20211231__us-gaap--TypeOfArrangementAxis__custom--ConsultingAgreementMember__dei--LegalEntityAxis__custom--PriyankaMisraMember_z3JhMQrcBKEj"><ix:nonFraction name="us-gaap:ShareBasedCompensation" contextRef="From2021-01-012021-12-31_custom_ConsultingAgreementMember_custom_PriyankaMisraMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">85</ix:nonFraction> </span>out of which related to stock-based
compensation expenses in connection with the Performance Condition related to completion of salesforce implementation or equipment CRM,
which representing a price per share of $<span id="xdx_90A_eus-gaap--SharesIssuedPricePerShare_iI_c20211231__us-gaap--TypeOfArrangementAxis__custom--ConsultingAgreementMember__dei--LegalEntityAxis__custom--PriyankaMisraMember_zSdeP3vGOSWg"><ix:nonFraction name="us-gaap:SharesIssuedPricePerShare" contextRef="AsOf2021-12-31_custom_ConsultingAgreementMember_custom_PriyankaMisraMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.057</ix:nonFraction></span> at the commitment date, of which $<span id="xdx_906_ecustom--CommissionFees_pn3n3_c20210101__20211231__us-gaap--TypeOfArrangementAxis__custom--ConsultingAgreementMember__dei--LegalEntityAxis__custom--PriyankaMisraMember_zArHOL2Q4sCf" title="Commission fees"><ix:nonFraction name="TOMDF:CommissionFees" contextRef="From2021-01-012021-12-31_custom_ConsultingAgreementMember_custom_PriyankaMisraMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">71</ix:nonFraction></span> are related to the aforesaid Commission Fee and the
Performance Condition in connection with deliver contracts) and $<span id="xdx_90D_eus-gaap--OperatingExpenses_pn3n3_c20200101__20201231__us-gaap--TypeOfArrangementAxis__custom--ConsultingAgreementMember__dei--LegalEntityAxis__custom--PriyankaMisraMember_zKJ5RyjCNuhf"><ix:nonFraction name="us-gaap:OperatingExpenses" contextRef="From2020-01-012020-12-31_custom_ConsultingAgreementMember_custom_PriyankaMisraMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">104</ix:nonFraction></span> ($<span id="xdx_905_eus-gaap--ShareBasedCompensation_pn3n3_c20200101__20201231__us-gaap--TypeOfArrangementAxis__custom--ConsultingAgreementMember__dei--LegalEntityAxis__custom--PriyankaMisraMember_zUDCafLCOfuf"><ix:nonFraction name="us-gaap:ShareBasedCompensation" contextRef="From2020-01-012020-12-31_custom_ConsultingAgreementMember_custom_PriyankaMisraMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">14</ix:nonFraction></span> out of which related to stock-based compensation expenses,
which representing a price per share of $<span id="xdx_90B_eus-gaap--SharesIssuedPricePerShare_iI_c20201231__us-gaap--TypeOfArrangementAxis__custom--ConsultingAgreementMember__dei--LegalEntityAxis__custom--PriyankaMisraMember_zz4y9yrewywe"><ix:nonFraction name="us-gaap:SharesIssuedPricePerShare" contextRef="AsOf2020-12-31_custom_ConsultingAgreementMember_custom_PriyankaMisraMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.057</ix:nonFraction></span> at the commitment date), respectively, as part of &#8220;Sales and Marketing Expenses&#8221;
line in operations in the accompanying consolidated statement of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 22 the Company issued Priyanka <span id="xdx_90A_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pip0_c20210121__20210122__us-gaap--TypeOfArrangementAxis__custom--ConsultingAgreementMember__dei--LegalEntityAxis__custom--PriyankaMisraMember_zuL3SonLrZ48" title="Stock issued during the period, shares"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2021-01-212021-01-22_custom_ConsultingAgreementMember_custom_PriyankaMisraMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares">1,500</ix:nonFraction></span> ordinary shares in exchange for the above commitment.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Commencing
March 2021, Priyanka is compensated as an employee of the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</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"><b>6.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Leomics
    Associates </b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 23, 2020, the Company entered into Consulting Agreement with Leomics Associates (&#8220;Leomics&#8221;) whereby Leomics will provide
worldwide service to the Company which include inter alia (i) identify and introduce to the Company potential US customers for its CLIA
lab services in Atlanta; (ii) working as development business agent targeting the US and global market to bring clients for Covid related
products; (iii) provide guidance and assistance with the clinical validation, reimbursement, and market penetration of the Company&#8217;s
current pipeline of products in Breast Cancer and Alzheimer&#8217;s contribute to development and optimization of all marketing materials;
(iv) provide the Company with a strategic development plan focused in corporate growth; (v) assistance in raising funds (the &#8220;Service&#8221;).
For fulfillment of its duties under the Consulting Agreement, Leomics will receive compensation as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in">&#160;</td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Annual
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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">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additional
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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">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issuance
    of <span id="xdx_90A_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pip0_c20200722__20200723__us-gaap--TypeOfArrangementAxis__custom--ConsultingAgreementMember__dei--LegalEntityAxis__custom--LeomicsAssociatesMember_zTYd6gII0Mdb"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2020-07-222020-07-23_custom_ConsultingAgreementMember_custom_LeomicsAssociatesMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares">1,000,000</ix:nonFraction></span> fully vested ordinary shares of the Company par value NIS <span id="xdx_90E_eus-gaap--SharesIssuedPricePerShare_iI_pid_c20200723__us-gaap--TypeOfArrangementAxis__custom--ConsultingAgreementMember__dei--LegalEntityAxis__custom--LeomicsAssociatesMember__us-gaap--AwardTypeAxis__custom--NISMember_z1gTcl3xarnd"><ix:nonFraction name="us-gaap:SharesIssuedPricePerShare" contextRef="AsOf2020-07-23_custom_ConsultingAgreementMember_custom_LeomicsAssociatesMember_custom_NISMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.01</ix:nonFraction></span> per share within 5 days of the execution of the Consulting
    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">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>D.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Travel
    related expenses, when applicable.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -17.45pt"><span style="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-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_908_eus-gaap--OtherCommitmentsDescription_c20200722__20200723__us-gaap--TypeOfArrangementAxis__custom--ConsultingAgreementMember__dei--LegalEntityAxis__custom--LeomicsAssociatesMember_zZCoZAB4a9G9" title="Commitment description"><ix:nonNumeric contextRef="From2020-07-222020-07-23_custom_ConsultingAgreementMember_custom_LeomicsAssociatesMember" name="us-gaap:OtherCommitmentsDescription">The
Consulting Agreement term commenced on June 22, 2020 and will continue until the earlier to occur of: (i) July 23, 2021, or (ii) termination
as described in the Consulting Agreement.</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2021 and 2020, the Company recorded expenses in total amount of $<span id="xdx_903_eus-gaap--OperatingExpenses_pn3n3_c20210101__20211231__us-gaap--TypeOfArrangementAxis__custom--ConsultingAgreementMember__dei--LegalEntityAxis__custom--LeomicsAssociatesMember_zabzUFlrHH06" title="Expenses"><ix:nonFraction name="us-gaap:OperatingExpenses" contextRef="From2021-01-012021-12-31_custom_ConsultingAgreementMember_custom_LeomicsAssociatesMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">85</ix:nonFraction></span> ($<span id="xdx_90F_eus-gaap--ShareBasedCompensation_pn3n3_c20210101__20211231__us-gaap--TypeOfArrangementAxis__custom--ConsultingAgreementMember__dei--LegalEntityAxis__custom--LeomicsAssociatesMember_z3x8l5jbDTLh"><ix:nonFraction name="us-gaap:ShareBasedCompensation" contextRef="From2021-01-012021-12-31_custom_ConsultingAgreementMember_custom_LeomicsAssociatesMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">44</ix:nonFraction></span> out of which related to stock-based
compensation expenses which representing a price per share of $<span id="xdx_901_eus-gaap--SharesIssuedPricePerShare_iI_c20211231__us-gaap--TypeOfArrangementAxis__custom--ConsultingAgreementMember__dei--LegalEntityAxis__custom--LeomicsAssociatesMember_zbW2yUXApBzc"><ix:nonFraction name="us-gaap:SharesIssuedPricePerShare" contextRef="AsOf2021-12-31_custom_ConsultingAgreementMember_custom_LeomicsAssociatesMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.095</ix:nonFraction></span> at the commitment date) and $<span id="xdx_905_eus-gaap--OperatingExpenses_pn3n3_c20200101__20201231__us-gaap--TypeOfArrangementAxis__custom--ConsultingAgreementMember__dei--LegalEntityAxis__custom--LeomicsAssociatesMember_zYz2qBElxHjj"><ix:nonFraction name="us-gaap:OperatingExpenses" contextRef="From2020-01-012020-12-31_custom_ConsultingAgreementMember_custom_LeomicsAssociatesMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">173</ix:nonFraction></span> ($<span id="xdx_905_eus-gaap--ShareBasedCompensation_pn3n3_c20200101__20201231__us-gaap--TypeOfArrangementAxis__custom--ConsultingAgreementMember__dei--LegalEntityAxis__custom--LeomicsAssociatesMember_zMnU79bPoHt6"><ix:nonFraction name="us-gaap:ShareBasedCompensation" contextRef="From2020-01-012020-12-31_custom_ConsultingAgreementMember_custom_LeomicsAssociatesMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">44</ix:nonFraction> </span>out of which related to stock-based
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 154; 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 -->60<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#toc_002">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<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"><b>TODOS MEDICAL LTD.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)</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">(U.S.
dollars in thousands)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
14 - COMMITMENTS AND CONTINGENT LIABILITIES (CONT.)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: -63.8pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Other
    Commitments </b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -28.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</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"><b>1.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.G.
    Negev Technologies and Applications Ltd. and Mor Research Applications Ltd.</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
inception date, the Company entered into a License Agreement (&#8220;Agreement&#8221;) with B.G. Negev Technologies and Applications
Ltd (a wholly owned subsidiary of Ben Gurion University - Israel) and Mor Research Applications Ltd. (a wholly owned subsidiary of Clalit
Medical Services - Israel) (&#8220;Licensors&#8221;) in which the Company obtained an exclusive world-wide license to develop, research,
commercialize, produce, market and sub-license, products based on the Licensors&#8217; technology. The Company&#8217;s technology is
built on this license which is therefore material to the Company. According to the Agreement, future royalties would be paid to the licensors
based on the following royalty rates:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="TOMDF:ScheduleOfRoyaltyPaymentRateTableTextBlock"><p id="xdx_89C_ecustom--ScheduleOfRoyaltyPaymentRateTableTextBlock_zlOtKAofz4a2" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B4_zMy021mHvNo8" style="display: none">SCHEDULE OF ROYALTY RATES</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 88%; margin-left: 0.75in">
  <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)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679; in certain limited circumstances, rates may be reduced to</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: -63.8pt"><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: 88%; margin-left: 0.75in">
  <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: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> other
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td id="xdx_98B_ecustom--RoyaltyPaymentOnFixedSublicenceIncomeWithNoSublicenceIncomeOnSalespercentage_iI_pid_dp_uPure_c20211231__srt--ProductOrServiceAxis__custom--OtherProductMember_zYzHKZTaHH9i" title="Royalty payment on fixed sublicence income with no sublicence income on sales, percentage" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="TOMDF:RoyaltyPaymentOnFixedSublicenceIncomeWithNoSublicenceIncomeOnSalespercentage" contextRef="AsOf2021-12-31_custom_OtherProductMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">15.0</ix:nonFraction></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-top: 0pt; margin-bottom: 0pt; text-indent: -63.8pt"><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: 88%; margin-left: 0.75in">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">On fixed sublicense income (with sublicense income on sales by sub licensee):</td><td style="font: bold 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: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 78%; text-align: justify">&#9679; leukemia related products</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</td><td id="xdx_98C_ecustom--RoyaltyPaymentOnFixedSublicenceIncomeWithSublicencesIncomeOnSalespercentage_iI_pid_dp_uPure_c20211231__srt--ProductOrServiceAxis__custom--LeukemiaRelatedProductsMember_zyufzgPmTIic" title="Royalty payment on fixed sublicence income with sublicence income on sales, percentage" style="font: 10pt Times New Roman, Times, Serif; width: 18%; text-align: right"><ix:nonFraction name="TOMDF:RoyaltyPaymentOnFixedSublicenceIncomeWithSublicencesIncomeOnSalespercentage" contextRef="AsOf2021-12-31_custom_LeukemiaRelatedProductsMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">10.0</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; 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 id="xdx_98F_ecustom--RoyaltyPaymentOnFixedSublicenceIncomeWithSublicencesIncomeOnSalespercentage_iI_pid_dp_uPure_c20211231__srt--ProductOrServiceAxis__custom--OtherProductMember_zbPVstE2bI42" title="Royalty payment on fixed sublicence income with sublicence income on sales, percentage" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="TOMDF:RoyaltyPaymentOnFixedSublicenceIncomeWithSublicencesIncomeOnSalespercentage" contextRef="AsOf2021-12-31_custom_OtherProductMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">7.5</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
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</ix:nonNumeric><p id="xdx_8A1_z3ATU0bZWOd5" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Without
any connection to the Company&#8217;s sales, the Company is required to pay minimum royalties to the Licensors according to the following
schedule (subject to the termination clause described below):</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in">&#160;</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"><b>A.</b></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">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Year
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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">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Year
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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">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-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">&#160;</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">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -17.45pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
minimum royalties will be paid to the Licensors regardless of whether the Company succeeds in generating revenues from sales of the products
arising from the usage of the Licensors&#8217; technology.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Agreement term is unlimited, but each party is entitled to terminate the Agreement as a result of material breach or failure to comply
with material term by the other party, as a result of liquidation or insolvency of the other party (&#8220;Termination for Cause&#8221;).
In addition, the Company was entitled to terminate the Agreement if during a period of 7-years following the transaction effective date,
the Company, at its sole discretion, determined that commercialization of the leukemia licensed products is not commercially viable.
After such period, the Company is not entitled to terminate the Agreement other than in accordance with the Termination for Cause provisions.
As of December 31, 2021, the Company did not reach a determination regarding viability of commercialization of the leukemia licensed
products. However, since the 7-year period ended, the Company may not terminate the agreement other than Termination for Cause.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May 20, 2020, the Company entered into Amendment No. 3 to the Agreement pursuant to the Company paid the Licensors an amount of $<span id="xdx_907_eus-gaap--PaymentsForRoyalties_pn3n3_c20200519__20200520__dei--LegalEntityAxis__custom--BGNegevTechnologiesandApplicationsLtdandMorResearchApplicationsLtdMember__us-gaap--TypeOfArrangementAxis__custom--LicenseAgreementMember_zfAvIXnvonak" title="Royalty payments"><ix:nonFraction name="us-gaap:PaymentsForRoyalties" contextRef="From2020-05-192020-05-20_custom_BGNegevTechnologiesandApplicationsLtdandMorResearchApplicationsLtdMember_custom_LicenseAgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">250</ix:nonFraction></span>
which representing an aggregate annual minimum royalty in respect of the years 2015 through 2020. All other Agreement terms regarding
the annual minimum royalties were remained unchanged. Consequently, as of December 31, 2021 and 2020, the Company has accrued an amount
of the non-cancellable minimum royalties and the future liability with respect to commitment to pay minimum royalties to the Licensors
for any future periods in a total amount of $<span id="xdx_90D_eus-gaap--AccruedRoyaltiesCurrentAndNoncurrent_iI_pn3n3_c20211231__dei--LegalEntityAxis__custom--BGNegevTechnologiesandApplicationsLtdandMorResearchApplicationsLtdMember__us-gaap--TypeOfArrangementAxis__custom--LicenseAgreementMember_z7QHOQxq7COa" title="Non cancellable minimum royalties"><ix:nonFraction name="us-gaap:AccruedRoyaltiesCurrentAndNoncurrent" contextRef="AsOf2021-12-31_custom_BGNegevTechnologiesandApplicationsLtdandMorResearchApplicationsLtdMember_custom_LicenseAgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">524</ix:nonFraction> </span>and $<span id="xdx_903_eus-gaap--AccruedRoyaltiesCurrentAndNoncurrent_iI_pn3n3_c20201231__dei--LegalEntityAxis__custom--BGNegevTechnologiesandApplicationsLtdandMorResearchApplicationsLtdMember__us-gaap--TypeOfArrangementAxis__custom--LicenseAgreementMember_zlaviBqwo6o2"><ix:nonFraction name="us-gaap:AccruedRoyaltiesCurrentAndNoncurrent" contextRef="AsOf2020-12-31_custom_BGNegevTechnologiesandApplicationsLtdandMorResearchApplicationsLtdMember_custom_LicenseAgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">476</ix:nonFraction></span>, respectively, of which $<span id="xdx_90D_eus-gaap--AccruedRoyaltiesCurrent_iI_pn3n3_c20211231__dei--LegalEntityAxis__custom--BGNegevTechnologiesandApplicationsLtdandMorResearchApplicationsLtdMember__us-gaap--TypeOfArrangementAxis__custom--LicenseAgreementMember_zMIJGBNy5pwl" title="Non cancellable minimum royalties current"><ix:nonFraction name="us-gaap:AccruedRoyaltiesCurrent" contextRef="AsOf2021-12-31_custom_BGNegevTechnologiesandApplicationsLtdandMorResearchApplicationsLtdMember_custom_LicenseAgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">341</ix:nonFraction></span> and $<span id="xdx_908_eus-gaap--AccruedRoyaltiesCurrent_iI_pn3n3_c20201231__dei--LegalEntityAxis__custom--BGNegevTechnologiesandApplicationsLtdandMorResearchApplicationsLtdMember__us-gaap--TypeOfArrangementAxis__custom--LicenseAgreementMember_zq6zWnTTr2Fk" title="Non cancellable minimum royalties current"><ix:nonFraction name="us-gaap:AccruedRoyaltiesCurrent" contextRef="AsOf2020-12-31_custom_BGNegevTechnologiesandApplicationsLtdandMorResearchApplicationsLtdMember_custom_LicenseAgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">291</ix:nonFraction></span>, respectively, was considered as current
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 155; 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 -->61<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#toc_002">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<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"><b>TODOS MEDICAL LTD.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)</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">(U.S.
dollars in thousands)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
14 - COMMITMENTS AND CONTINGENT LIABILITIES (CONT.)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: -63.8pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Other
    Commitments (Cont.)</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -28.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</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"><b>2.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>University
    of Leipzig License Agreement</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November 7, 2018, Amarantus entered into an amended license agreement with the University of Leipzig (the &#8220;Leipzig License Agreement&#8221;)
whereby the University of Leipzig granted Amarantus an exclusive license to the University of Leipzig&#8217;s patent that underlies the
Lympro Test. As part of the Amarantus transaction (see also Note 5A), Amarantus assigned the Leipzig License Agreement to our subsidiary,
Breakthrough.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Leipzig License Agreement, the licensee is required to pay the University of Leipzig the following fees and royalties:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in">&#160;</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"><b>A.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
    license issuance fee of $<span id="xdx_90B_ecustom--LicenseIssuanceFee_pn3n3_c20181106__20181107__dei--LegalEntityAxis__custom--UniversityOfLeipzigMember__us-gaap--TypeOfArrangementAxis__custom--LicenseAgreementMember_zqywlL6id2Fh" title="License issuance fee"><ix:nonFraction name="TOMDF:LicenseIssuanceFee" contextRef="From2018-11-062018-11-07_custom_UniversityOfLeipzigMember_custom_LicenseAgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">80</ix:nonFraction></span> as partial reimbursement of patent expenses related to the patent rights;</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
    annual royalty of $<span id="xdx_902_eus-gaap--OtherCommitment_iI_pn3n3_c20181107__dei--LegalEntityAxis__custom--UniversityOfLeipzigMember__us-gaap--TypeOfArrangementAxis__custom--LicenseAgreementMember__srt--StatementScenarioAxis__custom--FirstAnniversaryMember_zhixna7GAYp8" title="Minimum royalty payable year one"><span id="xdx_90F_eus-gaap--OtherCommitment_iI_pn3n3_c20181107__dei--LegalEntityAxis__custom--UniversityOfLeipzigMember__us-gaap--TypeOfArrangementAxis__custom--LicenseAgreementMember__srt--StatementScenarioAxis__custom--SecondAnniversaryMember_zMVanMs3hbA6" title="Minimum royalty payable year two"><ix:nonFraction name="us-gaap:OtherCommitment" contextRef="AsOf2018-11-07_custom_UniversityOfLeipzigMember_custom_LicenseAgreementMember_custom_FirstAnniversaryMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD"><ix:nonFraction name="us-gaap:OtherCommitment" contextRef="AsOf2018-11-07_custom_UniversityOfLeipzigMember_custom_LicenseAgreementMember_custom_SecondAnniversaryMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">35</ix:nonFraction></ix:nonFraction></span></span> on the first and second anniversary of the effective date of the Leipzig License Agreement, and an annual royalty
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -17.45pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in">&#160;</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"><b>C.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    following milestone payments:</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -17.45pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1in">&#160;</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">1.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$<span id="xdx_90F_ecustom--MilestonePayable_iI_pn3n3_c20181107__dei--LegalEntityAxis__custom--UniversityOfLeipzigMember__us-gaap--TypeOfArrangementAxis__custom--LicenseAgreementMember__srt--StatementScenarioAxis__custom--UponSaleOfLicensedProductMember_zagxRc1fRMNc" title="Milestone payable"><ix:nonFraction name="TOMDF:MilestonePayable" contextRef="AsOf2018-11-07_custom_UniversityOfLeipzigMember_custom_LicenseAgreementMember_custom_UponSaleOfLicensedProductMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">75</ix:nonFraction></span>
    on first commercial sale of a licensed product;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$<span id="xdx_901_ecustom--MilestonePayable_iI_pn3n3_c20181107__dei--LegalEntityAxis__custom--UniversityOfLeipzigMember__us-gaap--TypeOfArrangementAxis__custom--LicenseAgreementMember__srt--StatementScenarioAxis__custom--FDAApprovalMember_zbxSi7l3UZQl" title="Milestone payable"><ix:nonFraction name="TOMDF:MilestonePayable" contextRef="AsOf2018-11-07_custom_UniversityOfLeipzigMember_custom_LicenseAgreementMember_custom_FDAApprovalMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">150</ix:nonFraction></span>
    on obtaining first FDA approval for a licensed product; 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">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$<span id="xdx_905_ecustom--MilestonePayable_iI_pn3n3_c20181107__dei--LegalEntityAxis__custom--UniversityOfLeipzigMember__us-gaap--TypeOfArrangementAxis__custom--LicenseAgreementMember__srt--StatementScenarioAxis__custom--UpoReachingFiveMillionNetSalesMember_zXg0d6FaECkl" title="Milestone payable"><ix:nonFraction name="TOMDF:MilestonePayable" contextRef="AsOf2018-11-07_custom_UniversityOfLeipzigMember_custom_LicenseAgreementMember_custom_UpoReachingFiveMillionNetSalesMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">150</ix:nonFraction></span>
    upon reaching $5,000 in cumulative net sales;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -21.25pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in">&#160;</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"><b>D.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    annual royalty and milestone payments will be treated as an advance on royalty payments due from sales, and after the royalties from
    sales equal the aggregate annual royalty and the milestone payments made, a royalty of <span id="xdx_90C_ecustom--PercentageOfRoyaltiesOnNetSales_iI_pid_dp_uPure_c20181107__dei--LegalEntityAxis__custom--UniversityOfLeipzigMember__us-gaap--TypeOfArrangementAxis__custom--LicenseAgreementMember_z4gCFOzULiM1" title="Percentage of royalties on net sales"><ix:nonFraction name="TOMDF:PercentageOfRoyaltiesOnNetSales" contextRef="AsOf2018-11-07_custom_UniversityOfLeipzigMember_custom_LicenseAgreementMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">3</ix:nonFraction></span>% of net sales, provided that with regard
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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">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_ecustom--PercentageOfRoyaltiesOnNetSales_iI_pid_dp_uPure_c20181107__dei--LegalEntityAxis__custom--UniversityOfLeipzigMember__us-gaap--TypeOfArrangementAxis__custom--LicenseAgreementMember__srt--StatementScenarioAxis__custom--SubLicensingIncomeMember_z3azvUKXd4A9"><ix:nonFraction name="TOMDF:PercentageOfRoyaltiesOnNetSales" contextRef="AsOf2018-11-07_custom_UniversityOfLeipzigMember_custom_LicenseAgreementMember_custom_SubLicensingIncomeMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">10</ix:nonFraction>%</span>
    of non-royalty sub-licensing income.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -17.45pt"><span style="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-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2020, the Company recorded expenses amounted to $<span id="xdx_909_eus-gaap--AmortizationOfIntangibleAssets_pn3n3_c20200101__20201231__dei--LegalEntityAxis__custom--UniversityOfLeipzigMember__us-gaap--TypeOfArrangementAxis__custom--LicenseAgreementMember_zF6VRBrLBM2j" title="Amortization expenses"><ix:nonFraction name="us-gaap:AmortizationOfIntangibleAssets" contextRef="From2020-01-012020-12-31_custom_UniversityOfLeipzigMember_custom_LicenseAgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">170</ix:nonFraction></span> as part of &#8220;Research and Development
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>


<ix:exclude><!-- Field: Page; Sequence: 156; 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 -->62<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#toc_002">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<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"><b>TODOS MEDICAL LTD.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)</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">(U.S.
dollars in thousands)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
14 - COMMITMENTS AND CONTINGENT LIABILITIES (CONT.)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Other
    Commitments (Cont.)</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -28.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</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"><b>4.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Strategic
    Partnerships</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has entered into the following agreements in order to form strategic partnerships with Integrated Health LLC (&#8220;Integrated&#8221;)
a Louisiana-based medical diagnostics and services provider and MOTOPARA Foundation Inc. (&#8220;MOTOPARA&#8221;) a non-profit private
operating foundation based in Florida, to deploy mobile COVID-19 testing in the United States:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in">&#160;</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"><b>A.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Charitable
    Pledge Agreement</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 1in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_eus-gaap--OtherCommitmentsDescription_c20200924__20200925__us-gaap--TypeOfArrangementAxis__custom--CharitablePledgeAgreementMember_zJwETigbfrm9" title="Commitment description"><ix:nonNumeric contextRef="From2020-09-242020-09-25_custom_CharitablePledgeAgreementMember" name="us-gaap:OtherCommitmentsDescription">On
September 25, 2020 (&#8220;Effective Date&#8221;) the Company entered into Charitable Pledge Agreement (&#8220;Charitable Contribution
Agreement&#8221;) with MOTOPARA, under which the Company obligate to irrevocable pledge to MOTOPARA for the use and benefit gift amounted
to $1,500 according to the funding schedule as determined in the Charitable Contribution Agreement (the &#8220;Charitable Contribution&#8221;).</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 1in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Charitable Contribution shall be used to (i) support MOTOPARA and its Biological Protective Services and Response Division for the continued
support of development and implementation of COVID-19 testing, MOTOPARA&#8217;s disaster relief and veteran employment-focused mission
(MOTOPARA Mission) and MOTOPARA&#8217;s mobile high-complexity laboratories (MHCL) and mobile moderately complex laboratories (MMCL)
with authorized use of Integrated Health LLC&#8217;s US CLIA, training, validation and chain of custody licensed and certified authorization
domestically and internationally and (ii) establish a protocol and to distribute the Company&#8217;s COVID tests to be used on equipment
supplied by the Company for testing by MOTOPARA.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 1in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
consideration for the Charitable Contribution, MOTOPARA will acknowledge the Charitable Contribution by including, displaying where appropriate
the phrase, &#8220;Supported by Todos Medical&#8221; and or &#8220;Supported by Todos Medical Logo&#8221;, in promotional, marking and
proposal documents, website sections related to MOTOPARA&#8217;s Biological Protective Services and Response division, MHCLs, MMCLs&#8217;
cases, trade shows and exhibits related to MOTOPARA&#8217;s Biological Protective Services and Response Division.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 1in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">MOTOPARA
may terminate the Charitable Contribution Agreement and all rights and benefits of the Company hereunder:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1in">&#160;</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"><b>1.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
    the event of any default in payment of the Charitable Contribution as provided in the Charitable Contribution Agreement, or</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
    the event MOTOPARA determines in its reasonable and good faith opinion that circumstances have changed such that the support chosen
    by the Company would adversely impact the reputation, image, mission or integrity of MOTOPARA, in the event of a continued association
    with the Company and the continuation of the support provided for herein.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -21.25pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 1in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
any such termination of the Charitable Contribution Agreement and/or the support hereunder, MOTOPARA shall have no further obligation
or liability to the Company and shall not be required to return any portion of the Charitable Contribution already paid. However, MOTOPARA
may in its sole and absolute discretion determine an alternative recognition for the portion of the Charitable Contribution already received.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 1in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Through
December 31, 2020, an amount of $<span id="xdx_908_eus-gaap--DeferredTaxAssetsCharitableContributionCarryforwards_iI_pn3n3_c20201231__us-gaap--TypeOfArrangementAxis__custom--CharitablePledgeAgreementMember_zDZCDDiUhPyl" title="Charitable contribution amount"><ix:nonFraction name="us-gaap:DeferredTaxAssetsCharitableContributionCarryforwards" contextRef="AsOf2020-12-31_custom_CharitablePledgeAgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">425</ix:nonFraction></span> was utilized by MOTOPARA out of the Charitable Contribution amount. Consequently, during the year
ended December 31, 2020, the Company recorded such amount as expenses as part of &#8220;Sales and Marketing Expenses&#8221; line in operations
in the accompanying consolidated statement of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 157; 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 -->63<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#toc_002">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<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"><b>TODOS MEDICAL LTD.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)</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">(U.S.
dollars in thousands)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
14 - COMMITMENTS AND CONTINGENT LIABILITIES (CONT.)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Other
    Commitment (Cont.)</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -28.35pt"><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%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><b>6.</b></td>
    <td style="font: bold 10pt Times New Roman, Times, Serif"> Strategic Partnerships (Cont.)</td></tr>
  </table>


<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -14.2pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in">&#160;</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"><b>B.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Collaboration
    Agreement</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 1in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
October 2020, the Company entered into Collaboration Agreement with Integrated who has entered into a partnership with MOTOPARA where
Integrated powers MOTOPARA manufactured mobile Biosafety Level 3 laboratories with its mobile Clinical Laboratory Improvement Amendments
(CLIA) license and operations to allow for COVID-19 testing to occur at scale nationally across the United States (Mobile Lab). The Company,
MOTOPARA and Integrated are referred to as a &#8220;Collaborator&#8221; and collectively as the &#8220;Collaborators&#8221;. The terms
of the Collaboration Agreement are as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<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: 1in">&#160;</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"><b>1.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Purpose</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -21.25pt"><span style="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-indent: 0pt; margin-left: 1.25in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
purpose of the Collaboration is for Integrated to distribute the Company COVID tests to be used on equipment supplied by the Company
for COVID-19 testing through Integrated&#8217;s licensed, and compliant mobile high complexity CLIA laboratories in conjunction with
MOTOPARA. The Collaborators shall each have the power to engage in the foregoing business, as well as to engage in activities that are
related or incidental to any of these purposes. Integrated agrees that Todos will be the exclusive supplier of any and all test kits
or equipment of which the Company is a distributor or manufacturer Todos agrees to support and perform to ensure compliance with Integrated&#8217;s
Mobile laboratory CLIA license. The Company and Integrated agree to work closely to support MOTOPARA&#8217;s design and implementation
necessary to implement the mobile laboratory infrastructure to support Integrated&#8217;s operations and to support MOTOPARA in obtaining
cash-pay contracts (not reimbursed by insurance) for COVID-19 testing.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1in">&#160;</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"><b>2.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exclusive
    Supply Rights</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -21.25pt"><span style="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-indent: 0pt; margin-left: 1.25in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company shall have an exclusive right to supply Integrated with COVID-19 related equipment, reagents and testing supplies under all agreements
and requests for proposals (RFPs) it signs with domestic and international counterparties for use in Integrated&#8217;s CLIA Mobile Lab.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1in">&#160;</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"><b>3.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Loan</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -21.25pt"><span style="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-indent: 0pt; margin-left: 1.25in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_909_eus-gaap--OtherCommitmentsDescription_c20210101__20211231__us-gaap--TypeOfArrangementAxis__custom--CollaborationAgreementMember_z5VDWxrBTO29" title="Commitment description"><ix:nonNumeric contextRef="From2021-01-012021-12-31_custom_CollaborationAgreementMember" name="us-gaap:OtherCommitmentsDescription">The
Company shall provide to Integrated 1-year loan for up to $1,500 (the &#8220;Loan&#8221;), according to funding schedule as determined
in the Collaboration Agreement. Integrated has the option to accept or not accept any funding schedule for the Loan. Each Loan tranche
shall bear interest at a rate of 2% and repayment shall commence only upon full Loan funding, or in the event Integrated refuses a Loan
tranche.</ix:nonNumeric></span> The Loan will be payable in monthly installment payments over 5-years period and will commence only upon the Collaborators receipt
of the first contract to provide testing services, expected to be with the State of Louisiana. Through December 31, 2020, the Company
funded an amount of $<span id="xdx_900_eus-gaap--PrepaidExpenseCurrentAndNoncurrent_iI_pn3n3_c20201231__us-gaap--TypeOfArrangementAxis__custom--CollaborationAgreementMember_znT8Wo7gqLG8" title="Prepaid expenses"><ix:nonFraction name="us-gaap:PrepaidExpenseCurrentAndNoncurrent" contextRef="AsOf2020-12-31_custom_CollaborationAgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">250</ix:nonFraction></span> out of the Loan which was recorded as prepaid expenses as the monthly Loan repayments will be deducted from
the gross amount of payments received from contracts executed for the testing services and shall be considered part of the out-of-pocket
expenses of such contract.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1in">&#160;</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"><b>4.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Integrated
    Contribution</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -21.25pt"><span style="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-indent: 0pt; margin-left: 1.25in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Integrated
shall contribute access to its CLIA license to the Collaboration.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1in">&#160;</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"><b>5.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Compensation
    Structure of the Collaboration</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -21.25pt"><span style="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-indent: 0pt; margin-left: 1.25in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Collaborators
agree to full transparency with out-of-pocket expenses as it relates to the initiation of each contract within the Collaboration, and
such costs shall be reimbursed (or advanced as the case may be) to each Collaborator as soon as contracts with Collaboration customers
are funded by the customers, or their funding source. <span id="xdx_90A_eus-gaap--OtherCommitmentsDescription_c20210101__20211231__us-gaap--TypeOfArrangementAxis__custom--CollaborationAgreementMember__dei--LegalEntityAxis__custom--CompensationStructureOfTheCollaborationMember_z8WxtjB7OEia" title="Commitment description"><ix:nonNumeric contextRef="From2021-01-012021-12-31_custom_CollaborationAgreementMember_custom_CompensationStructureOfTheCollaborationMember" name="us-gaap:OtherCommitmentsDescription">After deducting all out-of-pocket expenses and loan reimbursement to the Company
as it relates to the establishment and ongoing funding of the Collaboration, each Collaborator agrees to divide any potential profit
33.33% to the Company, 33.33% to MOTOPARA and 33.33% to Integrated</ix:nonNumeric></span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table 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: 1in">&#160;</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"><b>6.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Term</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -21.25pt"><span style="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-indent: 0pt; margin-left: 1.25in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_eus-gaap--OtherCommitmentsDescription_c20201001__20201031__us-gaap--TypeOfArrangementAxis__custom--CollaborationAgreementMember_zN4vVIk4WfLe" title="Commitment description"><ix:nonNumeric contextRef="From2020-10-012020-10-31_custom_CollaborationAgreementMember" name="us-gaap:OtherCommitmentsDescription">The
Collaboration Agreement shall be effective in October 2020 and continue until the earlier of (i) 5 years or (ii) execution of unanimous
mutual termination agreement (the &#8220;Termination Date&#8221;).</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></p>


<ix:exclude><!-- Field: Page; Sequence: 158; 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 -->64<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#toc_002">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<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"><b>TODOS MEDICAL LTD.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)</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">(U.S.
dollars in thousands)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
14 - COMMITMENTS AND CONTINGENT LIABILITIES (CONT.)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; text-indent: 0in"><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; width: 100%; margin-top: 0; margin-bottom: 6pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 28.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Other
                                            Commitments (Cont.) </b></span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Settlement
Agreements</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
February 11, 2021, the Company and Todos Medical USA, Inc. (herein referring as &#8220;Todos&#8221;) entered into Mutual Release and
Settlement Agreement (&#8220;Settlement Agreement&#8221;) with MOTOPARA Foundation, Inc. (&#8220;MOTOPARA&#8221;) pursuant to which in
consideration of the Settlement Agreement execution and the releases and promises made in the Settlement Agreement by the parties, the
parties agree as follows</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 1in"></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">A.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Todos
                                            shall pay to MOTOPARA an amount of $<span id="xdx_904_eus-gaap--RepaymentsOfDebt_pn3n3_c20210101__20210111__us-gaap--TypeOfArrangementAxis__custom--SettlementAgreementsMember__dei--LegalEntityAxis__custom--IntegratedHealthLLCMember_zjknkklQ2k5b" title="Repayments of debt"><ix:nonFraction name="us-gaap:RepaymentsOfDebt" contextRef="From2021-01-012021-01-11_custom_SettlementAgreementsMember_custom_IntegratedHealthLLCMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">27</ix:nonFraction></span> per month for the period of January 11, 2021 through
                                            January 11, 2022. The monthly payment is representative of MOTOPARA&#8217;s rent and utilities
                                            increase incurred from signing the original agreement with Todos and signing a lease on an
                                            expansive building to facilitate the originally executed agreement between Todos and MOTOPARA.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Todos
                                            will cease to promote any affiliation with MOTOPARA in any 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">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">C.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">MOTOPARA
                                            agrees that upon receipt of the total $<span id="xdx_902_eus-gaap--RepaymentsOfDebt_pn3n3_c20210201__20210211__us-gaap--TypeOfArrangementAxis__custom--SettlementAgreementsMember__dei--LegalEntityAxis__custom--MOTOPARAFoundationIncMember_zTZtnZWyuUo3" title="Repayments of debt"><ix:nonFraction name="us-gaap:RepaymentsOfDebt" contextRef="From2021-02-012021-02-11_custom_SettlementAgreementsMember_custom_MOTOPARAFoundationIncMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">351</ix:nonFraction></span>, MOTOPARA will indemnify and defend Todos against
                                            any liens for services provided to MOTOPARA.</span></td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</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"><b>5.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Distribution
    agreements</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Commencing
2020, the Company has entered into several distribution agreements with companies to distribute certain novel coronavirus (COVID-19)
test kits. The distribution agreements cover multiple international suppliers of PCR testing kits and related materials and supplies,
as well as antibody testing kits from multiple manufacturers after completing validation of said testing kits and supplies in certified
laboratory in the United States.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2021 and 2020, the Company has <span id="xdx_901_eus-gaap--PurchaseObligation_iI_pn3n3_do_c20211231__us-gaap--TypeOfArrangementAxis__custom--DistributionAgreementMember_ztHRrZSTbBo9" title="Obligation"><span id="xdx_909_eus-gaap--PurchaseObligation_iI_pn3n3_do_c20201231__us-gaap--TypeOfArrangementAxis__custom--DistributionAgreementMember_zRUzphJoXS09"><ix:nonFraction name="us-gaap:PurchaseObligation" contextRef="AsOf2021-12-31_custom_DistributionAgreementMember" format="ixt-sec:numwordsen" decimals="-3" scale="3" unitRef="USD"><ix:nonFraction name="us-gaap:PurchaseObligation" contextRef="AsOf2020-12-31_custom_DistributionAgreementMember" format="ixt-sec:numwordsen" decimals="-3" scale="3" unitRef="USD">no</ix:nonFraction></ix:nonFraction></span></span> obligation under its distribution agreements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</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"><b>6.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Royalty
    Agreement</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; 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-indent: 0pt; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 28, 2020, <span id="xdx_90B_eus-gaap--OtherCommitmentsDescription_pp0p0_c20200725__20200728__us-gaap--TypeOfArrangementAxis__custom--RoyaltyAgreementMember_z2AoRiHaVDii" title="Commitment description"><ix:nonNumeric contextRef="From2020-07-252020-07-28_custom_RoyaltyAgreementMember" name="us-gaap:OtherCommitmentsDescription">the Company entered into Royalty Agreement with Toledo under which it was agreed inter alia that (i) the Applicable Rate
for each draw requested on or after the date herein shall accrue on the unpaid aggregate principal balance of each draw at an interest
rate per annum equal to the greater of (a) 12% per annum, or (b) 20% of the anticipated margin for the applicable receivable financed
as presented to the Lender in connection with each draw; (ii) to issue <span id="xdx_902_eus-gaap--StockIssuedDuringPeriodSharesOther_pip0_c20200725__20200728__us-gaap--TypeOfArrangementAxis__custom--RoyaltyAgreementMember_zCuhu371tsU1" title="Shares issued for royalty agreement"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesOther" contextRef="From2020-07-252020-07-28_custom_RoyaltyAgreementMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares">3,500,000</ix:nonFraction></span> ordinary shares to Toledo and pay to Toledo a royalty
of 10% of the Gross Margins (as defined in the Royalty Agreement) of the SARS CoV-2 Testing Business (the &#8220;Royalty&#8221;) in exchange
for Toledo agreeing to amend the terms of the Receivables Financing Agreement with the Company, including, inter alia, a loss of exclusivity
on with respect to purchase order financing.</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
term of the Royalty Agreement commenced on the Effective Date and shall continue in perpetuity. In the event that a court of competent
jurisdiction determines that the perpetual nature of the payment of the Royalty would void the Royalty Agreement, then the term shall
be modified to be a term of <span id="xdx_90F_ecustom--RoyaltyAgreementTerm_dtY_c20200725__20200728__us-gaap--TypeOfArrangementAxis__custom--RoyaltyAgreementMember_zRqQPcHHiZhf" title="Royalty agreement term"><ix:nonNumeric contextRef="From2020-07-252020-07-28_custom_RoyaltyAgreementMember" format="ixt-sec:duryear" name="TOMDF:RoyaltyAgreementTerm">25</ix:nonNumeric></span> years, with a right of Toledo to one automatic extension of another <span id="xdx_90E_ecustom--RoyaltyAgreementExtensionTerm_dtY_c20200725__20200728__us-gaap--TypeOfArrangementAxis__custom--RoyaltyAgreementMember_zFT7hBGIwIJj" title="Royalty agreement extension term"><ix:nonNumeric contextRef="From2020-07-252020-07-28_custom_RoyaltyAgreementMember" format="ixt-sec:duryear" name="TOMDF:RoyaltyAgreementExtensionTerm">25</ix:nonNumeric></span> years.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
any time on or after July 2030, the Company shall have the right to make a pre-payment in the amount of the greater of (i) $<span id="xdx_903_eus-gaap--RoyaltyExpense_pn3n3_c20200725__20200728__us-gaap--TypeOfArrangementAxis__custom--RoyaltyAgreementMember_zwUckhnK3iHi" title="Royalty expense"><ix:nonFraction name="us-gaap:RoyaltyExpense" contextRef="From2020-07-252020-07-28_custom_RoyaltyAgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">5,000</ix:nonFraction></span> and
(ii) 3 times the average annual Royalty payments due and owning hereunder for the preceding 3 years in order to buy-out and all existing
or remaining rights, claims and privileges of Toledo or its successors or assigns, under and in connection with this Royalty Agreement,
and upon such payment, this Royalty Agreement shall terminate. Such termination shall not relieve the Company of its obligations to satisfy
any obligations to pay Royalties accruing prior to such termination.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
case that any payment due is not received by Toledo within 10 days, such amounts shall accrue interest at the rate of 12% per annum on
said payments accrued from the date such payment was due. In addition, in case that Royalty is not paid within 30 days of the due date,
the Company shall issue to Toledo a convertible promissory note (the &#8220;Note&#8221;) in the initial principal amount equal to the
amount then due, which Note shall be convertible into ordinary shares of the Company on the above terms.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#toc_002">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<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"><b>TODOS MEDICAL LTD.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)</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">(U.S.
dollars in thousands)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
14 - COMMITMENTS AND CONTINGENT LIABILITIES (CONT.)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span>&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Other
    Commitments (Cont.) </b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -28.35pt"><span style="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: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of August 4, 2020, the Company issued <span id="xdx_900_eus-gaap--StockIssuedDuringPeriodSharesOther_pip0_c20200803__20200804__us-gaap--TypeOfArrangementAxis__custom--RoyaltyAgreementMember_zQqNSTc522jh" title="Shares issued for royalty agreement"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesOther" contextRef="From2020-08-032020-08-04_custom_RoyaltyAgreementMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares">3,500,000</ix:nonFraction></span> ordinary shares to Toledo valued at $<span id="xdx_90F_eus-gaap--StockIssuedDuringPeriodValueOther_pn3n3_c20200803__20200804__us-gaap--TypeOfArrangementAxis__custom--RoyaltyAgreementMember_zTaysVEjWay5" title="Value of shares issued in royalty agreement"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueOther" contextRef="From2020-08-032020-08-04_custom_RoyaltyAgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">315</ix:nonFraction></span> which was recorded as prepaid expenses and will
be amortized over the Term at the Receivables Financing Facility. During the year ended December 31, 2020, the Company recorded amortization
expenses amounted to $<span id="xdx_906_eus-gaap--AmortizationOfFinancingCosts_pn3n3_c20200101__20201231__us-gaap--TypeOfArrangementAxis__custom--RoyaltyAgreementMember_zYemSHp22E07" title="Amortization expense"><ix:nonFraction name="us-gaap:AmortizationOfFinancingCosts" contextRef="From2020-01-012020-12-31_custom_RoyaltyAgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">34</ix:nonFraction></span> as part of &#8220;Finance Expenses&#8221; line in operations in the accompanying consolidated statement of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90C_eus-gaap--OtherCommitmentsDescription_pp0p0_c20200803__20200804__us-gaap--TypeOfArrangementAxis__custom--RoyaltyAgreementMember_zBxFOp6elWM5"><ix:nonNumeric contextRef="From2020-08-032020-08-04_custom_RoyaltyAgreementMember" name="us-gaap:OtherCommitmentsDescription">The
Company has determined that its obligation for future royalties under the Royalty Agreement and also its obligation to pay Toledo an
interest that is partly based on the margin that will be produced by the Company from certain sales (an interest that is equal to the
greater of (i) 12% per annum, or (ii) 30% of anticipated margin applicable to certain receivables) represent contingent interest feature.</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">However,
it was determined that such features are not required to be bifurcated and accounted for as derivatives, as they are eligible for the
scope exception prescribed under ASC Topic 815-10-15-59 (d) with respect to certain contracts that are not traded on an exchange, as
the underlying is an entity specific performance measure (specified volumes of sales or service revenues of one of the parties to the
contract).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accordingly,
interest expense related to such contingent features were recognized pursuant to ASC Topic 470-10, Debt - Overall. Thus, the liability
for the contingent payment features was based on the applicable interest rate at the balance sheet date (with no anticipation for any
future changes in the applicable interest rate).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, the obligation for future royalties was accounted for in accordance with the provisions of ASC Topic 450, Contingencies.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company also has accounted for the Receivables Financing Agreement as a short-term secured loan since the ownership of the accounts receivables
remains with the Company and such receivables serves as a collateral for the amount that has been advanced to the Company according to
the Receivables Financing Agreement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2021 and 2020, the Company has an obligation for Royalty payment of $<span id="xdx_900_eus-gaap--RoyaltyExpense_pn3n3_c20210101__20211231__us-gaap--CreditFacilityAxis__us-gaap--RevolvingCreditFacilityMember_zALfqIrKBBLj" title="Royalty expense"><ix:nonFraction name="us-gaap:RoyaltyExpense" contextRef="From2021-01-012021-12-31_us-gaap_RevolvingCreditFacilityMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">360</ix:nonFraction></span> and $<span id="xdx_904_eus-gaap--RoyaltyExpense_pn3n3_c20200101__20201231__us-gaap--CreditFacilityAxis__us-gaap--RevolvingCreditFacilityMember_zB1oskLy4vF5"><ix:nonFraction name="us-gaap:RoyaltyExpense" contextRef="From2020-01-012020-12-31_us-gaap_RevolvingCreditFacilityMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">139</ix:nonFraction></span>, respectively under the aforesaid Royalty
Agreement with Toledo.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Contingencies</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -28.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</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"><b>1.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Israeli
    Innovation Authority</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Commencing
2012 through 2013, the Company received grants of $<span id="xdx_903_ecustom--RevenueFromGrant_pn3n3_c20120101__20131231_zXRpm4PGGezh" title="Research and development grants received"><ix:nonFraction name="TOMDF:RevenueFromGrant" contextRef="From2012-01-012013-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">162</ix:nonFraction></span> from the IIA (Israeli Innovation Authority) for its plans to develop a series
of patient-friendly blood tests that enable the early detection of a variety of cancers (the &#8220;Development Plan&#8221;). Such contingent
obligation has no expiration date. In 2016, the IIA approved further grants (under the same terms) up to maximum amount of approximately
$<span id="xdx_90E_ecustom--GrantsMaximumAmount_pn3n3_c20160101__20161231_zthRDtySk7Xg" title="Grants maximum amount"><ix:nonFraction name="TOMDF:GrantsMaximumAmount" contextRef="From2016-01-012016-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">185</ix:nonFraction></span>, of which the Company received $<span id="xdx_909_eus-gaap--GrantsReceivable_iI_pn3n3_c20161231_zxEuwWNuhD2i" title="Grants receivable"><ix:nonFraction name="us-gaap:GrantsReceivable" contextRef="AsOf2016-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">110</ix:nonFraction></span> in 2016. The receipt of such amounts is dependent on numerous conditions being met. Amounts
were not received in 2019 and 2018.<span id="xdx_90B_ecustom--RoyaltyPaymentDescription_c20210101__20211231_z6unFXFJVNej" title="Description of royalty payment"> <ix:nonNumeric contextRef="From2021-01-012021-12-31" name="TOMDF:RoyaltyPaymentDescription">The Company is required to pay royalties to IIA at a rate of 3% in the first 3-years period and 3.5%
commencing from the fourth year of the proceeds from the sale of the Company&#8217;s products arising from the Development Plan up to
an amount equal to $<span id="xdx_904_ecustom--ResearchAndDevelopmentGrants_pn3n3_c20210101__20211231_zFFtlBoKJajh" title="Research and development grants"><ix:nonFraction name="TOMDF:ResearchAndDevelopmentGrants" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">272</ix:nonFraction></span>, plus annual interest equal to 12-month LIBOR applicable to dollar deposit.</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2021 the Company did not accrue for or pay any royalties to the IIA as no revenue has yet been generated.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 6pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 28.35pt"><span style="font-size: 10pt"><b>D.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-size: 10pt"><b>Litigations</b></span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">On January 7, 2022,
Toledo filed a complaint against Corona, Todos Medical USA, and the Company (the &#8220;Todos Defendants&#8221;), seeking unspecified
damages for breach of the aforesaid agreements and claiming that at least $<span id="xdx_900_eus-gaap--LossContingencyDamagesSoughtValue_pn3n3_c20220101__20220107_z1azTOTbSRSb" title="Claim against damges"><ix:nonFraction name="us-gaap:LossContingencyDamagesSoughtValue" contextRef="From2022-01-012022-01-07" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">139</ix:nonFraction></span> is due under the royalty agreement. The Todos Defendants
filed an answer and counterclaim on February 9, 2022, wherein various affirmative defenses were asserted, the allegations of the complaint
were denied, and the Company asserted counterclaims for breach of contract and other relief. This dispute is only in its initial legal
stages.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 160; Value: 1 -->
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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#toc_002">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<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"><b>TODOS MEDICAL LTD.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)</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">(U.S.
dollars in thousands)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:StockholdersEquityNoteDisclosureTextBlock"><p id="xdx_806_eus-gaap--StockholdersEquityNoteDisclosureTextBlock_zt5oAMtvF22d" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
15 - <span id="xdx_828_zeybeRJuqJNc">SHAREHOLDERS&#8217; DEFICIT</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Ordinary
    Shares:</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -21.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Ordinary Shares confer upon the holders thereof all rights accruing to a shareholder of the Company, as provided in the company&#8217;s
Articles of Association, including, inter alia, the right to receive notices of, and to attend meetings of shareholders; for
each share held, the right to one vote at all meetings of shareholders; and to share equally, on a per share basis, in such dividend
and other distributions to shareholders of the Company as may be declared by the Board of Directors in accordance with these Articles
and the Companies Law, and upon liquidation or dissolution of the Company, in the distribution of assets of the Company legally available
for distribution to shareholders in accordance with the terms of applicable law and these Articles. All Ordinary Shares rank pari passu
in all respects with each other.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
    July 26, 2021 the Annual General Meeting of the Company approved:</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -21.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</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">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
    resolution to amend the Company&#8217;s Articles of Association: (a) to authorize the creation of <span id="xdx_90D_eus-gaap--PreferredStockSharesAuthorized_iI_pip0_c20210726__us-gaap--StatementClassOfStockAxis__custom--RedeemablePreferredSharesMember_zVsmBJR0NGwj"><ix:nonFraction name="us-gaap:PreferredStockSharesAuthorized" contextRef="AsOf2021-07-26_custom_RedeemablePreferredSharesMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares">50,000</ix:nonFraction>
    </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">redeemable Preferred shares of the Company;
    (b) to authorize the creation of five thousand redeemable Preferred B Shares of the Company; (c) to increase the Company&#8217;s
    authorized share capital to permit the issuance of a total of up to <span id="xdx_903_eus-gaap--PreferredStockSharesAuthorized_iI_pip0_c20210726_zqFxzJrMrRYk"><ix:nonFraction name="us-gaap:PreferredStockSharesAuthorized" contextRef="AsOf2021-07-26" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares">5,000,000,000</ix:nonFraction>
    </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ordinary shares of the Company; and (d) to
    allow the Company to fulfill relevant provisions of U.S. law in lieu of Israeli law requirements regarding External Directors, if
    and to the extent allowed to do so under Israeli corporate law and regulation.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">&#160;</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">The
    nomination of additional two external directors to the board of directors of the Company for a period ending on July 26, 2024. </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">&#160;</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">The
    extension for an additional year of the authority granted to the Company&#8217;s Board of Directors to effect a reverse split
    of the Company&#8217;s ordinary shares (as per resolution of the Company&#8217;s Shareholders&#8217; Meeting of May 11, 2020), such
    that the authority so granted shall extend until July 26, 2022, and to expand such authority to include <span id="xdx_909_eus-gaap--StockholdersEquityReverseStockSplit_c20210725__20210726_za7sxgSm9dxj"><ix:nonNumeric contextRef="From2021-07-252021-07-26" name="us-gaap:StockholdersEquityReverseStockSplit">a
    reverse split of the Company&#8217;s entire share capital share at a ratio within the range from 1-for-2 up to 1-for 500, provided
    that the Company shall not effect reverse share splits that, in the aggregate, exceed 1-for-500</ix:nonNumeric></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Issuance
    of Ordinary Shares:</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -21.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</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"><b>1.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
    March 2020, the Company entered into subscription agreements with several investors under which the Company raised gross funds in
    total amount of $<span id="xdx_908_eus-gaap--StockIssuedDuringPeriodValueNewIssues_pn3n3_c20200301__20200331__us-gaap--TypeOfArrangementAxis__custom--SubscriptionAgreementsMember__srt--TitleOfIndividualAxis__us-gaap--InvestorMember_zhoSdGrTeE42" title="Number of ordinary shares issued, value"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueNewIssues" contextRef="From2020-03-012020-03-31_custom_SubscriptionAgreementsMember_us-gaap_InvestorMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">30</ix:nonFraction></span> in exchange for the issuance of units consisting of <span id="xdx_90D_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pip0_c20200301__20200331__us-gaap--TypeOfArrangementAxis__custom--SubscriptionAgreementsMember__srt--TitleOfIndividualAxis__us-gaap--InvestorMember_zS5Yk6Tk1M68" title="Stock issued during the period, shares"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2020-03-012020-03-31_custom_SubscriptionAgreementsMember_us-gaap_InvestorMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares">1,500,000</ix:nonFraction></span> ordinary shares of the Company and <span id="xdx_901_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_pip0_c20200331__us-gaap--TypeOfArrangementAxis__custom--SubscriptionAgreementsMember__srt--TitleOfIndividualAxis__us-gaap--InvestorMember_z9sqpdLfvu64" title="Warrants exercised"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightOutstanding" contextRef="AsOf2020-03-31_custom_SubscriptionAgreementsMember_us-gaap_InvestorMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares">1,339,284</ix:nonFraction></span> warrants
    to purchase the same number of ordinary shares of the Company at an exercise price of $<span id="xdx_907_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_c20200331__us-gaap--TypeOfArrangementAxis__custom--SubscriptionAgreementsMember__srt--TitleOfIndividualAxis__us-gaap--InvestorMember_pdd" title="Exercise price of warrants"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" contextRef="AsOf2020-03-31_custom_SubscriptionAgreementsMember_us-gaap_InvestorMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.10</ix:nonFraction></span>. These warrants may be eligible for exercise
    over a period of four years from the issuance date and are subject to standard anti-dilution provisions. In addition, the Company
    may be subject to liquidated damages upon failure to timely deliver shares upon exercise of the warrants. An amount of <span id="xdx_90E_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pip0_c20200101__20201231__us-gaap--TypeOfArrangementAxis__custom--SubscriptionAgreementsMember__srt--TitleOfIndividualAxis__us-gaap--InvestorMember_z5lFcplOLcUf" title="Stock issued during the period, shares"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2020-01-012020-12-31_custom_SubscriptionAgreementsMember_us-gaap_InvestorMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares">1,000,000</ix:nonFraction></span>
    ordinary shares out of the above have been issued through December 31, 2020.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
    April 13, 2020, the Company entered into exchange agreement under which the Company agreed to exchange partial amount of the outstanding
    trade debt of $<span id="xdx_903_eus-gaap--StockIssuedDuringPeriodValueConversionOfConvertibleSecurities_pn3n3_c20200412__20200413__us-gaap--TypeOfArrangementAxis__custom--ExchangeAgreementMember__dei--LegalEntityAxis__custom--MDMWorldwideSolutionIncMember_zuDCpIBqmdKe" title="Conversion of debt, amount"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueConversionOfConvertibleSecurities" contextRef="From2020-04-122020-04-13_custom_ExchangeAgreementMember_custom_MDMWorldwideSolutionIncMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">100</ix:nonFraction></span> held by MDM Worldwide Solution, Inc. for issuance of <span id="xdx_90D_eus-gaap--StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities_pip0_c20200412__20200413__us-gaap--TypeOfArrangementAxis__custom--ExchangeAgreementMember__dei--LegalEntityAxis__custom--MDMWorldwideSolutionIncMember_z6FQYS8wVhul" title="Conversion of debt, shares"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities" contextRef="From2020-04-122020-04-13_custom_ExchangeAgreementMember_custom_MDMWorldwideSolutionIncMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares">5,000,000</ix:nonFraction></span> ordinary shares of the Company at an exchange price
    of $<span id="xdx_90D_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_pid_c20200413__us-gaap--TypeOfArrangementAxis__custom--ExchangeAgreementMember__dei--LegalEntityAxis__custom--MDMWorldwideSolutionIncMember_zZXldJdvPH58" title="Debt instrument, convertible, conversion price"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleConversionPrice1" contextRef="AsOf2020-04-13_custom_ExchangeAgreementMember_custom_MDMWorldwideSolutionIncMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.02</ix:nonFraction></span> per share. The fair value of the ordinary shares that have been issued on May 14, 2020 as settlement of financial liability
    to MDM was $<span id="xdx_903_ecustom--SettlementOfFinancialLiability_iI_pn3n3_c20200413__us-gaap--TypeOfArrangementAxis__custom--ExchangeAgreementMember__dei--LegalEntityAxis__custom--MDMWorldwideSolutionIncMember_zLMWSOoHJhpi" title="Settlement of financial liability"><ix:nonFraction name="TOMDF:SettlementOfFinancialLiability" contextRef="AsOf2020-04-13_custom_ExchangeAgreementMember_custom_MDMWorldwideSolutionIncMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">345</ix:nonFraction></span>, reflecting a price per share of $<span id="xdx_908_eus-gaap--SharePrice_iI_pid_c20200413__us-gaap--TypeOfArrangementAxis__custom--ExchangeAgreementMember__dei--LegalEntityAxis__custom--MDMWorldwideSolutionIncMember_zpdiRow668i9" title="Share price"><ix:nonFraction name="us-gaap:SharePrice" contextRef="AsOf2020-04-13_custom_ExchangeAgreementMember_custom_MDMWorldwideSolutionIncMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.069</ix:nonFraction></span> at the commitment date. The difference amount of $<span id="xdx_909_eus-gaap--SellingAndMarketingExpense_pn3n3_c20200412__20200413__us-gaap--TypeOfArrangementAxis__custom--ExchangeAgreementMember__dei--LegalEntityAxis__custom--MDMWorldwideSolutionIncMember_zoUb3TAhWIc7" title="Sales and marketing expenses"><ix:nonFraction name="us-gaap:SellingAndMarketingExpense" contextRef="From2020-04-122020-04-13_custom_ExchangeAgreementMember_custom_MDMWorldwideSolutionIncMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">245</ix:nonFraction></span> has been recorded as
    part of &#8220;Finance Expenses&#8221; line in operations in the accompanying consolidated statement 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">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
    May 10, 2020, the Company entered into Loan Conversion Agreement (the &#8220;Agreement&#8221;) with certain of its shareholders pursuant
    to which the Company agreed to convert the outstanding loan amounting to $<span id="xdx_905_eus-gaap--StockIssuedDuringPeriodValueConversionOfConvertibleSecurities_pn3n3_c20200509__20200510__us-gaap--TypeOfArrangementAxis__custom--LoanConversionAgreementMember_zA3v0dGYiqPi" title="Conversion of debt, amount"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueConversionOfConvertibleSecurities" contextRef="From2020-05-092020-05-10_custom_LoanConversionAgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">350</ix:nonFraction></span> into <span id="xdx_901_eus-gaap--StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities_pip0_c20200509__20200510__us-gaap--TypeOfArrangementAxis__custom--LoanConversionAgreementMember_zJ4kNl1jrdl8" title="Stock issued during the period converted, shares"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities" contextRef="From2020-05-092020-05-10_custom_LoanConversionAgreementMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares">8,750,000</ix:nonFraction></span> ordinary shares of the Company at a
    conversion price of $<span id="xdx_900_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_pid_c20200510__us-gaap--TypeOfArrangementAxis__custom--LoanConversionAgreementMember_zWVgzcaD5BWc" title="Convertible stock option exercise price"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleConversionPrice1" contextRef="AsOf2020-05-10_custom_LoanConversionAgreementMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.04</ix:nonFraction></span> per share. The fair value of the ordinary shares that have been issued on May 19, 2020 as settlement of
    financial liability to shareholders was $<span id="xdx_901_ecustom--SettlementOfFinancialLiability_iI_pn3n3_c20200510__us-gaap--TypeOfArrangementAxis__custom--LoanConversionAgreementMember_zNPVdyCWkUcg" title="Settlement of financial liability"><ix:nonFraction name="TOMDF:SettlementOfFinancialLiability" contextRef="AsOf2020-05-10_custom_LoanConversionAgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">604</ix:nonFraction></span>, reflecting a price per share of $<span id="xdx_904_eus-gaap--SharePrice_iI_pid_c20200510__us-gaap--TypeOfArrangementAxis__custom--LoanConversionAgreementMember_zVVEP3Ftqgk2" title="Share price"><ix:nonFraction name="us-gaap:SharePrice" contextRef="AsOf2020-05-10_custom_LoanConversionAgreementMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.069</ix:nonFraction></span> at the commitment date. The difference amount
    of $<span id="xdx_90A_eus-gaap--InvestmentIncomeNet_pn3n3_c20200509__20200510__us-gaap--TypeOfArrangementAxis__custom--LoanConversionAgreementMember_zg9GHlKuMLTe" title="Finance expenses"><ix:nonFraction name="us-gaap:InvestmentIncomeNet" contextRef="From2020-05-092020-05-10_custom_LoanConversionAgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">254</ix:nonFraction></span> has been recorded as part of &#8220;Finance Expenses&#8221; line in operations in the accompanying consolidated statement
    of operations.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -21.25pt"><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 -->67<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#toc_002">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<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"><b>TODOS MEDICAL LTD.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)</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">(U.S.
dollars in thousands)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
15 - SHAREHOLDERS&#8217; DEFICIT </b>(continue)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</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"><b>4.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
    December 8, 2020, the Company entered into a settlement agreement with SRK Kronengold Law office (&#8220;SRK&#8221;) under which
    the Company agreed to exchange partial amount of the outstanding trade debt of $<span id="xdx_90F_eus-gaap--StockIssuedDuringPeriodValueConversionOfConvertibleSecurities_pn3n3_c20201207__20201208__us-gaap--TypeOfArrangementAxis__custom--SettlementAgreementMember__dei--LegalEntityAxis__custom--SRKKronengoldLawOfficeMember_zdrgf6B5ov94" title="Conversion of debt, amount"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueConversionOfConvertibleSecurities" contextRef="From2020-12-072020-12-08_custom_SettlementAgreementMember_custom_SRKKronengoldLawOfficeMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">80</ix:nonFraction></span> held by SRK for issuance of <span id="xdx_909_eus-gaap--StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities_pip0_c20201207__20201208__us-gaap--TypeOfArrangementAxis__custom--SettlementAgreementMember__dei--LegalEntityAxis__custom--SRKKronengoldLawOfficeMember_ziAhnPvgYHC6" title="Stock issued during the period converted, shares"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities" contextRef="From2020-12-072020-12-08_custom_SettlementAgreementMember_custom_SRKKronengoldLawOfficeMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares">800,000</ix:nonFraction> </span>ordinary shares
    of the Company at an exchange price of $<span id="xdx_902_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_pid_c20201208__us-gaap--TypeOfArrangementAxis__custom--SettlementAgreementMember__dei--LegalEntityAxis__custom--SRKKronengoldLawOfficeMember_z2XSWnow1uO1" title="Convertible stock option exercise price"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleConversionPrice1" contextRef="AsOf2020-12-08_custom_SettlementAgreementMember_custom_SRKKronengoldLawOfficeMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.09</ix:nonFraction></span> per share. The fair value of the ordinary shares have been issued on October 26, 2020
    as settlement of financial liability to SRK was $<span id="xdx_905_ecustom--SettlementOfFinancialLiability_iI_pn3n3_c20201208__us-gaap--TypeOfArrangementAxis__custom--SettlementAgreementMember__dei--LegalEntityAxis__custom--SRKKronengoldLawOfficeMember_zwM7NnPkwZec"><ix:nonFraction name="TOMDF:SettlementOfFinancialLiability" contextRef="AsOf2020-12-08_custom_SettlementAgreementMember_custom_SRKKronengoldLawOfficeMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">68</ix:nonFraction></span>, reflecting a price per share of $<span id="xdx_905_eus-gaap--SharePrice_iI_pid_c20201208__us-gaap--TypeOfArrangementAxis__custom--SettlementAgreementMember__dei--LegalEntityAxis__custom--SRKKronengoldLawOfficeMember_zShiD9mdGdx7" title="Share price"><ix:nonFraction name="us-gaap:SharePrice" contextRef="AsOf2020-12-08_custom_SettlementAgreementMember_custom_SRKKronengoldLawOfficeMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.0851</ix:nonFraction></span> at the commitment date. The difference
    amount of $<span id="xdx_90C_eus-gaap--GeneralAndAdministrativeExpense_pn3n3_c20201207__20201208__us-gaap--TypeOfArrangementAxis__custom--SettlementAgreementMember__dei--LegalEntityAxis__custom--SRKKronengoldLawOfficeMember_zAJsBk6e28K3" title="General and administrative expenses"><ix:nonFraction name="us-gaap:GeneralAndAdministrativeExpense" contextRef="From2020-12-072020-12-08_custom_SettlementAgreementMember_custom_SRKKronengoldLawOfficeMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">12</ix:nonFraction></span> has been recorded as part of &#8220;Finance Expenses&#8221; line in operations in the accompanying consolidated statement
    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">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
    the year ended December 31, 2020, the Company entered into several service agreements with certain service providers, whereby the
    Company issued <span id="xdx_905_eus-gaap--StockIssuedDuringPeriodSharesIssuedForServices_pip0_c20200101__20201231__us-gaap--TypeOfArrangementAxis__us-gaap--ServiceAgreementsMember_zXKF18ph6meb" title="Number of shares issued for services"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesIssuedForServices" contextRef="From2020-01-012020-12-31_us-gaap_ServiceAgreementsMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares">14,028,503</ix:nonFraction></span> ordinary share of NIS <span id="xdx_904_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_c20201231__us-gaap--TypeOfArrangementAxis__us-gaap--ServiceAgreementsMember__us-gaap--AwardTypeAxis__custom--NISMember_z5aLlZ8K77w" title="Ordinary shares, par value"><ix:nonFraction name="us-gaap:CommonStockParOrStatedValuePerShare" contextRef="AsOf2020-12-31_us-gaap_ServiceAgreementsMember_custom_NISMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.01</ix:nonFraction></span> par value in exchange for services that have been rendered. Consequently, the
    Company recorded related stock-based compensation expense of $<span id="xdx_904_eus-gaap--ShareBasedCompensation_pn3n3_c20200101__20201231__us-gaap--TypeOfArrangementAxis__us-gaap--ServiceAgreementsMember__us-gaap--IncomeStatementLocationAxis__us-gaap--ResearchAndDevelopmentExpenseMember_zRUrWjL5hPoc" title="Share based compensation"><ix:nonFraction name="us-gaap:ShareBasedCompensation" contextRef="From2020-01-012020-12-31_us-gaap_ServiceAgreementsMember_us-gaap_ResearchAndDevelopmentExpenseMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">60</ix:nonFraction></span>, $<span id="xdx_901_eus-gaap--ShareBasedCompensation_pn3n3_c20200101__20201231__us-gaap--TypeOfArrangementAxis__us-gaap--ServiceAgreementsMember__us-gaap--IncomeStatementLocationAxis__us-gaap--SellingAndMarketingExpenseMember_zBOBMdIxnIS1" title="Share based compensation"><ix:nonFraction name="us-gaap:ShareBasedCompensation" contextRef="From2020-01-012020-12-31_us-gaap_ServiceAgreementsMember_us-gaap_SellingAndMarketingExpenseMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">390</ix:nonFraction></span> and $<span id="xdx_90D_eus-gaap--ShareBasedCompensation_c20200101__20201231__us-gaap--TypeOfArrangementAxis__us-gaap--ServiceAgreementsMember__us-gaap--IncomeStatementLocationAxis__us-gaap--GeneralAndAdministrativeExpenseMember_pn3n3"><ix:nonFraction name="us-gaap:ShareBasedCompensation" contextRef="From2020-01-012020-12-31_us-gaap_ServiceAgreementsMember_us-gaap_GeneralAndAdministrativeExpenseMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">310</ix:nonFraction></span> as part of &#8220;Research and Development Expenses&#8221;,
    &#8220;Sales and Marketing Expenses&#8221; and &#8220;General and Administrative Expenses&#8221; lines in operations in the accompanying
    consolidated statement of operations, respectively, based on the fair value of the issued shares at each applicable commitment date,
    which representing an average price per share of $<span id="xdx_90A_eus-gaap--SharePrice_iI_pid_c20201231__us-gaap--TypeOfArrangementAxis__us-gaap--ServiceAgreementsMember_z707kAXNU5F8"><ix:nonFraction name="us-gaap:SharePrice" contextRef="AsOf2020-12-31_us-gaap_ServiceAgreementsMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.54</ix:nonFraction></span>. See also Note 14.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>6.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
    August 4, 2020, the Company entered into a Purchase Agreement (the &#8220;Purchase Agreement&#8221;) and a Registration Rights Agreement
    (the &#8220;Registration Rights Agreement&#8221;) with Lincoln Park Capital Fund, LLC (&#8220;Lincoln Park&#8221;), pursuant to which
    Lincoln Park has agreed to purchase from the Company, from time to time, up to $<span id="xdx_90F_eus-gaap--StockIssuedDuringPeriodValueNewIssues_pn3n3_c20210802__20210804__us-gaap--TypeOfArrangementAxis__custom--PurchaseAgreementAndRegistrationRightsAgreementMember__dei--LegalEntityAxis__custom--LincolnParkCapitalFundLLCMember_z8uq6OMmBJid" title="Number of ordinary shares issued, value"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueNewIssues" contextRef="From2021-08-022021-08-04_custom_PurchaseAgreementAndRegistrationRightsAgreementMember_custom_LincolnParkCapitalFundLLCMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">10,275</ix:nonFraction></span> of its ordinary shares, par value NIS <span id="xdx_909_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_c20210804__us-gaap--TypeOfArrangementAxis__custom--PurchaseAgreementAndRegistrationRightsAgreementMember__dei--LegalEntityAxis__custom--LincolnParkCapitalFundLLCMember__us-gaap--AwardTypeAxis__custom--NISMember_zIwBm6ohUkqg" title="Ordinary shares, par value"><ix:nonFraction name="us-gaap:CommonStockParOrStatedValuePerShare" contextRef="AsOf2021-08-04_custom_PurchaseAgreementAndRegistrationRightsAgreementMember_custom_LincolnParkCapitalFundLLCMember_custom_NISMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.01</ix:nonFraction></span>
    per share (the &#8220;Ordinary Shares&#8221;), subject to certain limitations set forth in the Purchase Agreement, during the term
    of the Purchase Agreement (the &#8220;Equity Line&#8221;). </span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -21.25pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company does not have the right to commence any further sales to Lincoln Park under the Purchase Agreement until all of the conditions
thereto that are set forth in the Purchase Agreement, all of which are outside of Lincoln Park&#8217;s control, have been satisfied,
including, among other things, the Registration Statement being declared effective by the SEC (the date on which all such conditions
are satisfied, the &#8220;Commencement Date&#8221;). <span id="xdx_90C_ecustom--ShareHolderDeficitDescription_c20200803__20200804__us-gaap--TypeOfArrangementAxis__custom--PurchaseAgreementAndRegistrationRightsAgreementMember__dei--LegalEntityAxis__custom--LincolnParkCapitalFundLLCMember_zAC471iUa8Je" title="Share holder deficit, description"><ix:nonNumeric contextRef="From2020-08-032020-08-04_custom_PurchaseAgreementAndRegistrationRightsAgreementMember_custom_LincolnParkCapitalFundLLCMember" name="TOMDF:ShareHolderDeficitDescription">From and after the Commencement Date, under the Purchase Agreement, on any business
day selected by the Company on which the closing sale price of the Company&#8217;s Ordinary Shares exceeds $0.02, the Company may direct
Lincoln Park to purchase up to 500,000 Ordinary Shares on the applicable purchase date (a &#8220;Regular Purchase&#8221;), which maximum
number of shares may be increased to certain higher amounts up to a maximum of 1,000,000 Ordinary Shares, if the market price of our
Ordinary Shares at the time of the Regular Purchase equals or exceeds $0.13 (such share and dollar amounts subject to proportionate adjustments
for stock splits, recapitalizations and other similar transactions as set forth in the Purchase Agreement), provided that Lincoln Park&#8217;s
purchase obligation under any single Regular Purchase shall not exceed $500.</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_ecustom--ShareHolderDeficitThresholdTradingDescription_c20200803__20200804__us-gaap--TypeOfArrangementAxis__custom--PurchaseAgreementAndRegistrationRightsAgreementMember__dei--LegalEntityAxis__custom--LincolnParkCapitalFundLLCMember_zcFWs7dCaC1j" title="Shareholders trading, description"><ix:nonNumeric contextRef="From2020-08-032020-08-04_custom_PurchaseAgreementAndRegistrationRightsAgreementMember_custom_LincolnParkCapitalFundLLCMember" name="TOMDF:ShareHolderDeficitThresholdTradingDescription">The
purchase price of Ordinary Shares the Company may elect to sell to Lincoln Park under the Purchase Agreement in a Regular Purchase, if
any, will be based on 95% of the lower of: (i) the lowest sale price on the purchase date for such Regular Purchase and (ii) the arithmetic
average of the three lowest closing sale prices for an Ordinary Share during the 15 consecutive business days ending on the business
day immediately preceding such purchase date for such Regular Purchase.</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to regular purchases, the Company may also direct Lincoln Park to purchase other amounts of the Company&#8217;s Ordinary Shares
in &#8220;accelerated purchases&#8221; and in &#8220;additional accelerated purchases&#8221; under the terms set forth in the Purchase
Agreement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with the Purchase Agreement, the Company issued <span id="xdx_90F_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pip0_c20200803__20200804__us-gaap--TypeOfArrangementAxis__custom--PurchaseAgreementAndRegistrationRightsAgreementMember__dei--LegalEntityAxis__custom--LincolnParkCapitalFundLLCMember_z3WXJCeiAYtj" title="Stock issued during the period, shares"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2020-08-032020-08-04_custom_PurchaseAgreementAndRegistrationRightsAgreementMember_custom_LincolnParkCapitalFundLLCMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares">5,812,500</ix:nonFraction></span> Ordinary shares to Lincoln Park as a commitment fee of $<span id="xdx_90C_ecustom--CommitmentFee_pn3n3_c20200803__20200804__us-gaap--TypeOfArrangementAxis__custom--PurchaseAgreementAndRegistrationRightsAgreementMember__dei--LegalEntityAxis__custom--LincolnParkCapitalFundLLCMember_zmIdkPFWVTB1" title="Commitment fee"><ix:nonFraction name="TOMDF:CommitmentFee" contextRef="From2020-08-032020-08-04_custom_PurchaseAgreementAndRegistrationRightsAgreementMember_custom_LincolnParkCapitalFundLLCMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">482</ix:nonFraction></span> thousand
which is recorded as prepaid expenses which are amortized in accordance with the Equity Line utilization. As of December 31, 2020, the
balance of those prepaid expenses was $<span id="xdx_90F_eus-gaap--PrepaidExpenseCurrentAndNoncurrent_iI_pn3n3_c20211231__us-gaap--TypeOfArrangementAxis__custom--PurchaseAgreementAndRegistrationRightsAgreementMember__dei--LegalEntityAxis__custom--LincolnParkCapitalFundLLCMember_zNTzwPtOwd0k" title="Prepaid Expenses"><ix:nonFraction name="us-gaap:PrepaidExpenseCurrentAndNoncurrent" contextRef="AsOf2021-12-31_custom_PurchaseAgreementAndRegistrationRightsAgreementMember_custom_LincolnParkCapitalFundLLCMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">372</ix:nonFraction></span> thousand. During the year ended December 31, 2020, the Company recorded amortization expenses
amounted to $<span id="xdx_90C_eus-gaap--AdjustmentForAmortization_pn3n3_c20200101__20201231__us-gaap--TypeOfArrangementAxis__custom--PurchaseAgreementAndRegistrationRightsAgreementMember__dei--LegalEntityAxis__custom--LincolnParkCapitalFundLLCMember_z7fCNOznURZ3" title="Amortization expenses"><ix:nonFraction name="us-gaap:AdjustmentForAmortization" contextRef="From2020-01-012020-12-31_custom_PurchaseAgreementAndRegistrationRightsAgreementMember_custom_LincolnParkCapitalFundLLCMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">110</ix:nonFraction></span> as part of &#8220;Finance Expenses&#8221; line in operations in the accompanying consolidated statement of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2020, the Company sold <span id="xdx_90B_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pip0_c20200101__20201231__us-gaap--TypeOfArrangementAxis__custom--PurchaseAgreementAndRegistrationRightsAgreementMember__dei--LegalEntityAxis__custom--LincolnParkCapitalFundLLCMember_zyRqm6ngAml5" title="Stock issued during the period, shares"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2020-01-012020-12-31_custom_PurchaseAgreementAndRegistrationRightsAgreementMember_custom_LincolnParkCapitalFundLLCMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares">32,747,579</ix:nonFraction></span> Ordinary Shares to Lincoln Park in an initial purchase out of the Investment
Amount under the Purchase Agreement for a total purchase price of $<span id="xdx_905_eus-gaap--StockIssuedDuringPeriodValueNewIssues_pn3n3_c20200101__20201231__us-gaap--TypeOfArrangementAxis__custom--PurchaseAgreementAndRegistrationRightsAgreementMember__dei--LegalEntityAxis__custom--LincolnParkCapitalFundLLCMember_zJX2H2euYkS2" title="Number of ordinary shares issued, value"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueNewIssues" contextRef="From2020-01-012020-12-31_custom_PurchaseAgreementAndRegistrationRightsAgreementMember_custom_LincolnParkCapitalFundLLCMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,339</ix:nonFraction></span> thousand.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the three months ended March 31, 2021, the Company sold additional <span id="xdx_90C_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pip0_c20210101__20210331__us-gaap--TypeOfArrangementAxis__custom--PurchaseAgreementAndRegistrationRightsAgreementMember__dei--LegalEntityAxis__custom--LincolnParkCapitalFundLLCMember_zSolUxCothN6"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2021-01-012021-03-31_custom_PurchaseAgreementAndRegistrationRightsAgreementMember_custom_LincolnParkCapitalFundLLCMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares">5,229,809</ix:nonFraction></span> Ordinary Shares to Lincoln Park in an initial purchase out
of the Investment Amount under the Purchase Agreement for a total purchase price of $<span id="xdx_900_eus-gaap--StockIssuedDuringPeriodValueNewIssues_pn3n3_c20210101__20210331__us-gaap--TypeOfArrangementAxis__custom--PurchaseAgreementAndRegistrationRightsAgreementMember__dei--LegalEntityAxis__custom--LincolnParkCapitalFundLLCMember_zeTyJIV4SXP3"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueNewIssues" contextRef="From2021-01-012021-03-31_custom_PurchaseAgreementAndRegistrationRightsAgreementMember_custom_LincolnParkCapitalFundLLCMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">255</ix:nonFraction></span> thousand.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2021, the Company decided not to utilize the Equity Line utilization and amortized the balance of the prepaid expenses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 162; 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 -->68<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#toc_002">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<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"><b>TODOS MEDICAL LTD.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)</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">(U.S.
dollars in thousands)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
15 - SHAREHOLDERS&#8217; DEFICIT </b>(continue)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</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"><b>7.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
    December 2020, one of the Company&#8217;s lenders has partially exercised its warrants into number of <span id="xdx_906_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pip0_c20201201__20201231__us-gaap--StatementEquityComponentsAxis__custom--WarrantsExercisedMember_zzQzhZMFgP7f" title="Stock issued during the period, shares"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2020-12-012020-12-31_custom_WarrantsExercisedMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares">475,411</ix:nonFraction></span> ordinary shares on
    the Company through cashless exercise basis.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">&#160;</td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
    the year ended December 31, 2021, Principal Amount and unpaid Interest in total amount of $<span id="xdx_900_eus-gaap--DebtInstrumentCarryingAmount_iI_pn3n3_c20211231_zWbH7qB3ENP3" title="Debt principal and interest amount"><ix:nonFraction name="us-gaap:DebtInstrumentCarryingAmount" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">20,095</ix:nonFraction></span> have been converted into <span id="xdx_90E_eus-gaap--ConversionOfStockSharesIssued1_pip0_c20210101__20211231_z88Pfm6bhvNb" title="Conversion of stock, shares"><ix:nonFraction name="us-gaap:ConversionOfStockSharesIssued1" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares">487,822,015</ix:nonFraction></span>
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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">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>9.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
    the year ended December 31, 2021, one of the Company&#8217;s Secured Convertible Equipment Loan Agreement was entered into default
    scenario as result of lapse of the original maturity date, as defined. Consequently, <span id="xdx_90D_eus-gaap--ConversionOfStockSharesIssued1_pip0_c20210101__20211231__us-gaap--TypeOfArrangementAxis__custom--SecuredConvertibleEquipmentLoanAgreementMember_zGQmUWwqkjOl" title="Conversion of stock issued, shares"><ix:nonFraction name="us-gaap:ConversionOfStockSharesIssued1" contextRef="From2021-01-012021-12-31_custom_SecuredConvertibleEquipmentLoanAgreementMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares">20,000,000</ix:nonFraction></span> ordinary shares of NIS <span id="xdx_905_eus-gaap--CommonStockConvertibleConversionPriceIncrease_pid_c20210101__20211231__us-gaap--TypeOfArrangementAxis__custom--SecuredConvertibleEquipmentLoanAgreementMember__us-gaap--AwardTypeAxis__custom--NISMember_znGTJdm9AFpj"><ix:nonFraction name="us-gaap:CommonStockConvertibleConversionPriceIncrease" contextRef="From2021-01-012021-12-31_custom_SecuredConvertibleEquipmentLoanAgreementMember_custom_NISMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.01</ix:nonFraction></span> par value
    of the Company were issued as collateral shares for purpose of repayment of the principal amount. The issued shares have been valued
    at $<span id="xdx_905_eus-gaap--ConversionOfStockAmountConverted1_pn3n3_c20210101__20211231__us-gaap--TypeOfArrangementAxis__custom--SecuredConvertibleEquipmentLoanAgreementMember_zlX7Z7KrEDec" title="Conversion of stock issued, value"><ix:nonFraction name="us-gaap:ConversionOfStockAmountConverted1" contextRef="From2021-01-012021-12-31_custom_SecuredConvertibleEquipmentLoanAgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">870</ix:nonFraction></span> and was deducted from the fair value of the principal amount. </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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
    the year ended December 31, 2021, the Company entered into several service agreements with certain service providers, whereby the
    Company issued <span id="xdx_907_eus-gaap--ConversionOfStockSharesIssued1_pip0_c20210101__20211231__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--ServiceAgreementsMember_zMzPjp6XG26g"><ix:nonFraction name="us-gaap:ConversionOfStockSharesIssued1" contextRef="From2021-01-012021-12-31_us-gaap_ServiceAgreementsMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares">14,921,053</ix:nonFraction></span> ordinary share of NIS <span id="xdx_90D_eus-gaap--CommonStockConvertibleConversionPriceIncrease_pid_c20210101__20211231__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--ServiceAgreementsMember__us-gaap--AwardTypeAxis__custom--NISMember_zo6G1fsKc5I5"><ix:nonFraction name="us-gaap:CommonStockConvertibleConversionPriceIncrease" contextRef="From2021-01-012021-12-31_us-gaap_ServiceAgreementsMember_custom_NISMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.01</ix:nonFraction></span> par value or the Company is committed to issue fixed number of ordinary shares
    in exchange for services that have been rendered. Consequently, the Company recorded related stock-based compensation expense of
    $<span id="xdx_904_eus-gaap--ConversionOfStockAmountConverted1_pn3n3_c20210101__20211231__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--ServiceAgreementsMember_zMoTQazXgw32"><ix:nonFraction name="us-gaap:ConversionOfStockAmountConverted1" contextRef="From2021-01-012021-12-31_us-gaap_ServiceAgreementsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">151</ix:nonFraction></span> as part of &#8220;Sales and Marketing Expenses&#8221; and &#8220;General and Administrative Expenses&#8221; lines in operations
    in the accompanying consolidated statement of operations, 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">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">&#160;</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">On
    October 4, 2021, and upon achieving market launch, the Company issued <span id="xdx_908_eus-gaap--ConversionOfStockSharesIssued1_pip0_c20211003__20211004__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--ServiceAgreementsMember_zcoXLIuXMiw8"><ix:nonFraction name="us-gaap:ConversionOfStockSharesIssued1" contextRef="From2021-10-032021-10-04_us-gaap_ServiceAgreementsMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares">39,473,684</ix:nonFraction>
    </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of common stock to cover its Contingent
    Consideration as detailed in Note 5B above. The value of the shares was calculated on the share price on the closing
    date of the amendment at $<span id="xdx_908_eus-gaap--StockIssuedDuringPeriodValueOther_pn3n3_c20211003__20211004__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--ServiceAgreementsMember_zO1FHqvP1oRl"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueOther" contextRef="From2021-10-032021-10-04_us-gaap_ServiceAgreementsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,500</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
    and a results recorded additional $<span id="xdx_906_eus-gaap--ConversionOfStockAmountConverted1_pn3n3_c20211003__20211004__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--ServiceAgreementsMember_zECv22cMRkNg"><ix:nonFraction name="us-gaap:ConversionOfStockAmountConverted1" contextRef="From2021-10-032021-10-04_us-gaap_ServiceAgreementsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">450</ix:nonFraction>
    </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">as part of financing expenses in the accompanying
    consolidated statement of operations for the year ended December 31, 2021. </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>12.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
    August 3, 2021 and August 9, 2021 the Company issued a total of <span id="xdx_90C_eus-gaap--ConversionOfStockSharesIssued1_pip0_c20210808__20210809__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--ServiceAgreementsMember_zLKFPCky1GYc"><ix:nonFraction name="us-gaap:ConversionOfStockSharesIssued1" contextRef="From2021-08-082021-08-09_us-gaap_ServiceAgreementsMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares">25,862,069</ix:nonFraction>
    </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of common stock to cover its obligation
    under its Provista SPA (see Note 3 above). The value of the shares was calculated on the share price on the closing date of
    the amendment at $<span id="xdx_907_eus-gaap--ConversionOfStockAmountConverted1_pn3n3_c20210808__20210809__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--ServiceAgreementsMember_zUrnIpl3rWy3"><ix:nonFraction name="us-gaap:ConversionOfStockAmountConverted1" contextRef="From2021-08-082021-08-09_us-gaap_ServiceAgreementsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,500</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>13.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
    March 10, 2021, the Company issued <span id="xdx_90C_eus-gaap--ConversionOfStockSharesIssued1_pip0_c20210308__20210310__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--ConvertibleEquipmentLoanAgreementMember_z5jMkwKIVsIc"><ix:nonFraction name="us-gaap:ConversionOfStockSharesIssued1" contextRef="From2021-03-082021-03-10_custom_ConvertibleEquipmentLoanAgreementMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares">2,000,000</ix:nonFraction></span> shares of common stock as part of an amendment to Secured Convertible Equipment Loan
    Agreement (see Note 8B). The value of the shares was calculated on the share price on the closing date of the amendment at $83.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -21.25pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 163; 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"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#toc_002">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<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"><b>TODOS MEDICAL LTD.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)</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">(U.S.
dollars in thousands)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock"><p id="xdx_806_eus-gaap--DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock_z2NYB4VMJJW2" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
16 - <span id="xdx_824_z7r5uziRFKA5">STOCK OPTIONS</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
    January 11, 2016, the Company&#8217;s Board of Directors approved and adopted the Todos Medical Ltd. 2015 Israeli Share Option Plan
    (the &#8220;2015 Plan&#8221;), pursuant to which the Company&#8217;s Board of Directors may award stock options to purchase its ordinary
    shares to designated participants. Subject to the terms and conditions of the 2015 Plan, the Company&#8217;s Board of Directors has
    full authority in its discretion, from time to time and at any time, to determine (i) the designate participants; (ii) the terms
    and provisions of the respective Option Agreements, including, but not limited to, the number of Options to be granted to each Optionee,
    the number of Shares to be covered by each Option, provisions concerning the time and the extent to which the Options may be exercised
    and the nature and duration of restrictions as to the transferability or restrictions constituting substantial risk of forfeiture
    and to cancel or suspend awards, as necessary; (iii) determine the Fair Market Value of the Shares covered by each Option; (iv) make
    an election as to the type of Approved 102 Option under Israeli IRS law; (v) designate the type of Options; (vi) take any measures,
    and to take actions, as deemed necessary or advisable for the administration and implementation of the 2015 Plan; (vii) interpret
    the provisions of the 2015 Plan and to amend from time to time the terms of the 2015 Plan.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -21.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
2015 Plan permits grant of up to <span id="xdx_900_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20160110__20160111__us-gaap--PlanNameAxis__custom--TwoThousandFifteenIsraeliShareOptionPlanMember__srt--RangeAxis__srt--MaximumMember_zSflMABRJlDe" title="Number of Options, Granted"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" contextRef="From2016-01-102016-01-11_custom_TwoThousandFifteenIsraeliShareOptionPlanMember_srt_MaximumMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">6,000,000</ix:nonFraction></span> options to purchase ordinary shares subject to adjustments set in the 2015 Plan. As of December
31, 2021, there were no ordinary shares available for future issuance under the 2015 Plan.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
    July 29, 2020 (the &#8220;Commitment Date&#8221;), the Company held its Annual General Meeting of Shareholders, at which the shareholders
    of the Company approved compensation packages for two officers that include inter alia the Company is obligated to grant of <span id="xdx_90A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20200726__20200729__srt--TitleOfIndividualAxis__custom--TwoOfficersMember_z3vsUj5u0JAk" title="Number of Options, Granted"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" contextRef="From2020-07-262020-07-29_custom_TwoOfficersMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">2,545,083</ix:nonFraction></span>
    stock options which are exercisable into the same number of shares of common stock at an exercise price of $<span id="xdx_902_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_iI_pid_c20200729__srt--TitleOfIndividualAxis__custom--TwoOfficersMember_zGSII0mS5QB" title="Exercise price of option"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice" contextRef="AsOf2020-07-29_custom_TwoOfficersMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.095</ix:nonFraction></span> per share and shall
    become vested quarterly over a <span id="xdx_908_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_dtY_c20200726__20200729__srt--TitleOfIndividualAxis__custom--TwoOfficersMember_z7PI03MkxRC3" title="Option vested period"><ix:nonNumeric contextRef="From2020-07-262020-07-29_custom_TwoOfficersMember" format="ixt-sec:duryear" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1">5</ix:nonNumeric></span>-year period from its grant date. At the Commitment Date, the Company by assistance of third-party
    appraiser measured the fair value of the stock options in total amount of $<span id="xdx_907_ecustom--FairValueOfStockOptionsValue_pn3n3_c20200726__20200729__srt--TitleOfIndividualAxis__custom--TwoOfficersMember_z0XXKrdOr2Sa" title="Fair value of stock options, value"><ix:nonFraction name="TOMDF:FairValueOfStockOptionsValue" contextRef="From2020-07-262020-07-29_custom_TwoOfficersMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">206</ix:nonFraction></span> by using Black-Scholes-Merton pricing model in which
    the assumptions that have been used are as follows: expected dividend yield of <span id="xdx_90D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_pid_dp_uPure_c20200726__20200729__srt--TitleOfIndividualAxis__custom--TwoOfficersMember_zqpcwZ4WE3E7" title="Expected dividend yield"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate" contextRef="From2020-07-262020-07-29_custom_TwoOfficersMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">0</ix:nonFraction></span>%; risk-free interest rate of <span id="xdx_907_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_pid_dp_uPure_c20200726__20200729__srt--TitleOfIndividualAxis__custom--TwoOfficersMember_zH1519Idgz2a" title="Risk-free interest rate"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate" contextRef="From2020-07-262020-07-29_custom_TwoOfficersMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">0.25</ix:nonFraction></span>%; expected volatility
    of <span id="xdx_908_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_pid_dp_uPure_c20200726__20200729__srt--TitleOfIndividualAxis__custom--TwoOfficersMember_zLPdhsMLlxz6" title="Expected volatility"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate" contextRef="From2020-07-262020-07-29_custom_TwoOfficersMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">131.9</ix:nonFraction></span>%, and stock options exercise period based upon the stated terms. </span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -21.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, as one-time bonus as compensation for uncompensated efforts to the Commitment Date, the Company is obligated to grant fully
vested shares equal to $<span id="xdx_907_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1_pn3n3_c20200726__20200728__srt--TitleOfIndividualAxis__custom--TwoOfficersMember_zjwLAIzCnWDg" title="Fair value of stock options, vested"><ix:nonFraction name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1" contextRef="From2020-07-262020-07-28_custom_TwoOfficersMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">275</ix:nonFraction></span> based on the fair market value of the Company&#8217;s shares as of July 28, 2020. The Company recorded stock-based
compensation expense of this amount as part of &#8220;General and Administrative Expenses&#8221; line in operations in the accompanying
consolidated statement of operations during the year ended December 31, 2020.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Moreover,
upon consummation of the Company&#8217;s planned public offering, <span id="xdx_902_eus-gaap--StockIssuedDuringPeriodSharesRestrictedStockAwardGross_pid_c20200726__20200729__srt--TitleOfIndividualAxis__custom--TwoOfficersMember_znI35OKDhla5" title="Number of restricted stock issued"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesRestrictedStockAwardGross" contextRef="From2020-07-262020-07-29_custom_TwoOfficersMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">30,000,000</ix:nonFraction></span> restricted stock units&#8217; bonuses will be granted to
the aforesaid officers. At the Commitment Date, December 31, 2021 and 2020, the likelihood that the Performance Milestone for consummation
of the Company&#8217;s planned public offering was not considered as probable. Thus, during the years ended December 31, 2021 and 2020,
stock-based compensation expense has not been recorded with respect to the Performance Milestone.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the period of nine months ended September 30, 2021, the Company recorded stock-based compensation expense amounting to $<span id="xdx_903_eus-gaap--ShareBasedCompensation_pn3n3_c20210101__20210930__srt--TitleOfIndividualAxis__custom--TwoOfficersMember_zjvWoeNMR8uf" title="Share based compensation"><ix:nonFraction name="us-gaap:ShareBasedCompensation" contextRef="From2021-01-012021-09-30_custom_TwoOfficersMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">59</ix:nonFraction></span>, as part of
&#8220;General and Administrative Expenses&#8221; line in operations in the accompanying consolidated statement of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<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"><b>C.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
    July 29, 2020 (the &#8220;Commitment Date&#8221;), the Company held its Annual General Meeting of Shareholders, at which the shareholders
    of the Company approved compensation packages for all its members of the Board of Directors that include inter alia grant of restricted
    stock units equal to aggregate amount of $<span id="xdx_900_eus-gaap--StockIssuedDuringPeriodValueRestrictedStockAwardGross_pn3n3_c20200726__20200729__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zG8NjEVgUhs2" title="Fair value of restricted stock"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueRestrictedStockAwardGross" contextRef="From2020-07-262020-07-29_us-gaap_RestrictedStockMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">900</ix:nonFraction></span> that shall become vested quarterly over a <span id="xdx_908_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_dtY_c20200726__20200729__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zQifT5peedfc" title="Option vested period"><ix:nonNumeric contextRef="From2020-07-262020-07-29_us-gaap_RestrictedStockMember" format="ixt-sec:duryear" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1">3</ix:nonNumeric></span>-year period from its grant date (except
    the restricted stock of the board chairman who will be vested quarterly over a 1-year period). </span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -21.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 1, 2021, the Company recorded stock-based compensation expense amounting to $<span id="xdx_90C_eus-gaap--ShareBasedCompensation_pn3n3_c20210101__20211231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zjIPo9yHswdi" title="Share based compensation"><ix:nonFraction name="us-gaap:ShareBasedCompensation" contextRef="From2021-01-012021-12-31_us-gaap_RestrictedStockMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">405</ix:nonFraction></span>, respectively, as part of &#8220;General
and Administrative Expenses&#8221; line in operations in the accompanying consolidated statement of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 164; 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"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#toc_002">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<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"><b>TODOS MEDICAL LTD.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)</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">(U.S.
dollars in thousands)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
16 - STOCK OPTIONS (Cont.) </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>D.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Compensation
    packages for officers and members of the Board of Directors and its committees</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -21.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">&#160;</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"><b>1.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
    March 10, 2021, the Company&#8217;s Compensation Committee of the Board of Directors has approved compensation package for the Company&#8217;s
    Chief Executive Officer that include inter alia (i) based annual salary of $<span id="xdx_90F_eus-gaap--OfficersCompensation_pn3n3_c20210309__20210310__srt--TitleOfIndividualAxis__srt--ChiefExecutiveOfficerMember_zJRuPY1yjDN1" title="Annual salary"><ix:nonFraction name="us-gaap:OfficersCompensation" contextRef="From2021-03-092021-03-10_srt_ChiefExecutiveOfficerMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">400</ix:nonFraction></span>; (ii) an immediate granting of <span id="xdx_90F_ecustom--GrantingPercentage_pid_dp_uPure_c20210309__20210310__srt--TitleOfIndividualAxis__srt--ChiefExecutiveOfficerMember_ztUK9MM06pGh"><ix:nonFraction name="TOMDF:GrantingPercentage" contextRef="From2021-03-092021-03-10_srt_ChiefExecutiveOfficerMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">50</ix:nonFraction></span>% of salary in restricted
    shares for uncompensated efforts to date; (iii) <span id="xdx_904_ecustom--MilestoneBonusFeesDescription_c20210309__20210310__srt--TitleOfIndividualAxis__srt--ChiefExecutiveOfficerMember_zVHgPzjW79ye"><ix:nonNumeric contextRef="From2021-03-092021-03-10_srt_ChiefExecutiveOfficerMember" name="TOMDF:MilestoneBonusFeesDescription">up to 30% cash bonus based on predefined milestones or milestone bonuses in form
    of Restricted Stock Units ranging of 250,000 up to 2,000,000 common shares, and cash bonus range of $250 up to $1,500 which are based
    on cumulative volume of sales range from $25,000 up to $100,000 or milestone bonuses in form of Restricted Stock Units in value of
    $10,000 up to $50,000 which are based on market cap range of $1,000,000 up to $2,000,000 (&#8220;Milestone Bonus Fees&#8221;); (iv)
    <span id="xdx_909_eus-gaap--DeferredCompensationArrangementWithIndividualCashAwardsGrantedPercentage_pid_dp_uPure_c20210309__20210310__srt--TitleOfIndividualAxis__srt--ChiefExecutiveOfficerMember__us-gaap--DeferredCompensationArrangementWithIndividualExcludingShareBasedPaymentsAndPostretirementBenefitsByTypeOfDeferredCompensationAxis__custom--OneTimeBonusMember_zeIq32x3CKqf"><ix:nonFraction name="us-gaap:DeferredCompensationArrangementWithIndividualCashAwardsGrantedPercentage" contextRef="From2021-03-092021-03-10_srt_ChiefExecutiveOfficerMember_custom_OneTimeBonusMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">1.5</ix:nonFraction></span>% of gross margin for the calendar year 2020 based on Board approval of the Company&#8217;s 2020 Financial Statements (&#8220;One-Time
    Bonus&#8221;); (v) grant of <span id="xdx_90C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20210309__20210310__srt--TitleOfIndividualAxis__srt--ChiefExecutiveOfficerMember_zDvnh9ujGMZh" title="Number of options, granted"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" contextRef="From2021-03-092021-03-10_srt_ChiefExecutiveOfficerMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">8,750,000</ix:nonFraction></span> stock options to purchase the same number of shares, vesting quarterly over the course of five
    years and (vi) <span id="xdx_909_eus-gaap--DeferredCompensationArrangementWithIndividualCashAwardsGrantedPercentage_pid_dp_uPure_c20210309__20210310__srt--TitleOfIndividualAxis__srt--ChiefExecutiveOfficerMember__us-gaap--DeferredCompensationArrangementWithIndividualExcludingShareBasedPaymentsAndPostretirementBenefitsByTypeOfDeferredCompensationAxis__us-gaap--DeferredBonusMember_zWPde8PbgDwi" title="Bonus percentage"><ix:nonFraction name="us-gaap:DeferredCompensationArrangementWithIndividualCashAwardsGrantedPercentage" contextRef="From2021-03-092021-03-10_srt_ChiefExecutiveOfficerMember_us-gaap_DeferredBonusMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">50</ix:nonFraction></span>% of base cash bonus and grant of <span id="xdx_901_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20210309__20210310__srt--TitleOfIndividualAxis__srt--ChiefExecutiveOfficerMember__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zq1jlXAtGiXb" title="Number of Options, Granted"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" contextRef="From2021-03-092021-03-10_srt_ChiefExecutiveOfficerMember_us-gaap_RestrictedStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">20,000,000</ix:nonFraction></span> restricted shares upon consummation of the Company&#8217;s planned
    public offering (&#8220;Uplist Fees&#8221;).</ix:nonNumeric></span></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
    March 10, 2021, the Company&#8217;s Compensation Committee of the Board of Directors has approved compensation package for the Company&#8217;s
    Chief Financial Officer that include inter alia (i) based annual salary of $<span id="xdx_90B_eus-gaap--OfficersCompensation_pn3n3_c20210309__20210310__srt--TitleOfIndividualAxis__srt--ChiefFinancialOfficerMember_zp28hFJtLOY5"><ix:nonFraction name="us-gaap:OfficersCompensation" contextRef="From2021-03-092021-03-10_srt_ChiefFinancialOfficerMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">250</ix:nonFraction></span>; (ii) an immediate granting of <span id="xdx_908_ecustom--GrantingPercentage_pid_dp_uPure_c20210309__20210310__srt--TitleOfIndividualAxis__srt--ChiefFinancialOfficerMember_zY1yqJdLQf75"><ix:nonFraction name="TOMDF:GrantingPercentage" contextRef="From2021-03-092021-03-10_srt_ChiefFinancialOfficerMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">50</ix:nonFraction></span>% of salary in restricted
    shares for uncompensated efforts to date; (iii) <span id="xdx_90D_ecustom--MilestoneBonusFeesDescription_c20210309__20210310__srt--TitleOfIndividualAxis__srt--ChiefFinancialOfficerMember_z1yhVoCQB8Q3"><ix:nonNumeric contextRef="From2021-03-092021-03-10_srt_ChiefFinancialOfficerMember" name="TOMDF:MilestoneBonusFeesDescription">up to 30% cash bonus predefined milestones or milestone bonuses in form of Restricted
    Stock Units range of 50,000 up to 200,000 and cash bonus range of $75 up to $300 which are based on cumulative volume of sales range
    of $25,000 up to $100,000 (&#8220;Milestone Bonus Fees&#8221;); (iv) <span id="xdx_90A_eus-gaap--DeferredCompensationArrangementWithIndividualCashAwardsGrantedPercentage_pid_dp_uPure_c20210309__20210310__srt--TitleOfIndividualAxis__srt--ChiefFinancialOfficerMember__us-gaap--DeferredCompensationArrangementWithIndividualExcludingShareBasedPaymentsAndPostretirementBenefitsByTypeOfDeferredCompensationAxis__custom--OneTimeBonusMember_zEhTsuqIboPk"><ix:nonFraction name="us-gaap:DeferredCompensationArrangementWithIndividualCashAwardsGrantedPercentage" contextRef="From2021-03-092021-03-10_srt_ChiefFinancialOfficerMember_custom_OneTimeBonusMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">0.5</ix:nonFraction></span>% of gross margin for the calendar year 2020 based on Board
    approval of the Company&#8217;s 2020 Financial Statements (&#8220;One-Time Bonus&#8221;); (v) grant of <span id="xdx_90B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20210309__20210310__srt--TitleOfIndividualAxis__srt--ChiefFinancialOfficerMember_zn6NwJTHveHi"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" contextRef="From2021-03-092021-03-10_srt_ChiefFinancialOfficerMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">5,000,000</ix:nonFraction></span> stock options to
    purchase the same number of shares, vesting quarterly over the course of five years and (vi) <span id="xdx_905_eus-gaap--DeferredCompensationArrangementWithIndividualCashAwardsGrantedPercentage_pid_dp_uPure_c20210309__20210310__srt--TitleOfIndividualAxis__srt--ChiefFinancialOfficerMember__us-gaap--DeferredCompensationArrangementWithIndividualExcludingShareBasedPaymentsAndPostretirementBenefitsByTypeOfDeferredCompensationAxis__us-gaap--DeferredBonusMember_zDEADgkvdBak"><ix:nonFraction name="us-gaap:DeferredCompensationArrangementWithIndividualCashAwardsGrantedPercentage" contextRef="From2021-03-092021-03-10_srt_ChiefFinancialOfficerMember_us-gaap_DeferredBonusMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">50</ix:nonFraction></span>% of base cash bonus and grant of
    <span id="xdx_903_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20210309__20210310__srt--TitleOfIndividualAxis__srt--ChiefFinancialOfficerMember__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zbXBRCg855P6"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" contextRef="From2021-03-092021-03-10_srt_ChiefFinancialOfficerMember_us-gaap_RestrictedStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">10,000,000</ix:nonFraction></span> restricted shares upon consummation of the Company&#8217;s planned public offering (&#8220;Uplist Fees&#8221;).</ix:nonNumeric></span></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">&#160;</td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 26, 2021 the Annual General Meeting of the Company approved the Compensation packages for officers and members of the Board of Directors
and its committees as detailed above.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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following table presents the Company&#8217;s stock option activity for employees and directors of the Company for the years ended December
31, 2020 and 2019:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B9_zv2uTchbQjV5" style="display: none">SCHEDULE OF STOCK OPTION ACTIVITY</span></span></p>

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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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Average <br />
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 2.5pt">Exercisable 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-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td>
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 Options</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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Average <br />
Exercise Price</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)">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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</ix:nonNumeric><p id="xdx_8A1_zSATrYNH1zug" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 165; 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>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#toc_002">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<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"><b>TODOS MEDICAL LTD.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)</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">(U.S.
dollars in thousands)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
16 - STOCK OPTIONS (Cont.) </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2021, the aggregate intrinsic value for the stock options outstanding and exercisable according to $<span id="xdx_908_eus-gaap--SharePrice_iI_c20211231_z8GmDX9f2vAc" title="Share price"><ix:nonFraction name="us-gaap:SharePrice" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.058</ix:nonFraction></span> price per share
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stock-based
compensation expenses incurred for employees (and directors) and non-employees for the year ended December 31, 2021, amounted to $<span id="xdx_900_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_c20210101__20211231_z4qLVBUqjxea"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">645</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2021, the aggregate accrual for officers and members of the board and its committees in connection with salary and other
benefits, amounted to $<span id="xdx_90F_eus-gaap--DueFromOfficersOrStockholders_iI_pn3n3_c20211231_z8vPixYr2NH1" title="Due from of officers and members"><ix:nonFraction name="us-gaap:DueFromOfficersOrStockholders" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,752</ix:nonFraction></span> and is included in Other Current liabilities in the balance sheet.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="TOMDF:CostOfRevenuesTextBlock"><p id="xdx_805_ecustom--CostOfRevenuesTextBlock_zpgg2BHq5wY2" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
17 - <span id="xdx_824_zVAhN6BstvE7">COST OF REVENUES</span></b></span></p>

<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="TOMDF:ScheduleOfCostOfRevenuesTableTextBlock"><p id="xdx_893_ecustom--ScheduleOfCostOfRevenuesTableTextBlock_zuJLQAsxV5t5" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_8BA_zCmwCgotTGyj" style="display: none">SCHEDULE OF COST OF REVENUES</span></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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ended <br />
December 31</b></span></p> </div></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td></tr>
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  <tr id="xdx_404_eus-gaap--CostOfGoodsAndServicesSoldDepreciation_pn3n3_maCORzhQk_zSgQqOLf2lt" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#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:CostOfGoodsAndServicesSoldDepreciation" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">734</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td>
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</ix:nonNumeric><p id="xdx_8AA_zwpKkXwBTBNe" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:ResearchDevelopmentAndComputerSoftwareDisclosureTextBlock"><p id="xdx_80B_eus-gaap--ResearchDevelopmentAndComputerSoftwareDisclosureTextBlock_zQzTx995SvSi" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
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<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="TOMDF:ScheduleOfResearchAndDevelopmentExpensesTableTextBlock"><p id="xdx_899_ecustom--ScheduleOfResearchAndDevelopmentExpensesTableTextBlock_zDiLLwz9MIe2" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;<span id="xdx_8B8_zWC6ibJdNjSd" style="display: none">SCHEDULE OF RESEARCH AND DEVELOPMENT EXPENSES</span></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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    <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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ended <br />
December 31</b></span></p> </div></td><td style="font: 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">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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</ix:nonNumeric><p id="xdx_8A0_zVEr78wFgnVk" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

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<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="TOMDF:ScheduleOfSalesAndMarketingExpensesTableTextBlock"><p id="xdx_897_ecustom--ScheduleOfSalesAndMarketingExpensesTableTextBlock_zA0O3OCA5b7b" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span id="xdx_8B4_zVUBTxCfHtY5" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SCHEDULE
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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</ix:nonNumeric><p id="xdx_8AF_zi9hhmkEaSAg" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 166; 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 -->72<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#toc_002">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<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"><b>TODOS MEDICAL LTD.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)</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">(U.S.
dollars in thousands)</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
21 - <span>FINANCING (INCOME) EXPENSES, NET</span></b></span></p>

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<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:InterestIncomeAndInterestExpenseDisclosureTableTextBlock"><p id="xdx_896_eus-gaap--InterestIncomeAndInterestExpenseDisclosureTableTextBlock_zIUN7q9Ov8sh" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span id="xdx_8BA_zJKP1f49C62l" style="display: none">SCHEDULE OF FINANCING EXPENSES</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="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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December 31</b></span></p> </div></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td></tr>
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</ix:nonNumeric><p id="xdx_8AA_zdPZBzduIv31" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="TOMDF:ShareInLossesOfAffiliatedCompaniesTextBlock"><p id="xdx_800_ecustom--ShareInLossesOfAffiliatedCompaniesTextBlock_zjVST1XB39Od" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in"><b>NOTE 22 - <span id="xdx_823_zeHCqIaC2uqf">SHARE IN LOSSES
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<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="TOMDF:SceduleOfShareInLossesOfAffiliatedCompaniesTableTextBlock"><p id="xdx_89C_ecustom--SceduleOfShareInLossesOfAffiliatedCompaniesTableTextBlock_zTXfKOSmbnOg" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_8B5_zMbSsoN141Ke" style="display: none">SCHEDULE
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

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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">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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  <tr id="xdx_40E_eus-gaap--GainLossOnInvestments_iN_di_hsrt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--AntigenCOVIDTestKillerMember_zVXuZxZitdPi" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_408_eus-gaap--GainLossOnInvestments_iN_di_hsrt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--BioImageryLtdMember_zSMpMbdaUk48" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt">Impairment of investment in Bio Imagery Ltd. see note 5.c.</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_404_eus-gaap--GainLossOnInvestments_iN_di_zKVFubX17bCl" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Share in losses of affiliated companies</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&#160;</td>
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    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="us-gaap:GainLossOnInvestments" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">1,200</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

</ix:nonNumeric></ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:IncomeTaxDisclosureTextBlock"><p id="xdx_80D_eus-gaap--IncomeTaxDisclosureTextBlock_ztV62YmBqAed" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
23 - <span id="xdx_82C_z3Jdiq7jSIy5">TAXES ON INCOME</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Israeli
    taxation:</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -28.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Taxable
income of the Company is subject to the Israeli corporate tax at the rate of <span id="xdx_903_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_uPure_c20210101__20211231__srt--StatementGeographicalAxis__country--IL_zekmsDWKSne6" title="U.S. federal tax rate"><ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" contextRef="From2021-01-012021-12-31_country_IL" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">23</ix:nonFraction></span>%.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2021, the Company has carried forward losses for Israeli income tax purposes of approximately $<span id="xdx_901_eus-gaap--OperatingLossCarryforwards_iI_pn5n6_c20211231__srt--StatementGeographicalAxis__country--IL_zGYkQynRXo0a" title="Carry forward losses"><ix:nonFraction name="us-gaap:OperatingLossCarryforwards" contextRef="AsOf2021-12-31_country_IL" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">12.8</ix:nonFraction></span> million which can
be offset against future taxable income for an indefinite period of time.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has final (considered final) tax assessments through the 2015 tax year.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S.
    subsidiaries:</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -28.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
U.S. subsidiaries are taxed under United States federal and state tax rules. Income tax is calculated based on a U.S. federal tax rate
of <span id="xdx_900_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_uPure_c20210101__20211231__srt--StatementGeographicalAxis__country--US_zinx3w058CK6" title="U.S. federal tax rate"><ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" contextRef="From2021-01-012021-12-31_country_US" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">21</ix:nonFraction></span>%.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
U.S. subsidiaries estimated federal tax loss carryforward amounted to $<span id="xdx_90C_eus-gaap--OperatingLossCarryforwards_iI_pn3n3_c20211231__srt--StatementGeographicalAxis__country--US_zeZboeAZNyEf" title="Carry forward losses"><ix:nonFraction name="us-gaap:OperatingLossCarryforwards" contextRef="AsOf2021-12-31_country_US" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">13,744</ix:nonFraction></span> as of December 31, 2021. Such losses are available to offset
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
U.S. subsidiaries have not received final tax assessments since incorporation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 167; 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 -->73<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#toc_002">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<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"><b>TODOS MEDICAL LTD.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)</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">(U.S.
dollars in thousands)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
23 - TAXES ON INCOME (Cont.) </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred
    income taxes reflect the net tax effects of net operating loss and temporary differences between the carrying amounts of assets and
    liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company&#8217;s
    deferred tax assets are as follows:</span></td></tr>
  </table>
<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock"><p id="xdx_89B_eus-gaap--ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock_zSwOnm6LKTg" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -28.35pt"><span id="xdx_8B4_z56vLkTJ1fHd" style="display: none">SCHEDULE OF DEFERRED TAX ASSETS</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: 92%; margin-left: 0.5in">
  <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif"></td><td style="font: bold 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">
    <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="6" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">As of <br /> December 31</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td></tr>
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  <tr id="xdx_40B_eus-gaap--OperatingLossCarryforwards_iI_pn3n3_zki1pnYbUiQe" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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</ix:nonNumeric><p id="xdx_8A3_zhb0R4xrRylh" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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future taxable income during the periods in which temporary differences are deductible and net operating losses are utilized. Based on
consideration of these factors, the Company recorded a full valuation allowance as of December 31, 2021 and 2020.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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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<ix:exclude><!-- Field: Page; Sequence: 168; 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 -->74<!-- Field: /Sequence --></td></tr></table></div>
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    <!-- Field: /Page --></ix:exclude>

<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"><b>TODOS MEDICAL LTD.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)</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">(U.S.
dollars in thousands)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:SegmentReportingDisclosureTextBlock"><p id="xdx_80B_eus-gaap--SegmentReportingDisclosureTextBlock_zHZ5a8iN29o4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
24 - <span id="xdx_82E_zjw8rLo34KZe">SEGMENT REPORTING</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>General
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -28.35pt"><span style="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-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Commencing
2020, the operations of the Company are conducted through three different core activities: Breast Cancer Test (TM-B1, TM-B2), Alzheimer
and COVID-19 testing and related products (commencing the fourth quarter of 2020), each of which are operating segments. These activities
also represent the reportable segments of the Group.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
reportable segments are viewed and evaluated separately by Company management, since the marketing strategies, processes and expected
long term financial performances of the segments are different.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounting
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financing
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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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></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b></b></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-top: 0pt; margin-bottom: 0pt; text-align: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>D.</b></span></td>
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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%; margin-left: 0.5in">
  <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td>
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</ix:nonNumeric><p id="xdx_8A9_z1XUsnBIbpY4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -28.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%; margin-left: 0.5in">
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</ix:nonNumeric><p id="xdx_8A1_z49uFbXvdQ2b" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"></p>

<ix:exclude><!-- Field: Page; Sequence: 169; Value: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>TODOS MEDICAL LTD.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)</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">(U.S.
dollars in thousands)</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">&#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"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
25 - <span>SUBSEQUENT EVENTS</span></b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:SubsequentEventsTextBlock"><p id="xdx_807_eus-gaap--SubsequentEventsTextBlock_z7UOkxKlEr23" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><b> <span></span><span id="xdx_82B_zStP4YIzPAVl" style="display: none">EVENTS SUBSEQUENT TO THE BALANCE SHEET DATE</span></b>&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 11, 2022, the Company entered into a Share Purchase Agreement with 3CL Sciences Ltd. (&#8220;3CL&#8221;) and NLC
Pharma Ltd. (&#8220;NLC&#8221;), pursuant to which the Company will acquire <span id="xdx_90F_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20220311__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--TypeOfArrangementAxis__custom--SharePurchaseAgreementMember__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--ThreeCLScienceLtdMembeMember_z3l2yz4sF5Hb"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2022-03-11_us-gaap_SubsequentEventMember_custom_SharePurchaseAgreementMember_custom_ThreeCLScienceLtdMembeMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">52</ix:nonFraction>%
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">of the issued and outstanding shares of 3CL and
NLC will acquire <span id="xdx_906_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20220311__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--TypeOfArrangementAxis__custom--SharePurchaseAgreementMember__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--NLCPharmaLtdMember_zDY6IqrOCen5"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2022-03-11_us-gaap_SubsequentEventMember_custom_SharePurchaseAgreementMember_custom_NLCPharmaLtdMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">48</ix:nonFraction>%
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">of the issued and outstanding shares of 3CL (the
&#8220;Share Purchase Agreement&#8221;). Immediately prior to entering into the Share Purchase Agreement, NLC conveyed to 3CL all of
the therapeutic, diagnostic, dietary supplement and pharmaceutical assets from NLC that relate to 3CL protease biology (which is used
in the development, manufacture, sale and distribution of Tollovid&#8482; and Tollovir&#8482;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
consideration of the 3CL shares being issued to us, the Company undertook to raise $<span id="xdx_90B_eus-gaap--StockIssuedDuringPeriodValueNewIssues_pn3n3_c20220301__20220311__us-gaap--TypeOfArrangementAxis__custom--SharePurchaseAgreementMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__dei--LegalEntityAxis__custom--ThreeCLScienceLtdMember_zFEXmznnZo78" title="Stock issued during period value new issues"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueNewIssues" contextRef="From2022-03-012022-03-11_custom_SharePurchaseAgreementMember_us-gaap_SubsequentEventMember_custom_ThreeCLScienceLtdMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">10,000</ix:nonFraction> </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">for 3CL and committed to issue to NLC $<span id="xdx_904_eus-gaap--StockIssuedDuringPeriodValueNewIssues_pn3n3_c20220301__20220311__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zAYliLYBIRdi" title="Stock issued during period value new issues"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueNewIssues" contextRef="From2022-03-012022-03-11_custom_SecuritiesPurchaseAgreementMember_us-gaap_SubsequentEventMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">3,800</ix:nonFraction> </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">worth of our ordinary shares, based upon the
closing price for our ordinary shares the day before the closing of the Share Purchase Agreement. The Company and NLC agreed to identify
a seasoned biopharmaceutical CEO to run 3CL going forward. The board of directors of 3CL Sciences will be made up of five (5) individuals:
three (3) appointed by the Company and two (2) appointed by NLC. The Company anticipate that the Share Purchase Agreement will
close during the second quarter of 2022.</span></p>

</ix:nonNumeric><p id="xdx_813_zAwawblh2tTj" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></p>

<!-- Field: Page; Sequence: 170; Options: NewSection; Value: 76 -->
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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#toc_002">Table of Contents</a></td></tr></table></div>
    <!-- Field: /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"><b>&#160;</b></span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="a_001"></span>TODOS
MEDICAL LTD.</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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="sur_002"></span>CONDENSED
CONSOLIDATED BALANCE SHEETS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(U.S.
dollars in thousands except share and per share amounts)</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="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td colspan="2" 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 id="xdx_40E_eus-gaap--AssetsAbstract_iB" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">ASSETS</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_402_eus-gaap--AssetsCurrentAbstract_i01B" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Current
    assets:</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_406_eus-gaap--CashAndCashEquivalentsAtCarryingValue_i02I_pn3n3_maACzmsN_zDD5GJfeIr3d" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 60%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Cash
    and cash equivalents</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:CashAndCashEquivalentsAtCarryingValue" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">74</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:CashAndCashEquivalentsAtCarryingValue" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">189</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40D_eus-gaap--ReceivablesNetCurrent_i02I_pn3n3_maACzmsN_zBMqvXM79k9b" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Trade
    receivables, net</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ReceivablesNetCurrent" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,485</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ReceivablesNetCurrent" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,520</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_402_eus-gaap--InventoryNet_i02I_pn3n3_maACzmsN_zesRdxAAYsi1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Inventories</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:InventoryNet" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,642</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:InventoryNet" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,603</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_402_eus-gaap--OtherAssetsCurrent_i02I_pn3n3_maACzmsN_zertaVuDvRyl" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Other
    current assets</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OtherAssetsCurrent" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">841</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OtherAssetsCurrent" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">404</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_402_eus-gaap--AssetsCurrent_i02TI_pn3n3_mtACzmsN_maAz5Oa_zWj3pcG8Pwpc" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: justify; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Total
    current assets</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AssetsCurrent" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">4,042</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AssetsCurrent" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">4,716</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40B_eus-gaap--AssetsNoncurrentAbstract_i01B" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Non-current
    assets:</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_402_eus-gaap--InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures_i02I_pn3n3_maANzXHk_zBuIO5ONNIMl" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Investment
    in affiliated companies, net</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">40</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">40</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40D_eus-gaap--OtherInvestments_i02I_pn3n3_maANzXHk_zLccbcLD5wJ9" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Investment
    in other company</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OtherInvestments" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">455</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OtherInvestments" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">455</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40A_eus-gaap--PropertyPlantAndEquipmentNet_i02I_pn3n3_maANzXHk_z2uUfcpRZiB6" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Property
    and equipment, net</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentNet" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,113</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentNet" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,045</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_400_eus-gaap--OperatingLeaseRightOfUseAsset_i02I_pn3n3_maANzXHk_zgSvLlrsrzt2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Right
    of use asset arising from operating lease</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OperatingLeaseRightOfUseAsset" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">123</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OperatingLeaseRightOfUseAsset" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">143</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_404_eus-gaap--Goodwill_i02I_pn3n3_maANzXHk_z2dDDC8WHbyg" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:Goodwill" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">6,216</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_406_eus-gaap--IntangibleAssetsNetExcludingGoodwill_i02I_pn3n3_maANzXHk_zATYQmbXACO3" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Intangible
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    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:IntangibleAssetsNetExcludingGoodwill" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,350</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:IntangibleAssetsNetExcludingGoodwill" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,500</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_402_eus-gaap--AssetsNoncurrent_i02TI_pn3n3_mtANzXHk_maAz5Oa_zGN4GYlOhRid" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AssetsNoncurrent" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">10,399</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_408_eus-gaap--Assets_i01TI_pn3n3_mtAz5Oa_zDOa6G3sGejd" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Total
    assets</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:Assets" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">13,717</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:Assets" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">15,115</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">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40C_eus-gaap--LiabilitiesAndStockholdersEquityAbstract_iB" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">LIABILITIES
    AND SHAREHOLDERS&#8217; DEFICIT</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_409_eus-gaap--LiabilitiesCurrentAbstract_i01B" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Current
    liabilities:</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40E_ecustom--ReceivablesFinancingFacilityNet_i02I_pn3n3_maLCzzxP_zZhNjJltSRw6" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Receivables
    financing facility, net</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="TOMDF:ReceivablesFinancingFacilityNet" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">895</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl2960">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40F_eus-gaap--LoansPayableCurrent_i02I_pn3n3_maLCzzxP_zGc7xSLYAU19" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Loans,
    net</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:LoansPayableCurrent" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,708</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:LoansPayableCurrent" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,023</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_408_eus-gaap--AccountsPayableCurrent_i02I_pn3n3_maLCzzxP_zxlUeQ78Scsd" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Accounts
    payable</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AccountsPayableCurrent" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">3,299</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AccountsPayableCurrent" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,276</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_400_eus-gaap--OtherLiabilitiesCurrent_i02I_pn3n3_maLCzzxP_zan6oN1qFjW7" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Other
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OtherLiabilitiesCurrent" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">3,501</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OtherLiabilitiesCurrent" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">4,284</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40F_eus-gaap--AccruedRoyaltiesCurrent_i02I_pn3n3_maLCzzxP_zKmLF9zhVmy6" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AccruedRoyaltiesCurrent" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">417</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AccruedRoyaltiesCurrent" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">377</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_407_eus-gaap--LiabilitiesCurrent_i02TI_pn3n3_mtLCzzxP_maLASEzhn7_zkHYhE2ZZrE5" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:LiabilitiesCurrent" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">10,820</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:LiabilitiesCurrent" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">8,960</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_402_eus-gaap--LiabilitiesNoncurrentAbstract_i01B" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Non-current
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_400_eus-gaap--ConvertibleDebtNoncurrent_i02I_pn3n3_maLNzqQ0_zEKATqPCmkEe" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Convertible
    bridge loans, net</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ConvertibleDebtNoncurrent" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">27,028</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ConvertibleDebtNoncurrent" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">25,406</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_402_ecustom--FairValueOfConvertibleComponentOfConvertibleBridgeLoans_i02I_pn3n3_maLNzqQ0_ztI6VTBhQhA5" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Fair
    value of bifurcated convertible feature of convertible bridge loans</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="TOMDF:FairValueOfConvertibleComponentOfConvertibleBridgeLoans" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">187</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="TOMDF:FairValueOfConvertibleComponentOfConvertibleBridgeLoans" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">4,182</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40B_eus-gaap--OperatingLeaseLiability_i02I_pn3n3_maLNzqQ0_znO336KP2nSi" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Operating
    lease liability</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OperatingLeaseLiability" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">118</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OperatingLeaseLiability" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">141</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_409_eus-gaap--DeferredIncomeTaxLiabilitiesNet_i02I_pn3n3_maLNzqQ0_zpqj7Jme4MFi" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Deferred
    taxes</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:DeferredIncomeTaxLiabilitiesNet" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">284</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:DeferredIncomeTaxLiabilitiesNet" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">315</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_408_ecustom--AccruedRoyaltiesNonCurrent_i02I_pn3n3_maLNzqQ0_z8V3RpPHetf" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Liability
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="TOMDF:AccruedRoyaltiesNonCurrent" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">196</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="TOMDF:AccruedRoyaltiesNonCurrent" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">183</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40F_eus-gaap--OtherLiabilitiesNoncurrent_i02I_pn3n3_maLNzqQ0_zwPmUNNGIkh2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Other
    non-current liabilities</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OtherLiabilitiesNoncurrent" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">245</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OtherLiabilitiesNoncurrent" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">140</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40A_eus-gaap--LiabilitiesNoncurrent_i02TI_pn3n3_mtLNzqQ0_maLASEzhn7_z9ljfjyTRCLg" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: justify; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Total
    non-current liabilities</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:LiabilitiesNoncurrent" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">28,058</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:LiabilitiesNoncurrent" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">30,367</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_402_eus-gaap--StockholdersEquityAbstract_i01B" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Shareholders&#8217;
    deficit:</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Ordinary
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Authorized:
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:CommonStockValue" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">3,423</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:CommonStockValue" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,913</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_403_eus-gaap--AdditionalPaidInCapitalCommonStock_i02I_pn3n3_maSEzFTK_zblXIFm4U44i" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Additional
    paid-in capital</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AdditionalPaidInCapitalCommonStock" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">69,599</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AdditionalPaidInCapitalCommonStock" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">63,470</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_401_eus-gaap--RetainedEarningsAccumulatedDeficit_i02I_pn3n3_maSEzFTK_zwXWc3RyxPkh" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Accumulated
    deficit</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:RetainedEarningsAccumulatedDeficit" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">98,183</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:RetainedEarningsAccumulatedDeficit" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">90,595</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Total
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    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:StockholdersEquity" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">25,161</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Total
    liabilities and shareholders&#8217; deficit</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:LiabilitiesAndStockholdersEquity" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">13,717</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:LiabilitiesAndStockholdersEquity" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">15,115</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">&#160;</span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>The
accompanying notes are an integral part of these condensed consolidated financial statements.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <!-- Field: /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">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="a_002"></span>TODOS
MEDICAL LTD.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="sur_003"></span>CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(U.S.
dollars in thousands except share and per share amounts)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" id="xdx_305_113_pn3n3_zNvC7HEyMMo4" summary="xdx: Statement - Condensed Consolidtaed Statements of Operations (Unaudited)" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_498_20220101__20220331_zMxYHKQT4C63" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_49E_20210101__20210331_zWn8FAAJyon5" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Three
                                            months period ended</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>March
                                            31,</b></span></p></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#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">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">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">&#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">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2021</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">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40B_eus-gaap--Revenues_maGPzlsm_zI5yPur8WtAb" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 68%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Revenues</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:Revenues" contextRef="From2022-01-01to2022-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,199</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr id="xdx_402_eus-gaap--CostOfRevenue_iN_pn3n3_di_msGPzlsm_zZKSl9fCBch5" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <tr id="xdx_40D_eus-gaap--GrossProfit_iT_pn3n3_mtGPzlsm_maOILzPLr_zXmzcOEcSGD3" 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">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:GrossProfit" contextRef="From2021-01-012021-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,796</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_408_eus-gaap--ResearchAndDevelopmentExpense_iN_pn3n3_di_msOILzPLr_z93z62dN7hVl" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Research
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:ResearchAndDevelopmentExpense" contextRef="From2021-01-012021-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">713</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_40A_eus-gaap--SellingAndMarketingExpense_iN_pn3n3_di_msOILzPLr_zGRCy4nkPlvg" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:SellingAndMarketingExpense" contextRef="From2022-01-01to2022-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,081</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:SellingAndMarketingExpense" contextRef="From2021-01-012021-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,358</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_408_eus-gaap--GeneralAndAdministrativeExpense_iN_pn3n3_di_msOILzPLr_zDizSTnNiGv9" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">General
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    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:GeneralAndAdministrativeExpense" contextRef="From2022-01-01to2022-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">3,476</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:GeneralAndAdministrativeExpense" contextRef="From2021-01-012021-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,562</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40F_eus-gaap--OperatingIncomeLoss_iT_pn3n3_mtOILzPLr_maNILzX14_zwTY8SkXvwq4" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Operating
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:OperatingIncomeLoss" contextRef="From2021-01-012021-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">1,837</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_402_eus-gaap--FinancingInterestExpense_iN_di_msNILzX14_zAXmqM41Tgie" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Financing
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:FinancingInterestExpense" contextRef="From2022-01-01to2022-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">3,471</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:FinancingInterestExpense" contextRef="From2021-01-012021-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">15,654</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_400_eus-gaap--GainLossOnInvestments_maNILzX14_zRIOedA2ZQO4" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Share
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    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl3059">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:GainLossOnInvestments" contextRef="From2021-01-012021-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">66</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_402_eus-gaap--NetIncomeLoss_iT_pn3n3_mtNILzX14_z7ZlzYsNOxGh" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Net
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
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    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Basic
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  <tr id="xdx_409_eus-gaap--EarningsPerShareDiluted_pid_zPXAdgByWYm8" 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"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40D_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_z4nme5JPO8X9" 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: 10pt; text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Weighted
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    <td style="font: bold 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Weighted
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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">&#160;</span></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding" contextRef="From2022-01-01to2022-03-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,036,898,212</ix:nonFraction></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">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <!-- Field: /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">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="a_003"></span>TODOS
MEDICAL LTD.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="sur_004"></span>CONDENSED
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS&#8217; DEFICIT</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(U.S.
dollars in thousands except share and per share amounts)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" id="xdx_30D_114_pn3n3_zRs4ATAUw8J8" summary="xdx: Statement - Condensed Consolidated Statements of Changes in Shareholders&apos; Deficit (Unaudited)" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_4B8_us-gaap--StatementEquityComponentsAxis_us-gaap--CommonStockMember_zlEwhAntxAy1" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_4B4_us-gaap--StatementEquityComponentsAxis_us-gaap--AdditionalPaidInCapitalMember_zxMp24QUQlv9" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_4BF_us-gaap--StatementEquityComponentsAxis_us-gaap--RetainedEarningsMember_zYq3aHjGuXK" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_4BE_zdQay1rFAmsh" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#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">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Ordinary
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    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Accumulated</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">&#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">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Total
    Shareholders&#8217;</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">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#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">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Shares</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">&#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">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Amount</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">&#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">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">capital</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">&#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">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">deficit</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">&#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">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">deficit</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">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><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 colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><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 colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><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 colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><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 colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_439_c20220101__20220331_eus-gaap--StockholdersEquity_iS_zIzeuNKcNxq" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; width: 38%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Balance
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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; text-align: left"><span style="font-family: Times New Roman, Times, Serif">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">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40D_ecustom--StockIssuedDuringPeriodValuePartialConversionOfConvertibleLoans_z6l5FMuXbPFh" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Partial
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="TOMDF:StockIssuedDuringPeriodValuePartialConversionOfConvertibleLoans" contextRef="From2022-01-012022-03-31_us-gaap_CommonStockMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">152</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="TOMDF:StockIssuedDuringPeriodValuePartialConversionOfConvertibleLoans" contextRef="From2022-01-012022-03-31_us-gaap_AdditionalPaidInCapitalMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,652</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl3086">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="TOMDF:StockIssuedDuringPeriodValuePartialConversionOfConvertibleLoans" contextRef="From2022-01-01to2022-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,804</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
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    conversion of convertible bridge loans into ordinary shares</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_989_eus-gaap--StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities_pid_c20220101__20220331__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zyNu9ruvscGf" title="Partial conversion of convertible bridge loans into ordinary shares, shares" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities" contextRef="From2022-01-012022-03-31_us-gaap_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">97,611,464</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueConversionOfConvertibleSecurities" contextRef="From2022-01-012022-03-31_us-gaap_CommonStockMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">305</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueConversionOfConvertibleSecurities" contextRef="From2022-01-012022-03-31_us-gaap_AdditionalPaidInCapitalMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,962</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl3093">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueConversionOfConvertibleSecurities" contextRef="From2022-01-01to2022-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">3,267</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_403_ecustom--StockIssuedDuringPeriodValueConversionOfWarrantsIntoOrdinaryShares_zTjW9SiV1Cc3" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Conversion
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="TOMDF:StockIssuedDuringPeriodValueConversionOfWarrantsIntoOrdinaryShares" contextRef="From2022-01-012022-03-31_us-gaap_AdditionalPaidInCapitalMember" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">49</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl3100">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl3101">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl3105">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl3107">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr id="xdx_40D_ecustom--IssuanceOfOrdinarySharesAsSettlementOfPreviousCommitments_zIJkI2MK6376" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_40A_eus-gaap--StockIssuedDuringPeriodValueConversionOfConvertibleSecurities_ztcMlbLjGAMk" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl3145">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr id="xdx_405_ecustom--IssuanceOfOrdinarySharesUponModificationOfTermsRelatingToConvertibleStraightLoanTransaction_zkrgjOykSWW8" 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">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl3152">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="TOMDF:IssuanceOfOrdinarySharesUponModificationOfTermsRelatingToConvertibleStraightLoanTransaction" contextRef="From2021-01-012021-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">88</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_406_ecustom--IssuanceOfStockWarrantsAsPartOfConvertibleBridgeLoanReceived_ztILjoqmwQWb" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <tr id="xdx_402_ecustom--IssuanceOfOrdinarySharesInExchangeForEquityLineReceived_zOQO2VsWNVA9" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>The
accompanying notes are an integral part of these condensed consolidated financial statements.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: 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"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#toc_002">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="a_004"></span>TODOS
MEDICAL LTD.</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><span id="sur_005"></span>CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(U.S.
dollars in thousands)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" id="xdx_309_112_pn3n3_zQifMKW04rja" summary="xdx: Statement - Condensed Consolidated 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; display: none; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_492_20220101__20220331_zjIDVgpfOCZb" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_498_20210101__20210331_zubG2zvFwyGk" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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                                            months period ended</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>March
                                            31,</b></span></p></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#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">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Unaudited</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Unaudited</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40D_eus-gaap--NetCashProvidedByUsedInOperatingActivitiesAbstract_iB" 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-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Cash
    flows from operating activities:</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">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#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">&#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">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#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">&#160;</span></td></tr>
  <tr id="xdx_40D_eus-gaap--NetIncomeLoss_i01_pn3n3_maNCPBUzaBr_z4J3gOzj0Xrl" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; width: 68%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Net
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:NetIncomeLoss" contextRef="From2022-01-01to2022-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">7,588</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:NetIncomeLoss" contextRef="From2021-01-012021-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">17,557</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_403_eus-gaap--AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_i01B" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Adjustments
    required to reconcile net loss to net cash used in operating activities:</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_403_eus-gaap--DepreciationAndAmortization_i02_pn3n3_maNCPBUzaBr_zUOWolFVOEq1" 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: 20pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Depreciation</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:DepreciationAndAmortization" contextRef="From2022-01-01to2022-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">197</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:DepreciationAndAmortization" contextRef="From2021-01-012021-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">156</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40D_ecustom--InterestOnRevolvingCreditLine_i02_pn3n3_maNCPBUzaBr_zVWpiHFwhQI5" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Interest
    on revolving credit line</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="TOMDF:InterestOnRevolvingCreditLine" contextRef="From2022-01-01to2022-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">597</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl3213">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40E_eus-gaap--RoyaltyExpense_i02_pn3n3_maNCPBUzaBr_zKiaXuwYGHc9" 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: 20pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Liability
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:RoyaltyExpense" contextRef="From2022-01-01to2022-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">54</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:RoyaltyExpense" contextRef="From2021-01-012021-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">12</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_409_eus-gaap--ShareBasedCompensation_i02_pn3n3_maNCPBUzaBr_z8PYvWTlBBpc" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Stock-based
    compensation</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ShareBasedCompensation" contextRef="From2022-01-01to2022-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,568</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ShareBasedCompensation" contextRef="From2021-01-012021-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">235</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_406_ecustom--ModificationOfTermsRelatingToStraightLoanTransaction_i02N_pn3n3_di_msNCPBUzaBr_zmlQQHBWlGn" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <tr id="xdx_400_ecustom--AdjustmentsToReconcileShareInLossesOfAffiliatedCompany_i02_pn3n3_maNCPBUzaBr_zxjoWfxU4csc" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_40C_ecustom--DirectAndIncrementalIssuanceCostsAllocatedToFirstWarrantRelatedToConvertibleBridgeLoansTransactionsPaidWithWarrants_i02_pn3n3_maNCPBUzaBr_zLj9vjMWGrPd" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <tr id="xdx_407_ecustom--AmortizationOfFinancingCostsAndDiscount_i02_pn3n3_maNCPBUzaBr_z1AplB6p7wX1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_40B_eus-gaap--AmortizationOfDebtDiscountPremium_i02_pn3n3_maNCPBUzaBr_zuUmEAjxWJQc" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <tr id="xdx_405_eus-gaap--FairValueAdjustmentOfWarrants_i02_pn3n3_maNCPBUzaBr_zYhS3vZa6u03" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Change
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl3236">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr id="xdx_405_ecustom--ChangeInFairValueOfLiabilityRelatedToConversionFeatureOfConvertibleBridgeLoansNote8_i02N_pn3n3_di_msNCPBUzaBr_zYP8mjfWVGF8" 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: 20pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Change
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="TOMDF:ChangeInFairValueOfLiabilityRelatedToConversionFeatureOfConvertibleBridgeLoansNote8" contextRef="From2022-01-01to2022-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">3,431</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr id="xdx_408_eus-gaap--IncreaseDecreaseInReceivables_i02N_pn3n3_di_msNCPBUzaBr_zGeHRMWteP5c" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_404_eus-gaap--IncreaseDecreaseInInventories_i02N_pn3n3_di_msNCPBUzaBr_zJ0A5TnBNeze" 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: 20pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Increase
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInInventories" contextRef="From2022-01-01to2022-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">38</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInInventories" contextRef="From2021-01-012021-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,054</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_40A_eus-gaap--IncreaseDecreaseInOtherCurrentAssets_i02N_pn3n3_di_msNCPBUzaBr_zh9E2Vo3RBPi" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Decrease
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInOtherCurrentAssets" contextRef="From2022-01-01to2022-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">294</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:IncreaseDecreaseInOtherCurrentAssets" contextRef="From2021-01-012021-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">670</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:IncreaseDecreaseInAccountsPayable" contextRef="From2022-01-01to2022-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,024</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInAccountsPayable" contextRef="From2021-01-012021-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">389</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_403_eus-gaap--IncreaseDecreaseInDeferredRevenue_i02_pn3n3_maNCPBUzaBr_z80M1H08HTb5" 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">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInDeferredRevenue" contextRef="From2021-01-012021-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">844</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Increase
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    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInOtherCurrentLiabilities" contextRef="From2022-01-01to2022-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">678</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_400_eus-gaap--NetCashProvidedByUsedInOperatingActivities_i01T_pn3n3_mtNCPBUzaBr_maCCERCzRgr_zcONu9CagGG7" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Net
    cash used in operating activities</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40E_eus-gaap--NetCashProvidedByUsedInInvestingActivitiesAbstract_iB" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Cash
    flows from investing activities:</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_405_eus-gaap--PaymentsToAcquirePropertyPlantAndEquipment_i01N_pn3n3_di_msNCPBUzrMC_zHvfgQe0hnT9" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Purchase
    of property and equipment</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" contextRef="From2022-01-01to2022-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">244</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" contextRef="From2021-01-012021-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">658</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_400_eus-gaap--PaymentsToAcquireOtherInvestments_i01N_pn3n3_di_msNCPBUzrMC_zYj4MkmqKhR2" 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: 20pt; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Investment
    in other companies</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl3269">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:PaymentsToAcquireOtherInvestments" contextRef="From2021-01-012021-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">231</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_404_eus-gaap--NetCashProvidedByUsedInInvestingActivities_i01T_pn3n3_mtNCPBUzrMC_maCCERCzRgr_z1OAKaxrf27a" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Net
    cash used in investing activities</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:NetCashProvidedByUsedInInvestingActivities" contextRef="From2022-01-01to2022-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">244</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:NetCashProvidedByUsedInInvestingActivities" contextRef="From2021-01-012021-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">889</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40F_eus-gaap--NetCashProvidedByUsedInFinancingActivitiesAbstract_iB" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Cash
    flows from financing activities:</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40C_eus-gaap--ProceedsFromLinesOfCredit_i01_pn3n3_maNCPBUzMc8_zA2570bRLz82" 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: 20pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Proceeds
    from straight loans, net</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="us-gaap:ProceedsFromLinesOfCredit" contextRef="From2022-01-01to2022-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">725</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ProceedsFromLinesOfCredit" contextRef="From2021-01-012021-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,677</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_401_ecustom--ProceedsFromRepaymentOfLinesOfCredit_i01_pn3n3_maNCPBUzMc8_zHqsmIPgM2eh" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Proceeds
    (repayment)</span><span style="font-family: Times New Roman, Times, Serif"> of Receivables financing facility</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="TOMDF:ProceedsFromRepaymentOfLinesOfCredit" contextRef="From2022-01-01to2022-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">879</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="TOMDF:ProceedsFromRepaymentOfLinesOfCredit" contextRef="From2021-01-012021-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">1,056</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_40A_eus-gaap--RepaymentsOfLinesOfCredit_i01N_pn3n3_di_msNCPBUzMc8_zAMztn9LJXyb" 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: 20pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Repayment
    of straight loans</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:RepaymentsOfLinesOfCredit" contextRef="From2022-01-01to2022-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">189</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:RepaymentsOfLinesOfCredit" contextRef="From2021-01-012021-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">941</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_401_eus-gaap--RepaymentsOfConvertibleDebt_i01N_pn3n3_di_msNCPBUzMc8_zthbjPTqvouc" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Repayment
    of convertible bridge loans</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl3287">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:RepaymentsOfConvertibleDebt" contextRef="From2021-01-012021-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">677</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_403_eus-gaap--ProceedsFromIssuanceOfWarrants_i01_pn3n3_maNCPBUzMc8_zB9fzCsgNyM6" 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: 20pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Proceeds
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect" contextRef="From2021-01-012021-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">799</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
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  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>The
accompanying notes are an integral part of these condensed consolidated financial statements.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: 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"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#toc_002">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="a_005"></span>TODOS
MEDICAL LTD.</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><span id="sur_006"></span>CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS (Cont.)</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">(U.S.
dollars in thousands)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: 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="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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                                            months period ended</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>March
                                            31,</b></span></p></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#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">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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<p style="font: 10pt Times New Roman, Times, Serif; margin-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
accompanying notes are an integral part of these condensed consolidated 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>&#160;</b></span></p>


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    <!-- Field: /Page -->

<p id="xdx_04C_c20220101__20220331_zt2UxS3OmdYe" 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: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="j_001"></span>TODOS
MEDICAL LTD.</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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="sur_007"></span>NOTES
TO CONDENSED CONSOLIDATED 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">(U.S.
dollars in thousands)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:NatureOfOperations"><p id="xdx_808_eus-gaap--NatureOfOperations_zUOQrNeoMKs" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 56.7pt; text-align: justify; text-indent: -56.7pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOTE
1 - <span id="xdx_828_zNdgfku4stDd">GENERAL</span></span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 56.7pt; text-align: justify; text-indent: -56.7pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Operations</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 28.35pt; text-align: left; text-indent: -28.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Todos
Medical Ltd. (the &#8220;Company&#8221; or &#8220;Todos&#8221;) was incorporated under the laws of the State of Israel and commenced
its operations on April 22, 2010. The Company engineers life-saving diagnostic solutions for the early detection of a variety of cancers.
The Company&#8217;s patented Todos Biochemical Infrared Analyses (TBIA) is a proprietary cancer-screening technology using peripheral
blood analysis that deploys deep examination into cancer&#8217;s influence on the immune system, looking for biochemical changes in blood
mononuclear cells and plasma. Todos&#8217; two internally developed cancer-screening tests, TMB-1 and TMB-2, have received a CE mark
in Europe.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 28.35pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Todos
is also developing blood tests for the early detection of neurodegenerative disorders, such as Alzheimer&#8217;s disease. The Lymphocyte
Proliferation Test (LymPro Test&#8482;) is a diagnostic blood test that determines the ability of peripheral blood lymphocytes (PBLs)
and monocytes to withstand an exogenous mitogenic stimulation that induces them to enter the cell cycle. LymPro is unique in the use
of peripheral blood lymphocytes as a surrogate for neuronal cell function, suggesting a common relationship between PBLs and neurons
in the brain.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 28.35pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Commencing
2020, the Company through its U.S. subsidiary (Corona Diagnostics, LLC) has entered into several distribution agreements with other companies
to distribute certain novel coronavirus (COVID-19) test kits. The agreements cover multiple international suppliers of PCR testing kits
and related materials and supplies, as well as antibody testing kits from multiple third-party manufacturers after completing validation
of said testing kits and supplies in certified laboratory in the United States.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 28.35pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
during 2021,</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> upon completion of the Share Purchase
Agreement for the purchase of Provista Diagnostics, Inc. (see below), the Company, through Provista Diagnostics, Inc. provide diagnostic
testing laboratory services currently performing COVID-19 PCR testing, primarily for the medical and entertainment industries.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 28.35pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
December 2020, the Company announced the commercial launch of its proprietary 3CL protease inhibitor dietary supplement Tollovid&#8482;.
Tollovid, a mix of botanical extracts, is being targeted to support healthy immune function against circulating coronaviruses. Tollovid
was granted a Certificate of Free Sale by the US Food and Drug Administration (FDA) in August 2020, allowing its commercial sale anywhere
in the United States. In May 2021, the FDA granted the Company a new Certificate of Free Sale for a second dosing regimen for Tollovid&#8482;
as a dietary supplement, under which the Company is authorized to market Tollovid with a dosing regimen of 60 pills over a five-day period,
equivalent to 12 pills per day.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 28.35pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 11, 2022, we entered into a Share Purchase Agreement with 3CL Sciences Ltd. (&#8220;3CL&#8221;) and NLC Pharma Ltd. (&#8220;NLC&#8221;),
pursuant to which we will acquire <span id="xdx_906_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20220311__us-gaap--TypeOfArrangementAxis__custom--SharePurchaseAgreementMember__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--ThreeCLScienceLtdMember_zXClP7iDpN99"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2022-03-11_custom_SharePurchaseAgreementMember_custom_ThreeCLScienceLtdMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">52</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%
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of the issued and outstanding shares of 3CL (the &#8220;Share Purchase Agreement&#8221;). Immediately prior to entering into the Share
Purchase Agreement, NLC conveyed to 3CL all of the therapeutic, diagnostic, dietary supplement and pharmaceutical assets from NLC that
relate to 3CL protease biology (which is used in the development, manufacture, sale and distribution of Tollovid&#8482; and Tollovir&#8482;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 28.35pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
consideration of the 3CL shares being issued to us, we undertook to raise $<span id="xdx_900_eus-gaap--StockIssuedDuringPeriodValueNewIssues_pn3n3_c20220301__20220311__us-gaap--TypeOfArrangementAxis__custom--SharePurchaseAgreementMember__dei--LegalEntityAxis__custom--ThreeCLScienceLtdMember_zyxl0re2Ugh"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueNewIssues" contextRef="From2022-03-012022-03-11_custom_SharePurchaseAgreementMember_custom_ThreeCLScienceLtdMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">10,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">for 3CL and committed to issue to NLC $<span id="xdx_90C_eus-gaap--StockIssuedDuringPeriodValueNewIssues_pn3n3_c20220301__20220311__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember_z1queahTsra9"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueNewIssues" contextRef="From2022-03-012022-03-11_custom_SecuritiesPurchaseAgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">3,800</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">worth of our ordinary shares, based upon the
closing price for our ordinary shares the day before the closing of the Share Purchase Agreement. The Company and NLC agreed to identify
a seasoned biopharmaceutical CEO to run 3CL going forward. The board of directors of 3CL Sciences will be made up of five (5) individuals:
three (3) appointed by the Company and two (2) appointed by NLC. We anticipate that the Share Purchase Agreement will close during the
second quarter of 2022, subsequent to the date on which these unaudited condensed consolidated financial statements were issued.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 28.35pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenues
of the year ended March 31, 2022, resulted from sales of COVID-19 related products, testing kits and dietary supplement, Tollovid&#8482;
.. Through March 31, 2022, the Company has not yet generated any revenue from its developed cancer-screening tests TMB-1 and TMB-2 or
LymPro Test&#8482;. &#160;&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 28.35pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 176; Value: 76 -->
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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#toc_002">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<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: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TODOS
MEDICAL LTD.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONDENSED CONSOLIDATED 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">(U.S.
dollars in thousands, except shares amounts)</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>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Foreign
    operations</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 28.35pt; text-align: left; text-indent: -28.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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"><b>1.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Todos
    Medical (Singapore) Pte Ltd</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 49.5pt; text-align: justify; text-indent: -22.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 27, 2016, the Company incorporated a wholly owned subsidiary in Singapore under the name of Todos Medical (Singapore) Pte Ltd.
(&#8220;Todos Singapore&#8221;) for the purpose of advancing clinical trials of the Company&#8217;s core technology for breast cancer
in Southeast Asia. As of March 31, 2022, Todos Singapore has not yet commenced its business operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 49.5pt; 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Todos
    Medical USA</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 49.5pt; text-align: justify; text-indent: -22.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
January 2020, the Company incorporated a U.S. subsidiary named Todos Medical USA (&#8220;Todos U.S.&#8221;) for the purpose of conducting
business as medical importer and distributor focused on the distribution of the Company&#8217;s testing products and services to customers
in the North America and Latin America&#160;&#160;.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 49.5pt; 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Corona
    Diagnostics, LLC</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 49.5pt; text-align: justify; text-indent: -22.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
April 2020, the Company incorporated a U.S. subsidiary named Corona Diagnostics, LLC (&#8220;Corona Diagnostics&#8221;) for the purpose
of marketing COVID-19 related products in the United States to validate potential products the Company is contemplating distributing
and creating marketing materials for the testing products based upon those validations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 49.5pt; 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>4.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Breakthrough
    Diagnostics, Inc.</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 49.5pt; text-align: justify; text-indent: -22.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 28, 2020, the Company completed the purchase of <span id="xdx_903_ecustom--PercentageOfIssuedAndOutstandingCommonStock_iI_pid_dp_uPure_c20200728__dei--LegalEntityAxis__custom--BreakthroughDiagnosticsIncMember_z0Aa5VkJn0r3" title="Percentage of Issued and Outstanding Common Stock"><ix:nonFraction name="TOMDF:PercentageOfIssuedAndOutstandingCommonStock" contextRef="AsOf2020-07-28_custom_BreakthroughDiagnosticsIncMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%
of the issued and outstanding common stock of Breakthrough Diagnostics, Inc. (&#8220;Breakthrough&#8221;) for entering into the field
of early detection of Alzheimer&#8217;s disease.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 49.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Breakthrough
was determined to be excluding substantive process as required under the definition of business in accordance with the provisions of
ASC Topic 805 &#8220;Business Combination&#8221;, it was also determined that the asset purchased had no alternative future use and therefore
the entire purchase price allocated to the acquired IPR&amp;D was charged to expense in the consolidated statement of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 49.5pt; 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Provista
    Diagnostics, Inc </b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 49.5pt; text-align: justify; text-indent: -22.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April 19, 2021, the Company entered into an Agreement to Purchase Provista Diagnostics, Inc. (&#8220;Agreement to Purchase&#8221;) with
Strategic Investment Holdings, LLC (&#8220;SIH&#8221;), Ascenda BioSciences LLC (&#8220;Ascenda&#8221;) and Provista Diagnostics, Inc.
(&#8220;Provista&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 49.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the Agreement to Purchase, the Company acquired Provista from Ascenda and SIH for an aggregate purchase price of $<span id="xdx_901_eus-gaap--SaleOfStockConsiderationReceivedOnTransaction_pn3n3_c20210417__20210419__us-gaap--TypeOfArrangementAxis__custom--SharePurchaseAgreementMember__dei--LegalEntityAxis__custom--ProvistaDiagnosticsIncMember_zEC7ZR0A8Eg5"><ix:nonFraction name="us-gaap:SaleOfStockConsiderationReceivedOnTransaction" contextRef="From2021-04-172021-04-19_custom_SharePurchaseAgreementMember_custom_ProvistaDiagnosticsIncMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">7,500</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">consisting of an initial cash payment of $<span id="xdx_907_eus-gaap--Deposits_iI_pn3n3_c20210419__us-gaap--TypeOfArrangementAxis__custom--SharePurchaseAgreementMember__dei--LegalEntityAxis__custom--ProvistaDiagnosticsIncMember_zSydo6nAPRP7"><ix:nonFraction name="us-gaap:Deposits" contextRef="AsOf2021-04-19_custom_SharePurchaseAgreementMember_custom_ProvistaDiagnosticsIncMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,250</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
the issuance of $<span id="xdx_909_eus-gaap--StockIssuedDuringPeriodValueNewIssues_pn3n3_c20210417__20210419__us-gaap--TypeOfArrangementAxis__custom--SharePurchaseAgreementMember__dei--LegalEntityAxis__custom--ProvistaDiagnosticsIncMember_zqGCG0P2el06"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueNewIssues" contextRef="From2021-04-172021-04-19_custom_SharePurchaseAgreementMember_custom_ProvistaDiagnosticsIncMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,500</ix:nonFraction></span></span>
<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">in Ordinary Shares priced at $<span id="xdx_90B_eus-gaap--SharesIssuedPricePerShare_iI_pid_c20210419__us-gaap--TypeOfArrangementAxis__custom--SharePurchaseAgreementMember__dei--LegalEntityAxis__custom--ProvistaDiagnosticsIncMember_z10A0jHUyD1"><ix:nonFraction name="us-gaap:SharesIssuedPricePerShare" contextRef="AsOf2021-04-19_custom_SharePurchaseAgreementMember_custom_ProvistaDiagnosticsIncMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.0512</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per share, the issuance to SIH of a $<span id="xdx_90C_eus-gaap--DebtInstrumentFaceAmount_iI_pn3n3_c20210419__dei--LegalEntityAxis__custom--ProvistaDiagnosticIncMember__us-gaap--DebtInstrumentAxis__custom--ConvertibleNoteMember_znCeCw3wEOf7"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2021-04-19_custom_ProvistaDiagnosticIncMember_custom_ConvertibleNoteMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">3,500</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">convertible promissory note dated April 19, 2021
(the &#8220;Note&#8221;) and an additional cash payment of $<span id="xdx_904_ecustom--CashDeposits_iI_pn3n3_c20210419__us-gaap--TypeOfArrangementAxis__custom--SharePurchaseAgreementMember__dei--LegalEntityAxis__custom--ProvistaDiagnosticsIncMember_zrLMpMs8Ba9i" title="Cash Deposits"><ix:nonFraction name="TOMDF:CashDeposits" contextRef="AsOf2021-04-19_custom_SharePurchaseAgreementMember_custom_ProvistaDiagnosticsIncMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,250</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">in July 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 49.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Note has a maturity date of April 8, 2025, and is convertible beginning on October 20, 2021, into Ordinary Shares of the Company at a
conversion price equal to the lesser of $<span id="xdx_901_eus-gaap--SharePrice_iI_pid_c20210702__dei--LegalEntityAxis__custom--ProvistaDiagnosticIncMember_z7BsNNLi0ae5"><ix:nonFraction name="us-gaap:SharePrice" contextRef="AsOf2021-07-02_custom_ProvistaDiagnosticIncMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.05</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">or the volume weighted average price of the last
20 trading days for the Ordinary Shares prior to the date of conversion. In the event SIH delivers a Notice of Conversion to the Company
at a per share price less than $<span id="xdx_90C_eus-gaap--SharePrice_iI_pid_c20210702__dei--LegalEntityAxis__custom--ProvistaDiagnosticIncMember__srt--RangeAxis__srt--MaximumMember_zc6UbCiQcDwh"><ix:nonFraction name="us-gaap:SharePrice" contextRef="AsOf2021-07-02_custom_ProvistaDiagnosticIncMember_srt_MaximumMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.05</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
the Company has the right to immediately notify SIH of its intention to pay the conversion amount in cash within three (3) business days
of receipt of the Notice of Conversion. If, at any time between October 20, 2021 and April 20, 2022, the average of the lowest bid and
closing sale price is below $<span id="xdx_909_eus-gaap--SharePrice_iI_pid_c20210702__dei--LegalEntityAxis__custom--ProvistaDiagnosticIncMember__srt--RangeAxis__srt--MaximumMember_zaqcJ1tdP7L9"><ix:nonFraction name="us-gaap:SharePrice" contextRef="AsOf2021-07-02_custom_ProvistaDiagnosticIncMember_srt_MaximumMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.05</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
the Company has the option to buy out all or any portion of the Note (the &#8220;Buyback Option&#8221;). In the event the Company exercises
the Buyback Option for an amount equal to or greater than $<span id="xdx_905_eus-gaap--PaymentsForRepurchaseOfCommonStock_pn3n3_c20210701__20210702__dei--LegalEntityAxis__custom--ProvistaDiagnosticIncMember_zI4nicST3ffk"><ix:nonFraction name="us-gaap:PaymentsForRepurchaseOfCommonStock" contextRef="From2021-07-012021-07-02_custom_ProvistaDiagnosticIncMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,170</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
SIH may not submit any conversions below $<span id="xdx_909_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_pid_c20210702__dei--LegalEntityAxis__custom--ProvistaDiagnosticIncMember__srt--RangeAxis__srt--MaximumMember_zAcBnYakNM7b"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleConversionPrice1" contextRef="AsOf2021-07-02_custom_ProvistaDiagnosticIncMember_srt_MaximumMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.05</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">for ninety (90) days from receipt of the Buyback
Amount.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 49.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 177; Value: 76 -->
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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#toc_002">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<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: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TODOS
MEDICAL LTD.</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>NOTES
TO CONDENSED CONSOLIDATED 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">(U.S.
dollars in thousands except shares amounts)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the event that the Company uplists its Ordinary Shares to a national securities exchange, the Note shall automatically be exchanged into
Series B preferred stock with a conversion price equal to the lesser of (a) $0.05, (b) the opening price on the day of the uplisting
provides there is no transaction associated with the uplisting or (c) the deal price of an uplisting transaction.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 49.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of the date of this quarterly report on Form 10-Q, SIH has not submitted a Conversion Notice.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 49.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 14, 2022, the Company entered into a Revolving Line of Credit Agreement with Testing 123, LLC (see Note ). Under the terms of the
Revolving Line of Credit Agreement, the Company agreed to issue Testing 123, LLC shares, equal to a <span id="xdx_900_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_c20220314__us-gaap--TypeOfArrangementAxis__custom--LineOfCreditAgreementMember__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--Testing123LLCMember_zq0XAbXiHC3h"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2022-03-14_custom_LineOfCreditAgreementMember_custom_Testing123LLCMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">10</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%
ownership stake in Provista. In the event that additional shares of Provista are issued, the Company committed to issue the Lender additional
shares such that his stake in Provista shall not be below <span id="xdx_90D_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_c20220314__us-gaap--TypeOfArrangementAxis__custom--LineOfCreditAgreementMember__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--Testing123LLCMember_zEqbycTr40U3"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2022-03-14_custom_LineOfCreditAgreementMember_custom_Testing123LLCMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">10</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 49.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>6.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Other
    entities</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 49.5pt; text-align: justify; text-indent: -22.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><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"><b>A.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
    June 2020, the Company entered into agreement with NLC Pharma Ltd., under which Antigen COVID Test Killer was formed for the purpose
    of development of diagnostic candidate Antigen Killer and product commercialize through the Company&#8217;s sales channels. </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">See
    also note 1 regarding the Share Purchase Agreement with 3CL Sciences Ltd. Signed on March 11, 2022.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
    August 2020, the Company entered into an agreement with Care GB Plus Ltd, under which Bio Imagery Ltd. (&#8220;Bio Imagery&#8221;)
    has been incorporated for the purpose of developing, marketing and commercializing the Products and all the Intellectual Property
    of the Company (&#8220;Todos Cancer Assets&#8221;), developing new Intellectual Property, products and services, and pursue the business
    based on the Todos Cancer Assets and on new intellectual property that will be developed by Bio Imagery. As of March 31, 2022, Bio
    Imagery has not yet commenced its business operations. </span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; 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-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company and its entities herein considered as the &#8220;Group&#8221;.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 178; Value: 76 -->
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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#toc_002">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<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: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TODOS
MEDICAL LTD.</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>NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Cont.)</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">(U.S.
dollars in thousands)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 56.7pt; text-align: justify; text-indent: -56.7pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOTE
1 - GENERAL</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 56.7pt; text-align: justify; text-indent: -56.7pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Going
    concern uncertainty</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 28.35pt; text-align: left; text-indent: -28.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has devoted substantially all of its efforts to research and development of its products and raising capital to fund this development.
The development and commercialization of the Company&#8217;s products are expected to require substantial further expenditures. To date,
the Company has not yet generated sufficient revenues from operations to support its activities, and therefore it is dependent upon external
sources for financing its operations. Since inception through March 31, 2022, the Company has incurred accumulated losses of $<span id="xdx_905_eus-gaap--RetainedEarningsAccumulatedDeficit_iNI_pn3n3_di_c20220331_zZPH8wAesYZ"><ix:nonFraction name="us-gaap:RetainedEarningsAccumulatedDeficit" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">98,183</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.
</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of March 31, 2022, the Company&#8217;s current
liabilities exceed its current assets by $<span id="xdx_90F_ecustom--WorkingCapital_iI_pn3n3_c20220331_zvO2kPScmJW3"><ix:nonFraction name="TOMDF:WorkingCapital" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">6,778</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and there is a shareholders&#8217; deficit of $<span id="xdx_903_eus-gaap--StockholdersEquity_iNI_pn3n3_di_c20220331_zqA5r0KV2Wnh"><ix:nonFraction name="us-gaap:StockholdersEquity" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">25,161</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.
</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company has generated negative operating cash
flow for all periods. As of May 15, 2022 (date of approval of these financial statements), the total cash and cash equivalent balance
is approximately $<span id="xdx_90A_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_iI_pn3n3_c20220331_z7guyB1clVsf"><ix:nonFraction name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">28</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.
</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management has considered the significance of such
condition in relation to the Company&#8217;s ability to meet its current obligations and to achieve its business targets and determined
that these conditions raise substantial doubt about the Company&#8217;s ability to continue as a going concern. The Company plans to
finance its operations through the sale of equity and to the extent available, short-term and long-term loans and also through revenues
from sales of corona testing related products. There can be no assurance that the Company will succeed in obtaining the necessary financing
to continue its operations as a going concern. 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-top: 0pt; margin-bottom: 0pt; margin-left: 28.35pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>D.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risk
    factors</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 28.35pt; text-align: left; text-indent: -28.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
described in the above paragraph, the Company has a limited operating history and faces a number of risks and uncertainties, including
risks and uncertainties regarding to potential dispute which related to commercial terms in connection with unpaid invoices (related
to sales, net yet recognized as revenue) with one of its significant clients</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 28.35pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>E.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>COVID-19</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 28.35pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 11, 2020, the World Health Organization declared the COVID-19 outbreak a global pandemic. The outbreak has reached all of the regions
in which the Company does business, and governmental authorities around the world have implemented numerous measures attempting to contain
and mitigate the effects of the virus, including travel bans and restrictions, border closings, quarantines, shutdowns, limitations or
closures of non-essential businesses, and social distancing requirements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 28.35pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
global spread of COVID-19 and actions taken in response have caused and may continue to cause disruptions and/or delays in our supply
chain and shipments and caused significant economic and business disruption to the Company&#8217;s customers and vendors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 28.35pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
COVID-19 pandemic has created and may continue to create significant opportunity under the uncertainty in macroeconomic conditions, which
may cause further demand for the Company&#8217;s core business related to PCR testing kits and related materials and supplies as already
reflected by recognized revenues of $<span id="xdx_907_ecustom--ContractWithCustomerLiabilityRevenuesRecognized_pn3n3_c20220101__20220331_zbdGuGgp3RUj" title="Revenues Recognized"><ix:nonFraction name="TOMDF:ContractWithCustomerLiabilityRevenuesRecognized" contextRef="From2022-01-01to2022-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,199</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and $<span id="xdx_908_ecustom--ContractWithCustomerLiabilityRevenuesRecognized_pn3n3_c20210101__20210331_zMEvMRHmqk45" title="Revenues Recognized"><ix:nonFraction name="TOMDF:ContractWithCustomerLiabilityRevenuesRecognized" contextRef="From2021-01-012021-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">5,031</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">during the three months ended March 31, 2022
and 2021, respectively. However, the Company may face uncertainties around its estimates of revenue collectability and accounts receivable
credit losses and its expectation to receive funds from external sources for financing its operations. The Company expects uncertainties
around its key accounting estimates to continue to evolve depending on the duration and degree of impact associated with the COVID-19
pandemic. The Company estimates may change as new events occur and additional information emerges, and such changes are recognized or
disclosed in the Company&#8217;s consolidated financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 28.35pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#toc_002">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<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: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TODOS
MEDICAL LTD.</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>NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Cont.)</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">(U.S.
dollars in thousands)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:SignificantAccountingPoliciesTextBlock"><p id="xdx_801_eus-gaap--SignificantAccountingPoliciesTextBlock_zT9LUTavR7lj" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 56.7pt; text-align: justify; text-indent: -56.7pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOTE
2 - <span id="xdx_826_zJXcoX6wiCPk">SIGNIFICANT ACCOUNTING POLICIES</span></span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 56.7pt; text-align: justify; text-indent: -56.7pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:BasisOfAccountingPolicyPolicyTextBlock"><p id="xdx_840_eus-gaap--BasisOfAccountingPolicyPolicyTextBlock_zfwfdyaFE2e1" style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.
<span id="xdx_86E_zEMqHKk1dXo">Basis of presentation</span></b></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 28.35pt; text-align: left; text-indent: -28.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying unaudited condensed consolidated financial statements and related notes should be read in conjunction with the Company&#8217;s
consolidated financial statements and related notes included in the Company&#8217;s Annual Report on Form 10-K for the fiscal year ended
December 31, 2021, as filed with the Securities and Exchange Commission (&#8220;SEC&#8221;) on March 31, 2022 (the &#8220;2021 Form 10-K&#8221;).
The unaudited condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the SEC
related to interim financial statements. As permitted under those rules, certain information and footnote disclosures normally required
or included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. The financial information contained
herein is unaudited; however, management believes all adjustments have been made that are considered necessary to present fairly the
results of the Company&#8217;s financial position and operating results for the interim periods. All such adjustments are of a normal
recurring nature.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 28.35pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
results for the three months ended March 31, 2022 are not necessarily indicative of the results to be expected for the year ending December
31, 2022 or for any other interim period or for any future period.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 28.35pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:UseOfEstimates"><p id="xdx_841_eus-gaap--UseOfEstimates_zXnP8PYYM0Z9" style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.
<span id="xdx_861_zKpflChdlr3i">Use of estimates in the preparation of financial statements </span></b></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 28.35pt; text-align: left; text-indent: -28.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
preparation of the financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect
the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the dates of the financial
statements, and the reported amounts of expenses during the reporting periods. Actual results could differ from those estimates. As applicable
to these financial statements, the most significant estimates and assumptions include (i) identification of and measurement of financial
instruments in funding transactions; (ii) Initial measurement of investment in affiliated companies and subsequent equity method implications;
(iii) determination whether an acquired company or formed entities represents a &#8216;business&#8217;; (iv) determination whether acquired
or formed entities are considered Variable Interest Entity (VIE) and if so, whether the Group is its Primary Beneficiary (PB) (v) deferred
income taxes and (vi) measurement of the fair value of equity awards.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 28.35pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:ConsolidationPolicyTextBlock"><p id="xdx_844_eus-gaap--ConsolidationPolicyTextBlock_z4JAI5oncMh5" style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.
<span id="xdx_868_zLXh8kL2iN4a">Principles of Consolidation</span></b></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 28.35pt; text-align: left; text-indent: -28.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries and when applicable its majority
owned entities that were determined to be VIE and that the Group was determined as their Primary Beneficiary (PB). Intercompany transactions
and balances have been eliminated upon consolidation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 28.35pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:GoodwillAndIntangibleAssetsPolicyTextBlock"><p id="xdx_846_eus-gaap--GoodwillAndIntangibleAssetsPolicyTextBlock_zSXZLMVQL2Lf" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>E.
<span id="xdx_86B_zL2MmwrCZl37">Goodwill and intangible assets</span></b></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 28.35pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Goodwill
represents the excess of the purchase price over the fair value of the identifiable net assets acquired in business combinations accounted
for in accordance with the &#8220;purchase method&#8221; and is allocated to reporting units at acquisition. Goodwill is not amortized
but rather tested for impairment at least annually in accordance with the provisions of ASC Topic 350, &#8220;Intangibles - Goodwill
and Other&#8221;. The Company performs its goodwill annual impairment test for the reporting units at December 31 of each year, or more
often if indicators of impairment are present.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 28.35pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intangible
assets with finite lives are amortized using the straight-line basis over their useful lives, to reflect the pattern in which the economic
benefits of the intangible assets are consumed or otherwise used up.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 28.35pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the three months ended March 31, 2022 the Company recorded $<span id="xdx_90D_eus-gaap--GoodwillImpairmentLoss_pn3n3_c20220101__20220331_zuuupyR3iML"><ix:nonFraction name="us-gaap:GoodwillImpairmentLoss" contextRef="From2022-01-01to2022-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">0</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
of impairment losses (See also Note 3B).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 28.35pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:EarningsPerSharePolicyTextBlock"><p id="xdx_849_eus-gaap--EarningsPerSharePolicyTextBlock_zVwKg0J4Piul" style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>D.
<span id="xdx_86B_zyJqobuJinfi">Basic and diluted net loss per ordinary share </span></b></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 28.35pt; text-align: left; text-indent: -28.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company computes net loss per share in accordance with ASC 260, &#8220;Earning per Share&#8221;, which requires presentation of both
basic and diluted loss per share on the face of the statement of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 28.35pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic
net loss per ordinary share is computed by dividing the net loss for the period applicable to ordinary shareholders, by the weighted
average number of ordinary shares outstanding during the period. Diluted loss per share gives effect to all potentially dilutive common
shares outstanding during the year using the treasury stock method with respect to stock options and certain stock warrants and using
the if-converted method with respect to convertible bridge loans and certain stock warrants. In computing diluted loss per share, the
average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options
or warrants. During the period of three months ended March 31, 2022 and 2021 the total weighted average number of ordinary shares related
to outstanding stock options, stock warrants and convertible bridge loans excluded from the calculation of the diluted loss per share
was <span id="xdx_909_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20220101__20220331_zKoUcfUPLOc3"><ix:nonFraction name="us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" contextRef="From2022-01-01to2022-03-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,468,352,970</ix:nonFraction></span>
</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and <span id="xdx_90B_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20210101__20210331_zvgol1ZbbzE"><ix:nonFraction name="us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" contextRef="From2021-01-012021-03-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">323,874,156</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 28.35pt; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 180; Value: 76 -->
    <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 -->86<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#toc_002">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TODOS
MEDICAL LTD.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 28.35pt; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Cont.)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(U.S.
dollars in thousands)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:ScheduleOfWeightedAverageNumberOfSharesTableTextBlock"><p id="xdx_899_eus-gaap--ScheduleOfWeightedAverageNumberOfSharesTableTextBlock_zZWdKfFtad06" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
net loss and the weighted average number of shares used in computing basic and diluted net loss per share for the period of three months
ended March 31, 2022 and 2021, is as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 28.35pt; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8BD_zKgY1MiwTxGl" style="display: none">SCHEDULE
OF WEIGHTED AVERAGE NUMBER OF ORDINARY SHARES</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in">
  <tr style="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; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_49B_20220101__20220331_zmTX8kEv1NRd" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_49B_20210101__20210331_zSpYRBfSCiYb" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Three
    month period ended</span></td><td style="font: bold 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: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; 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: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">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">&#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">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2021</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">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#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">&#160;</span></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"><span style="font-family: Times New Roman, Times, Serif">Unaudited</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">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><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 colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Numerator:</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_405_eus-gaap--NetIncomeLoss_iN_di_z0Dug9sS9w6a" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
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  <tr id="xdx_406_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_zfSKX8LumsSc" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl3388">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:IncrementalCommonSharesAttributableToCallOptionsAndWarrants" contextRef="From2021-01-012021-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="Shares">1,564,074</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40A_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_zZ6bdA2KVKu9" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Shares
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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">&#160;</span></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding" contextRef="From2021-01-012021-03-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">464,214,552</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">&#160;</span></td></tr>
  <tr id="xdx_400_eus-gaap--EarningsPerShareBasic_iN_pid_di_zFkmE1O2lFIa" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Net
    loss per share of common stock, basic and diluted</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:EarningsPerShareBasic" contextRef="From2022-01-01to2022-03-31" format="ixt:numdotdecimal" decimals="INF" sign="-" unitRef="USDPShares">0.01</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:EarningsPerShareBasic" contextRef="From2021-01-012021-03-31" format="ixt:numdotdecimal" decimals="INF" sign="-" unitRef="USDPShares">0.04</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">&#160;</span></td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A3_zmP3q8Q9WCM" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 28.35pt; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock"><p id="xdx_849_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_z1eMI9fYrynh" style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>E.
<span id="xdx_867_zqVGeJjx4ebe">Recent Accounting Pronouncements</span></b></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 28.35pt; text-align: left; text-indent: -28.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
October 1, 2021, the Company early adopted ASU No. 2020-06, Debt&#8212;Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives
and Hedging&#8212;Contracts in Entity&#8217;s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an
Entity&#8217;s Own Equity (ASU 2020-06), which simplifies the accounting for convertible instruments by reducing the number of accounting
models available for convertible debt instruments. This guidance also eliminates the treasury stock method to calculate diluted earnings
per share for convertible instruments and requires the use of the if-converted method. The new standard was effective for us beginning
January 1, 2022, with early adoption permitted. The adoption of this new standard did not have a material impact on our consolidated
financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 28.35pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
new pronouncements issued but not effective as of March 31, 2022 are not expected to have a material impact on the Company&#8217;s consolidated
financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 28.35pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 181; Value: 76 -->
    <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 -->87<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#toc_002">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 28.35pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TODOS
MEDICAL LTD.</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Cont.)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(U.S.
dollars in thousands)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric></ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="TOMDF:SignificantTransactionsTextBlock"><p id="xdx_805_ecustom--SignificantTransactionsTextBlock_z60rlQREMai4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 63.8pt; text-align: left; text-indent: -63.8pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
3 - <span id="xdx_821_z8QXaW0TyRt6">SIGNIFICANT TRANSACTIONS</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 63.8pt; text-align: left; text-indent: -63.8pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exchange
    of warrants</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 28.35pt; text-align: justify; text-indent: -28.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 10, 2022 the Company and Leonite Capital LLC (the &#8220;Investor&#8221;) entered into an Agreement pursuant to which, the Company
agreed to issue the Investor <span id="xdx_908_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20220301__20220310__srt--TitleOfIndividualAxis__us-gaap--InvestorMember_zPm3yaL42E3a"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2022-03-012022-03-10_us-gaap_InvestorMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">16,000,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ordinary shares of the Company as full conversion
of all Investor&#8217;s outstanding warrants. On March 17, 2022, the Company issued <span id="xdx_906_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20220301__20220317__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zSdWK8dG3r18"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2022-03-012022-03-17_us-gaap_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">16,000,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ordinary shares of the Company pursuant to the
agreement<b>. </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 28.35pt; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Revolving
    Line of Credit Agreement</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 14, 2022, the Company and Testing 123, LLC (the &#8220;Lender&#8221;) signed a Revolving Line of Credit Agreement, pursuant to
which the Lender will provide the Company with a credit facility of up to $<span id="xdx_90D_eus-gaap--LineOfCreditFacilityMaximumBorrowingCapacity_iI_pn3n3_c20220314__us-gaap--CreditFacilityAxis__us-gaap--RevolvingCreditFacilityMember_zjIXSSI0uAQ9"><ix:nonFraction name="us-gaap:LineOfCreditFacilityMaximumBorrowingCapacity" contextRef="AsOf2022-03-14_us-gaap_RevolvingCreditFacilityMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,250</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">bearing a monthly interest of <span id="xdx_909_eus-gaap--LineOfCreditFacilityInterestRateDuringPeriod_pid_dp_c20220313__20220314__us-gaap--CreditFacilityAxis__us-gaap--RevolvingCreditFacilityMember_zN2EEuyrPuYi"><ix:nonFraction name="us-gaap:LineOfCreditFacilityInterestRateDuringPeriod" contextRef="From2022-03-132022-03-14_us-gaap_RevolvingCreditFacilityMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">5</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%
calculated for a minimum period of 60 days. The Company may request advances under the agreement from the date of the agreement and until
March 14, 2023. The Maturity date of each draw will be the earlier of (i) 60 days from the date of the loan, (ii) the occurrence of an
event of default as defined in the agreement and (iii) with respect to funds received by Borrower through collections on receivables
included in a Receivables Pool, as defined in the agreement, 3 days after such funds have been received by the escrow account agent or
the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 28.35pt; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
additional to the above <span id="xdx_907_eus-gaap--LineOfCreditFacilityDescription_c20220101__20220331_z63t2caXXcs8"><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" name="us-gaap:LineOfCreditFacilityDescription">the Company agreed
to issue the Lender shares, equal to a 10% ownership stake in Provista. In the event that additional shares of Provista are issued, the
Company committed to issue the Lender additional shares such that his stake in Provista shall not be below 10%</ix:nonNumeric></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 28.35pt; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of March 31, 2022, the Company utilized $<span id="xdx_902_eus-gaap--LineOfCredit_iI_pn3n3_c20220331_zsS5K4ZfkVL"><ix:nonFraction name="us-gaap:LineOfCredit" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">999</ix:nonFraction></span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">out
of the credit facility.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 28.35pt; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has estimated the portion of the <span id="xdx_903_ecustom--EstimatedPortionSharesPercentage_pid_dp_c20220101__20220331__us-gaap--RelatedPartyTransactionAxis__custom--ProvistaMember_zO5cZiCPEYY1" title="Estimated portion shares percentage"><ix:nonFraction name="TOMDF:EstimatedPortionSharesPercentage" contextRef="From2022-01-012022-03-31_custom_ProvistaMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="USDPShares">10</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%
shares of Provista at $<span id="xdx_90F_ecustom--EstimatedPortionFairValue_pn3n3_c20220101__20220331__us-gaap--RelatedPartyTransactionAxis__custom--ProvistaMember_zstVhp8aVwc9" title="Estimated portion fair value"><ix:nonFraction name="TOMDF:EstimatedPortionFairValue" contextRef="From2022-01-012022-03-31_custom_ProvistaMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">740</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and recorded $<span id="xdx_900_eus-gaap--InterestExpense_pn3n3_c20220101__20220331__us-gaap--RelatedPartyTransactionAxis__custom--ProvistaMember_zanstbfrtMfc"><ix:nonFraction name="us-gaap:InterestExpense" contextRef="From2022-01-012022-03-31_custom_ProvistaMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">598</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">as interest expenses, and $<span id="xdx_900_eus-gaap--PrepaidInterest_iI_pn3n3_c20220331__us-gaap--RelatedPartyTransactionAxis__custom--ProvistaMember_zWdOv11Q4hMe"><ix:nonFraction name="us-gaap:PrepaidInterest" contextRef="AsOf2022-03-31_custom_ProvistaMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">142</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">as prepaid interest expenses under Other Current
Assets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 28.35pt; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Issuance
    of Ordinary Shares</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; 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: left; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
    January 13, 2022, the Company issued <span id="xdx_900_eus-gaap--StockIssuedDuringPeriodSharesIssuedForServices_pid_c20220111__20220113_zGdkcJr4Htal"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesIssuedForServices" contextRef="From2022-01-112022-01-13" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,500,000</ix:nonFraction>
    </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ordinary shares, valued at $711, to
    a service provider of which <span id="xdx_90B_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20220111__20220113_z3KFZsYTSsz9"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2022-01-112022-01-13" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,250,000</ix:nonFraction>
    </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ordinary shares were issued in exchange of
    previous commitment to issue a fixed number of shares&#160;&#160;.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-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: 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: left"><span style="font-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"><b>2.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
    the period of three months ended March 31, 2022, Principal Amount and unpaid Interest in total amount of $<span id="xdx_902_eus-gaap--DebtConversionOriginalDebtAmount1_pn3n3_c20220101__20220331_zNkgCwF0yqV4"><ix:nonFraction name="us-gaap:DebtConversionOriginalDebtAmount1" contextRef="From2022-01-01to2022-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">613</ix:nonFraction>
    </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(valued at $<span id="xdx_907_ecustom--DebtConversionFairValueDebtAmount_pn3n3_c20220101__20220331_zetuIBBU0NDd" title="Debt Conversion Fair Value Debt Amount"><ix:nonFraction name="TOMDF:DebtConversionFairValueDebtAmount" contextRef="From2022-01-01to2022-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">3,266</ix:nonFraction></span>)</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">
    have been converted into <span id="xdx_904_eus-gaap--StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities_pid_c20220101__20220331__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zXo07XdECSCb"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities" contextRef="From2022-01-012022-03-31_us-gaap_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">97,611,464</ix:nonFraction>
    </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ordinary shares&#160;&#160;. </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-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: 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: left"><span style="font-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"><b>3.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
February 4, 2022 and March 10, 2022, the Company issued total of <span id="xdx_908_eus-gaap--ConversionOfStockSharesIssued1_pid_c20220201__20220204__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zGq6J9rniEYl"><ix:nonFraction name="us-gaap:ConversionOfStockSharesIssued1" contextRef="From2022-02-012022-02-04_us-gaap_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">49,620,690</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ordinary shares, valued at $<span id="xdx_903_eus-gaap--DebtInstrumentFaceAmount_iI_pn3n3_c20220310_z02Ockf9qUd7"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2022-03-10" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,804</ix:nonFraction></span></span>. </td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 42.55pt; text-align: justify; text-indent: -21.25pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>D.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Settlement
    Agreement with Toledo Advisors LLC</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span id="xdx_90D_eus-gaap--LossContingencyPartiesJointlyAndSeverallyLiableInLitigation_c20220406__20220407__us-gaap--TypeOfArrangementAxis__custom--SettlementAgreementMember_zD8GXkvJzJz9" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="From2022-04-062022-04-07_custom_SettlementAgreementMember" name="us-gaap:LossContingencyPartiesJointlyAndSeverallyLiableInLitigation">On
April 7, 2022, the Company and Toledo Advisors LLC (&#8220;Toledo&#8221;) signed a Settlement Agreement pursuant to which upon execution
of the agreement the Company shall pay Toledo $130 and shall issue to Toledo $200 worth of ordinary shares.</ix:nonNumeric></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
delivery of the cash payment and shares the parties shall file and discontinue the compliant file by Toledo on January 7, 2022 and Toledo
irrevocably and unconditionally, shall release and discharge the Company from its June 19, 2020 financing agreement and July 28,
2020 Royalty Agreement. The financial statements as of March 31, 2022, includes an income of $<span id="xdx_908_eus-gaap--OtherIncome_pn3n3_c20220101__20220331__us-gaap--TypeOfArrangementAxis__custom--SettlementAgreementMember_zE3srpvxt074"><ix:nonFraction name="us-gaap:OtherIncome" contextRef="From2022-01-012022-03-31_custom_SettlementAgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">153</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">as a result of the cancelation of prior
agreements.</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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock"><p id="xdx_803_eus-gaap--DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock_zGbokW9x8b5g" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOTE
4 - <span id="xdx_82B_zWFJTWphjEeg">STOCK BASED COMPENSATION</span></span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stock-based
compensation expenses incurred for employees (and directors) and non-employees for the period of three months ended March 31, 2022, amounted
to $<span id="xdx_90B_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_c20220101__20220331_zKA6ZCUQ1qnd"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2022-01-01to2022-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">857</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0in">&#160;</p>

<p style="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.
STOCK OPTIONS</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 11, 2016, the Company&#8217;s Board of Directors approved and adopted the Todos Medical Ltd. 2015 Israeli Share Option Plan (the
&#8220;2015 Plan&#8221;), pursuant to which the Company&#8217;s Board of Directors may award stock options to purchase its ordinary shares
to designated participants. Subject to the terms and conditions of the 2015 Plan, the Company&#8217;s Board of Directors has full authority
in its discretion, from time to time and at any time, to determine (i) the designate participants; (ii) the terms and provisions of the
respective Option Agreements, including, but not limited to, the number of Options to be granted to each Optionee, the number of Shares
to be covered by each Option, provisions concerning the time and the extent to which the Options may be exercised and the nature and
duration of restrictions as to the transferability or restrictions constituting substantial risk of forfeiture and to cancel or suspend
awards, as necessary; (iii) determine the Fair Market Value of the Shares covered by each Option; (iv) make an election as to the type
of Approved 102 Option under Israeli IRS law; (v) designate the type of Options; (vi) take any measures, and to take actions, as deemed
necessary or advisable for the administration and implementation of the 2015 Plan; (vii) interpret the provisions of the 2015 Plan and
to amend from time to time the terms of the 2015 Plan.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:exclude><!-- Field: Page; Sequence: 182; Value: 76 -->
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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#toc_002">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TODOS
                                            MEDICAL LTD.</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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>NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Cont.)</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">(U.S.
dollars in thousands)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
2015 Plan permits grant of up to <span id="xdx_906_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20160107__20160111__us-gaap--PlanNameAxis__custom--TwoThousandFifteenIsraeliShareOptionPlanMember_zQhXJ2IS7Hfh"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" contextRef="From2016-01-072016-01-11_custom_TwoThousandFifteenIsraeliShareOptionPlanMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">6,000,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">options to purchase ordinary shares subject to
adjustments set in the 2015 Plan. As of March 31, 2022, there were <span id="xdx_901_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant_iI_pid_c20220331_z8hWNheNBwTl"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">2,338,838</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ordinary shares available for future issuance
under the 2015 Plan.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock"><p id="xdx_894_eus-gaap--ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock_zJYg2XSKMhH7" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table presents the Company&#8217;s stock option activity for employees and directors of the Company during the periods of three
months ended March 31, 2022 and 2021:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8BA_zsVyXz9xLe3g" style="display: none">SCHEDULE
OF STOCK OPTION ACTIVITY</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#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">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Number
    of Options</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">&#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">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">Weighted</span></p>
                                                                                <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">Average</span></p>
                                                                                <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">Exercise
                                            Price</span></p></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Unaudited</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Unaudited</span></td><td style="font: bold 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: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 60%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Outstanding
    as of January 1, 2022</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_pid_c20220101__20220331_zyrXR1Zs0fsa" title="Beginning  balance, Number of Options" style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">16,295,083</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_pid_c20220101__20220331_zxQkrYCG87Zh" title="Beginning balance, Weighted Average Exercise Price" style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.040</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Granted</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20220101__20220331_zxjgPNW3oyR3" title="Number of Options, Granted" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl3434">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_pid_c20220101__20220331_zDrMK75mri6k" title="Weighted Average Exercise Price, Granted" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl3436">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Forfeited
    or expired</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod_pid_c20220101__20220331_z62s7e7FYO8b" title="Number of Options, Forfeited or expired" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl3438">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice_pid_c20220101__20220331_zUM0uQTaMTw6" title="Weighted Average Exercise Price, Forfeited or expired" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl3440">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Outstanding
    as of March 31, 2022</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_pid_c20220101__20220331_zubShpnPep92" title="Ending balance, Number of Options" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">16,295,083</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">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iE_pid_c20220101__20220331_zm1JK3VhT1na" title="Ending balance, Weighted Average Exercise Price" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.040</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">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Exercisable
    as of March 31, 2022</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_iE_pid_c20220101__20220331_zaVgBAYmDqZi" title="Exercisable price" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">2,138,525</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">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_iE_pid_c20220101__20220331_z4lh3Ni9qWwl" title="Weighted Average Exercise Price, Exercisable" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.053</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">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Outstanding
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_pid_c20210101__20210331_zOLsEKdYDrok" title="Beginning  balance, Number of Options" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">3,682,818</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Exercisable
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</ix:nonNumeric><p id="xdx_8A5_zkLtBWWKOyAe" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
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</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">price per share is $<span id="xdx_90D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iI_pn3n3_c20220331_zmyfhgqTIGjk"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">0</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
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</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">years.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-style: normal; font-weight: normal">B.
RESTRICTED STOCK UNITS</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The
Company issues restricted stock units (&#8220;RSU&#8221;) under the 2015 Plan to employees and non-employees. The following table outlines
the restricted stock awards activity for the Company&#8217;s during the periods of three months ended March 31, 2022 and 2021:</span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:ScheduleOfSharebasedCompensationRestrictedStockAndRestrictedStockUnitsActivityTableTextBlock"><p id="xdx_89C_eus-gaap--ScheduleOfSharebasedCompensationRestrictedStockAndRestrictedStockUnitsActivityTableTextBlock_zwvcQRHQ7hMg" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span id="xdx_8BA_z9uufxB2hLuc" style="display: none">SCHEDULE
OF RESTRICTED STOCK UNITS</span><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 80%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Outstanding as of January 1,
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iS_c20220101__20220331__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_z0ZRNgQeX4s1" title="Beginning shares" style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" contextRef="AsOf2021-12-31_us-gaap_RestrictedStockUnitsRSUMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="Shares">41,967,152</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Granted</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <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">Vested</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_iN_di_c20220101__20220331__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zHz9NavHofYk" title="Vested" style="font: 10pt Times New Roman, Times, Serif; text-align: right">(<ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod" contextRef="From2022-01-012022-03-31_us-gaap_RestrictedStockUnitsRSUMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="Shares">3,782,699</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <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">Outstanding as of
    March 31, 2022</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"></td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iE_c20220101__20220331__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zqMUukyaYtMg" title="Ending Shares" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" contextRef="AsOf2022-03-31_us-gaap_RestrictedStockUnitsRSUMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="Shares">48,184,453</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">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Weighted average
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Outstanding as of January 1, 2021</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Granted</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <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">Vested</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_iN_di_c20210101__20210331__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zgnDz2OKEhg" style="font: 10pt Times New Roman, Times, Serif; text-align: right">(<ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod" contextRef="From2021-01-012021-03-31_us-gaap_RestrictedStockUnitsRSUMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="Shares">1,562,500</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Forfeited or expired</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_c20210101__20210331__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_z8d4lWU37y1e" title="Forfeited or expired, shares" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl3490">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Outstanding as of
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    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"></td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iE_c20210101__20210331__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zyP7ULmRgZ7g" title="Ending shares" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" contextRef="AsOf2021-03-31_us-gaap_RestrictedStockUnitsRSUMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="Shares">8,125,000</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">&#160;</span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></p>

</ix:nonNumeric><p id="xdx_8AE_zucTrgrXI75h" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>


<ix:exclude><!-- Field: Page; Sequence: 183; Value: 76 -->
    <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 -->89<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#toc_002">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TODOS
MEDICAL LTD.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Cont.)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(U.S.
dollars in thousands)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:InterestIncomeAndInterestExpenseDisclosureTextBlock"><p id="xdx_809_eus-gaap--InterestIncomeAndInterestExpenseDisclosureTextBlock_zrinwhdzRIVe" style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
5 - <span id="xdx_820_zsiLsbsVrVw4">FINANCING EXPENSES, NET</span></b></span></p>




<ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:InterestIncomeAndInterestExpenseDisclosureTableTextBlock"><p id="xdx_894_eus-gaap--InterestIncomeAndInterestExpenseDisclosureTableTextBlock_z8TppQSyu1l6" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 63.8pt; text-align: left; text-indent: -63.8pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B1_zA3QnH3kpYyc" style="display: none">SCHEDULE
OF FINANCING EXPENSES</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%">
  <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"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_49F_20220101__20220331_zAxXvhjkLjV5" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_491_20210101__20210331_zqiOvTJ63kza" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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                                            months period ended</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>March
                                            31,</b></span></p></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#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">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Unaudited</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><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 colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_404_ecustom--ModificationOfTermsRelatingToStraightLoanTransaction_iN_pn3n3_di_zT2OD5gO4PO" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 60%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Modification
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="TOMDF:ModificationOfTermsRelatingToStraightLoanTransaction" contextRef="From2021-01-012021-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">6</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_400_eus-gaap--AmortizationOfFinancingCostsAndDiscounts_pn3n3_zvr2cMKdyag5" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Amortization
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AmortizationOfFinancingCostsAndDiscounts" contextRef="From2022-01-01to2022-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">6,127</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AmortizationOfFinancingCostsAndDiscounts" contextRef="From2021-01-012021-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">15,033</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Amortization
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="TOMDF:AmortizationOfDiscountsAndAccruedInterestOnStraightLoans" contextRef="From2022-01-01to2022-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">164</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="TOMDF:SettlementInCashOfPrepaymentObligationRelatedToConvertibleBridgeLoan" contextRef="From2021-01-012021-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">182</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="TOMDF:InterestAndRelatedRoyaltiesUnderReceivablesFinancingFacility" contextRef="From2022-01-01to2022-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">153</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Amortization
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="TOMDF:AmortizationOfPrepaidExpensesRelatedToCommitmentSharesInConnectionWithCreditLineAndEquityLine" contextRef="From2022-01-01to2022-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">567</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="TOMDF:AmortizationOfPrepaidExpensesRelatedToCommitmentSharesInConnectionWithCreditLineAndEquityLine" contextRef="From2021-01-012021-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">293</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Exchange
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financing
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</ix:nonNumeric><p id="xdx_8A6_zWIpIIfXSXd1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:IncomeTaxDisclosureTextBlock"><p id="xdx_80C_eus-gaap--IncomeTaxDisclosureTextBlock_zwRutGYfJSO8" 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"><b>NOTE
6 - <span id="xdx_82C_zYr42ET1Jgkj">TAXES ON INCOME</span></b></span></p>




<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 0.5in"><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: left; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred
    income taxes reflect the net tax effects of net operating loss and temporary differences between the carrying amounts of assets and
    liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company&#8217;s
    deferred tax assets are as follows<b>: </b></span></td></tr>
  </table>
<ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock"><p id="xdx_89C_eus-gaap--ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock_zGq0sJPvECa4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B7_zIF1CNICGNJk" 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: 80%; margin-left: 0.5in">
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                                            31</b>,</span></p></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: bottom">
    <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: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: justify"></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr id="xdx_40E_eus-gaap--ComponentsOfDeferredTaxAssetsAbstract_iB_zLLR8VM5xvhe" 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-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Composition
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  <tr id="xdx_408_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwards_i01I_pn3n3_maDTAGz04E_zTtVvjVBWgG3" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl3539">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40D_eus-gaap--ComponentsOfDeferredTaxLiabilitiesAbstract_iB_zbapUOWSmWNb" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <tr id="xdx_405_ecustom--DeferredTaxLiabilitiesIntangibleAssets_i01I_zNl7KWDBvli4" 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--DeferredTaxLiabilitiesPropertyPlantAndEquipment_i01I_pn3n3_zeWhPdzen3Nj" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:DeferredTaxLiabilitiesPropertyPlantAndEquipment" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">197</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Net
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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: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40C_eus-gaap--DeferredTaxAssetsValuationAllowance_iNI_pn3n3_di_z22iLSEwrH8l" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Valuation
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    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:DeferredTaxAssetsValuationAllowance" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">6,550</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Net
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</ix:nonNumeric><p id="xdx_8AD_z56DriKLXDia" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 25.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
assessing the realization of deferred tax assets, management considers whether it is more likely than not that all or some portion of
the deferred tax assets will not be realized. The ultimate realization of the deferred tax assets is dependent upon the generation of
future taxable income during the periods in which temporary differences are deductible and net operating losses are utilized. Based on
consideration of these factors, the Company recorded a full valuation allowance as of March 31, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 184; Value: 76 -->
    <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 -->90<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#toc_002">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<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>TODOS
MEDICAL LTD.</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">&#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>NOTES
                                            TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Cont.)</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">(U.S.
dollars in thousands)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>


<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
    the period of three months ended March 31, 2022, the following table reconciles the statutory income tax rate to the effective income
    tax rate:</span></td></tr>
  </table>
<ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock"><p id="xdx_890_eus-gaap--ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock_zLcxbdjNRw0j" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B0_zLzG157HDIuc" style="display: none">SCHEDULE
OF RECONCILE THE STATUTORY INCOME TAX RATE TO EFFECTIVE INCOME TAX RATE</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%; margin-left: 0.5in">
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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: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Three
    months ended<br />
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#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">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#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">&#160;</span></td>
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    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; width: 20%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" contextRef="From2022-01-01to2022-03-31" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">23</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
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    expense (benefit) at statutory rate</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate" contextRef="From2022-01-01to2022-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">1,579</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_406_eus-gaap--IncomeTaxReconciliationForeignIncomeTaxRateDifferential_pn3n3_maITEBzFnh_zmSLZlbo6Aw6" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    rate differential</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:IncomeTaxReconciliationForeignIncomeTaxRateDifferential" contextRef="From2022-01-01to2022-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">25</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_401_eus-gaap--IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost_pn3n3_maITEBzFnh_zvgWgQU2eeTa" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Permanent
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost" contextRef="From2022-01-01to2022-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">359</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40C_ecustom--IncomeTaxReconciliationDerivativeWarrantsLiabilitiesBifurcatedConversionFeatureAndConvertibleLoans_iN_pn3n3_di_msITEBzFnh_zdd8oeMFhoNi" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    differences with respect to derivative warrants liabilities, bifurcated conversion feature and convertible loans</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="TOMDF:IncomeTaxReconciliationDerivativeWarrantsLiabilitiesBifurcatedConversionFeatureAndConvertibleLoans" contextRef="From2022-01-01to2022-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">613</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40E_eus-gaap--IncomeTaxReconciliationOtherAdjustments_pn3n3_maITEBzFnh_zLDkZDZp9Kv7" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Others</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_408_ecustom--IncomeTaxReconciliationLossCarryforwards_pn3n3_maITEBzFnh_zqGb3gsxoZm4" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Loss
    carryforwards and others</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="TOMDF:IncomeTaxReconciliationLossCarryforwards" contextRef="From2022-01-01to2022-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">582</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
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    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl3575">-</span></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">&#160;</span></td></tr>
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</ix:nonNumeric><p id="xdx_8AA_z2vsXIFyRJw8" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>


<ix:exclude><!-- Field: Page; Sequence: 185; Value: 76 -->
    <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 -->91<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#toc_002">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<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: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TODOS
MEDICAL LTD.</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>NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Cont.)</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">(U.S.
dollars in thousands)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:SegmentReportingDisclosureTextBlock"><p id="xdx_80B_eus-gaap--SegmentReportingDisclosureTextBlock_zsXp1lVLKxV6" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
7 - <span id="xdx_823_zFZzlYmYf2y8">SEGMENT REPORTING</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>General
    information</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 28.35pt; text-align: justify; text-indent: -28.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Commencing
2020, the operations of the Company are conducted through three different core activities: Breast Cancer Test (TM-B1, TM-B2), Alzheimer
and COVID-19 testing, each of which are operating segments. These activities also represent the reportable segments of the Group.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 28.35pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
reportable segments are viewed and evaluated separately by Company management, since the marketing strategies, processes and expected
long term financial performances of the segments are different.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 28.35pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Information
    about reported segment profit or loss and assets</b></span></td></tr>
  </table>
<ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="TOMDF:ScheduleOfInformationAboutReportedSegmentProfitOrLossAndAssetsTableTextBlock"><p id="xdx_896_ecustom--ScheduleOfInformationAboutReportedSegmentProfitOrLossAndAssetsTableTextBlock_zKrUmjtUZ1Ue" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 28.35pt; text-align: justify; text-indent: -28.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b><span id="xdx_8B0_zX3DGY4X9FHf" style="display: none">SCHEDULE
OF INFORMATION ABOUT REPORTED SEGMENT PROFIT OR LOSS AND ASSETS</span></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; width: 90%; border-collapse: collapse">
  <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; padding-left: 20pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td id="xdx_494_20220101__20220331__us-gaap--StatementBusinessSegmentsAxis__custom--BreastCancerTestMember_zrRsgg8kvcC1" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><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>
    <td id="xdx_499_20220101__20220331__us-gaap--StatementBusinessSegmentsAxis__custom--AlzheimerMember_zktJQHwLovpl" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><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>
    <td id="xdx_49F_20220101__20220331__us-gaap--StatementBusinessSegmentsAxis__custom--COVIDNineteenTestingMember_zM51YVj7tOGd" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><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>
    <td id="xdx_49F_20220101__20220331__us-gaap--StatementBusinessSegmentsAxis__custom--UnallocatedMember_zlfzJ7fsU097" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><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>
    <td id="xdx_492_20220101__20220331_zmJPLswuv6r9" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><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 colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><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>
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    <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 colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><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 colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Breast
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    <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 colspan="2" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Alzheimer</b></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>
    <td colspan="2" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Testing
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    <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 colspan="2" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Un-allocated</b></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>
    <td colspan="2" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total</b></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: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="18" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Unaudited</b></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: 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">&#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 colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><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 colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><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 colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><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 colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
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    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl3581">-</span></span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl3582">-</span></span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl3584">-</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2022-01-01to2022-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,199</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_403_eus-gaap--OperatingExpenses_pn3n3_zSvqOmIqldzf" 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">&#160;</span></td>
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    <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:OperatingExpenses" contextRef="From2022-01-012022-03-31_custom_BreastCancerTestMember" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">1,107</ix:nonFraction></span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl3588">-</span></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>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:OperatingExpenses" contextRef="From2022-01-012022-03-31_custom_COVIDNineteenTestingMember" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">1,303</ix:nonFraction></span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:OperatingExpenses" contextRef="From2022-01-012022-03-31_custom_UnallocatedMember" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">1,707</ix:nonFraction></span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:OperatingExpenses" contextRef="From2022-01-01to2022-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">4,117</ix:nonFraction></span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><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>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><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>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><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>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><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 id="xdx_40A_ecustom--FinancingExpenses_pn3n3_z1Qnz9whk5Qc" 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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><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>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><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>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><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>
    <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="TOMDF:FinancingExpenses" contextRef="From2022-01-012022-03-31_custom_UnallocatedMember" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">3,471</ix:nonFraction></span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="TOMDF:FinancingExpenses" contextRef="From2022-01-01to2022-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">3,471</ix:nonFraction></span></td>
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  <tr id="xdx_40E_ecustom--ShareInLossesOfAffiliatedCompaniesAccountedForUnderEquityMethodNet_pn3n3_zu1DYKJmipJe" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><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>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><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>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><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>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl3602">-</span></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>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl3603">-</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#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">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:NetIncomeLoss" contextRef="From2022-01-012022-03-31_custom_COVIDNineteenTestingMember" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">1,303</ix:nonFraction></span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:NetIncomeLoss" contextRef="From2022-01-012022-03-31_custom_UnallocatedMember" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">5,178</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>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:NetIncomeLoss" contextRef="From2022-01-01to2022-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">7,588</ix:nonFraction></span></td>
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  </table>

</ix:nonNumeric><p id="xdx_8A3_z6lW3ncHAgQ9" style="font: 10pt Times New Roman, Times, Serif; display: none; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 28.35pt; text-align: justify; text-indent: -28.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
evaluation of performance is based on the operating income of each of the <span id="xdx_90A_eus-gaap--NumberOfReportableSegments_dc_uInteger_c20220101__20220331_zEtW4VdpdAj1" title="Number of reportable segments"><ix:nonFraction name="us-gaap:NumberOfReportableSegments" contextRef="From2022-01-01to2022-03-31" format="ixt-sec:numwordsen" decimals="INF" unitRef="Integer">three</ix:nonFraction></span> reportable segments.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 28.35pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounting
policies of the segments are the same as those described in the accounting policies applied in the consolidated financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 28.35pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due
to the reportable segments&#8217; nature, there have been no inter-segment sales or transfers during the reported periods.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 28.35pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financing
expenses, net and the share of the Company in losses of affiliated companies were not allocated to the reportable segments, since these
items are carried and evaluated on the enterprise level.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 28.35pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management
has determined that none of the equity method investees is eligible to be considered as reportable segment as they do not meet the criteria
in ASC Topic 280-10-50 (or they did not commence their operations)..</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 28.35pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Revenues
    by geographic region are as follows:</b></span></td></tr>
  </table>
<ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:ScheduleOfRevenueFromExternalCustomersAttributedToForeignCountriesByGeographicAreaTextBlock"><p id="xdx_891_eus-gaap--ScheduleOfRevenueFromExternalCustomersAttributedToForeignCountriesByGeographicAreaTextBlock_zzd2wgS5ey4a" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 28.35pt; text-align: justify; text-indent: -28.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b><span id="xdx_8BD_z9JTlYaCxSu5" style="display: none">SUMMARY
OF REVENUES BY GEOGRAPHIC REGION</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%; margin-left: 0.5in">
  <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_49D_20220101__20220331_zw9g3954KKK7" 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">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_496_20210101__20210331_zewPdBZrH6Ub" 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">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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                                            31,</b></span></p></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#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">&#160;</span></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"><span style="font-family: Times New Roman, Times, Serif">2021</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">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr id="xdx_404_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hsrt--StatementGeographicalAxis__country--IL_zOmkvVzgQ2r2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Israel</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl3615">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl3616">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40C_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hsrt--StatementGeographicalAxis__country--US_znf8UotsSA77" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 60%; text-align: justify; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">United
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    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2022-01-012022-03-31_country_US" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,199</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; 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; font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2021-01-012021-03-31_country_US" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">5,031</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40B_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_zT3R8EoFmsoi" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2022-01-01to2022-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,199</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2021-01-012021-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">5,031</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table>


<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>


<ix:exclude><!-- Field: Page; Sequence: 186; Value: 76 -->
    <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 -->92<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#toc_002">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<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>TODOS
MEDICAL LTD.</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>NOTES
                                            TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Cont.)</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">(U.S.
dollars in thousands)</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>D.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Property
    and equipment, net, by geographic areas:</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 28.35pt; text-align: justify; text-indent: -28.35pt"><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: 93%; margin-left: 0.5in">
  <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_497_20220331_zps4LshvB5kb" 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">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_498_20210331_z4pO983VGyZc" 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">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#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">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">As of March 31,</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">As
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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</ix:nonNumeric><p id="xdx_8AB_zORjp8urzy29" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 28.35pt; text-align: justify; text-indent: -28.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>E.</b></span></td>
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  </table>
<ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:ScheduleOfRevenueByMajorCustomersByReportingSegmentsTableTextBlock"><p id="xdx_899_eus-gaap--ScheduleOfRevenueByMajorCustomersByReportingSegmentsTableTextBlock_zobV0ITh1eeb" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 28.35pt; text-align: justify; text-indent: -28.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b><span id="xdx_8B1_zpylTJ5rw2I2" 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: 93%; margin-left: 0.5in">
  <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: White">
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<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl3635">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2021-01-012021-03-31_us-gaap_SalesRevenueNetMember_us-gaap_CustomerConcentrationRiskMember_custom_ClientAMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">85.3</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  <tr id="xdx_407_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_hus-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--ClientBMember_zT2hWT0QbdCc" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Client
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr id="xdx_406_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_hus-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--ClientDMember_zRx84PpMXgUd" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Client
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    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2022-01-012022-03-31_us-gaap_SalesRevenueNetMember_us-gaap_CustomerConcentrationRiskMember_custom_ClientDMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">11.2</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr id="xdx_402_eus-gaap--ConcentrationRiskPercentage1_pid_dp_hus-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--ClientMember_zG37pwnDoKak" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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</ix:nonNumeric><p id="xdx_8AD_z2H3BdnXgAni" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:SubsequentEventsTextBlock"><p id="xdx_805_eus-gaap--SubsequentEventsTextBlock_zoI82Suv8Naj" style="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 - <span id="xdx_826_zZjolMniPke2">EVENTS SUBSEQUENT TO THE BALANCE SHEET DATE</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company evaluated all events and transactions that occurred subsequent to the balance sheet date and prior to the date on which these
unaudited condensed consolidated financial statements were issued, and determined that no events required disclosure.</span></p>

</ix:nonNumeric><p id="xdx_811_zdm5zz6mI9Y9" style="font: 10pt Times New Roman, Times, Serif; display: none; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; display: none; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left; text-indent: 0in"><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"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img src="forms-1_004.jpg" alt="" /></p>

<p style="font: 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>TODOS
MEDICAL LTD.</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-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>___________
Units</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Each
Unit Consisting of One Ordinary Share and</b>&#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>One
Warrant To Purchase One Ordinary Share</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>&#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>&#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>&#160;</b></span></p>

<p style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#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>&#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>PROSPECTUS</b></span></p>

<p style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#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>&#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>&#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>&#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>&#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>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 14pt"><b>Westpark
Capital, Inc.</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-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>,
2022</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>

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    <!-- Field: /Page -->

<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>PART
II</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>INFORMATION
NOT REQUIRED IN 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; margin: 0pt 0 0pt 1.75pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>EXPENSES
OF THIS OFFERING</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.75pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
estimated expenses payable by us in connection with the offering described in this prospectus will be as set forth in the table below.
With the exception of the U.S. Securities and Exchange Commission registration fee, all amounts are estimates. All such expenses will
be borne by the Registrant.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.95pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><p style="font: 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>Amount</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>to
    be Paid</b></span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 80%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SEC
    registration fee</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 16%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;&#160;&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Legal
    fees and expenses</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounting
    fees and expenses</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Miscellaneous
    expenses</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <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"><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>Indemnification
of Directors, Officers, Employees and Agents</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Companies Law, a company may not exculpate an office holder from liability for a breach of the duty of loyalty. A company may exculpate
an office holder in advance from liability to the company, in whole or in part, for damages caused to the company as a result of a breach
of the duty of care but only if a provision authorizing such exculpation is included in its articles of association. Our amended and
restated articles of association include such a provision. An Israeli company may not exculpate a director from liability arising out
of a breach of the duty of care with respect to a dividend or distribution to shareholders.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Companies Law and the Securities Law, 5728-1968, or the Securities Law, a company may indemnify an office holder in respect of the
following liabilities, payments and expenses incurred for acts performed as an office holder, either pursuant to an undertaking made
in advance of an event or following an event, provided a provision authorizing such indemnification is contained in its articles of association:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    monetary liability incurred by or imposed on him or her in favor of another person pursuant to a judgment, including a settlement
    or arbitrator&#8217;s award approved by a court. However, if an undertaking to indemnify an office holder with respect to such liability
    is provided in advance, then such undertaking must be limited to certain events which, in the opinion of the board of directors,
    can be foreseen based on the company&#8217;s activities when the undertaking to indemnify is given, and to an amount or according
    to criteria determined by the board of directors as reasonable under the circumstances, and such undertaking shall detail the foreseen
    events and described above amount or criteria;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reasonable
    litigation expenses, including reasonable attorneys&#8217; fees, incurred by the office holder as (1) a result of an investigation
    or proceeding instituted against him or her by an authority authorized to conduct such investigation or proceeding, provided that
    (i) no indictment was filed against such office holder as a result of such investigation or proceeding; and (ii) no financial liability
    was imposed upon him or her as a substitute for the criminal proceeding as a result of such investigation or proceeding or, if such
    financial liability was imposed, it was imposed with respect to an offense that does not require proof of criminal intent; or (2)
    in connection with a monetary sanction; a monetary liability imposed on him or her in favor of an injured party at an Administrative
    Procedure (as defined below) pursuant to Section 52(54)(a)(1)(a) of the Securities Law;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-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">expenses
    incurred by an office holder in connection with an Administrative Procedure under the Securities Law, including reasonable litigation
    expenses and reasonable attorneys&#8217; fees; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reasonable
    litigation expenses, including attorneys&#8217; fees, incurred by the office holder or imposed by a court in proceedings instituted
    against him or her by the company, on its behalf or by a third party or in connection with criminal proceedings in which the office
    holder was acquitted or as a result of a conviction for an offense that does not require proof of criminal intent.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.95pt"><span style="font-family: Times New 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: 35.95pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Administrative
Procedure&#8221; is defined as a procedure pursuant to chapters H3 (Monetary Sanction by the Israeli Securities Authority), H4 (Administrative
Enforcement Procedures of the Administrative Enforcement Committee) or I1 (Arrangement to prevent Procedures or Interruption of procedures
subject to conditions) to the Securities Law.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.95pt"><span style="font-family: Times New 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: 35.95pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Companies Law and the Securities Law, a company may insure an office holder against the following liabilities incurred for acts performed
by him or her as an office holder if and to the extent provided in the company&#8217;s articles of association:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.95pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    breach of duty of care to the company or to a third party, to the extent such a breach arises out of the negligent conduct of the
    office holder;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    breach of duty of loyalty to the company, provided that the office holder acted in good faith and had a reasonable basis to believe
    that the act would not harm the company;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    monetary liability imposed on the office holder in favor of a third party;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    monetary liability imposed on the office holder in favor of an injured party at an Administrative Procedure pursuant to Section 52(54)(a)(1)(a)
    of the Securities Law; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">expenses
    incurred by an office holder in connection with an Administrative Procedure, including reasonable litigation expenses and reasonable
    attorneys&#8217; fees.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New 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: 35.95pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under the Companies Law, a company may
not indemnify, exculpate or insure an office holder against any of the following:</span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    breach of duty of loyalty, except for indemnification and insurance for a breach of the duty of loyalty to the company to the extent
    that the office holder acted in good faith and had a reasonable basis to believe that the act would not harm the company;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    breach of the duty of care committed intentionally or recklessly, excluding a breach arising out of the negligent conduct of the
    office holder;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
    act or omission committed with intent to derive illegal personal benefit; or</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-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">a
    fine or forfeit levied against the office holder.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<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">Under
the Companies Law, exculpation, indemnification and insurance of office holders must be approved by the compensation committee and the
board of directors and, with respect to certain office holders or under certain circumstances, also by the shareholders.</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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
amended and restated articles of association permit us to, exculpate, indemnify and insure our office holders as permitted under the
Companies Law. Our office holders are currently covered by a directors and officers&#8217; liability insurance policy. As of the date
of this registration statement, no claims for directors&#8217; and officers&#8217; liability insurance have been filed under this policy,
we are not aware of any pending or threatened litigation or proceeding involving any of our directors or officers in which indemnification
is sought, nor are we aware of any pending or threatened litigation that may result in claims for indemnification by any director or
officer.</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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Insofar
as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers or persons controlling
the registrant pursuant to the foregoing provisions, the registrant has been informed that in the opinion of the Securities and Exchange
Commission such indemnification is against public policy as expressed in the Act and is therefore unenforceable.</span></p>

<p style="font: 10pt 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>Recent
Sales of Unregistered Securities</b></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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Set
forth below are the sales of all securities of the registrant sold by the registrant within the past three years which were not registered
under the Securities Act. All such sales were made under either Section 4(a)(2) of the Securities Act or in reliance upon the exemption
contained in Regulation S under the Securities Act:</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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
February 27, 2019, we entered into a joint venture agreement with Amarantus Bioscience Holdings, Inc. (&#8220;Amarantus&#8221;) pursuant
to which we issued Ordinary Shares representing 19.99% of the then-issued and outstanding Ordinary Shares of our Company to Amarantus,
in exchange for Amarantus transferring to us 19.99% of Breakthrough, which was then a wholly-owned subsidiary of Amarantus, and for Amarantus
assigning its amended and restated license agreement with the University of Leipzig for an exclusive license to develop and commercialize
the LymPro Test&#174;, an immune-based neurodiagnostic blood test for the detection of Alzheimer&#8217;s disease (the &#8220;License&#8221;).
On April 14, 2019, we notified Amarantus of the Company&#8217;s decision to exercise its option to acquire the remaining 80.01% of Breakthrough
held by Amarantus in exchange for the issuance to Amarantus of Ordinary Shares of the Company representing an additional thirty percent
(30%) of the Company&#8217;s then-issued and outstanding share capital, such that the Company would own 100% of Breakthrough, and Amarantus
would own 49.99% of the Company. At the annual meeting of shareholders of the Company held on April 29, 2019, the Company&#8217;s shareholders
voted on a resolution approving the Company&#8217;s exercise of this option. On July 28, 2020, the Company entered into Amendment No.
1 to the Binding Joint Venture Agreement with Amarantus pursuant to which the parties agreed that the Company would issue 49.9% of its
Ordinary Shares as of December 31, 2019 to Amarantus in exchange for the 80.01% equity interest it does not own of Breakthrough Diagnostics,
Inc. In addition, Amarantus will receive a 10% royalty on LymPro intellectual property. On July 28, 2020, the Company exercised this
option and issued an additional 67,599,796 Ordinary Shares to Amarantus.</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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
2019, the Company raised $1,215,450 from the sale of convertible notes, which had an outstanding principal balance of $1,350,500. On
February 27, 2019, we entered into a convertible bridge loan agreement, and issued notes and warrants relating thereto, to obtain loans
from several private lenders, including DPH Investment Ltd., a holder of 11.5% of our shares (as of such date), to finance the Company&#8217;s
activities through the consummation of a proposed public offering and our planned uplisting to a national securities exchange.
As of April 15, 2019, we had obtained $1,010,500 in bridge loan financing, and had commitments for an additional $340,000 subject to
certain milestones. The loans, which have an original issue discount of ten percent (10%), bear interest at a flat rate of ten percent
(10%) and have a maturity date six months after receipt of the loan funds. The loans are convertible into Ordinary Shares of the Company
after the maturity date at a conversion price equal to 70% of the average closing bid price of the Company&#8217;s Ordinary Shares in
the five days prior to the conversion. In the event the Company defaults under the loan agreement, the conversion price will be reduced
to 60% of the average closing bid price of the Company&#8217;s Ordinary Shares in the 15 days prior to the conversion. In addition, each
lender received a warrant to purchase an amount of Ordinary Shares equal to 25% of the amount loaned by such lender, with the warrant
exercise price to be equal to the offering price in the proposed public offering, or, in the event its loan is converted into shares,
the warrant exercise price will be equal to the applicable closing bid price of the Company&#8217;s shares at the time of the conversion
of the loan. The warrants may be exercised only during the period beginning on the date that is six months after the date that the warrant
exercise price and the number of warrant shares are determined and ending on the date that is three years thereafter.</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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 10, 2019, we entered into an amendment to the bridge loan agreement. The amendment provides for a 10% penalty if we repay the loan
prior to the maturity date. In addition, we agreed to grant each lender a warrant to purchase an additional amount of Ordinary Shares
equal to 25% of the amount loaned by such lender, under the same terms as the original warrant, but with a warrant exercise price equal
to 150% of the closing bid price of our shares on the day prior to the closing of the bridge loan transaction.</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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the first quarter of 2021, we redeemed the convertible notes that we issued in 2019 as described above. The warrants issued alongside
those notes remain outstanding.</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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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    <!-- Field: /Page -->

<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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
February 10, 2020, the Company entered into a Business Development Agreement (the &#8220;BDA&#8221;) with Orion Capital Advisors, LLC
(&#8220;BDC&#8221;) whereby BDC was to provide business development services to the Company which included inter alia (a) review and
advice concerning the technical design of existing and planned products or services; (b) business development assistance including terms
of possible transactions and suggestions during negotiations; (c) sales assistance through the development of business models and sales
strategy; (d) advice regarding financing, review of proposed term sheets, capitalization planning and, where appropriate, participation
in negotiations; (e) strategic consulting regarding product planning, market development, marketing and public relations; (f) consulting
on corporate structure, employee stock option structure, warrant arrangements and intellectual property planning; (g) introductions to
potential strategic partners and other alliance candidates; (h) introductions to prospective customers for the Company&#8217;s products
or services.</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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
signing the BDA, the Company issued 2,500,000 unregistered Ordinary Shares to BDC.</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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Agreement expired on August 10, 2020.</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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Between
January and March 2020, the Company entered into six different loan agreements with Bel Har Investments Ltd. (two agreements), Ethel
Zieleniec, DPH Investments Ltd., Avner Krohn and Shmuel Rothbard. The amounts borrowed under each agreement ranged from $25,000 to $142,857.
Each loan was evidenced by a senior or a senior secured convertible promissory note bearing interest at a rate of 10% per annum, and
included warrants exercisable by the note holder for five years in amounts ranging from 1,116,070 to 4,464,281 Ordinary Shares with an
exercise price of 10 cents per share. In each case, either the loan agreement or the note included registration rights. The total amount
borrowed pursuant to these six agreements was $437,857.</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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 28, 2020, the Company held a final closing of a financing round of $2,015,000 in convertible notes in the aggregate. The Company
entered into multiple securities purchase agreements with institutional and high net worth investors who included Rotbard, Bar On, Reich,
Leviston and Leonite (each as defined below, and collectively, the &#8220;Todos Investors&#8221;) pursuant to which the Company agreed
to issue to the Todos Investors secured convertible promissory notes in an aggregate principal amount of $2,686,666 (the &#8220;Convertible
Note&#8221;). The Convertible Notes bore interest at 2% per annum. The Convertible Notes were convertible into Ordinary Shares of the
Company (&#8220;Conversion Shares&#8221;) for 40 days following the date of closing at 150% of the closing bid price of the Company&#8217;s
Ordinary Shares on such closing date. After the 40 days, the conversion price equaled the lower of (i) 60% of the lowest VWAP trading
price of the Ordinary Shares during the eleven trading days immediately prior to the date of conversion, (ii) 150% of the closing bid
price of the Company&#8217;s Ordinary Shares on such closing date and (iii) 150% of the closing bid price on the date of effectiveness
of the Company&#8217;s registration statement covering the converted shares. A total of $2,000,000 was disbursed to the Company as a
result of the issuance of the Convertible Notes. In addition, the Company issued to Leviston and Leonite 4,000,000 and 3,333,333 shares,
respectively as a commitment fee (the &#8220;Commitment Shares&#8221;), and issued to Leviston an additional 2,000,000 shares as a diligence
fee (the &#8220;Diligence Shares&#8221;). The Company also issued warrants to the Todos Investors to purchase up to an aggregate 23,500,000
shares (the &#8220;Warrant Shares&#8221;) at an exercise price of $0.10 per share exercisable at any time until expiration dates ranging
from July 9, 2025 to July 28, 2025. Pursuant to a Registration Rights Agreement, the Company agreed to file within 17 days after the
closing date, a registration statement on Form F-1 registering for resale the Conversion Shares, Commitment Shares, Diligence Shares
and the Warrant Shares. The Company agreed to use its reasonable best efforts to cause the registration statement to be effective within
90 days after the closing date.</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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June 15, 2020 (the &#8220;Issuance Date&#8221;), the Company issued a convertible note in the original principal amount of $375,000 (the
&#8220;Rotbard Note&#8221;) to Mr. Shmuel Rotbard (&#8220;Rotbard&#8221;), a resident of Israel, in a transaction that is exempt from
registration under Regulation S under the Securities Act. We received $315,000 under the Rotbard Note, which reflected an original issue
discount equal to $60,000. The Rotbard Note bears interest at a rate of 2% per annum. Both principal and interest were payable in one
installment on June 15, 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.95pt"><span style="font-family: Times New 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: 35.95pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rotbard
was entitled, at his option, at any time, to convert all or any amount of the principal face amount of the Rotbard Note and the accumulated
interest then outstanding into the Company&#8217;s Ordinary Shares at a price equal to 80% of the lower of (i) the lowest closing bid
price on the trading day prior to the Issuance Date or (ii) the lowest trading price of the Ordinary Shares as reported by the trading
market on which the Company&#8217;s shares are traded, for the 20 prior trading days including the day upon which a conversion notice
is received (the &#8220;Conversion Price&#8221;).</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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
the occurrence of a Sale Event as defined in the Rotbard Note, the Company was required to, upon request of Rotbard, redeem the Rotbard
Note in cash for in an amount equal to 150% of the principal amount, plus accrued but unpaid interest through the date of redemption,
or at the election of Rotbard, Rotbard may convert the unpaid principal amount of the Rotbard Note and the unpaid interest into Ordinary
Shares of the Company at the Conversion Price immediately prior to such Sale Event.</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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
the occurrence of an Event of Default (as defined in the Rotbard Note), the Rotbard Note would accrue interest at the lower of (i) 24%
per annum or (ii) the highest rate of interest permitted by law. In addition, the Company will be subject to the penalty fee as described
in paragraph 8 of the Rotbard Note.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June 23, 2020, we entered into a Securities Purchase Agreement with Daniel Reich (&#8220;Reich&#8221;) pursuant to which Reich purchased
from Todos (a) a convertible note in the original principal amount of $400,000 including an original issue discount of $100,000, and
a warrant to purchase up to 3,000,000 Ordinary Shares of the Company at an exercise price of ten cents per share for a period of five
years.</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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June 29, 2020, we entered into a Securities Purchase Agreement with Alexsander Shmuel Bar On (&#8220;Bar On&#8221;) pursuant to which
Bar On purchased from Todos (a) a convertible note in the original principal amount of $62,500 including an original issue discount of
$12,500 and interest payable in Ordinary Shares of Todos, and (b) a warrant to purchase up to 500,000 Ordinary Shares of the Company
at an exercise price of ten cents per share for a period of up to five years.</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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 9, 2020, we entered into a Securities Purchase Agreement with Leviston Resources, LLC (&#8220;Leviston&#8221;) pursuant to which
Leviston purchased from Todos (a) 4,000,000 Ordinary Shares, (b) a convertible note in the original principal amount of up to $2,000,000,
less an original issue discount of up to $500,000 (with said note being the subject of future advances), and (c) warrants to purchase
up to 5,000,000 Ordinary Shares for a period of five years having an exercise price equal to the lower of (i) $0.10 and (ii) the lowest
exercise price of issued and outstanding warrants, subject to adjustment as described therein. Todos also issued an additional 2,000,000
shares to Leviston as a diligence fee. Todos also entered into a customary registration rights agreement with Leviston, and into a Security
Agreement with Leviston, pursuant to which Leviston was granted a security interest in all of Todos&#8217; property.</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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 17, 2020, the Company entered into a Securities Purchase Agreement with Leonite Capital LLC (&#8220;Leonite&#8221;) pursuant to
which Leonite purchased from Todos, (a) a convertible note in the original principal amount of up to $666,667, less an original issue
discount of up to $166,667 (with said note being subject to future advances), and (b) warrants to purchase up to 5,000,000 Ordinary Shares
for a period of five years with an exercise price equal to the lower of (i) $0.10 and (ii) the lowest exercise price of issued and outstanding
warrants, subject to adjustment therein. Todos also agreed to issue an additional 3,333,333 original shares to Leonite as a commitment
fee under the above-mentioned Securities Purchase Agreement.</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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the first quarter of 2021, we redeemed the convertible notes that we issued in 2020 as described above. The warrants issued alongside
those notes remain outstanding.</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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 4, 2020, the Company issued 3,500,000 Ordinary Shares to Toledo Advisors LLC in exchange for Toledo agreeing to amendments to
the terms of their purchase order financing agreement with Todos, including, among other things, a lowered fee and a loss of exclusivity
on with respect to purchase order financing.</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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 11, 2020, we filed a registration statement on Form F-1 with respect up to 50,000,000 Ordinary Shares to be issued pursuant to
a purchase agreement with Lincoln Park Capital LLC.</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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Prospectus Summary section with the header &#8220;<i>Crossover Notes&#8221; </i>is incorporated by reference in this Recent Sales of
Unregistered Securities section.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.95pt"><span style="font-family: Times New 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: 35.95pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April 19, 2021, the Company entered into an Agreement to Purchase Provista Diagnostics, Inc. (&#8220;Agreement to Purchase&#8221;) with
Strategic Investment Holdings, LLC (&#8220;SIH&#8221;), Ascenda BioSciences LLC (&#8220;Ascenda&#8221;) and Provista Diagnostics, Inc.
(&#8220;Provista&#8221;). Ascenda was the sole owner of the outstanding securities of Provista and SIH is the sole owner of all the outstanding
securities of Ascenda.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.95pt"><span style="font-family: Times New 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: 35.95pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the Agreement to Purchase, the Company acquired Provista from Ascenda and SIH for an aggregate purchase price of $7.5 million consisting
of an initial cash payment of $1.25 million, the issuance of $1.5 million in Ordinary Shares of the Company priced at $0.0512 per share,
the issuance of a $3.5 million convertible promissory note dated April 19, 2021 (the &#8220;Note&#8221;) and the payment on for before
July 1, 2021 of $1.25 million in cash (the &#8220;July Payment&#8221;). The Provista shares acquired by the Company remained in an escrow
account until the July Payment is made. The Note has a maturity date of April 8, 2025 and is convertible beginning on October 20, 2021
into Ordinary Shares of the Company at a conversion price equal to the lesser of $0.05 or the volume weighted average price of the last
20 trading days for the Ordinary Shares prior to the date of conversion. In the event that the Company uplists its Ordinary Shares to
a national securities exchange, the Note shall automatically be exchanged into preferred stock with a conversion price equal to the lesser
of (a) $0.05, (b) the opening price on the day of the uplisting provides there is no transaction associated with the uplisting or (c)
the deal price of an uplisting transaction. The Company&#8217;s obligation to deliver the July Payment by July 1, 2021 is secured by
the Provista shares through a Security Agreement dated as of April 19, 2021 by and between SIH, Ascenda and Provista. The Company had
the option of extending the payment of the July Payment to July 15, 2021 by paying SIH and Ascenda $250,000 on or before July 1, 2021
(the &#8220;Extension Payment&#8221;). In the event the Company paid the July Payment by July 15, 2021, the Extension Payment would be
credited towards the July Payment. The Company paid the Extension Payment and paid the July payment in a timely manner.</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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
September 23, 2021, the Company completed the conditions precedent required to enter into a Securities</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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November 22, 2021, the Company entered into a Securities Purchase Agreement (the &#8220;SPA&#8221;) with T-Cell Protect Hellas S.A.
(&#8220;T-Cell&#8221;) pursuant to which the Company agreed to issue a convertible promissory note to T-Cell Protect in the
principal amount of &#8364;1,000,000. </span>To date, T-Cell has not fulfilled its obligation to pay for the Note, and therefore the
Company has not yet issued the Note.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.95pt"><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"><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>Exhibits
and Financial Statement Schedules </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
Exhibits:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 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 exhibits are filed as part of this registration statement:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1*</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form
    of Underwriting Agreement</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1645260/000114420417017413/v462998_ex99-1.htm" style="-sec-extract: exhibit">Amended and Restated Articles of Association of Todos Medical Ltd. (filed as Exhibit 99.1 to the Company&#8217;s current report on Form 6-K (File No. 333-209744) filed on March 30, 2017).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1645260/000114420416084532/v432810_ex10-7.htm" style="-sec-extract: exhibit">Todos Medical Ltd. 2015 Israeli Share Option Plan (filed as Exhibit 10.7 to the Company&#8217;s registration statement on Form F-1 (File No. 333-209744) filed on February 26, 2016).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">4.2</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1645260/000149315222008594/ex4-2.htm" style="-sec-extract: exhibit">Todos
    Medical Ltd. 2021 Equity Incentive Plan (filed as Exhibit 4.2 to the Company&#8217;s annual report on Form 10-K, filed with the
    SEC on March 31, 2022).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">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"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Opinion of Rimon, PC.</p>
<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1645260/000114420417023409/v465048_ex4-12.htm" style="-sec-extract: exhibit">Employment Agreement, dated March 16, 2017, between Todos Medical Singapore Pte Ltd. and Dr. Wee Yue Chew and warrant agreement, dated March 16, 2017, between Todos Medical Ltd. and Dr. Wee Yue Chew (filed as Exhibit 4.12 to Form 20-F (File No. 333-209744) filed on May 1, 2017).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1645260/000121390019003290/f6k022819ex4-4_todosmedi.htm" style="-sec-extract: exhibit">Share Purchase and Assignment of License Agreement among Todos Medical Ltd., Amarantus Bioscience Holdings, Inc., and Breakthrough Diagnostics, Inc., dated February 27, 2019, filed as Exhibit 4.4 to the Company&#8217;s Form 6-K filed on February 28, 2019</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.3</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1645260/000121390019005040/f20f2018ex4-10_todosmed.htm" style="-sec-extract: exhibit">Marketing and Reseller Agreement, between the Company and Care G.B. Plus Ltd., dated December 20, 2018 filed as Exhibit 4.10 to the Company&#8217;s Form 20-F filed on March 28, 2019.</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1645260/000149315220016024/ex10-8.htm" style="-sec-extract: exhibit">Exclusive option agreement among the Company, Strategic Investment Holdings, LLC, Ascenda BioSciences LLC and Provista Diagnostics, Inc. dated January 6, 2020. filed as Exhibit 10.8 to the Company&#8217;s Registration Statement on Form F-1/A, filed on August 17, 2020.</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.5</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1645260/000149315220016024/ex10-9.htm" style="-sec-extract: exhibit">2% Convertible Redeemable Note made by the Company in favor of Shmuel Rotbard in the original principal amount of $375,000 dated June 15, 2020 filed as Exhibit 10.9 to the Company&#8217;s Registration Statement on Form F-1/A, filed on August 17, 2020.</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.6</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1645260/000149315220016024/ex10-10.htm" style="-sec-extract: exhibit">Securities Purchase Agreement with Daniel Reich, dated June 23, 2020. filed as Exhibit 10.10 to the Company&#8217;s Registration Statement on Form F-1/A, filed on August 17, 2020.</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.7</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1645260/000149315220016024/ex10-11.htm" style="-sec-extract: exhibit">Securities Purchase Agreement with Alexsander Shmuel Bar On, dated June 29, 2020. filed as Exhibit 10.11 to the Company&#8217;s Registration Statement on Form F-1/A, filed on August 17, 2020</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.8</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1645260/000149315220016024/ex10-12.htm" style="-sec-extract: exhibit">Securities Purchase Agreement, dated July 9, 2020, with Leviston Resources, LLC. filed as Exhibit 10.12 to the Company&#8217;s Registration Statement on Form F-1/A, filed on August 17, 2020.</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.9</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1645260/000149315220016024/ex10-13.htm" style="-sec-extract: exhibit">Form of convertible note dated July 28, 2020, between the Company and the Todos Investors. filed as Exhibit 10.13 to the Company&#8217;s Registration Statement on Form F-1/A, filed on August 17, 2020.</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.10</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1645260/000149315220014819/ex10-1.htm" style="-sec-extract: exhibit">Purchase Agreement dated as of August 4, 2020 by and between Todos Medical Ltd. and Lincoln Park Capital Fund, LLC. filed as Exhibit 10.1 to the Company&#8217;s Form 6-K filed on August 6, 2020.</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.11</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1645260/000149315220014819/ex10-2.htm" style="-sec-extract: exhibit">Registration Rights Agreement dated as of August 4, 2020 by and between Todos Medical Ltd. and Lincoln Park Capital Fund, LLC, filed as Exhibit 10.2 to the Company&#8217;s Form 6-K filed on August 6, 2020.</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.12</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1645260/000114420416084532/v432810_ex10-1.htm" style="-sec-extract: exhibit">Research and License Agreement with B.G. Negev Technologies and Applications Ltd. and Mor Research Applications Ltd., dated April 26, 2010, as amended June 25, 2012 (filed as Exhibit 10.1 to the Company&#8217;s registration statement on Form F-1 (File No. 333- 209744) filed on February 26, 2016).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.13</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1645260/000114420417023409/v465048_ex4-2.htm" style="-sec-extract: exhibit">Addendum No. 2 to Research and License Agreement Dated March 19, 2017, as amended on June 25, 2012 with B.G. Negev Technologies and Applications Ltd. and Mor Research Applications Ltd. (filed as Exhibit 4.2 to Form 20-F (File No. 333- 209744) filed on May 1, 2017).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.14</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1645260/000121390019006861/ff12019ex10-11_todosmedical.htm" style="-sec-extract: exhibit">Employment Agreement between the Company and Dr. Herman Weiss, dated March 25, 2019, filed as Exhibit 10.11 to the Company&#8217;s Registration Statement on Form F-1 filed on April 22, 2019</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.15</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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1645260/000149315220016024/ex10-19.htm" style="-sec-extract: exhibit">Loan Agreement dated March 24, 2020 by and between Todos Medical Ltd. and Ethel Zelniec, filed as Exhibit 10.19 on the Company&#8217;s Registration Statement on Form F-1/A, filed on August 17, 2020.</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.16</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1645260/000149315220016024/ex10-20.htm" style="-sec-extract: exhibit">Loan Agreement dated February 25, 2020 by and between Todos Medical Ltd. and Ethel Zelniec, filed as Exhibit 10.20 on the Company&#8217;s Registration Statement on Form F-1/A, filed on August 17, 2020.</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.17</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1645260/000149315220016024/ex10-21.htm" style="-sec-extract: exhibit">Loan Agreement dated January 23, 2020, by and between Todos Medical Ltd. and Bel Har Investments Ltd., filed as Exhibit 10.21 on the Company&#8217;s Registration Statement on Form F-1/A, filed on August 17, 2020.</a></span></td></tr>
</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

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    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.18</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1645260/000149315220016024/ex10-22.htm" style="-sec-extract: exhibit">Loan Agreement dated March 23, 2020 by and between Todos Medical Ltd. and Bel Har Investments Ltd., filed as Exhibit 10.22 on the Company&#8217;s Registration Statement on Form F-1/A, filed on August 17, 2020.</a></span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

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    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.19</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1645260/000149315220016024/ex10-23.htm" style="-sec-extract: exhibit">Loan Agreement dated March 24, 2020 by and between Todos Medical Ltd. and DPH Investments Ltd., filed as Exhibit 10.23 on the Company&#8217;s Registration Statement on Form F-1/A, filed on August 17, 2020.</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.20</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1645260/000149315220016024/ex10-24.htm" style="-sec-extract: exhibit">Loan Agreement dated March 22, 2020 by and between Todos Medical Ltd. and Avner Krohn, filed as Exhibit 10.24 on the Company&#8217;s Registration Statement on Form F-1/A, filed on August 17, 2020.</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.21</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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1645260/000149315220016024/ex10-25.htm" style="-sec-extract: exhibit">Loan Agreement dated March 15, 2020 by and between Todos Medical Ltd. and Shmuel Rotbard, filed as Exhibit 10.25 on the Company&#8217;s Registration Statement on Form F-1/A, filed on August 17, 2020.</a></span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.22</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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1645260/000149315220016024/ex10-26.htm" style="-sec-extract: exhibit">Form of Loan Agreement dated March 24, 2020 by and between Todos Medical Ltd. and DPH Investments Ltd., filed as Exhibit 10.26 on the Company&#8217;s Registration Statement on Form F-1/A, filed on August 17, 2020.</a></span></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>

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    <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">10.23</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1645260/000149315220016024/ex10-27.htm" style="-sec-extract: exhibit">Form of Loan Agreement dated March 24, 2020 by and between Todos Medical Ltd. and Tehresa Yee Ling Tan, filed as Exhibit 10.27 on the Company&#8217;s Registration Statement on Form F-1/A, filed on August 17, 2020.</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">10.24</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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1645260/000149315220016024/ex10-28.htm" style="-sec-extract: exhibit">Loan Agreement dated January 27, 2020 by and between Todos Medical Ltd. and Greentree Financial Group Inc., filed as Exhibit 10.28 on the Company&#8217;s Registration Statement on Form F-1/A, filed on August 17, 2020.</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">10.26</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-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/1645260/000149315221009396/ex10-30.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Receivables Financing Agreement effective as of June 19, 2020 by and among Toledo Advisors L.L.C., Corona Diagnostics LLC, Todos Medical USA, a Nevada corporation and Todos Medical Ltd. filed as Exhibit 10.30 on the Company&#8217;s Annual Report on Form 10-K, filed on April 21, 2021.</span></a></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">10.27</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-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/1645260/000149315221009396/ex10-31.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amendment to Receivables Financing Agreement effective as of November 19, 2020 by and among Toledo Advisors L.L.C., Corona Diagnostics LLC, Todos Medical USA, a Nevada corporation and Todos Medical Ltd.</span> filed as Exhibit 10.31 on the Company&#8217;s Annual Report on Form 10-K, filed on April 21, 2021.</a></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">10.28</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-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/1645260/000149315221009396/ex10-32.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Secured Convertible Equipment Loan Agreement, dated November 4, 2020, between Todos Medical Ltd. and Friends of Yeshiva Orot Hateshuva Inc</span> filed as Exhibit 10.32 on the Company&#8217;s Annual Report on Form 10-K, filed on April 21, 2021.</a></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">10.29</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-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/1645260/000149315221009396/ex10-33.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Secured Convertible Equipment Loan Agreement, dated December 31, 2020, between Todos Medical Ltd. and Harper Advance LLC.</span> filed as Exhibit 10.33 on the Company&#8217;s Annual Report on Form 10-K, filed on April 21, 2021.</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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">10.30</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-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/1645260/000149315221009396/ex10-34.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-Exclusive Distribution Agreement, dated March 17, 2020 between Todos Medical Ltd. and 3D Biomedicine Science and Technology Co. Ltd.</span> filed as Exhibit 10.34 on the Company&#8217;s Annual Report on Form 10-K, filed on April 21, 2021.</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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">10.31</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-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/1645260/000149315221009396/ex10-35.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Medical Device Distribution Agreement, dated June 4, 2020 between Todos Medical Ltd. and 3D Biomedicine Science and Technology Col. Ltd.</span> filed as Exhibit 10.35 on the Company&#8217;s Annual Report on Form 10-K, filed on April 21, 2021.</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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">10.32</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-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/1645260/000149315221009396/ex10-36.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution Agreement dated June 18, 2020 between Todos Medical Ltd. and Meridian Health Services Network, Inc. filed as Exhibit 10.36 on the Company&#8217;s Annual Report on Form 10-K, filed on April 21, 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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1645260/000149315221009396/ex10-37.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution Agreement, dated July 23, 2020, between Todos Medical Ltd. and PCL Inc. filed as Exhibit 10.37 on the Company&#8217;s Annual Report on Form 10-K, filed on April 21, 2021.</span></a></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">10.34</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-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/1645260/000149315221009396/ex10-38.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amendment No. 1, dated July 28, 2020, to the Binding Joint Venture Agreement between Todos Medical Ltd. and Amarantus Bioscience Holdings, Inc filed as Exhibit 10.38 on the Company&#8217;s Annual Report on Form 10-K, filed on April 21, 2021.</span></a></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">10.35</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1645260/000149315221001831/ex10-2.htm" style="-sec-extract: exhibit">Form of Promissory Convertible Note issued by Todos Medical Ltd to Yozma Global Genomic Fund 1, filed as Exhibit 10.2 on the Company&#8217;s Form 8-K filed January 26, 2021.</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1645260/000149315221001831/ex10-3.htm" style="-sec-extract: exhibit">Form of Ordinary Share Purchase Warrant issued by Todos Medical Ltd. to Yozma Korea Group Ltd., filed as Exhibit 10.3 on the Company&#8217;s Form 8-K filed on January 26, 2021.</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">10.38</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1645260/000149315221008720/ex10-1.htm" style="-sec-extract: exhibit">Form of Securities Purchase Agreement, dated April 8, 2021, between Todos Medical Ltd. and the Purchaser, filed as Exhibit 10.1 on the Company&#8217;s Form 8-K filed April 14, 2021.</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1645260/000149315221008720/ex10-2.htm" style="-sec-extract: exhibit">Form of Promissory Convertible Note issued by Todos Medical Ltd. to the Purchaser, filed as Exhibit 10.2 on the Company&#8217;s Form 8-K filed April 14, 2021.</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1645260/000149315221008720/ex10-3.htm" style="-sec-extract: exhibit">Form of Ordinary Share Purchase Warrant issued by Todos Medical Ltd. to the Purchaser, filed as Exhibit 10.3 on the Company&#8217;s Form 8-K filed on April 14, 2021.</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1645260/000149315221009515/ex10-1.htm" style="-sec-extract: exhibit">Agreement to Purchase Provista Diagnostics, Inc. dated April 19, 2021, filed as Exhibit 10.1 on the Company&#8217;s Form 8-K filed on April 23, 2021.</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1645260/000149315221009515/ex10-2.htm" style="-sec-extract: exhibit">Securities Purchase Agreement dated April 19, 2021, filed as Exhibit 10.2 on the Company&#8217;s Form 8-K filed on April 23, 2021.</a></span></td></tr>
</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.43</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1645260/000149315221009515/ex10-3.htm" style="-sec-extract: exhibit">Convertible Promissory Note dated April 19, 2021, filed as Exhibit 10.3 on the Company&#8217;s Form 8-K filed on April 23, 2021.</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">10.44</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1645260/000149315221009515/ex10-4.htm" style="-sec-extract: exhibit">Security Agreement dated April 19, 2021, filed as Exhibit 10.4 on the Company&#8217;s Form 8-K filed on April 23, 2021.</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">10.45</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1645260/000149315221015368/ex99-1.htm" style="-sec-extract: exhibit">Proxy Statement filed as Exhibit 99.1 on the Company&#8217;s Form 8-K filed on June 28, 2021.</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">10.46</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1645260/000149315221010250/ex10-1.htm" style="-sec-extract: exhibit">Securities Purchase Agreement dated as of April 27, 2021, filed as Exhibit 10.1 on the Company&#8217;s Report on Form 8-K filed on April 30,2021.</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">10.47</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1645260/000149315221010250/ex10-2.htm" style="-sec-extract: exhibit">Promissory Convertible Note dated April 2021, filed as Exhibit 10.2 on the Company&#8217;s Report on Form 8-K filed on April 30, 2021.</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">10.48</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1645260/000149315221010250/ex10-3.htm" style="-sec-extract: exhibit">Ordinary Share Purchase Warrant dated April 2021, filed as Exhibit 10.3 on the Company&#8217;s Report on Form 8-K filed on April 30, 2021.</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">10.49</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1645260/000149315221016456/ex10-1.htm" style="-sec-extract: exhibit">Securities Purchase Agreement dated as of July 7, 2021, filed as Exhibit 10.1 on the Company&#8217;s Report on Form 8-K filed on July 8, 2021.</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">10.50</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1645260/000149315221016456/ex10-2.htm" style="-sec-extract: exhibit">Promissory Convertible Note dated July 7, 2021, filed as Exhibit 10.2 on the Company&#8217;s Report on Form 8-K filed on July 8, 2021.</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">10.51</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1645260/000149315221016456/ex10-3.htm" style="-sec-extract: exhibit">Ordinary Shares Purchase Warrant dated July 7, 2021, filed as Exhibit 10.3 on the Company&#8217;s Report on Form 8-K filed on July 8, 2021.</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">10.52</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1645260/000149315221023531/ex10-1.htm" style="-sec-extract: exhibit">Securities Purchase Agreement dated as of September 15, 2021, filed as Exhibit 10.1 on the Company&#8217;s Report on Form 8-K filed on September 24, 2021.</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">10.53</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1645260/000149315221023531/ex10-2.htm" style="-sec-extract: exhibit">Promissory Convertible Note dated September 15, 2021, filed as Exhibit 10.2 on the Company&#8217;s Report on Form 8-K filed on September 24, 2021.</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">10.54</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1645260/000149315221023531/ex10-2.htm" style="-sec-extract: exhibit">Ordinary Shares Purchase Warrant dated September 15, 2021, filed as Exhibit 10.3 on the Company&#8217;s Report on Form 8-K filed on September 24, 2021.</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">10.55</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1645260/000149315221026076/ex10-1.htm" style="-sec-extract: exhibit">Securities Purchase Agreement dated October 21, 2021, between the Company and Kips Bay Select LP, filed as Exhibit 10.1 on the Company&#8217;s Report on Form 8-K filed on October 22, 2021</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">10.56</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1645260/000149315221026076/ex10-2.htm" style="-sec-extract: exhibit">Promissory Convertible Note dated October 21, 2021, issued by the Company to Kips Bay Select LP, filed as Exhibit 10.2 on the Company&#8217;s Report on Form 8-K filed on October 22, 2021.</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">10.57</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1645260/000149315221026076/ex10-3.htm" style="-sec-extract: exhibit">Ordinary Shares Purchase Warrant dated October 21, 2021, issued by the Company to Kips Bay Select LP, filed as Exhibit 10.3 on the Company&#8217;s Report on Form 8-K filed on October 22, 2021.</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">10.58</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1645260/000149315222007038/ex10-1.htm" style="-sec-extract: exhibit">Share Purchase Agreement, dated March 11, 2022, among the Company, 3CL Sciences Ltd., an Israeli corporation, and NLC Pharma Ltd., an Israeli corporation, filed as Exhibit 10.1 on the Company&#8217;s Report on Form 8-K filed on March 16, 2022</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">10.59</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1645260/000149315222013904/ex10-59.htm" style="-sec-extract: exhibit">Revolving
    Line of Credit Agreement by and between Todos Medical Ltd. and Provista Diagnostics Inc. and Testing 123, LLC, dated as of March
    14, 2022 (filed as Exhibit 10.59 to the Company&#8217;s quarterly report on Form 10-Q, filed with the SEC on May 16, 2022).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">10.60</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1645260/000149315222013904/ex10-60.htm" style="-sec-extract: exhibit">Pledge
    and Security Agreement made and entered into on March 14, 2022, by and between Todos Medical Ltd. and Provista Diagnostics Inc, and
    Testing 123 LLC (filed as Exhibit 10.60 to the Company&#8217;s quarterly report on Form 10-Q, filed with the SEC on May 16, 2022).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">10.61</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1645260/000149315222013904/ex10-61.htm" style="-sec-extract: exhibit">Revolving
    Credit Note, dated March 14, 2022, from Todos Medical Ltd. and Provista Diagnostics Inc. to Testing 123 LLC (filed as Exhibit
    10.61 to the Company&#8217;s quarterly report on Form 10-Q, filed with the SEC on May 16, 2022).</a></span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; 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; width: 0.5in"><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; width: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1645260/000149315221009396/ex21-1.htm" style="-sec-extract: exhibit">List of Subsidiaries (filed as Exhibit 21.1 to the Company&#8217;s annual report on Form 10-K, filed with the SEC on April 21, 2021).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-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">23.1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex23-1.htm">Consent of Fahn Kanne &amp; Co. Grant Thornton Israel.</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-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">23.2</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex23-2.htm">Consent of Yarel and Partners</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.3*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent
    of Rimon PC (incorporated in Exhibit 5.1).</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">24.1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#poa_001">Power of Attorney (included on signature page to registration statement).</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">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">107.1</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="ex107.htm">Filing Fee Table.</a></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">* To be filed by amendment.</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: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
Financial statement schedules</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">No
financial statement schedules are provided because the information called for is not applicable or is shown in the financial statements
or notes.</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>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

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    <!-- Field: /Page -->

<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>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Undertakings.</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">(1)
The undersigned registrant hereby undertakes:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
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: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<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">(i)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">to
    include any prospectus required by Section 10(a)(3) of the Securities Act&#894;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">to
    reflect in the prospectus any facts or events arising after the effective date of this 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 this 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
    pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum
    aggregate offering price set forth in the &#8220;Calculation of Registration Fee&#8221; table in the effective registration statement&#894;
    and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><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 this Registration Statement&#894;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>provided</i>,
<i>however</i>, that paragraphs (i), (ii) and (iii) above 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 Exchange Act that are incorporated by reference in this Registration Statement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
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: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
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: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)
that, for the purpose of determining liability of a 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:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<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: 1in"><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">any
    preliminary prospectus or prospectus of the undersigned registrant to the offering required to be filed pursuant to Rule 424&#894;</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; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(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">any
    free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by
    an undersigned registrant&#894;</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; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    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&#894; and</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; 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: 97px"><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"><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></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; 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; width: 1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of
    the registrant&#8217;s annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable, each
    filing of an employee benefit plan&#8217;s annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference
    in this Registration Statement shall be deemed to be a new registration statement relating to the securities offered herein, and
    the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 97px"><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">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 provisions referred to in Item 15, or otherwise, the registrant has been advised that in the opinion
    of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is,
    therefore, unenforceable. 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></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; 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; width: 97px"><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">The
    undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, the information
    omitted from the form of prospectus filed as part of this Registration Statement in reliance upon Rule 430A and contained in a form
    of prospectus filed by the registrant pursuant to Rule 424(b)(1) or (4) or 497(h) under the Securities Act shall be deemed to be
    part of this Registration Statement as of the time it was declared effective.</span></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; 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; width: 97px"><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">The
    undersigned registrant hereby undertakes that, for the purpose of determining any liability under the Securities Act, each post-effective
    amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered
    therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; 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: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Signatures</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31pt"><span style="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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
accordance with the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that
it meets all of the requirements for filing this Form S-1 and has authorized this registration statement to be signed on its behalf by
the undersigned, thereunto duly authorized, in New York, New York on July 27, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TODOS
    MEDICAL LTD.</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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">(Registrant)</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: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 47%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>/s/
    Gerald Commissiong</i></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gerald
    Commissiong</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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: 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 id="poa_001"></span>POWER
OF ATTORNEY</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt; 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-right: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We,
the undersigned, hereby severally constitute and appoint Gerald Commissiong, in his individual capacity, our true and lawful attorney-in-fact
and agent, with full power of substitution and resubstitution, for him and his name, place and stead, in any and all capacities, to execute
any and all amendments (including post-effective amendments) to this registration statement, to sign any registration statement filed
pursuant to Rule 462(b) of the Securities Act of 1933, as amended, and to cause the same to be filed with all exhibits thereto, and all
documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorney-in-fact and agent, full power
and authority to do and perform each and every act and thing requisite and desirable to be done in and about the premises as fully and
to all intents and purposes as we might or could do in person, hereby ratifying and confirming all facts and things that said attorney-in-fact
and agent, or his substitute may lawfully do or cause to be done by virtue thereof.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt; text-align: justify"><span style="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-right: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
accordance with the requirements of the Securities Act of 1933, this registration statement was signed by the following persons in the
capacities and on the dates stated:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 30%; text-align: center"><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; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 42%; text-align: center"><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; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 24%; text-align: center"><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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <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/
    Gerald Commissiong</i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Executive Officer (Principal</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">July
    27,</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> 2022</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: 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">
    <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/
    Daniel Hirsch</i></span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    Moshe Schlisser</i></span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>/s/
    Moshe Abramovitz</i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">July
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Moshe
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <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/
    Lauren Chung</i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">July
    27,</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> 2022</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lauren
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dr.
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt; 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 0pt 5pt; 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 0pt 5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SIGNATURE
OF AUTHORIZED REPRESENTATIVE IN THE UNITED STATES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31pt"><span style="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-right: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the Securities Act of 1933, as amended, the undersigned, the duly authorized representative in the United States of Todos Medical
Ltd., has signed this registration statement on July 27, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 50%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Authorized
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>/s/
    Donald J. Puglisi</i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Managing
    Director</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Puglisi
    &amp; Associates</span></td>
    <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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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{"company-data": {"conformed-name": "TODOS MEDICAL LTD.", "cik": "0001645260", "assigned-sic": "3841", "irs-number": "000000000", "state-of-incorporation": "L3", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-1", "act": "33", "file-number": "333-266360", "film-number": "221112528"}, "business-address": {"street1": "1 HAMADA STREET", "city": "REHOVOT", "state": "L3", "zip": "7670301", "phone": "972546380666"}, "mail-address": {"street1": "1 HAMADA STREET", "city": "REHOVOT", "state": "L3", "zip": "7670301"}}
As
filed with the Securities and Exchange Commission on July 27, 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
TODOS
MEDICAL LTD.
(Exact
name of registrant as specified in its charter)
Israel
(State
or other jurisdiction of incorporation or organization)
2835
(Primary
Standard Industrial Classification Code Number)
N/A
(I.R.S.
Employer Identification Number)
121
Derech Menachem Begin
,
30th Floor
,
Tel Aviv
,
6701203
Israel
,
+972 (52)
642-0126
(Address,
including zip code, and telephone number,
including
area code, of registrant's principal executive offices)
Puglisi
& Associates
850
Library Avenue, Suite 204
Newark,
Delaware 19711
302-738-6680
(Name,
address, including zip code, and telephone number,
including
area code, of agent for service)
Copies
of all Correspondence to:
Joseph
    M. Lucosky, Esq.
Steven A. Lipstein, Esq.
Lucosky
Brookman LLP
101 Wood Avenue South, 5
th
Floor
Woodbridge, NJ 08830
Tel. No.: (732) 395-4400
Fax No.: (732) 395-4401
Carl
    M. Sherer, Esq.
Rimon
    PC
100
    Park Ave, 16th Floor
New
    York, NY 10017
Tel.
    No.: (800) 930-7271
Fax
    No.: (617) 997-0098
Louis
                                            Taubman, Esq.
Guillaume
    de Sampigny, Esq
Hunter
    Taubman Fischer & Li LLC
48
    Wall Street, Suite 1100
New
    York, NY 10005
Tel.
    No.: (212) 530-2210
Fax
    No.: (212) 202-6380
Approximate
date of commencement of proposed sale to the public:
As soon as practicable after the effective date of this Registration Statement.
If
any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the
Securities Act of 1933 check the following box: ☒
If
this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the
following box and list the Securities Act registration statement number of the earlier effective registration statement for the same
offering.
If
this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the
Securities Act registration statement number of the earlier effective registration statement for the same offering.
If
this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the
Securities Act registration statement number of the earlier effective registration statement for the same offering.
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company,
or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller
reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large
    accelerated filer ☐
Accelerated
    filer ☐
Non-accelerated
    filer
☒
Smaller
    reporting company
☒
Emerging
    growth company
☐
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐
The
Registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the
Registrant shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective
in accordance with Section 8(a) of the Securities Act of 1933 or until the Registration Statement shall become effective on such date
as the Commission, acting pursuant to said Section 8(a), may determine.
The
information in this preliminary prospectus is not complete and may be changed. These securities may not be sold until the registration
statement filed with the Securities and Exchange Commission becomes effective. This preliminary prospectus is not an offer to sell nor
does it seek an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.
Preliminary
    Prospectus
Subject
    to Completion. Dated: July 27, 2022
TODOS
MEDICAL LTD.
___________
Units
Each Unit Consisting of One Ordinary Share, and
One Warrant to Purchase One Ordinary Share, as Described Below
We are
offering an aggregate of              Units (the "Units") based
on a public offering price of $                per Unit. Each
Unit consists of one ordinary share of Todos Medical, Ltd., an Israel corporation, par value NIS 0.01 per share, and one warrant ("Warrant")
to purchase one ordinary share of Todos Medical Ltd. The Warrants may be exercised in whole, with an exercise price equal to 120%
of the public offering price of each Unit sold in this offering. This offering also relates to the ordinary shares issuable upon
exercise of any Warrants sold in this offering.
Our ordinary
shares are presently quoted on the
OTCQB Marketplace operated by OTC Markets Group, Inc. ("OTCQB")
under the symbol "TOMDF." We will apply to list our ordinary shares and Warrants on a national securities
exchange. No assurance can be given that our application will be approved. If our ordinary shares and Warrants are not approved
for listing on a national securities exchange, we will not consummate this offering. As of July 27, 2022, the last reported
sale price for our ordinary shares on the OTCQB was $0.019 per share.
The
offering is being underwritten on a firm commitment basis. The underwriters may offer the securities from time to time to purchasers
directly or through agents, or through brokers in brokerage transactions on a national securities exchange, or to dealers in negotiated
transactions or in a combination of such methods of sale, or otherwise, at fixed price or prices, which may be changed, or at market
prices prevailing at the time of sale, at prices related to such prevailing market prices.
The
final public offering price per Unit will be determined through negotiation between us and the underwriter in this offering and will
take into account the recent market price of our ordinary shares, the general condition of the securities market at the time of this
offering, the history of, and the prospects for, the industry in which we compete, and our past and present operations and our prospects
for future revenues. The recent market price per share of our ordinary shares used throughout this prospectus may not be indicative of
the final public offering price per Unit.
All
references to "shares" in this prospectus refer to the pre-reverse split ordinary shares of Todos Medical Ltd., par value
NIS 0.01 per share. As is discussed elsewhere in this prospectus, on August __, 2022, shareholders approved a reverse split of its shares
based upon a ratio to be determined by Todos' management.
Investing
in our securities involves a high degree of risk. See "Risk Factors" beginning on page 15 of this prospectus for a discussion
of information that should be considered in connection with an investment in our securities.
NEITHER
THE SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THESE SECURITIES OR PASSED
UPON THE ACCURACY OR ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.
Per
    Unit (1)
Total
    (1)
Public offering price
$
$
Underwriting discounts and commissions (2)
$
$
Proceeds to us, before expenses (3)
$
$
(1)
The
    public offering price and underwriting discount in respect of the Units corresponds to a public offering price per ordinary share of
    $                    and a public offering
    price per Warrant of $               .
(2)
We
    have agreed to reimburse the underwriters for certain expenses. The underwriters will receive an underwriting discount equal to 8%
    of the gross proceeds in this offering. In addition, we have agreed to pay the fees and expenses of Westpark Capital, Inc.
       the representative of the underwriters in this offering (the "Representative") in connection with this
    offering, which includes the fees and expenses of underwriters' counsel, and we have agreed to issue ordinary share purchase
    warrants (the "Representative's Warrants") to the Representative, which are exercisable for up
             to ordinary shares. See "Underwriting" for more information.
(3)
The amount of offering
    proceeds to us presented in this table does not give effect to any exercise of the: (i) option (if any) we have granted to the Representative
    of the underwriters as described below and (ii) the Warrants or the Representative's Warrants being issued in this offering.
We
have granted a 45-day option to the Representative exercisable one or more times in whole or in part, to purchase up to an
additional              Units (equal to 15% of the number of Units sold
in this offering) less the underwriting discounts payable by us, solely to cover over-allotments, if any.
The
underwriters expect to deliver our securities to purchasers in the offering on or about             , 2022.
Westpark
Capital, Inc.
The
date of this prospectus is           , 2022.
TABLE
OF CONTENTS
About This Prospectus
1
Cautionary Statement Regarding Forward-Looking Statements
2
Prospectus Summary
3
The Offering
12
Risk Factors
15
Use of Proceeds
41
Management's Discussion and Analysis of Financial Condition and Results of Operations
44
Business
55
Description of Our Securities
59
Market Price and Dividend Policy
65
Properties
66
Legal Proceedings
67
Directors, Officers and Corporate Governance
68
Executive and Director Compensation
73
Security Ownership of Certain Beneficial Owners and Management
76
Certain Relationships and Related Party Transactions, and director independence
77
Material Tax Considerations and Government Programs
78
Underwriting
88
Legal Matters
90
Experts
90
Where You Can Find More Information
91
i
Table of Contents
ABOUT
THIS PROSPECTUS
You
should rely only on information contained in this prospectus. We have not, and the underwriters have not, authorized anyone to provide
you with additional information or information different from that contained in this prospectus. We are not making an offer of these
securities in any state or other jurisdiction where the offer is not permitted. The information in this prospectus may only be accurate
as of the date on the front of this prospectus regardless of time of delivery of this prospectus or any sale of our securities.
No
person is authorized in connection with this prospectus to give any information or to make any representations about us, the Units offered
hereby or any matter discussed in this prospectus, other than the information and representations contained in this prospectus. If any
other information or representation is given or made, such information or representation may not be relied upon as having been authorized
by us. This prospectus does not constitute an offer to sell, or a solicitation of an offer to buy our securities in any circumstance
under which the offer or solicitation is unlawful. Neither the delivery of this prospectus nor any distribution of our securities in
accordance with this prospectus shall, under any circumstances, imply that there has been no change in our affairs since the date of
this prospectus.
For
investors outside the United States: We have not done anything that would permit offerings under this prospectus, or possession or distribution
of this prospectus, in any jurisdiction where action for that purpose is required, other than in the United States. Persons outside the
United States who come into possession of this prospectus must inform themselves about, and observe any restrictions relating to, the
offering of the ordinary shares and the distribution of this prospectus outside of the United States.
Unless
the context clearly indicates otherwise, references in this prospectus to "we," "our," "ours," "us,"
"the Company" and "Todos" refer to Todos Medical Ltd. and its subsidiaries.
1
Table of Contents
CAUTIONARY
STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This
prospectus contains forward-looking statements. Forward-looking statements give our current expectations or forecasts of future events.
You can identify these statements by the fact that they do not relate strictly to historical or current facts. Forward-looking statements
involve risks and uncertainties and include statements regarding, among other things, our projected revenue growth and profitability,
our growth strategies and opportunity, anticipated trends in our market and our anticipated needs for working capital. They are generally
identifiable by use of the words "may," "will," "should," "anticipate," "estimate,"
"plans," "potential," "projects," "continuing," "ongoing," "expects,"
"management believes," "we believe," "we intend" or the negative of these words or other variations
on these words or comparable terminology. These statements may be found under the sections entitled "Management's Discussion
and Analysis of Financial Condition and Results of Operations" and "Business," as well as in this prospectus generally.
In particular, these include statements relating to future actions, prospective products, market acceptance, future performance or results
of current and anticipated products, sales efforts, expenses, and the outcome of contingencies such as legal proceedings and financial
results.
Examples
of forward-looking statements in this prospectus include, but are not limited to, our expectations regarding our business strategy, business
prospects, operating results, operating expenses, working capital, liquidity and capital expenditure requirements. Important assumptions
relating to the forward-looking statements include, among others, assumptions regarding demand for our products, the cost, terms and
availability of components, pricing levels, the timing and cost of capital expenditures, competitive conditions and general economic
conditions. These statements are based on our management's expectations, beliefs and assumptions concerning future events affecting
us, which in turn are based on currently available information. These assumptions could prove inaccurate. Although we believe that the
estimates and projections reflected in the forward-looking statements are reasonable, our expectations may prove to be incorrect.
Important
factors that could cause actual results to differ materially from the results and events anticipated or implied by such forward-looking
statements include, but are not limited to:
●
changes
    in the market acceptance of our products;
●
increased
    levels of competition;
●
changes
    in political, economic or regulatory conditions generally and in the markets in which we operate;
●
our
    relationships with our key customers;
●
our
    ability to retain and attract senior management and other key employees;
●
our
    ability to quickly and effectively respond to new technological developments;
●
our
    ability to protect our trade secrets or other proprietary rights, operate without infringing upon the proprietary rights of others
    and prevent others from infringing on the proprietary rights of the Company; and
●
other
    risks, including those described in the "Risk Factors" discussion of this prospectus.
We
operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for us to predict
all of those risks, nor can we assess the impact of all of those risks on our business or the extent to which any factor may cause actual
results to differ materially from those contained in any forward-looking statement. The forward-looking statements in this prospectus
are based on assumptions management believes are reasonable. However, due to the uncertainties associated with forward-looking statements,
you should not place undue reliance on any forward-looking statements. Further, forward-looking statements speak only as of the date
they are made, and unless required by law, we expressly disclaim any obligation or undertaking to publicly update any of them in light
of new information, future events, or otherwise.
2
Table of Contents
PROSPECTUS
SUMMARY
This
summary highlights selected information appearing elsewhere in this prospectus. While this summary highlights what we consider to be
important information about us, you should carefully read this entire prospectus before investing in our securities, especially the risks
and other information we discuss under the headings "Risk Factors" and "Management's Discussion and Analysis
of Financial Condition and Results of Operation" and our consolidated financial statements and related notes beginning on page
F-1. Our fiscal year end is December 31 and our fiscal years ended December 31, 2021, and 2020 are sometimes referred to herein as fiscal
years 2021, and 2020, respectively. Some of the statements made in this prospectus discuss future events and developments, including
our future strategy and our ability to generate revenue, income and cash flow. These forward-looking statements involve risks and uncertainties
which could cause actual results to differ materially from those contemplated in these forward-looking statements. See "Cautionary
Note Regarding Forward-Looking Statements". Unless otherwise indicated or the context requires otherwise, the words "we,"
"us," "our", the "Company" or "our Company" or "Todos" refer to Todos Medical
Ltd., a State of Israel corporation, and our subsidiaries.
Overview
Todos Medical Ltd. ("Todos
    Medical," "Todos," the "Company," "we," "our," "us"), is a comprehensive
    medical diagnostics and related solutions company focused on developing and distributing comprehensive solutions for COVID-19 screening
    and diagnosis, and immune resisting treatments and supplements, and on developing blood tests for the early detection of cancer and
    Alzheimer's disease.
Todos has entered into
    distribution agreements with companies to distribute certain novel coronavirus (COVID-19) test kits. The agreements cover multiple
    international suppliers of PCR testing kits and related materials and supplies, as well as antibody testing kits from multiple manufacturers
    after completing validation of said testing kits and supplies in its partner CLIA/CAP certified laboratory in the United States.
    Todos has combined the PCR testing kits with automated lab equipment to create lab workflows capable of performing up to 40,000 PCR
    tests per day. Todos has entered into supply agreements with CLIA/CAP certified laboratories in the United States to deploy these
    PCR workflows. Todos has formed strategic partnerships with Meridian Health and other strategic partners to deploy COVID-19 antigen
    and antibody testing in the United States. Additionally, the Company is developing a lab-based COVID-19 3CL protease test to determine
    whether a COVID-19 positive patient remains contagious after quarantine is complete and is further developing point-of-care-based
    embodiments of the lab test for use in screening programs worldwide.
In
    December 2020, Todos announced the commercial launch of its proprietary 3CL protease inhibitor dietary supplement Tollovid™
    at The Alchemist's Kitchen in the SoHo district in Manhattan, New York. Tollovid, a mix of botanical extracts, is being targeted
    to support healthy immune function against circulating coronaviruses. Tollovid's mechanism of action is to inhibit the activity
    of the 3CL protease, a key protease required for the intracellular replication of coronaviruses. Tollovid was granted a Certificate
    of Free Sale by the US Food & Drug Administration in August 2020, allowing its commercial sale anywhere in the United States.
On
    July 22, 2021, the US Food & Drug Administration (FDA) granted a new Certificate of Free Sale for Tollovid Daily™, the
    newest member of the Company's Tollovid™ dietary supplement product line.
The
    Certificate of Free Sale is for a twice-daily dosing regimen and, critically, a 3CL protease inhibitor claim. Each 60-pill bottle
    of Tollovid Daily can help support and maintain healthy immune function for 30 days. The Company intends to establish a monthly subscription
    model as part of its marketing launch campaign for Tollovid Daily immune system support. Tollovid™ and Tollovid Daily are both
    3CL protease inhibitor products developed under a joint venture with NLC Pharma which preceded the establishment of our subsidiary,
    3CL Sciences Ltd.
On
                                            March 11, 2022, the Company entered into a Share Purchase Agreement (the "SPA")
                                            with 3CL Sciences Ltd. ("3CL"), an Israeli corporation, and NLC Pharma
                                            Ltd. ("NLC"), an Israeli corporation, pursuant to which (a) 3CL
                                            Sciences will purchase all therapeutic, diagnostic, dietary supplement and pharmaceutical
                                            assets from NLC that relate to 3CL protease biology (which is used in the development, manufacture,
                                            sale and distribution of Tollovid™ and Tollovir™) from NLC in exchange for
                                            a 100% equity interest in 3CL, (b) 3CL will allot 30.5% of its shares to the Company in exchange
                                            for a total cash commitment of $8 million, (c) NLC will sell 7.54% of 3CL's issued
                                            and outstanding shares to the Company in exchange for a total cash commitment of $2 million,
                                            and (d) NLC will exchange 14.31% of 3CL's issued and outstanding shares for shares
                                            of the Company having a market value of $3,800,000 on the day prior to the Closing, such
                                            that the Company will own 52% of 3CL's issued and outstanding share capital and NLC
                                            will own 48% of 3CL's issued and outstanding share capital. The Company and NLC have
                                            agreed to identify a seasoned biopharmaceutical CEO to manage 3CL going forward. The board
                                            of directors of 3CL Sciences will be made up of five (5) individuals: three (3) appointed
                                            by the Company and two (2) appointed by NLC.
Additionally,
    the Company's patented Todos Biochemical Infrared Analyses (TBIA) is a cancer-screening technology using peripheral blood analysis
    that deploys deep examination into cancer's influence on the immune system, looking for biochemical changes in blood mononuclear
    cells and plasma. Todos' two internally developed cancer-screening tests, TMB-1 and TMB-2 have received a CE mark in Europe.
    In July 2021, Todos completed the acquisition of U.S.-based medical diagnostics company Provista Diagnostics, Inc. to gain rights
    to its Alpharetta, Georgia-based CLIA/CAP certified lab and Provista's proprietary commercial-stage Videssa® breast cancer
    blood test.
Todos is also developing
    blood tests for the early detection of neurodegenerative disorders, such as Alzheimer's disease.
In
    July 2020, Todos completed the acquisition of Breakthrough Diagnostics, Inc., the owner of the LymPro Test intellectual property,
    from Amarantus Bioscience Holdings, Inc. (a company whose Executive Chairman has served as our CEO since January 2020).
At our annual general meeting
    of shareholders held on August __, 2022, our shareholders voted to approve a reverse share split of the Company's Ordinary
    Shares within a range of 1:2 to 1:1,000, to be effective at the ratio and on a date to be determined by the Board of Directors of
    the Company (the "Reverse Split"). Although our shareholders approved the Reverse Split, all per share amounts and calculations
    in this prospectus and the accompanying consolidated financial statements do not reflect the effects of the Reverse Split, as the
    Board of Directors has not determined the final ratio or the effective date of the Reverse Split.
3
Table of Contents
Recent
Developments
3CL
Acquisition
On March 11, 2022, the Company
entered into a Share Purchase Agreement (the "SPA") with 3CL Sciences Ltd. ("3CL"), an Israeli
corporation, and NLC Pharma Ltd. ("NLC"), an Israeli corporation, pursuant to which (a) 3CL Sciences will purchase
all therapeutic, diagnostic, dietary supplement and pharmaceutical assets from NLC that relate to 3CL protease biology (which is
used in the development, manufacture, sale and distribution of Tollovid™ and Tollovir™) from NLC in exchange for a 100%
equity interest in 3CL, (b) 3CL will allot 30.5% of its shares to the Company in exchange for a total cash commitment of $8 million,
(c) NLC will sell 7.54% of 3CL's issued and outstanding shares to the Company in exchange for a total cash commitment of $2 million,
and (d) NLC will exchange 14.31% of 3CL's issued and outstanding shares for shares of the Company having a market value
of $3,800,000 on the day prior to the Closing, such that the Company will own 52% of 3CL's issued and outstanding
share capital and NLC will own 48% of 3CL's issued and outstanding share capital. The Company and NLC have agreed to
identify a seasoned biopharmaceutical CEO to manage 3CL going forward. The board of directors of 3CL Sciences will be made up
of five (5) individuals: three (3) appointed by the Company and two (2) appointed by NLC.
Provista
Acquisition
On
April 19, 2021, the Company entered into an Agreement to Purchase Provista Diagnostics, Inc. ("Agreement to Purchase") with
Strategic Investment Holdings, LLC ("SIH"), Ascenda BioSciences LLC ("Ascenda") and Provista Diagnostics, Inc.
("Provista"). Ascenda was the sole owner of the outstanding securities of Provista and SIH is the sole owner of all the outstanding
securities of Ascenda.
Pursuant
to the Agreement to Purchase, the Company acquired Provista from Ascenda and SIH for an aggregate purchase price of $7.5 million consisting
of an initial cash payment of $1.25 million, the issuance of $1.5 million in Ordinary Shares priced at $0.0512 per share, the issuance
to SIH of a $3.5 million convertible promissory note dated April 19, 2021 (the "Note") and the payment on for before July
1, 2021 of $1.25 million in cash (the "July Payment"), which payment the Company had the right to, and did, extend to July
15, 2021. The Provista shares acquired by the Company remained in an escrow account until the July Payment was made.
The
Note has a maturity date of April 8, 2025, and is convertible  into Ordinary Shares of the Company at a
conversion price equal to the lesser of $0.05 or the volume weighted average price of the last 20 trading days for the Ordinary Shares
prior to the date of conversion. In the event SIH delivers a Notice of Conversion to the Company at a per share price less than $0.05
($0.05), the Company has the right to immediately notify SIH of its intention to pay the conversion amount in cash within three (3) business
days of receipt of the Notice of Conversion (i.e., before SIH would take possession of shares converted under the Notice of Conversion).
In
the event that the Company lists its Ordinary Shares on a national securities exchange, the Note shall automatically be
exchanged into ordinary shares with a conversion price equal to the lesser of (a) $0.05 (subject to adjustment for any reverse stock
splits), (b) the opening price on the day of the uplisting provides there is no transaction associated with the uplisting or (c)
the deal price of an uplisting transaction.
As
of the date of this registration statement on Form S-1, SIH has not submitted a Notice of Conversion.
4
Table of Contents
Products
On
July 22, 2021, the US Food & Drug Administration (FDA) granted a new Certificate of Free Sale for Tollovid Daily™, the newest
member of the Company's Tollovid™ dietary supplement product line.
The
Certificate of Free Sale is for a twice-daily dosing regimen and, critically, a 3CL protease inhibitor claim. Each 60-pill bottle of
Tollovid Daily can help support and maintain healthy immune function for 30 days. The Company intends to establish a monthly subscription
model as part of its marketing launch campaign for Tollovid Daily immune system support. Tollovid™ and Tollovid Daily are both
3CL protease inhibitor products developed under a joint venture with NLC Pharma.
On
April 8, 2021, we received a notice of allowance ('Letter of Intent to Grant a Patent') from the European Patent Office covering
the use of the Company's proprietary Total Biochemical Infrared Analysis ('TBIA') method that uses blood (plasma and/or
peripheral blood mononuclear cells 'PBMCs') to distinguish between patients with benign tumors vs. malignant tumors vs. no
tumors (healthy controls).
The
patent application specifically covers methods for capturing consistent data from infrared spectroscopy readers, as well as the application
of various artificial intelligence algorithm development methods to the data. The ability of TBIA to make a diagnosis of cancer has first
been applied to the detection of breast and colon cancers, where Todos has received CE Marks in Europe paving the way for commercialization
initially focused on TMB-2 (dense breast / inconclusive mammogram secondary screening) and TMB-1 (general breast cancer screening) cancer
detection tests.
Financing
and Fundraising Other Than Crossover Notes
Toledo
On
June 19, 2020, the Company and its subsidiaries, Todos Medical USA and Corona Diagnostics, LLC ("Corona") entered into a
Receivables Financing Agreement with Toledo Advisors, LLC ("Toledo") for up to $25,000,000 in a revolving receivables financing
facility (the "Facility"). The availability of the Facility shall terminate on the earlier of June 19, 2025 and the date
on which more than $25,000,000 has been advanced. The financing is secured by all of the assets of the Company's wholly-owned subsidiary
Todos Medical USA, Inc. In addition, Todos Medical USA pledged all of the outstanding equity of Corona to the Lender. The initial draw
under the Facility was on June 19, 2020 for $165,000 which was due on the earlier to occur of (i) ninety days following the date the
draw was made by the Lender and (ii) the date the receivable, for which the draw was made, is paid. The Facility has since been repaid.
In
November 2020, the parties agreed to amend the Facility to reduce the cost of funding to Todos Medical USA, and to make the relationship
between Corona and Toledo nonexclusive in exchange for Toledo being granted a percentage of Corona's revenues from diagnostic testing.
On
January 7, 2022, Toledo filed a complaint against Corona, Todos Medical USA, and the Company (the "Todos Defendants"), seeking
unspecified damages for breach of the aforesaid agreements and claiming that at least $139,000 is due under the royalty agreement. The
Todos Defendants filed an answer and counterclaim on February 9, 2022, wherein various affirmative defenses were asserted, the allegations
of the complaint were denied, and the Company asserted counterclaims for breach of contract and other relief.
On
April 7, 2022, the Company and Toledo signed a Settlement Agreement pursuant to which upon execution of the agreement the Company paid
Toledo $130,000 and issued to Toledo $200,000 worth of ordinary shares. The parties agreed that upon delivery of the cash payment and
shares, the parties would discontinue the complaint filed by Toledo on January 7, 2022, and that Toledo irrevocably and unconditionally
releases and discharges the Company from its June 19, 2020 financing agreement and July 28, 2020 Royalty Agreement.
Leviston
The
Company and Leviston Resources LLC, a Delaware limited liability company are parties to that certain Securities Purchase Agreement, dated
as of July 9, 2020, pursuant to which Leviston purchased an aggregate principal amount of $850,000 of convertible notes from the Company
(the "July 2020 Convertible Notes") from the Company. On March 3, 2021, the Company and Leviston entered into a Closing Agreement
pursuant to which the Purchaser exercised its right to invest an additional $847,570 into the Company of July 2020 Convertible Notes
(the "Tranche 2 Securities").
The
July 2020 Convertible Notes and the Tranche 2 Securities (collectively, the "Leviston Notes") bear interest at a rate of
2% per annum. The Leviston Notes are convertible into ordinary shares of the Company at a conversion price that equals the lower of (i)
60% of the lowest VWAP trading price of the ordinary shares during the eleven trading days immediately prior to the date of conversion,
(ii) 150% of the closing bid price of the ordinary shares on such closing date and (iii) 150% of the closing bid price on
the date of effectiveness of the Company's registration statement covering the converted shares.
As
of the date of this prospectus, $389,250 remains outstanding on the Leviston Notes (the remainder having previously been converted into
ordinary shares).
Lincoln Park
On
August 4, 2020, we entered into a purchase agreement (the "LPC Purchase Agreement") with Lincoln Park Capital, LLC ("Lincoln
Park"), pursuant to which Lincoln Park agreed to purchase from us up to an aggregate of $10,275,000 of our ordinary shares (subject
to certain limitations) from time to time over the term of the LPC Purchase Agreement. Also on August 4, 2020, we entered into a registration
rights agreement with Lincoln Park, pursuant to which on August 11, 2020, we filed with the Securities and Exchange Commission, or the
SEC, a registration statement (the "LPC Registration Statement") to register for resale under the Securities Act of 1933,
as amended, or the Securities Act, the ordinary shares that have been or may be issued to Lincoln Park under the LPC Purchase
Agreement. That registration statement became effective on August 18, 2020.
5
Table of Contents
The
LPC Registration Statement covers the resale by Lincoln Park of up to 50,000,000 ordinary shares, comprised of: (i) 5,812,500 ordinary
shares that we issued to Lincoln Park as a fee for making its irrevocable commitment to purchase our ordinary shares under the LPC
Purchase Agreement, which we refer to in this registration statement on Form S-1 as the Commitment Shares, (ii) 3,437,500 ordinary
shares that we sold to Lincoln Park on August 5, 2020 for a total purchase price of $275,000 in an initial purchase under the LPC
Purchase Agreement the ("Initial Purchase Shares"), and (iii) up to an additional 40,750,000 ordinary shares that we
have reserved for sale to Lincoln Park under the LPC Purchase Agreement from time to time after the date of the LPC Registration Statement,
if and when we determine to sell additional ordinary shares to Lincoln Park under the LPC Purchase Agreement. Since August 18, 2020,
Lincoln Park has purchased 37,977,388 of our ordinary shares under the LPC Purchase Agreement, at prices ranging from $ 0.038
per share to $ 0.115 per share. The Company does not currently expect to sell any more shares to Lincoln Park under the LPC Purchase
Agreement.
The
LPC Purchase Agreement prohibits us from directing Lincoln Park to purchase any ordinary shares if those ordinary shares, when
aggregated with all other ordinary shares then beneficially owned by Lincoln Park and its affiliates, would result in Lincoln Park having
beneficial ownership, at any single point in time, of more than 4.99% of the then total outstanding ordinary shares, as calculated pursuant
to Section 13(d) of the Securities Exchange Act of 1934, as amended, or the Exchange Act, and Rule 13d-3 thereunder, which limitation
we refer to as the Beneficial Ownership Cap.
Issuances
of our ordinary shares to Lincoln Park under the LPC Purchase Agreement will not affect the rights or privileges of our existing
shareholders, except that the economic and voting interests of each of our existing shareholders will be diluted as a result of any such
issuance. Although the number of ordinary shares that our existing shareholders own will not decrease, the ordinary shares owned by our
existing shareholders will represent a smaller percentage of our total outstanding ordinary shares after any such issuance of ordinary
shares to Lincoln Park under the LPC Purchase Agreement.
Yeshiva Orot Hateshuva
On
November 4, 2020, we entered into a Secured Convertible Equipment Loan Agreement with Friends of Yeshiva Orot Hateshuva Inc. ("Friends"),
pursuant to which Friends lent us $450,000 to purchase two liquid handler machines. Under the terms of the agreement, the note was issued
with 41.4% Original Issue Discount, with Friends receiving a royalty of 12.5% of all amounts resulting from any diagnostic tests performed
by the two liquid handler machines. During the initial payback period and up until the earlier of either (a) the Maturity Date, or (b)
the aggregate loan amount is paid in full, all Royalty payments made to Investor will be counted towards their loan balance. Thereafter,
the royalties continue so long as the machines are in use. The Maturity Date was March 4, 2021. On March 4, 2021, the Company and Friends
agreed to extend the maturity date of the note to May 1, 2021, in exchange for a payment of $100,000 and the issuance of 2,000,000 ordinary
shares, in each case to a charity designated by Friends. As of March 25, 2022, the Company has not made any royalty payments to Friends.
The note has been repaid.
Harper Advance
On
December 31, 2020, we entered into a Secured Convertible Equipment Loan Agreement with Harper Advance LLC ("Harper"), pursuant
to which Harper lent us $450,000 to purchase two liquid handler machines. Under the terms of the agreement, the note was issued with
40% Original Issue Discount, with Harper receiving a royalty of 12.5% of all amounts resulting from any diagnostic tests performed by
the two liquid handler machines. During the initial payback period and up until the earlier of either (a) the Maturity Date, or (b) the
aggregate loan amount is paid in full, all Royalty payments made to Investor will be counted towards their loan balance. Thereafter,
the royalties continue so long as the machines are in use. The Maturity Date was April 30, 2021. As of March 25, 2022, the Company
has not made any royalty payments to Harper. Harper's note was purchased by another investor and converted into ordinary shares
of the Company.
T-Cell
Protect Hellas S.A.
On
November 22, 2021, the Company entered into a Securities Purchase Agreement with T-Cell Protect Hellas S.A. ("T-Cell") pursuant
to which the Company agreed to issue a convertible promissory note (the "Note") to T-Cell Protect in the principal amount
of €1,000,000. To date, T-Cell has not fulfilled its obligation to pay for the Note, and therefore the Company has not yet issued
the Note. The proceeds from this Transaction are intended to be used for the clinical development of Tollovir, the Company's therapeutic
candidate for hospitalized COVID-19 patients.
Testing
123, LLC
On
March 14, 2022, the Company and Testing 123, LLC (the "Lender") signed a Revolving Line of Credit Agreement, pursuant to
which the Lender will provide the Company with a credit facility of up to $1,250,000 bearing a monthly interest of 5% calculated for
a minimum period of 60 days. The Company may request advances under the agreement from the date of the agreement and until March 14,
2023. The Maturity Date of each draw will be the earlier of (i) 60 days from the date of the loan, (ii) the occurrence of an event of
default as defined in the agreement and (iii) with respect to funds received by the Company through collections on receivables included
in a Receivables Pool, as defined in the agreement, 3 days after such funds have been received by the escrow account agent or the Company.
Additionally, under the terms of the Revolving Line of Credit Agreement, the Company agreed to issue to Testing 123, LLC, shares equal
to a 10% ownership stake in Provista, which interest is protected against dilution. As of March 31, 2022, the Company utilized $999,000
out of the credit facility. The Company has estimated the portion of the 10% shares of Provista at $740,000 and recorded $598,000 as
interest expenses and $142,000 as prepaid interest expenses under Other Current Assets.
Crossover Notes
Yozma
On
January 22, 2021, we entered into a Securities Purchase Agreement with Yozma Group Korea Ltd. (the "First Yozma Purchaser")
pursuant to which on January 29, 2021, the Company issued a convertible promissory note to the Purchaser in the principal amount
of $4,857,142.86 for proceeds of $3,400,000 (the "Transaction"). The note has a maturity date of one year from the
date of issuance and pays interest at a rate of 4% per annum. In addition, the First Yozma Purchaser received a warrant to purchase
up to 16,956,929 Ordinary Shares of the Company with an exercise price equal to $0.107415 per share. The warrant is exercisable for 5
years from the date of issuance. In the event that the Company effectuates a reverse split of its ordinary shares for a ratio in excess
of 1:20, the resulting adjusted warrant shares and exercise price are limited to a 1:20 ratio.
The
note is convertible into Ordinary Shares of the Company at a conversion price of $0.0599. In the event that the Company lists its Ordinary Shares on a national securities exchange, the First
Yozma Purchaser, upon request of the Company, will be obligated to exchange its note for Preferred A Shares that convert, solely at the
discretion of the Company's Board of Directors, into Ordinary Shares at a conversion rate of 1,000 Ordinary Shares per Preferred
A Share. As of July 22, 2022, there are 50,000 Preferred A Shares authorized which equals a total possible issuance of 50 million Ordinary
Shares pursuant to the conversion of the Preferred A Shares.
On
April 27, 2021, we entered into a Securities Purchase Agreement (the "SPA") with Yozma Global Genomic Fund (the "Second
Yozma Purchaser" and together with the First Yozma Purchaser, the "Yozma Purchasers") pursuant to which on April 28,
2021, the Company issued a convertible promissory note to the Purchaser in the principal amount of $4,714,285.71
for proceeds of $3,300,000. The note has a maturity date of one year from the date of issuance and pays
interest at a rate of 4% per annum. The note is convertible into Ordinary Shares of the Company at a conversion price of $0.0599. In the event that the Company lists its Ordinary Shares on a national
securities exchange, the Second Yozma Purchaser, upon request of the Company, will be obligated to exchange its note for Preferred A
Shares that convert, solely at the discretion of the Company's Board of Directors, into Ordinary Shares at a conversion rate of
1,000 Ordinary Shares per Preferred A Share.
The
notes issued to the Yozma Purchasers are currently past due, and the Company is negotiating an extension of the maturity dates
with Yozma.
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Kips Bay
On
April 8, 2021, the Company entered into a Securities Purchase Agreement with Kips Bay Select LP (the "Purchaser") pursuant
to which the Company agreed to issue a convertible promissory note (the "First Kips Bay Note") to the Purchaser
in the principal amount of $4,285,714.29 for proceeds of $3,000,000. The closing occurred on April 12, 2021. The First Kips Bay
Note has a maturity date of one year from the date of issuance and pays interest at a rate of 4% per annum. In addition, the
Purchaser received a warrant to purchase up to 16,000,000 Ordinary Shares of the Company with an exercise price equal to $0.107415 per
share. The warrant is exercisable for 5 years from the date of issuance. In the event that the Company effectuates a reverse split of
its Ordinary Shares for a ratio in excess of 1:20, the resulting adjusted warrant shares and exercise price are limited to a 1:20 ratio.
The Company used the net proceeds from the First Kips Bay Note to initiate the Phase 2 for Tollovir™ clinical trial in COVID-19
patients, complete the acquisition of Provista Diagnostics, Inc. and for general corporate purposes.
The
First Kips Bay Note is convertible into Ordinary Shares at a conversion price of $0.0599. In the event that the Company lists its Ordinary Shares on a national securities exchange, the Purchaser, upon request of
the Company, will be obligated to exchange the Original Issue Discount portion of the First Kips Bay Note for Preferred A Shares, while the Purchaser may
elect to convert the remaining principal amount of its notes.
The First Kips Bay Note is currently past due and the Company is negotiating an extension of the maturity date with the Purchaser.
Until
May 5, 2022, the Purchaser had the option to purchase an additional note in the principal amount of $5,285,714.20 for proceeds
of $3,700,000 and an additional warrant to purchase 16,000,000 Ordinary Shares. The purchaser did not exercise the option.
On
July 7, 2021, the Company entered into a Securities Purchase Agreement with the Purchaser pursuant to which the Company agreed to issue
a convertible promissory note (the "Second Kips Bay Note") to the Purchaser in the principal amount of $1,535,714
for proceeds of $1,075,000. The closing occurred on July 7, 2021. In addition, the Purchaser received a warrant to purchase up to
3,440,000 Ordinary Shares of the Company with an exercise price equal to $0.107415 per share. The warrant is exercisable for 5 years
from the date of issuance. The Second Kips Bay Note has a maturity date of one year from the date of issuance and pays
interest at a rate of 4% per annum. The Second Kips Bay Note is convertible into Ordinary Shares of the Company at a conversion
price of $0.0599. In the event that the Company lists its Ordinary Shares on a national securities exchange, the Purchaser, upon request
of the Company, will be obligated to exchange the Original Issue Discount portion of the Second Kips Bay Note for Preferred A Shares,
while the Purchaser may elect to convert the remaining principal amount of its notes. The Company used the net proceeds for general corporate
purposes.
The
Second Kips Bay Note  is currently past due and the Company is negotiating an extension of the maturity date
with the Purchaser.
On
October 21, 2021, Todos Medical Ltd. (the "Company") entered into a Securities Purchase Agreement with the Purchaser
pursuant to which the Company agreed to issue a convertible promissory note (the "Third Kips Bay Note") to the Purchaser
in the principal amount of $1,428,571.43 for proceeds of $1,000,000. The closing occurred on October 22, 2021. In addition, the
Purchaser received a warrant to purchase up to 3,440,000 ordinary shares with an exercise
price equal to $0.107415 per share. The warrant is exercisable for 5 years from the date of issuance. The Third Kips Bay Note has a
maturity date of one year from the date of issuance and pays interest at a rate of 4% per annum. The Third Kips Bay Note is
convertible into ordinary shares at a conversion price of $0.0599. In the event that the Company lists its Ordinary Shares on
a national securities exchange, the Purchaser, upon request of the Company, will be obligated to exchange the Original Issue
Discount portion of its Third Kips Bay Note for Preferred A Shares, while the Purchaser may elect to convert the remaining principal
amount of its notes. The Company intends to use the net proceeds from this Third Kips Bay Note to continue funding the ongoing Phase
2 clinical trial of Tollovir® in hospitalized COVID-19 patients, beginning the initial marketing campaign for the cPass
neutralizing antibody test launch at Provista Diagnostics and general corporate purposes.
Mekarkain
On
July 6, 2021, the Company entered into a Securities Purchase Agreement with S.B. Nihul Mekarkain pursuant to which the Company issued
a convertible promissory note to Mekarkain in the principal amount of $285,714 for proceeds of $200,000. The closing occurred on July
6, 2021. In addition, Mekarkain received a warrant to purchase up to 997,466 Ordinary Shares of the Company with an exercise price equal
to $0.107415 per share. The warrant is exercisable for 5 years from the date of issuance. The Company used the net proceeds for general
corporate purposes. The note has a maturity date of one year from the date of issuance and pays interest at a rate of 4% per annum. The
note is convertible into Ordinary Shares at a conversion price of $0.0599. In the event that the Company lists its Ordinary Shares on
a national securities exchange, Mekarkain, upon request of the Company, will be obligated to exchange its note for Preferred A Shares
that convert, solely at the discretion of the Company's Board of Directors, into Ordinary Shares at a conversion rate of 1,000
Ordinary Shares per Preferred A Share.
The  note is currently
past due and the Company is negotiating an extension of the maturity date with Mekarkain.
Mercer
Street
On
September 23, 2021, the Company completed the conditions precedent required to enter into a Securities Purchase Agreement with Mercer
Street Global Opportunity Fund, LLC pursuant to which the Company issued a convertible promissory note to Mercer Street
in the principal amount of $2,285,142.86 for proceeds of $2,000,000. In addition, the Purchaser received a warrant to purchase up
to 11,924,636 Ordinary Shares of the Company with an exercise price equal to $0.107415 per share. The warrant is exercisable for 5 years
from the date of issuance. The Company intends to use the net proceeds from the conversion shares and the warrant shares to initiate
Phase 2/3 trials for Tollovir™ COVID-19 patients, initiate digital marketing for its dietary supplement Tollovid®, increase
sales & marketing for Provista Diagnostics, and for general corporate purposes. The note has a maturity date of one year
from the date of issuance and pays interest at a rate of 4% per annum. The note is convertible into Ordinary Shares of the Company at a conversion price of $0.0599. In the event that the Company
lists its Ordinary Shares on a national securities exchange, Mercer Street, upon request of the Company, will be obligated to exchange
the Original Issue Discount portion of its note for Preferred A Shares, while Mercer Street may elect to convert the remaining principal
amount of its notes.
Quick
Capital
On
August 9, 2021, the Company entered into a Securities Purchase Agreement with Quick Capital, LLC pursuant to which the Company issued
a convertible promissory note to Quick Capital in the principal amount of $142,857 for proceeds of $100,000. The closing occurred on
August 9, 2021 . In addition, Quick Capital received a warrant to purchase up to 498,733 Ordinary Shares of the Company with an exercise
price equal to $0.107415 per share. The warrant is exercisable for 5 years from the date of issuance. The Company used the net proceeds
for general corporate purposes. The note has a maturity date of one year from the date of issuance and pays interest at a rate of 4%
per annum. The note is convertible into Ordinary Shares at a conversion price of $0.0599. In the event that the Company lists its Ordinary
Shares on a national securities exchange, Quick Capital, upon request of the Company, will be obligated to exchange its note for Preferred
A Shares that convert, solely at the discretion of the Company's Board of Directors, into Ordinary Shares at a conversion rate
of 1,000 Ordinary Shares per Preferred A Share.
On
December 14, 2021, the Company entered into a Securities Purchase Agreement with Quick Capital pursuant to which the Company issued a
convertible promissory note to Quick Capital in the principal amount of $142,857 for proceeds of $100,000. The note has a maturity date
of one year from the date of issuance and pays interest at a rate of 4% per annum. The note is convertible into Ordinary Shares at a
conversion price of $0.0599. In addition, Quick Capital received a warrant to purchase up to 5,613,334 Ordinary Shares of the Company
with an exercise price equal to $0.107415 per share. The warrant is exercisable for 5 years from the date of issuance. The Company intends
to use the net proceeds for general corporate purposes. In the event that the Company lists its Ordinary Shares on a national securities
exchange, Quick Capital, upon request of the Company, will be obligated to exchange its note for Preferred A Shares that convert, solely
at the discretion of the Company's Board of Directors, into Ordinary Shares at a conversion rate of 1,000 Ordinary Shares per Preferred
A Share.
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Greentree
On
October 11, 2021, the Company entered into a Securities Purchase Agreement with Greentree Financial Group pursuant to which the Company
issued a convertible promissory note to the Purchaser in the principal amount of $428,571 for proceeds of $300,000. In addition, Greentree
received a warrant to purchase up to 1,252,087 Ordinary Shares of the Company with an exercise price equal to $0.107415 per share. The
warrant is exercisable for 5 years from the date of issuance. The Company used the net proceeds for general corporate purposes. The note
has a maturity date of one year from the date of issuance and pays interest at a rate of 4% per annum. The note is convertible into Ordinary
Shares at a conversion price of $0.0599. In the event that the Company lists its Ordinary Shares on a national securities exchange, Greentree,
upon request of the Company, will be obligated to exchange the Original Issue Discount portion of its note for Preferred A Shares, while
Greentree may elect to convert the remaining principal amount of its notes.
Leonite
On
November 2, and November 24, 2021, the Company entered into a Securities Purchase and other related documents with Leonite Fund I, LP
pursuant to which the Company issued a convertible promissory note to Leonite in the principal amount of $1,432,142 for proceeds of $1,002,500.
The closing occurred on November 2, 2021. The note has a maturity date of one year from the date of a issuance and pays interest at a
rate of 4% per annum. The note is convertible into Ordinary Shares at a conversion price of $0.0599.
In
addition, the Purchaser received a warrant to purchase up to 5,613,334 Ordinary Shares of the Company with an exercise price equal to
$0.107415 per share. The warrant is exercisable for 5 years from the date of issuance. The Company intends to use the net proceeds for
general corporate purposes.
In
the event that the Company lists its Ordinary Shares on a national securities exchange, Leonite, upon request of the Company, will be
obligated to exchange the Original Issue Discount portion of its note for Preferred A Shares, while Leonite may elect to convert the
remaining principal amount of its notes.
Ascendant
On
December 21, 2021, the Company entered into a Securities Purchase Agreement with Ascendant, LLC pursuant to which the Company issued
a convertible promissory note to Ascendant in the principal amount of $300,000 for proceeds of $210,000. The closing occurred on December
21, 2021. In addition, Ascendant received a warrant to purchase up to 1,252,087 Ordinary Shares of the Company with an exercise price
equal to $0.107415 per share. The warrant is exercisable for 5 years from the date of issuance. The Company used the net proceeds for
general corporate purposes. The note has a maturity date of one year from the date of issuance and pays interest at a rate of 4% per
annum. The note is convertible into Ordinary Shares at a conversion price of $0.0599. In the event that the Company lists its Ordinary
Shares on a national securities exchange, Ascendant, upon request of the Company, will be obligated to exchange the Original Issue Discount
portion of its note for Preferred A Shares, while Ascendant may elect to convert the remaining principal amount of its notes.
Crossover Notes
Registration Statement
On
May 13, 2021, the Company filed a registration statement on Form S-1, registering for resale all of the conversion shares and the warrant
shares described above under the headings of Kips Bay, Mekarkain, Mercer Street, Quick Capital, Greentree, Leonite, and Ascendant (the
"Registration Statement), except for the conversion shares issuable to Yozma Purchasers and the conversion shares issuable under
the First Kips Bay Note, all of which were already saleable under Rule 144. The Registration Statement was subsequently amended in January
2022 and February 2022 and was declared effective on February 4, 2022. Subsequent to the effective date of the Registration Statement,
if the closing sale price of the Ordinary Shares averages less than the then conversion price over a period of ten (10) consecutive trading
days, the conversion price shall reset to such average price. If the 10 day volume weighted average price of the Ordinary Shares continues
to be less than the conversion price then the conversion price should reset to such 10-day average price with a maximum of a 20% discount
from the initial Conversion Price.
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Table of Contents
Reverse
Split
At
an extraordinary general meeting of our shareholders held on August __, 2022, our shareholders voted to approve a reverse share split
of the Company's ordinary shares within a range of 1:2 to 1:1,000, to be effective at the ratio and on a date to be determined
by the Board of Directors of the Company (the "Reverse Split"). Although our shareholders approved the Reverse Split, all
per share amounts and calculations in this registration statement on Form S-1 and the accompanying financial statements do not reflect
the effects of the Reverse Split, as the Board of Directors has not determined the ratio or the effective date of the Reverse Split.
SARS-nCoV-2
Related Business
With
the onset of COVID-19, Todos sought to apply its expertise in developing blood tests for the early detection of cancer and Alzheimer's
disease to distributing and then developing screening tests for the pandemic.
On
March 23, 2021, we announced that we have entered into an automation and reagent supply agreement with MAJL Diagnostics ("MAJL").
Under the terms of the agreement, Todos will implement its automation solution, including Tecan™ liquid handlers, automated RNA
extraction machines, as well as a 384-well PCR machine capable of conducting COVID, cancer genetics and pharmacogenomics testing, in
order to become the provider of all COVID-19 PCR testing reagents and supplies.
On
March 29, 2021, we announced the successful installation of automated lab equipment and completion of training for a lab client in Brooklyn,
NY. The implementation of the Todos automation solution has expanded the lab's processing capacity to 6,000 PCR tests per day from
500 PCR tests per day, with the potential to quickly expand to up to 12,000 PCR tests per day. The lab will be implementing EUA approved
PCR testing for COVID-19 testing, as well as COVID + influenza A & B PCR testing upon request for select clients. Additionally, through
the future implementation of pooling, the lab could potentially increase processing capacity to in excess of 40,000 PCR tests per day
at a 4:1 ratio.
On
March 30, 2021, we announced that we have entered into a distribution partnership with Osang Healthcare (OHC) of South Korea, to distribute
the GeneFinder™ COVID-19 Plus RealAMP Kit in the United States. Todos intends to make GeneFinder Plus the primary kit used for
distribution in its fully integrated and automated COVID-19 PCR testing lab solutions. GeneFinder Plus has been granted Emergency Use
Authorization (EUA) by the US FDA.
We
market our COVID-19 test kits directly to clinical laboratories throughout the U.S. as well as through our distributors, who include
Meridian, Dynamic Distributors, LLC, and others.
On
March 11, 2022, the Company entered into a Share Purchase Agreement (the "SPA") with 3CL Sciences Ltd. ("3CL"),
an Israeli corporation, and NLC Pharma Ltd. ("NLC"), an Israeli corporation, pursuant to which (a) 3CL Sciences
will purchase all therapeutic, diagnostic, dietary supplement and pharmaceutical assets from NLC that relate to 3CL protease biology
(which is used in the development, manufacture, sale and distribution of Tollovid™ and Tollovir™) from NLC in exchange
for a 100% equity interest in 3CL, (b) 3CL will allot 30.5% of its shares to the Company in exchange for a total cash commitment of $8
million, (c) NLC will sell 7.54% of 3CL's issued and outstanding shares to the Company in exchange for a total cash commitment
of $2 million, and (d) NLC will exchange 14.31% of 3CL's issued and outstanding shares for shares of the Company having a market
value of $3,800,000 on the day prior to the Closing, such that the Company will own 52% of 3CL's issued and outstanding share capital
and NLC will own 48% of 3CL's issued and outstanding share capital. The Company and NLC have agreed to identify a seasoned biopharmaceutical
CEO to manage 3CL going forward. The board of directors of 3CL Sciences will be made up of five (5) individuals: three (3) appointed
by the Company and two (2) appointed by NLC.
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Table of Contents
On
April 19, 2021, the Company entered into an Agreement to Purchase Provista Diagnostics, Inc. ("Agreement to Purchase") with
Strategic Investment Holdings, LLC ("SIH"), Ascenda BioSciences LLC ("Ascenda") and Provista Diagnostics, Inc.
("Provista"). Ascenda was the sole owner of the outstanding securities of Provista and SIH is the sole owner of all the outstanding
securities of Ascenda.
Pursuant
to the Agreement to Purchase, the Company acquired Provista from Ascenda and SIH for an aggregate purchase price of $7.5 million consisting
of an initial cash payment of $1.25 million, the issuance of $1.5 million in Ordinary Shares priced at $0.0512 per share, the issuance
to SIH of a $3.5 million convertible promissory note dated April 19, 2021 (the "Note") and the payment on for before July
1, 2021 of $1.25 million in cash (the "July Payment"), which payment the Company had the right to, and did, extend to July
15, 2021. The Provista shares acquired by the Company remained in an escrow account until the July Payment was made.
The
Note has a maturity date of April 8, 2025, and is convertible beginning on October 20, 2021, into Ordinary Shares of the Company at a
conversion price equal to the lesser of $0.05 or the volume weighted average price of the last 20 trading days for the Ordinary Shares
prior to the date of conversion. In the event SIH delivers a Notice of Conversion to the Company at a per share price less than $0.05
($0.05), the Company has the right to immediately notify SIH of its intention to pay the conversion amount in cash within three (3) business
days of receipt of the Notice of Conversion (i.e., before SIH would take possession of shares converted under the Notice of Conversion).
If, at any time between October 20, 2021 and April 20, 2022, the average of the lowest bid and closing sale price at 4:00:00 p.m., New
York time (or such other time as such market publicly announces is the official close of trading) is below ($0.05), the Company has the
option to buy out all or any portion of the Note (the "Buyback Option"). In the event the Company exercises the Buyback Option
for an amount equal to or greater than one million, one hundred seventy thousand dollars ($1,170,000) (the "Buyback Amount"),
SIH may not submit any conversions below five cents ($0.05) for ninety (90) days from receipt of the Buyback Amount ("90 Day Period").
In
the event that the Company uplists its Ordinary Shares to a national securities exchange, the Note shall automatically be exchanged into
ordinary shares with a conversion price equal to the lesser of (a) $0.05, (b) the opening price on the day of the uplisting provides
there is no transaction associated with the uplisting or (c) the deal price of an uplisting transaction.
As
of the date of this registration statement on Form S-1, SIH has not submitted a Conversion Notice.
During
2021, the Company recognized approximately $12,277,000 in revenue related to its COVID-19 business, and in January and February of 2022,
the Company recognized approximately $540,000 in such revenue. There is no assurance that the Company will generate any additional revenues
in the future pursuant to any of these arrangements.
Employees
and Consultants
During
2021, the Company hired 23 new employees, including management and staffing of laboratory, sales and marketing and general administrative
staffing.
Corporate
Information
We
were incorporated in the State of Israel in April 2010, and are subject to the Israel Companies Law, 5760-1999 (the "Companies
Law"). Since March 7, 2017, our Ordinary Shares have been quoted on the OTCQB under the symbol TOMDF.
In
January 2016, we incorporated our wholly owned subsidiary, Todos (Singapore) Pte. Ltd. In March 2016, Todos (Singapore) Pte. Ltd. changed
its name to Todos Medical Singapore Pte. Ltd., or Todos Singapore. Todos Singapore has not yet commenced its business operations.
In
January 2020, we incorporated Todos Medical USA, a Nevada corporation ("Todos US"), for the purpose of conducting business
as a medical importer and distributor focused on the distribution the Company's testing products and services to customers in North
America and Latin America. In addition, in March 2020, Todos US formed a subsidiary, Corona Diagnostics, LLC, in the State of Nevada,
for the purpose of marketing COVID-19 related products in the United States. In July 2020, we completed the acquisition of Breakthrough
Diagnostics, Inc, which is now a wholly owned subsidiary of Todos. In July 2021, we completed the acquisition of Provista Diagnostics,
Inc., which is now a wholly owned subsidiary of Todos.
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Table of Contents
The
current corporate organizational structure of the Company and how we have operated substantially for the past year appears below.
Additionally,
we anticipate that 3CL Sciences Ltd. will be a 52% owned subsidiary upon the closing of the .Share Purchase Agreement with 3CL Sciences
Ltd. ("3CL") and NLC Pharma Ltd. ("NLC").
Our
principal executive office is located at 121 Derech Menachem Begin, 30th Floor, Tel Aviv, 6701203 Israel, and our telephone number in
Israel is +972-52-642-0126. Our web address is www.todosmedical.com. The information contained on our website or available through our
website is not incorporated by reference into and should not be considered a part of this prospectus, and the reference to our website
in this prospectus is an inactive textual reference only. Puglisi & Associates is our agent in the United States, and its address
is 850 Library Avenue, Suite 204 Newark, Delaware 19711.
All
per share amounts and calculations in this prospectus and the accompanying financial statements do not reflect the effects of the Reverse
Split discussed elsewhere in this prospectus.
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Table of Contents
THE
OFFERING
Securities offered by us:
Units,
    based on a public offering price of $ per Unit. Each Unit consists of one ordinary share of Todos Medical, Ltd., an
    Israel corporation, par value NIS 0.01 per share, and one warrant. The Warrants may be exercised in whole, with an exercise
    price equal to 120% of the public offering price of each Unit sold in this offering. This offering also relates to the ordinary shares
    issuable upon exercise of any Warrants sold in this offering..
Public offering price
    per Unit
An
    assumed public offering price of $                     per Unit, which is the last reported sale price of our ordinary shares on the OTCQB as of               , 2022.
    (1)
Ordinary shares outstanding
    before the offering
As
of July 22, 2022, the Company had 1,193,175,121 ordinary shares outstanding.
Ordinary shares to be
    outstanding after the offering
(1)(2)
Ordinary
    shares, based on the issuance of (i)                ordinary
    shares at a public offering price of $                    
    per Unit, assuming no exercise of any option granted to the underwriter or exercise of the Representative's Warrants;  and (ii) the
    exercise of all warrants offered with the Units. If the underwriter's option is exercised in full, the total number of ordinary
    shares outstanding immediately after this offering would be                    ,
    based on a public offering price of $ per Unit.
Underwriter's
    Option
We
    have granted the Representative a 30-day option to purchase up to
                        additional
    ordinary shares and/or                 additional
    Warrants to purchase up to                 ordinary
    shares (equal to 15% of the number of ordinary shares and/or Warrants sold in this offering) from us at a price per ordinary share
    and/or Warrant equal to the public offering price per ordinary share and/or Warrant, less the underwriting discounts payable by us,
    solely to cover over-allotments, if any.
Description of Warrants
The
    exercise price of the Warrants is $                per
    share (with an exercise price equal to 120% of the public offering price per Unit). Each Warrant is exercisable for one ordinary
    share, subject to adjustment in the event of stock dividends, stock splits, stock combinations, reclassifications, reorganizations
    or similar events affecting our ordinary shares as described herein. A holder may not exercise any portion of a Warrant to the extent
    that the holder, together with its affiliates and any other person or entity acting as a group, would own more than 4.99% of the
    outstanding ordinary shares after exercise, as such percentage ownership is determined in accordance with the terms of the Warrants,
    except that upon notice from the holder to us, the holder may waive such limitation up to a percentage, not in excess of 9.99%. Each
    Warrant will be exercisable immediately upon issuance and will expire five years after the initial issuance date. The terms of the
    Warrants will be governed by a warrant agreement, dated as of the closing date of this offering, between us and Worldwide Stock Transfer,
    as the warrant agent (the "Warrant Agent"). This prospectus also relates to the offering of the ordinary shares
    issuable upon exercise of the Warrants. For more information regarding the Warrants, you should carefully read the section titled
    "Description of Warrants" in this prospectus.
Representative's Warrant
    (1)
The
registration statement of which this prospectus is a part also registers the Representative's Warrants to purchase up to ___________
ordinary shares (5% of the number of shares of ordinary shares sold in this offering (including any ordinary shares sold pursuant to
the option to be issued to the underwriters, as a portion of the underwriting compensation payable in connection with this offering.
The Representative's Warrants will be exercisable immediately upon issuance, and from time to time, in whole or in part, and will
expire five years from the commencement of sales at an exercise price of $           
(120% of the public offering price of the Units). Please see "Underwriting Representative's Warrants" for a description
of these warrants.
Risk factors
Investing in our securities
    is highly speculative and involves a high degree of risk. You should carefully consider the information set forth in the "Risk
    Factors" section beginning on page 15  before deciding to invest in our securities.
12
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Trading symbols
Our
    ordinary shares are currently quoted on OTCQB under the trading symbol "TOMDF". We will apply to  list our Ordinary
    Shares and Warrants on a national securities exchange. No assurance can be given that our application will be approved.
    We will not consummate this offering unless our application is approved.
Lock-ups
We
and our directors, officers and any other holders of three percent (1%) or more of the outstanding ordinary shares as of the effective
date of the registration statement, of which this prospectus forms a part, have agreed with the underwriters not to offer for sale, issue,
sell, contract to sell, pledge, encumber grant any option for the sale of or otherwise dispose of any of our securities, including the
issuance of ordinary shares upon the exercise of the Company's currently outstanding options, without the prior written consent
of the Representative for a period of twelve (12)                 
months after the closing of this offering. See "Underwriting" section on page 88.
Use of Proceeds
We
    estimate that the net proceeds from the sale of the Units in the offering, at an assumed public offering price per Unit of
    $         , will be approximately
    $                , after deducting the underwriting
    discounts and commissions and estimated offering expenses, or
    $             if the underwriters exercise their option in full,
    assuming no exercise of the Representative Warrants. We currently expect to use the net proceeds of this offering primarily for the
    following purposes:
●
Approximately
    $__________ to hire professional service providers to assist in addressing our internal control issues.
●
Approximately
    $                       
    for development of new products and improvements to existing products;
●
Approximately
    $                    to expand sales
    and marketing capabilities; and
●
The
    remaining proceeds of approximately $                       for general corporate purposes, including working capital and possibly acquisitions of other
    companies.
See
    "Use of Proceeds" section on page 41.
(1)
The actual
    number of Units, ordinary shares and Representative's Warrants that we will offer and that will be outstanding after this offering
    will be determined based on the actual public offering price and the reverse split ratio will be determined based in part on the
    price of our ordinary shares on the OTCQB at the time of the determination.
(2)
The
    ordinary shares outstanding prior to this offering and to be outstanding after this offering is based on shares outstanding as of
    July 22, 2022 and excludes the following:
●
(i)
    516,330,608 ordinary shares, (the "Convertible Note Shares"), issuable upon the exercise of outstanding convertible
    notes (the "Convertible Notes"), (ii) 78,332,201 ordinary shares, (the "Purchaser Warrant Shares"), issuable
    upon exercise of outstanding warrants (the "2021 Warrants"), and (iii) 59,648,748 ordinary shares (the "Prior Warrant
    Shares") issuable upon the exercise of outstanding warrants (the "2020 Warrants").
Unless
we indicate otherwise, all information in this prospectus:
●
Assumes
    no exercise by the underwriter of its option to purchase up to an additional
                          
    ordinary shares and/or Warrants to purchase up to              
    ordinary shares to cover over-allotments, if any.
●
Assumes no exercise of
    the Warrants issued in this offering.
●
Assumes no exercise of
    the Representative Warrants issued in this offering.
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SUMMARY
CONSOLIDATED FINANCIAL INFORMATION
The following tables summarize our financial data
for the periods and as of the dates indicated. We have derived the statements of operations data for the three months ended March
31, 2022 and 2021 from our unaudited financial statements and related notes included elsewhere in this prospectus. You should
read the following summary consolidated financial data together with our consolidated financial statements and the related notes appearing
elsewhere in this prospectus and the information in the section titled "Management's Discussion and Analysis of Financial
Condition and Results of Operations.
Selected Summary Consolidated Statements of Operations
for the three months ended March 31, 2022 and 2021
(U.S. dollars in thousands except share and per share
amounts)
Three
                                            months period ended
March
                                            31,
2022
2021
Unaudited
Revenues
$
2,199
$
5,031
Cost of revenues
(1,317
)
(3,235
)
Gross profit
882
1,796
Research and development expenses
(442
)
(713
)
Sales and marketing expenses
(1,081
)
(1,358
)
General and administrative expenses
(3,476
)
(1,562
)
Operating loss
(4,117
)
(1,837
)
Financing expenses, net
(3,471
)
(15,654
)
Share in losses of affiliated companies accounted for under equity method,
    net
-
(66
)
Net loss
$
(7,588
)
$
(17,557
)
Basic net loss per share
$
(0.01
)
$
(0.04
)
Diluted net loss per share
$
(0.01
)
$
(0.04
)
Weighted average number of ordinary
    shares outstanding attributable to ordinary shareholders used in computation of basic net loss per share
1,036,898,212
462,650,478
Weighted average number of ordinary
    shares outstanding attributable to ordinary shareholders used in computation of diluted net loss per share
1,036,898,212
464,214,552
The following table presents
our summary consolidated balance sheet data as of March 31, 2022 and December 31, 2021
As of March 31,
As of December 31,
2022
2021
Unaudited
Current assets:
Cash and cash equivalents
$
74
$
189
Total assets
$
13,717
$
15,115
Total current liabilities
10,820
8,960
Total non-current liabilities
28,058
30,367
Additional paid-in capital
69,599
63,470
Accumulated deficit
(98,183
)
(90,595
)
Total shareholders' deficit
(25,161
)
(24,212
)
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RISK
FACTORS
Summary
of Risk Factors
Our
business is subject to significant risks and uncertainties that make an investment in us speculative and risky. Below we summarize what
we believe are the principal risk factors, but these risks are not the only ones we face, and you should carefully review and consider
the full discussion of our risk factors in the section titled "Risk Factors", together with the other information in this
prospectus. If any of the following risks actually occurs (or if any of those listed elsewhere in this prospectus occur), our business,
reputation, financial condition, results of operations, revenue, and future prospects could be seriously harmed. Additional risks and
uncertainties that we are unaware of, or that we currently believe are not material, may also become important factors that adversely
affect our business.
We
have a history of losses, may incur future losses and may not achieve profitability.
We
have a need for substantial additional financing and will have to significantly delay, curtail or cease operations if we are unable to
secure such financing.
The
report of our independent registered public accounting firm expresses substantial doubt about our ability to continue as a going concern.
There
can be no assurance of market acceptance for our COVID-19 antibody test.
We
rely on third parties to manufacture the COVID-19 antibody tests for us, and if such third party refuses or is unable to supply us with
the COVID-19 test kits, our business will be materially harmed.
There
can be no assurance that we will be able to purchase ingredients for our Tollovid™ and Tollovir™ Covid-19 remedies.
We
rely on a third party to manufacture Tollovid and Tollovir for us, and if such third party refuses or is unable to supply us with Tollovid
or Tollovir, our business will be materially harmed.
There
can be no assurance of market acceptance for Tollovid and/or Tollovir.
Drug
development is a long, expensive and uncertain process, and delay or failure can occur at any stage of any of our clinical trials.
We
may not succeed in completing the development of our cancer detection products, commercializing our products or generating significant
revenues.
We
are currently in the process of improving our technology and adapting to the high throughput methodology.
We
will require additional funding in order to commercialize our cancer detection kits and to develop and commercialize any future products.
We
may not successfully maintain our existing license agreement with BGU and Soroka, and we are currently not in compliance with the repayment
terms of the license agreement, which could adversely affect our ability to develop and commercialize our product candidates.
If
we are unable to protect our intellectual property rights, our competitive position could be harmed.
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Because
the medical device industry is litigious, we are susceptible to intellectual property suits that could cause us to incur substantial
costs or pay substantial damages or prohibit us from selling our cancer detection kits.
If
we or our future distributors do not obtain and maintain the necessary regulatory clearances or approvals in a specific country or region,
we will not be able to market and sell our cancer detection kits or future products in that country or region.
If
we are unable to successfully complete clinical trials with respect to our cancer detection kits, we may be unable to receive regulatory
approvals or clearances for our cancer detection kits and/or our ability to achieve market acceptance of our cancer detection kits will
be harmed.
Conditions
in Israel could materially and adversely affect our business
Your
rights and responsibilities as a shareholder will be governed by Israeli law which differs in some material respects from the rights
and responsibilities of shareholders of U.S. companies.
It
may be difficult to enforce a judgment of a U.S. court against us, or against our officers and directors in Israel, or to assert U.S.
securities laws claims in Israel or to serve process on our officers and directors in Israel.
An
active trading market for our Ordinary Shares may not develop and our shareholders may not be able to resell their Ordinary Shares.
Investing
in our securities involves a great deal of risk. Careful consideration should be made of the following factors as well as other information
included in this prospectus before deciding to purchase our securities. There are many risks that affect our business and results of
operations, some of which are beyond our control. Our business, financial condition or operating results could be materially harmed by
any of these risks. This could cause the trading price of our securities to decline, and you may lose all or part of your investment.
Additional risks that we do not yet know of or that we currently think are immaterial may also affect our business and results of operations.
Risks
Related to Our Business
Global
or regional health pandemics or epidemics, including COVID-19, could negatively impact our business operations, financial performance
and results of operations.
Our
business and financial results could be negatively impacted by the recent outbreak of COVID-19 or other pandemics or epidemics. The severity,
magnitude and duration of the current COVID-19 pandemic is uncertain, rapidly changing and hard to predict. During 2020, 2021, and 2022
to date, COVID-19 has significantly impacted economic activity and markets around the world, and it can unpredictably negatively impact
our business in numerous ways, including but not limited to those outlined below:
●
Inability to attract investment
    to develop our products and services due to significant capital constraints as a result of COVID-19 and the macro-economic environment;
●
Disruptions or uncertainties
    related to the COVID-19 outbreak for a sustained period of time could result in delays or modifications to our strategic plans and
    initiatives and hinder our ability to achieve our business objectives;
●
Supply
    chain issues could impact our procurement of supplies with which to make our products;
●
Illness, travel restrictions
    or workforce disruptions could negatively affect our business processes including office closures, limitations, and inability to
    travel to marketplaces;
●
Government or regulatory
    responses to pandemics could negatively impact our business. Mandatory lockdowns or other restrictions could materially adversely
    impact our operations and results; and
●
The COVID-19 outbreak has
    increased volatility and pricing in the capital markets and volatility is likely to continue which could have a material adverse
    effect on our ability to obtain debt or equity financing to fund operations.
We
have a history of losses, may incur future losses and may not achieve profitability.
Until
March 2020, we were solely a clinical-stage medical diagnostics company with a limited operating history. We have incurred net losses
in each fiscal year since we commenced operations in 2010. We incurred net losses of $40,986,000 and $29,773,000 in the fiscal years
ended December 31, 2021, and 2020, respectively, and we may incur a net loss in 2022. As of December 31, 2021, our accumulated deficit
was $90,595,000. Our losses could continue for the foreseeable future, as we continue our investment in research and development and
clinical trials to complete the development of our technology and to attain regulatory approvals, begin the commercialization efforts
for our cancer detection kits, increase our marketing and selling expenses, and incur additional costs as a result of addressing our
internal control issues. The extent of our future operating losses and the timing of becoming profitable are highly uncertain, and we
may never achieve or sustain profitability.
We
have a need for substantial additional financing and will have to significantly delay, curtail or cease operations if we are unable to
secure such financing.
The
Company requires substantial additional financing to fund its operations. As of December 31, 2021, we had cash and cash equivalents of
$189,000. We will need to raise additional funds prior to commercializing our cancer detection products. Additional financing may not
be available to us on a timely basis on terms acceptable to us, or at all. In addition, any additional financing may be dilutive to our
shareholders or may require us to grant a lender a security interest in our assets.
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Table of Contents
A
number of our convertible promissory notes are currently past due and if a default is declared with regard to such debt, such default
would likely have a material adverse effect on our business, operations and financial results.
Convertible
promissory notes previously issued to Yozma, Kips Bay, and Mekarkain are currently past due. While these lenders have not declared events
of default and the Company and the lenders are negotiating extensions of the maturity dates, no assurance can be given that agreements
will be reached with any of these lenders. If one or more of these lenders declare an event of default under their convertible promissory
notes they can accelerate the related debt which may result in the acceleration of any other debt to which a cross-acceleration or cross-default
provision applies. If all such debt was accelerated, the Company would, as of the date of this prospectus, owe $28,437,095 to its lenders.
Such acceleration could have a material adverse effect on our business, operations and financial results. In the event our lenders accelerate
the repayment of the borrowings, we may not have sufficient assets to repay our indebtedness. Any acceleration of amounts due under the
convertible promissory notes would likely have a material adverse effect on us. As a result of these restrictions, we may be:
●
limited in how we conduct our business;
●
unable to raise additional debt or equity financing to operate during general economic or business downturns; or
●
unable to compete effectively or to take advantage of new business opportunities.
These
restrictions, along with restrictions that may be contained in agreements evidencing or governing other future indebtedness, may affect
our ability to grow in accordance with our growth strategy.
The
report of our independent registered public accounting firm expresses substantial doubt about our ability to continue as a going concern.
Our
independent registered public accounting firm indicated in its report on our financial statements for the year ended December 31, 2021,
included elsewhere in this prospectus, that conditions exist that raise substantial doubt about our ability to continue as a going concern.
A going concern paragraph included in our independent registered public accounting firm's report on our financial statements, could
color investor perceptions and impair our ability to finance our operations through the sale of equity, incurring debt, or other financing
alternatives. Our ability to continue as a going concern will depend upon many factors beyond our control including the availability
and terms of future funding and the demand for COVID-19 tests. If we are unable to achieve our goals and raise the necessary funds to
finance our operations, our business would be jeopardized, and we may not be able to continue. If we ceased operations, it is likely
that all of our investors would lose their investment.
Risks
Related to our COVID-19 Antibody Test
In
connection with the marketing and sale of our COVID-19 antibody test, we are relying on FDA policies and guidance provisions that have
recently changed and may continue to change. If we misinterpret this guidance or the guidance changes unexpectedly and/or materially,
potential sales of our COVID-19 antibody test could be impacted.
The
FDA issued non-binding guidance for manufacturers relating to the pathway to enable FDA notification following confirmed validation for
devices related to testing for COVID-19 under the Policy for Coronavirus Disease-2019 Tests During the Public Health Emergency. Following
the issuance of the guidance published on March 16, 2020, revised guidance specific to COVID-19 'antibody tests' was issued.
Newer guidance was published on May 4, 2020 further describing the requirements for serology tests to continue to be marketed under an
Emergency Use Authorization. If our interpretation of the newly revised guidance is incorrect or specifics around the guidance change,
sales of our COVID-19 antibody test could be materially impacted.
There
can be no assurance of market acceptance for our COVID-19 antibody test.
The
commercial success of our COVID-19 antibody test will depend upon its acceptance as medically useful and cost-effective by physicians
and other members of the medical community, patients and third-party payers. Broad market acceptance can be achieved only with substantial
education about the benefits and limitations of such tests, as well as resolution of concerns about their appropriate use. Our reputation
and the public image of our COVID-19 antibody test kits may be impaired if they fail to perform as expected or are perceived as difficult
to use. Despite quality control testing, defects or errors could occur with the tests. Thus, there can be no assurance our COVID-19 antibody
test will gain market acceptance on a timely basis, if at all, and purchasers of such tests could choose to purchase competitors'
tests instead. Failure to achieve market acceptance and/or the impact of strong competition will have a material adverse effect on our
business, financial condition and results of operations.
We
rely on a third party to manufacture the COVID-19 antibody tests for us, and if such third party refuses or is unable to supply us with
the COVID-19 test kits, our business will be materially harmed.
We
rely on a third party to manufacture the COVID-19 antibody tests. If any issues arise with respect to the manufacturer's ability
to manufacture and deliver to us the COVID-19 tests, our business could be materially harmed. In addition, the manufacturer may be unable
to provide us with an adequate supply of COVID-19 antibody tests for various reasons, including, among others, if it becomes insolvent,
if a United States regulatory authority or other governments block the import or sale of the COVID-19 tests or if it fails to maintain
its rights to manufacture the COVID-19 test. If we are unable to keep up with demand for the COVID-19 antibody test kits, our revenue
growth could be impaired, market acceptance for the test could be adversely affected, and our customers might instead purchase our competitors'
diagnostic tests.
We
have relied and expect to continue to rely on third parties to conduct studies of the COVID-19 diagnostic tests that will be required
by the FDA or other regulatory authorities, and those third parties may not perform satisfactorily.
Although
we are selling our COVID-19 antibody test kits by virtue of recent FDA guidance allowing for reduced product clinical and analytical
studies, we have relied on third parties, such as independent testing laboratories and hospitals, to conduct such studies. Our reliance
on these third parties will reduce our control over these activities. These third-party contractors may not complete activities on schedule
or conduct studies in accordance with regulatory requirements or our study design. We cannot control whether they devote sufficient time,
skill and resources to our studies. Our reliance on third parties that we do not control will not relieve us of any applicable requirement
to prepare, and ensure compliance with, various procedures required under good clinical practices. If these third parties do not successfully
carry out their contractual duties or regulatory obligations or meet expected deadlines, if the third parties need to be replaced or
if the quality or accuracy of the data they obtain is compromised due to their failure to adhere to our clinical protocols or regulatory
requirements or for other reasons, our studies may be extended, delayed, suspended or terminated, and we may not be able to obtain regulatory
approval for additional diagnostic tests.
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Risks
Related to our Tollovid and Tollovir Covid-19 Remedies
There
can be no assurance that we will be able to purchase ingredients for our Tollovid™ and Tollovir™ Covid-19 remedies..
Both
our dietary supplement, Tollovid, for the treatment of Covid-19, and our antiviral remedy, Tollovir, for the treatment of Covid-19, are
dependent upon the use of specialized ingredients. Tollovid, a mix of botanical extracts, is being targeted to support healthy immune
function against circulating coronaviruses. Tollovid's mechanism of action is to inhibit the activity of the 3CL protease, a key
protease required for the intracellular replication of coronaviruses. We have contracted to purchase a controlling interest in our subsidiary
3CL Science Ltd. The other shareholder in 3CL Science is Israeli-based biotech company, NLC Pharma. 3CL Science will advance a theragnostic
program targeting the 3CL protease, a key enzyme required for coronaviruses to replicate and infect other cells. There can be no assurance
that 3CL Science will be able to purchase sufficient ingredients of a high enough quality at a reasonable price (or at any price at all)
to manufacture Tollovid or Tollovir.
We
rely on a third party to manufacture Tollovid and Tollovir for us, and if such third party refuses or is unable to supply us with Tollovid
or Tollovir, our business will be materially harmed.
We
rely on a third party to manufacture Tollovid and Tollovir. If any issues arise with respect to the manufacturer's ability to manufacture
and deliver to us Tollovid and/or Tollovir, our business could be materially harmed. In addition, the manufacturer may be unable to provide
us with an adequate supply of Tollovid and/or Tollovir for various reasons, including, among others, if it becomes insolvent, if a United
States regulatory authority or other governments block the import or sale of Tollovid and/or Tollovir and/or any of their respective
ingredients, or if it fails to maintain its rights to manufacture Tollovid and/or Tollovir. If we are unable to keep up with demand for
Tollovid or Tollovir, our revenue growth could be impaired, market acceptance for the treatments could be adversely affected, and our
customers might instead purchase other Covid-19 treatments.
We
have relied and expect to continue to rely on third parties to conduct studies of Tollovid and Tollovir that will be required by the
FDA or other regulatory authorities, and those third parties may not perform satisfactorily.
There
can be no assurance of market acceptance for Tollovid and/or Tollovir.
The
commercial success of our Tollovid and Tollovir treatments will depend upon their acceptance as medically useful and cost-effective by
physicians and other members of the medical community, patients and third-party payers. Broad market acceptance can be achieved only
with substantial education about the benefits and limitations of Tollovid and Tollovir, as well as resolution of concerns about their
appropriate use. Our reputation and the public image of Tollovid and Tollovir may be impaired if they fail to perform as expected or
are perceived as difficult to use. Despite quality control testing, defects or errors could occur with our products. Thus, there can
be no assurance that Tollovid and/or Tollovir will gain market acceptance on a timely basis, if at all, and purchasers of Covid-19 treatments
could choose to purchase competitors' products instead. Failure to achieve market acceptance and/or the impact of strong competition
will have a material adverse effect on our business, financial condition and results of operations.
Drug
development is a long, expensive and uncertain process, and delay or failure can occur at any stage of any of our clinical trials.
To
gain approval to market a product for the treatment of a specific disease, we must provide the FDA and foreign regulatory authorities
with clinical data that adequately demonstrate the safety and efficacy of that product for the intended indication applied for in the
NDA or respective regulatory file. Drug development is a long, expensive and uncertain process, and delay or failure can occur at any
stage of any of our clinical trials. A number of companies in the pharmaceutical industry, including biotechnology companies, have suffered
significant setbacks in clinical trials, even after promising results in earlier preclinical or clinical trials. These setbacks have
been caused by, among other things, preclinical findings made while clinical studies were underway, and safety or efficacy observations
made in clinical studies. Success in preclinical testing and early clinical trials does not ensure that later clinical trials will be
successful, and the results of clinical trials by other parties may not be indicative of the results in trials we may conduct. Our Tollovir
antiviral treatment for Covid-19 will have to be the subject of clinical trials in order to gain regulatory approval to use it in the
treatment of Covid-19. There can be no assurances that such approval will be obtained.
We
may not succeed in completing the development of our cancer detection products, commercializing our products or generating significant
revenues.
From
the commencement of our operations until March 2020, we have focused on the research and development and limited clinical trials of our
cancer detection kits. Our ability to generate revenues and achieve profitability in the long run depends on our ability to successfully
complete the development of our products, obtain market approval and generate significant revenues. The future success of our business
cannot be determined at this time, and we do not anticipate generating revenues from cancer detection product sales for the foreseeable
future. At the same time, we recognize that the recent development of several vaccines for COVID-19 may make our COVID-19 tests less
valuable. In addition, we face a number of challenges with respect to our future commercialization efforts of our products that do not
relate to COVID-19, including, among others, that:
●
we may not have adequate
    financial or other resources to complete the development of our products;
●
we may not be able to manufacture
    our products in commercial quantities, at an adequate quality or at an acceptable cost;
●
we may not be able to meet
    the timing schedule for (a) completing successful clinical trials in the U.S.; and (b) receiving U.S. Food and Drug Administration,
    or FDA, approval within our goal of approximately two to four years;
●
we may not be able to maintain
    our CE mark due to the regulatory changes;
18
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●
we may never receive FDA
    approval, for our intended development plan;
●
we may not be able to establish
    adequate sales, marketing and distribution channels;
●
healthcare professionals
    and patients may not accept our cancer detection kits;
●
technological breakthroughs
    in cancer detection, treatment and prevention may reduce the demand for our products;
●
changes in the market for
    cancer detection, new alliances between existing market participants and the entrance of new market participants may interfere with
    our market penetration efforts;
●
third-party payors may
    not agree to reimburse patients for any or all of the purchase price of our products, which may adversely affect patients'
    willingness to purchase our cancer detection kits;
●
uncertainty as to market
    demand may result in inefficient pricing of our cancer detection kits;
●
we may face third-party
    claims of intellectual property infringement;
●
we may fail to obtain or
    maintain regulatory approvals for our cancer detection kits in our target markets or may face adverse regulatory or legal actions
    relating to our cancer detection kits even if regulatory approval is obtained; and
●
we are dependent upon the
    results of ongoing clinical studies relating to our cancer detection kits and the products of our competitors. We may fail in obtaining
    positive results.
If
we are unable to meet any one or more of these challenges successfully, our ability to effectively commercialize our cancer detection
kits could be limited, which in turn could have a material adverse effect on our business, financial condition and results of operations.
We
are currently in the process of improving our technology and adapting to the high throughput methodology.
We
believe our existing protocols and measurement instruments are sufficient to support the initial commercial launch in Israel and Europe.
However, we plan to change our protocol and measurement instrument as well as our sample handling in order to adapt it to new high throughput
methodology once we have successfully commercialized and have begun research activities on this second-generation protocols and measurement
instruments. The changes we plan to implement in the second-generation protocol and measurement instrument are significant. The new protocol
aims to be more robust, reproducible, fast and easy to handle, however, this transformation from the older manual protocol to the new
protocol incurs several risks. To our management's knowledge, the new protocol will not impact the previously obtained European
Conformity, or CE, mark of approval of the TBIA test. The results may not be as promising as the former version and although some procedures
may be more reproducible, these procedures will unfortunately damage some molecules, which were part of the diagnostic features in the
previous protocol.
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The
previous tests we performed were preliminary or limited un-blinded studies.
We
consider the tests conducted by us, as of the current date, under our method, to be preliminary or limited, as they include a relatively
small number of test subjects. Thus, there is a risk in having less sufficient sensitivity and/or specificity in the trials we plan on
conducting with larger populations, in comparison to the preliminary data we have gathered thus far. Increasing the population can increase
the variance in the medical condition of the control patients as well as the cancer patients, thus affecting our test performances with
regard to cancer detection.
If
healthcare professionals do not recommend our product to their patients, our cancer detection kits may not achieve market acceptance
and we may not become profitable.
Cancer
detection candidates are generally referred to a specified device by their healthcare professional and detection technologies are purchased
by prescription. If healthcare professionals, including physicians, do not recommend or prescribe our product to their patients, our
cancer detection kits may not achieve market acceptance and we may not become profitable. In addition, physicians have historically been
slow to change their medical diagnostic and treatment practices because of perceived liability risks arising from the use of new products.
Delayed adoption of our cancer detection kits by healthcare professionals could lead to a delayed adoption by patients and third-party
payors. Healthcare professionals may not recommend or prescribe our cancer detection kits until certain conditions have been satisfied,
including, among others:
●
sufficient long-term clinical
    evidence to convince them to supplement their existing detection methods and device recommendations;
●
recommendations from other
    prominent physicians, educators and/or associations that our cancer detection kits are safe and effective;
●
obtainment of favorable
    data from clinical studies for our cancer detection kits; and
●
availability of reimbursement
    or insurance coverage from third-party payors.
We
cannot predict when, if ever, healthcare professionals and patients may adopt the use of our cancer detection kits. Even if favorable
data is obtained from clinical studies for our cancer detection kits, there can be no assurance that physicians would endorse it or that
future clinical studies will continue to produce favorable data regarding our cancer detection kits. In addition, prolonged market exposure
may also be a pre-requisite to reimbursement or insurance coverage from third-party payors. If our cancer detection kits do not achieve
an adequate level of acceptance by patients, healthcare professionals and third-party payors, we may not generate significant product
revenues and we may not become profitable.
Our
reliance on limited source suppliers could harm our ability to meet demand for our product in a timely manner or within budget.
We
currently depend on a limited number of source suppliers for some of the components necessary for the production of our product. Our
current suppliers have been able to supply the required quantities of such components to date. However, if the supply of these components
is disrupted or terminated or if our current suppliers are unable to supply required quantities of components, we may not be able to
find alternative sources for these key components in a timely manner. Although we are planning to maintain strategic inventory of key
components, the inventory may not be sufficient to satisfy the demand for our products if such supply is interrupted or otherwise affected
by catastrophic events such as a fire at our storage facility. As a result, we may be unable to meet the demand for our testing kits,
which could harm our ability to generate revenues, lead to customer dissatisfaction and damage our reputation. If we are required to
change the manufacturer of any of these key components, there may be a significant delay in locating a suitable alternative manufacturer.
The delays associated with the identification of a new manufacturer could delay our ability to manufacture our testing kits in a timely
manner or within budget. Furthermore, in the event that the manufacturer of a key component of our testing kits ceases operations or
otherwise ceases to do business with us, we may not have access to the information necessary to enable another supplier to manufacture
the component. The occurrence of any of these events could harm our ability to meet demand for our testing kits in a timely manner or
within budget.
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We
have sent a demand letter to a significant customer, which has not yet paid for some of the Covid-19 testing kits that we supplied to
it.
During
the first quarter of 2021, the Company's contractual agreement to supply Covid-19 testing kits to NOAH Laboratories, Inc., a significant
customer, expired. At the customer's request, the Company continued to supply Covid-19 testing kits until such time as the customer
requested that the Company stop doing so. The customer has not yet paid for some of the Covid-19 testing kits so supplied, and has not
renewed its agreement with the Company. On November 15, 2021, Todos USA sent a demand letter (the "Demand Letter") to a significant
customer with which our contractual agreement to supply Covid-19 testing kits expired. The Demand Letter seeks (a) payment for testing
kits that Todos USA supplied for which it was not paid, in the amount of $3,465,000, (b) the return of Todos USA's equipment, title
to which remains with Todos USA unless and until the significant customer meets a minimum purchase requirement, and (c) payment of damages
as a result of the significant customer's unlawful retention of Todos USA's equipment, in an amount anticipated to be $2
million. The Company and Todos USA are negotiating a settlement with NOAH Laboratories, Inc., which the Company believes will result
in most of the Company's demands being met. The Company believes that ultimately the customer will pay for the Covid-19 testing
kits so supplied. Should the customer not make payment in full of all amounts owed to the Company, it could have a material adverse effect
on the Company's revenues from the sale of Covid-19 testing kits.
The
use of any of our products could result in product liability or similar claims that could have an adverse effect on our business, financial
condition, results of operations and our reputation.
Our
business exposes us to an inherent risk of potential product liability or similar claims related to the manufacturing, marketing and
sale of medical devices. The medical device industry has historically been litigious, and we face financial exposure to product liability
or similar claims if the use of our kits were to cause or contribute to injury or death, including, without limitation, harm to the body
caused by the procedure or inaccurate diagnoses from the procedure that could affect treatment options. There is also the possibility
that defects in the design or manufacture of any of these products might necessitate a product recall. Although we plan to maintain product
liability insurance, the coverage limits of these policies may not be adequate to cover future claims. In the future, we may be unable
to maintain product liability insurance on acceptable terms or at reasonable costs and such insurance may not provide us with adequate
coverage against potential liabilities. A product liability claim, regardless of merit or ultimate outcome, or any product recall could
result in substantial costs to us, damage to our reputation, customer dissatisfaction and frustration, and a substantial diversion of
management attention. A successful claim brought against us in excess of, or outside of, our insurance coverage could have a material
adverse effect on our business, financial condition, results of operations and our reputation.
We
will require additional funding in order to commercialize our cancer detection kits and to develop and commercialize any future products.
Assuming
we are successful in raising additional capital, we will continue our efforts to commercialize our cancer detection kits.
In
order to market and sell our products in Israel, we require the approval of the Ministry of Health. To the best of our knowledge, approval
of our products by the Ministry of Health requires us to comply with CE mark approval and International Organization for Standardization
(ISO) 13485 (both of which we have already obtained). We were previously approved to sell our products in Israel, and we have restarted
the regulatory approval process in Israel and expect the regulatory approval process in Israel to take until the end of the second quarter
of 2022, although there may be delays due to the backlog from the Coronavirus pandemic.
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Furthermore,
if adequate additional financing on acceptable terms is not available, we may not be able to develop our cancer detection kits at the
rate or to the stage we desire, and we may have to delay or abandon the commercialization of our cancer detection kits. Alternatively,
we may be required to prematurely license to third parties the rights to further develop or to commercialize our cancer detection kits
on terms that are not favorable to us. Any of these factors could materially adversely affect our business, financial condition and results
of operations.
We
are entering a potentially highly competitive market.
Early
detection is vital to the treatment of cancer, which is also the focus area of our products. The diagnostic, pharmaceutical and biopharmaceutical
industries are characterized by intense competition and rapid, significant technological changes. Many companies, research institutions
and universities are conducting research and development in a number of areas similar to those that we focus on that could lead to the
development of new products which could possibly compete with our own. Most of the companies against which we will compete have substantially
greater financial, technical, manufacturing, marketing, distribution and other resources. A number of these companies may have or may
develop technologies for developing products for detecting various cancers that could prove to be the same or even superior to ours.
We expect technological developments in the diagnostic, pharmaceutical, biopharmaceutical and related fields to occur at a rapid rate,
and we believe competition will intensify as advances in these fields are made.
Our
future success depends in part on our ability to retain our executive officers and to attract, retain and motivate other qualified personnel.
We
are highly dependent on the principal members of our management, research and development team and scientific staff. In order to implement
our business strategy, we will need to attract and retain key personnel with expertise in the areas of research and development, clinical
testing, government regulation, manufacturing, finance, marketing and sales. The inability to recruit and retain qualified personnel,
or the loss of the services of our executive officers, without proper replacement, may impede the progress of our development and commercialization
objectives.
There
are future financial risks associated with funding our business operations with loans.
It
is highly likely that we will find it necessary to borrow funds from banks or other financial institutions. In particular, despite the
fact that we have repurchased a significant portion of our convertible debt, we may still need to borrow money in order to repurchase
additional convertible debt that we have issued to finance our operations, the conversion of which may have a depressant effect on our
share price. No assurances can be given that, at the time we desire to borrow funds, banks or other financial institutions will be willing
to loan funds to us or that, if willing, they will do so on terms acceptable to our management. If we cannot borrow sufficient funds
for our operations, that might have a material adverse effect on our business, financial condition or operating results.
We
may become involved in legal proceedings.
From
time to time, we may become involved in various lawsuits and legal proceedings, including securities class action litigation. In the
past, biotechnology and pharmaceutical companies have experienced significant share price volatility, particularly when associated with
binary events such as clinical trials and product approvals. If we face such litigation, it could result in substantial costs and a diversion
of management's attention and resources, which could harm our business and result in a decline in the market price of our Ordinary
Shares.
We
may face tax exposure as a result of the NLC/3CL transaction.
On
March 11, 2022, the Company entered into a Share Purchase Agreement (the "SPA") with 3CL Sciences Ltd. ("3CL"),
an Israeli corporation, and NLC Pharma Ltd. ("NLC"), an Israeli corporation, pursuant to which (a) 3CL Sciences will purchase
all therapeutic, diagnostic, dietary supplement and pharmaceutical assets from NLC that relate to 3CL protease biology from NLC in exchange
for a 100% equity interest in 3CL, (b) 3CL will allot 30.5% of its shares to the Company in exchange for a total cash commitment of $8
million, (c) NLC will sell 7.54% of 3CL's issued and outstanding shares to the Company in exchange for a total cash commitment
of $2 million, and (d) NLC will exchange 14.31% of 3CL's issued and outstanding shares for shares of the Company having a market
value of $3,800,000 on the day prior to the Closing, such that the Company will own 52% of 3CL's issued and outstanding share capital
and NLC will own 48% of 3CL's issued and outstanding share capital. The Company and NLC have agreed to identify a seasoned biopharmaceutical
CEO to manage 3CL going forward. The board of directors of 3CL Sciences will be made up of five (5) individuals: three (3) appointed
by the Company and two (2) appointed by NLC.
To
the extent that the value of the assets transferred to us in the transaction are not comparable to the value of our Ordinary Shares issued
to NLC pursuant to the Share Purchase Agreement, we may face tax exposure in both Israel and the United States.
We
may face tax exposure as a result of the Provista transaction.
On
April 19, 2021, the Company entered into an Agreement to Purchase Provista Diagnostics, Inc. ("Agreement to Purchase") with
Strategic Investment Holdings, LLC ("SIH"), Ascenda BioSciences LLC ("Ascenda") and Provista Diagnostics, Inc.
("Provista"). Ascenda was the sole owner of the outstanding securities of Provista and SIH is the sole owner of all the outstanding
securities of Ascenda.
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Pursuant
to the Agreement to Purchase, the Company acquired Provista from Ascenda and SIH for an aggregate purchase price of $7.5 million consisting
of an initial cash payment of $1.25 million, the issuance of $1.5 million in Ordinary Shares of the Company priced at $0.0512 per share,
the issuance of a $3.5 million convertible promissory note dated April 19, 2021 (the "Note") and the payment on for before
July 1, 2021 of $1.25 million in cash (the "July Payment"), which payment the Company had the right to, and did, extend to
July 15, 2021. The Provista shares acquired by the Company remained in an escrow account until the July Payment was made. The Note has
a maturity date of April 8, 2025, and is convertible beginning on October 20, 2021, into Ordinary Shares of the Company at a conversion
price equal to the lesser of $0.05 or the volume weighted average price of the last 20 trading days for the Ordinary Shares prior to
the date of conversion. In the event SIH delivers a Notice of Conversion to the Company at a per share price less than $0.05 ($0.05),
the Company has the right to immediately notify SIH of its intention to pay the conversion amount in cash within three (3) business days
of receipt of the Notice of Conversion (i.e., before SIH would take possession of shares converted under the Notice of Conversion). If,
at any time between October 20, 2021 and April 20, 2022, the average of the lowest bid and closing sale price at 4:00:00 p.m., New York
time (or such other time as such market publicly announces is the official close of trading) is below ($0.05), the Company has the option
to buy out all or any portion of the Note (the "Buyback Option"). In the event the Company exercises the Buyback Option for
an amount equal to or greater than one million, one hundred seventy thousand dollars ($1,170,000) (the "Buyback Amount"),
SIH may not submit any conversions below five cents ($0.05) for ninety (90) days from receipt of the Buyback Amount ("90 Day Period").
In
the event that the Company uplists its Ordinary Shares to a national securities exchange, the Note shall automatically be exchanged into
ordinary shares with a conversion price equal to the lesser of (a) $0.05, (b) the opening price on the day of the uplisting provides
there is no transaction associated with the uplisting or (c) the deal price of an uplisting transaction.
As
of the date of this prospectus, SIH has not submitted a Conversion Notice.
To
the extent that the value of the assets transferred to us in the transaction are not comparable to the value of our Ordinary Shares issued
to SIH pursuant to the Option Agreement, we may face tax exposure in both Israel and the United States.
We
may face tax liability as a result of the Amarantus transaction
.
On
February 27, 2019, we entered into a joint venture agreement with Amarantus Bioscience Holdings, Inc. ("Amarantus") pursuant
to which we issued Ordinary Shares representing 19.99% of the then-issued and outstanding Ordinary Shares of our Company to Amarantus,
in exchange for Amarantus transferring to us 19.99% of Breakthrough, which was then a wholly-owned subsidiary of Amarantus, and for Amarantus
assigning its amended and restated license agreement with the University of Leipzig for an exclusive license to develop and commercialize
the LymPro Test®, an immune-based neurodiagnostic blood test for the detection of Alzheimer's disease (the "License").
On April 14, 2019, we notified Amarantus of the Company's decision to exercise its option to acquire the remaining 80.01% of Breakthrough
held by Amarantus in exchange for the issuance to Amarantus of Ordinary Shares of the Company representing an additional thirty percent
(30%) of the Company's then-issued and outstanding share capital, such that the Company would own 100% of Breakthrough, and Amarantus
would own 49.99% of the Company. At the annual meeting of shareholders of the Company held on April 29, 2019, the Company's shareholders
voted on a resolution approving the Company's exercise of this option. On July 28, 2020, the Company entered into Amendment No.
1 to the Binding Joint Venture Agreement with Amarantus pursuant to which the parties agreed that the Company would issue 49.9% of its
Ordinary Shares as of December 31, 2019 to Amarantus in exchange for the 80.01% equity interest it does not own of Breakthrough Diagnostics,
Inc. In addition, Amarantus will receive a 10% royalty on LymPro intellectual property. On July 28, 2020, the Company exercised this
option and issued an additional 67,599,796 Ordinary Shares to Amarantus. To the extent that the value of the assets transferred to us
in the transaction is not comparable to the value of our Ordinary Shares issued to Amarantus in this transaction, we may face a tax exposure
in both Israel and the United States.
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Our
U.S. Holders may suffer adverse tax consequences if we were to be characterized as a passive foreign investment company, or PFIC.
Generally,
if for any taxable year 75% or more of our gross income is passive income, or at least 50% of our assets are held for the production
of, or produce, passive income, we would be characterized as a passive foreign investment company, or PFIC, for U.S. federal income tax
purposes. There can be no assurance that we will not be classified as a PFIC in any year. If we were to be characterized as a PFIC for
U.S. federal income tax purposes in any taxable year during which a U.S. Holder, as defined in "
Taxation- U.S. Tax Considerations
",
owns Ordinary Shares, such U.S. Holder could face adverse U.S. federal income tax consequences, including having gains realized on the
sale of our Ordinary Shares classified as ordinary income, rather than as capital gains, a loss of the preferential rate applicable to
dividends received on our Ordinary Shares by individuals who are U.S. Holders and having interest charges apply to distributions by us
and the proceeds of share sales. Certain elections exist that may alleviate some of the adverse consequences of PFIC status and would
result in an alternative treatment (such as mark-to-market treatment) of our Ordinary Shares; however, we do not intend to provide the
information necessary for U.S. Holders to make "qualified electing fund elections", or QEF elections, if we are classified
as a PFIC, and, accordingly, such elections would not be available to U.S. Holders. See "
Taxation - U.S. Tax Considerations
".
Our
business may be adversely affected by the ongoing Coronavirus pandemic.
The
outbreak of the novel Coronavirus (COVID-19) has evolved into a global pandemic. The Coronavirus has spread to many regions of the world.
The extent to which the Coronavirus impacts our business and operating results will depend on future developments that are highly uncertain
and cannot be accurately predicted, including new information that may emerge concerning the Coronavirus and the actions to contain the
Coronavirus or treat its impact, among others.
As
a result of the continuing spread of the Coronavirus, certain aspects of our cancer testing business operations may be delayed. Specifically,
as a result of shelter-in-place orders and other mandated local travel restrictions, among other things, the research and development
activities of certain of our partners may be affected, resulting in delays to our clinical trials, and we can provide no assurance as
to when such trials will resume at this time.
Furthermore,
site initiation, participant recruitment and enrollment, participant dosing, distribution of clinical trial materials, study monitoring,
and data analysis may be paused or delayed due to changes in hospital or university policies, federal, state or local or foreign regulations,
prioritization of hospital resources toward pandemic efforts, or other reasons related to the pandemic. If the Coronavirus continues
to spread, some participants and clinical investigators may not be able to comply with clinical trial protocols. For example, quarantines
or other travel limitations (whether voluntary or required) may impede participant movement, affect sponsor access to study sites, or
interrupt healthcare services, and we may be unable to conduct our clinical trials. Further, if the spread of the Coronavirus pandemic
continues and our operations are adversely impacted, we risk a delay, default and/or non-performance under existing agreements which
may increase our costs. These cost increases may not be fully recoverable or adequately covered by insurance.
Infections
and deaths related to the pandemic may disrupt the United States' or other countries' healthcare and healthcare regulatory
systems. Such disruptions could divert healthcare resources away from, or materially delay FDA or foreign regulatory agency review and/or
approval with respect to, our clinical trials. It is unknown how long these disruptions could continue, were they to occur. Any elongation
or de-prioritization of our clinical trials or delay in regulatory review resulting from such disruptions could materially affect the
development and study of our product candidates.
We
currently utilize third parties to, among other things, manufacture raw materials. If any third-party party in the supply chain for materials
used in the production of our product candidates is adversely impacted by restrictions resulting from the Coronavirus outbreak, our supply
chain may be disrupted, limiting our ability to manufacture our product candidates for our clinical trials and research and development
operations.
On
the other hand, we have produced revenue as a result of the Coronavirus pandemic through our testing products and our Tollovid nutritional
supplement. If the Coronavirus pandemic were to end completely, these revenues will disappear. Notwithstanding the development of several
vaccines against the Coronavirus, it appears that for now, at least, the Coronavirus pandemic is not ending in many countries, and we
expect to continue to produce revenue from our Coronavirus testing and from Tollovid (as well as from Tollovir if it is commercialized)
for at least the next 12 months.
The
spread of the Coronavirus, which has caused a broad impact globally, including restrictions on travel and quarantine policies put into
place by businesses and governments, may have a material economic effect on our business. While the potential economic impact brought
by and the duration of the pandemic may be difficult to assess or predict, it has already caused, and is likely to result in further,
significant disruption of global financial markets, which may reduce our ability to access capital either at all or on favorable terms.
In addition, a recession, depression or other sustained adverse market event resulting from the spread of the Coronavirus could materially
and adversely affect our business and the value of our Ordinary Shares.
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The
ultimate impact of the current pandemic, or any other health epidemic, is highly uncertain and subject to change. We do not yet know
the full extent of potential delays or impacts on our business, our clinical trials, our research programs, healthcare systems or the
global economy as a whole. However, these effects could have a material impact on our operations, and we will continue to monitor the
situation closely.
Unstable
market and economic conditions may have serious adverse consequences on our business, financial condition and share price.
The
global economy, including credit and financial markets, has experienced extreme volatility and disruptions, including severely diminished
liquidity and credit availability, declines in consumer confidence, declines in economic growth, increases in unemployment rates, increases
in inflation rates and uncertainty about economic stability. For example, the COVID-19 pandemic resulted in widespread unemployment,
economic slowdown and extreme volatility in the capital markets. Similarly, the current conflict between Ukraine and Russia has created
extreme volatility in the global capital markets and is expected to have further global economic consequences, including disruptions
of the global supply chain and energy markets. Any such volatility and disruptions may have adverse consequences on us or the third parties
on whom we rely. If the equity and credit markets deteriorate, including as a result of political unrest or war, it may make any necessary
debt or equity financing more difficult to obtain in a timely manner or on favorable terms, more costly or more dilutive.
Risks
Related to Our Intellectual Property
We
may not successfully maintain our existing license agreement with BGU and Soroka, and we are currently not in compliance with the repayment
terms of the license agreement, which could adversely affect our ability to develop and commercialize our product candidates.
We
rely on our existing License Agreement with BGU and Soroka with respect to the development of our core cancer technology, TBIA. Our failure
to maintain our existing license could adversely affect our ability to develop and commercialize our product candidates and could adversely
affect our business prospects, financial condition or ability to develop and commercialize our product candidates.
We
may not be able to further establish or maintain such licensing and collaboration arrangements necessary to develop and commercialize
our product candidates. Even if we are able to maintain or establish licensing or collaboration arrangements, these arrangements may
not be on favorable terms and may contain provisions that will restrict our ability to develop, test and market our product candidates.
Any failure to maintain or establish licensing or collaboration arrangements on favorable terms could adversely affect our business prospects,
financial condition or ability to develop and commercialize our product candidates.
Our
license agreement contains provisions that could give rise to disputes regarding the rights and obligations of the parties. These and
other possible disagreements could lead to termination of the agreement or delays in collaborative research, development, supply, or
commercialization of certain product candidates, or could require or result in litigation or arbitration. Moreover, disagreements could
arise with our collaborators over rights to intellectual property or our rights to share in any of the future revenues of products developed
by our collaborators. These kinds of disagreements could result in costly and time-consuming litigation. Any such conflicts with our
collaborators could reduce our ability to obtain future collaboration agreements and could have a negative impact on our relationship
with existing collaborators.
If
we are unable to protect our intellectual property rights, our competitive position could be harmed.
Our
success and ability to compete depends in large part upon our ability to protect our intellectual property. We face several risks and
uncertainties in connection with our intellectual property rights, including, among others:
●
pending and
    future patent applications may not result in the issuance of patents or, if issued, may not be issued in a form that will be advantageous
    to us;
●
our issued patents may
    be challenged, invalidated or legally circumvented by third parties;
●
our patents may not be
    upheld as valid and enforceable or prevent the development of competitive products;
●
the eligibility of certain
    inventions related to diagnostic medicine, more specifically diagnostic methods and processes, for patent protection in the United
    States has been limited recently which may affect our ability to enforce our issued patents in the United States or may make it difficult
    to obtain broad patent protection going forward in the United States;
●
for a variety of reasons,
    we may decide not to file for patent protection on various improvements or additional features; and
●
intellectual property protection
    and/or enforcement may be unavailable or limited in some countries where laws or law enforcement practices may not protect our proprietary
    rights to the same extent as the laws of the United States, the European Union, or Israel.
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Consequently,
our competitors could develop, manufacture and sell products that directly compete with our products, which could decrease our sales
and diminish our ability to compete. In addition, competitors could attempt to develop their own competitive technologies that fall outside
of our intellectual property rights. If our intellectual property does not adequately protect us from our competitors' products
and methods, our competitive position could be materially adversely affected.
Because
the medical device industry is litigious, we are susceptible to intellectual property suits that could cause us to incur substantial
costs or pay substantial damages or prohibit us from selling our cancer detection kits.
There
is a substantial amount of litigation over patent and other intellectual property rights in the medical device industry. Whether or not
a product infringes a patent involves complex legal and factual considerations, the determination of which is often uncertain. Our management
is presently unaware of any other parties' valid patents and proprietary rights which our evolving product designs would infringe.
Searches typically performed to identify potentially infringed patents of third parties are often not conclusive and, because patent
applications can take many years to issue, there may be applications now pending, which may later result in issued patents which our
current or future products may infringe. In addition, our competitors or other parties may assert that our cancer detection kits, and
the methods employed may be covered by patents held by them. If any of our products infringes a valid patent, we could be prevented from
manufacturing or selling such product unless we are able to obtain a license or able to redesign the product in such a manner as to avoid
infringement. A license may not always be available or may require us to pay substantial royalties. We also may not be successful in
any attempt to redesign our product to avoid infringement. Infringement and other intellectual property claims, with or without merit,
can be expensive and time-consuming to litigate and could divert our management's attention from operating our business.
The
steps we have taken to protect our intellectual property may not be adequate, which could have a material adverse effect on our ability
to compete in the market.
In
addition to filing patent applications, we rely on confidentiality, non-compete, non-disclosure and assignment of inventions provisions,
as appropriate, in our agreements with our employees, consultants, and service providers, to protect and otherwise seek to control access
to, and distribution of, our proprietary information. These measures may not be adequate to protect our intellectual property from unauthorized
disclosure, third-party infringement or misappropriation, for the following reasons:
●
the agreements may be breached,
    may not provide the scope of protection we believe they provide or may be determined to be unenforceable;
●
we may have inadequate
    remedies for any breach;
●
proprietary information
    could be disclosed to our competitors; or
●
others may independently
    develop substantially equivalent or superior proprietary information and techniques or otherwise gain access to our trade secrets
    or disclose such technologies.
Specifically,
with respect to non-compete agreements, we may be unable to enforce these agreements, in whole or in part, and it may be difficult for
us to restrict our competitors from gaining the expertise that our former employees gained while working for us. If our intellectual
property is disclosed or misappropriated, it could harm our ability to protect our rights and could have a material adverse effect on
our business, financial condition and results of operations.
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We
may need to initiate lawsuits to protect or enforce our patents and other intellectual property rights, which could be expensive and,
if we lose, could cause us to lose some of our intellectual property rights, which would harm our ability to compete in the market.
We
rely on patents to protect a portion of our intellectual property and our competitive position. Patent law relating to the scope of claims
in the technology fields in which we operate is still evolving and, consequently, patent positions in the medical device industry are
generally uncertain. In order to protect or enforce our patent rights, we may initiate patent and related litigation against third parties,
such as infringement suits or interference proceedings. Any lawsuits that we initiate could be expensive, take significant time and divert
our management's attention from other business concerns and the outcome of litigation to enforce our intellectual property rights
in patents, copyrights, trade secrets or trademarks is highly unpredictable. Litigation also puts our patents at risk of being invalidated
or interpreted narrowly and our patent applications at risk of not issuing. In addition, we may provoke third parties to assert claims
against us. We may not prevail in any lawsuits that we initiate, and the damages or other remedies awarded, including attorney fees,
if any, may not be commercially valuable. The occurrence of any of these events could have a material adverse effect on our business,
financial condition and results of operations.
Risks
Related to Regulations
If
we or our future distributors do not obtain and maintain the necessary regulatory clearances or approvals in a specific country or region,
we will not be able to market and sell our cancer detection kits or future products in that country or region.
We
intend to market our cancer detection kits in a number of international markets. To be able to market and sell our cancer detection kits
in a specific country or region, we or our distributors must comply with the regulations of that country or region. While the regulations
of some countries do not impose barriers to marketing and selling part or all of our products or only require notification, others require
that we or our distributors obtain the approval of a specified regulatory authority. These regulations, including the requirements for
approvals and the time required for regulatory review, vary from country to country. Obtaining regulatory approvals is expensive and
time-consuming, and we cannot be certain that we or our distributors will receive regulatory approvals for our cancer detection kits
or any future products in each country or region in which we plan to market such products. If we modify our cancer detection kits or
any future products, we or our distributors may need to apply for new regulatory approvals or regulatory authorities may need to review
the planned changes before we are permitted to sell them.
We
obtained approval to use the European CE mark on December 9, 2013 with the receipt of a Certificate of Conformance from our regulatory
authorized representative in Europe. The European regulatory demands regarding IVD have recently been revised and major changes need
to be made in order to keep our CE Mark. These changes will need to be made by 2022. We may not meet the quality and safety standards
required to maintain any authorizations we receive in the future or maintain the CE Certificate of Conformance that we have already received.
If we or our distributors are unable to maintain our authorizations or CE Certificate of Conformance in a particular country or region,
we will no longer be able to sell our cancer detection kits or any future products in that country or region, and our ability to generate
revenues will be materially and adversely affected.
If
we are unable to successfully complete clinical trials with respect to our cancer detection kits, we may be unable to receive regulatory
approvals or clearances for our cancer detection kits and/or our ability to achieve market acceptance of our cancer detection kits will
be harmed.
The
development of cancer diagnostics typically includes pre-clinical studies. Certain other devices require the submission of data generated
from clinical trials, which can be a long, expensive and uncertain process, subject to delays and failure at any stage. The data obtained
from the studies and trials may be inadequate to support regulatory clearances or approvals, or to obtain third country approval equivalent
to the European CE mark of approval, or to allow market acceptance of the products being studied. Our cancer detection kits are currently
undergoing clinical development.
We
conducted clinical studies in cooperation with leading hospitals in Israel. A study with Soroka (along with BGU) formed the basis of
our methodology. We then conducted studies, with both Rabin Medical Center, or Rabin, and Kaplan Medical Center, or Kaplan, which focused
on breast and colorectal cancers.
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As
for the FDA, our products' intended use or other specifications that are under development today may not be accepted by the FDA.
Under such circumstances, we may be required to change the intended use or specifications of our products, and be required to perform
additional trials and provide new supportive material to the FDA.
We
are an IVD company, developing proprietary technology which will analyze a blood sample to detect the presence of various cancers. Since
we are not developing a drug, we believe that we will not need to submit an investigational new drug application to the FDA prior to
conducting clinical trials in the U.S. We believe that we will only need institutional review board, or IRB, approval prior to conducting
clinical trials in the U.S.
We
expect that obtaining FDA approval for the marketing and selling of our products in the U.S. will take anywhere between two to four years
and will cost us approximately $10 million to $15 million. As we do not have this amount of money, we would need to raise additional
funds to perform clinical trials in the U.S. in order to receive FDA approval. If we are unable to raise such funds, we will not be able
proceed with our efforts to obtain FDA approval. Inability to obtain FDA approval would significantly harm our viability as a company.
We
estimate that we will need a "small pilot" clinical trial (less than 100 patients) to enable us to approach the FDA with
the results and begin a dialogue with the FDA to seek the FDA's recommendation (not their approval) as to trial size and the protocols
for future U.S. clinical trials. We plan to submit a formal application to the FDA for approval of the TBIA method after we have completed
our clinical trials in the U.S.
Upon
the closing of the Provista transaction, we acquired a Clinical Laboratory Improvement Amendments laboratory, or CLIA laboratory, and
retain our product as a Laboratory Developed Test, or LDT, which are assays developed in the laboratory for internal use, in parallel
to the FDA evaluation.
Further,
any regulatory authority whose approval we will require in order to market and sell our products in any territory may require us to submit
data on a greater number of patients than we originally anticipated and/or for a longer follow-up period, or may change the data collection
requirements or data analysis applicable to our clinical trials.
The
commencement or completion of any of our clinical studies or trials may be delayed or halted, or be inadequate to support regulatory
clearance, approval or product acceptance, or to obtain local regulatory approvals in any country that we wish to sell our products,
for numerous reasons, including, among others:
●
patients do not enroll
    in the clinical trial at the rate we expect;
●
patients do not comply
    with trial protocols;
●
patient follow-up is not
    at the rate we expect;
●
patients experience adverse
    side effects;
●
patients die during a clinical
    trial, even though their death may be unrelated to our product;
●
regulatory authorities
    do not approve a clinical trial protocol or a clinical trial, or place a clinical trial on hold;
●
IRBs, Ethics Committees
    and third-party clinical investigators may delay or reject our trial protocol and Informed Consent Form;
●
third-party clinical investigators
    decline to participate in a study or trial or do not perform a study or trial on our anticipated schedule or consistent with the
    investigator agreements, study or trial protocol, good clinical practices or FDA, IRBs, Ethics Committees, or other applicable requirements;
●
third-party organizations
    such as the Contract Research Organization, do not perform data collection, monitoring and analysis in a timely or accurate manner
    or consistent with the study or trial protocol or investigational or statistical plans;
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●
regulatory inspections
    of our studies, trials or manufacturing facilities may require us to, among other things, undertake corrective action or suspend
    or terminate our studies or clinical trials;
●
changes in governmental
    regulations or administrative actions;
●
the interim or final results
    of the study or clinical trial are inconclusive or unfavorable as to safety or efficacy; and
●
a regulatory agency or
    our notified body concludes that our trial design is or was inadequate to demonstrate different parameters of the assay.
The
results of pre-clinical and clinical studies do not necessarily predict future clinical trial results, and predecessor clinical trial
results may not be repeated in subsequent clinical trials. Additionally, any regulatory authority whose approval we will require in order
to market and sell our products in any territory may disagree with our interpretation of the data from our pre-clinical studies and clinical
trials, or may find the clinical trial design, conduct or results inadequate to demonstrate safety or efficacy, and may require us to
pursue additional pre-clinical studies or clinical trials, which could further delay the clearance or approval of the sale of our products.
The data we collect from our non-clinical testing, our pre-clinical studies and other clinical trials may not be sufficient to support
regulatory approval.
If
the third parties on which we rely to conduct our clinical trials and clinical development do not perform as contractually required or
expected, we may not be able to obtain regulatory clearance or approval for, or commercialize, our cancer detection kits or future products.
We
do not have the ability to independently conduct our clinical trials for our cancer detection kits and we must rely on third parties,
such as contract research organizations, medical institutions, clinical investigators and contract laboratories to conduct such trials.
If these third parties do not successfully carry out their contractual duties or regulatory obligations or meet expected deadlines, if
these third parties need to be replaced, or if the quality or accuracy of the data they obtain is compromised due to the failure to adhere
to our clinical protocols or regulatory requirements or for other reasons, our pre-clinical development activities or clinical trials
may be extended, delayed, suspended or terminated, and we may not be able to obtain regulatory clearance for, or successfully commercialize,
our cancer detection kits or future products on a timely basis, if at all, and our business, operating results and prospects may be adversely
affected. Furthermore, our third-party clinical trial investigators may be delayed in conducting our clinical trials for reasons outside
of their control.
The
results of our clinical trials may not support our product claims or may result in the discovery of adverse side effects.
Even
if our clinical trials are completed as planned, we cannot be certain that their results will support our product claims or that any
regulatory authority whose approval we will require in order to market and sell our products in any territory will agree with our conclusions
regarding them. Success in pre-clinical studies and early clinical trials does not ensure that later clinical trials will be successful,
and we cannot be sure that clinical trials will replicate the results of prior trials and pre-clinical studies. The clinical trial process
may fail to demonstrate that our cancer detection kits, or any future products, are safe and effective for the proposed indicated uses,
which could cause us to abandon a product and may delay development of others. Any delay or termination of our clinical trials will delay
the filing of our product submissions and, ultimately, our ability to commercialize our cancer detection kits, or any future products,
and generate revenues. It is also possible that patients enrolled in clinical trials will experience adverse side effects that are not
currently part of the product candidate's profile.
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Our
cancer detection kits may in the future be subject to product recalls that could harm our reputation, business and financial results.
The
FDA and similar foreign governmental authorities have the authority to require the recall of commercialized products in the event of
material deficiencies or defects in design or manufacture. In the case of the FDA, the authority to require a recall must be based on
an FDA finding that there is a reasonable probability that the device would cause serious injury or death. In addition, foreign governmental
bodies have the authority to require the recall of our products in the event of material deficiencies or defects in design or manufacture.
Manufacturers may, under their own initiative, recall a product if any material deficiency in a device is found. A government-mandated
or voluntary recall by us or one of our distributors could occur as a result of component failures, manufacturing errors, design or labeling
defects or other deficiencies and issues. Once marketed, recalls of any of our products, including our cancer detection kits, would divert
managerial and financial resources and have an adverse effect on our business, financial condition and results of operations. The FDA
requires that certain classifications of recalls be reported to the FDA within 10 working days after the recall is initiated. Companies
are required to maintain certain records of recalls, even if they are not reportable to the FDA. We may initiate voluntary recalls involving
our products in the future that we determine do not require us to notify the FDA. If the FDA disagrees with our determinations, they
could require us to report those actions as recalls. A future recall announcement could harm our reputation with customers and negatively
affect our sales. In addition, the FDA could take enforcement action against us based on our failure to report the recalls when they
were conducted.
If
we are unable to achieve reimbursement and coverage from third-party payors for laboratory tests using our cancer detection kits, or
if reimbursement is insufficient to create an economic benefit for purchasing or using our cancer detection kits when compared to alternative
tests, demand for our products may not grow at the rate we expect.
The
demand for our cancer detection kits will depend significantly on the eligibility of the tests performed using our cancer detection kits
for reimbursement through government-sponsored healthcare payment systems and private third-party payors. Reimbursement practices vary
significantly from country to country and within some countries, by region, and we must obtain reimbursement approvals on a country-by-country
and/or region-by-region basis. In general, the process of obtaining reimbursement and coverage approvals has been longer outside of the
United States. We may not be able to obtain reimbursement approvals in a timely manner or at all and existing reimbursement and coverage
policies may be revised from time to time by third-party payors. If physicians, hospitals and other healthcare providers are unable to
obtain sufficient coverage and reimbursement from third-party payors for tests using our cancer detection kits, if reimbursement is,
or is perceived by our customers to be, insufficient to create an economic incentive for purchasing or using our cancer detection kits,
or if such reimbursement does not adequately compensate physicians and health care providers compared to the other tests they offer,
demand for our products may not grow at the rate we expect.
Federal
and state privacy laws, and equivalent laws of third countries, may increase our costs of operation and expose us to civil and criminal
sanctions.
The
Health Insurance Portability and Accountability Act of 1996, as amended, and the regulations that have been issued under it, or collectively
HIPAA, and similar laws outside the United States, contain substantial restrictions and requirements with respect to the use and disclosure
of individuals' protected health information. The HIPAA privacy rules prohibit "covered entities," such as healthcare
providers and health plans, from using or disclosing an individual's protected health information, unless the use or disclosure
is authorized by the individual or is specifically required or permitted under the privacy rules. Under the HIPAA security rules, covered
entities must establish administrative, physical and technical safeguards to protect the confidentiality, integrity and availability
of electronic protected health information maintained or transmitted by them or by others on their behalf. While we do not believe that
we will be a covered entity under HIPAA, we believe many of our customers will be covered entities subject to HIPAA. Such customers may
require us to enter into business associate agreements, which will obligate us to safeguard certain health information we obtain in the
course of our relationship with them, restrict the manner in which we use and disclose such information and impose liability on us for
failure to meet our contractual obligations.
In
addition, under The Health Information Technology for Economic and Clinical Health Act of 2009, or HITECH, certain of HIPAA's privacy
and security requirements are now also directly applicable to "business associates" of covered entities and subject them
to direct governmental enforcement for failure to comply with these requirements. We may be deemed as a "business associate"
of some of our customers. As a result, we may be subject to civil and criminal penalties for failure to comply with applicable privacy
and security rule requirements. Moreover, HITECH created a new requirement obligating "business associates" to report any
breach of unsecured, individually identifiable health information to their covered entity customers and imposes penalties for failing
to do so.
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In
addition to HIPAA, most U.S. states have enacted patient confidentiality laws that protect against the disclosure of confidential medical
information, and many U.S. states have adopted or are considering adopting further legislation in this area, including privacy safeguards,
security standards, and data security breach notification requirements. These U.S. state laws, which may be even more stringent than
the HIPAA requirements, are not preempted by the federal requirements, and we are therefore required to comply with them to the extent
they are applicable to our operations.
These
and other possible changes to HIPAA or other U.S. federal or state laws or regulations, or comparable laws and regulations in countries
where we conduct business, could affect our business and the costs of compliance could be significant. Failure by us to comply with any
of the standards regarding patient privacy, identity theft prevention and detection, and data security may subject us to penalties, including
civil monetary penalties and in some circumstances, criminal penalties. In addition, such failure may damage our reputation and adversely
affect our ability to retain customers and attract new customers.
The
protection of personal data, particularly patient data, is subject to strict laws and regulations in many countries. The collection and
use of personal health data in the EU are governed by the provisions of the General Data Protection Regulation (GDPR). GDPR carries provisions
that require businesses to protect the personal data and privacy of EU citizens for transactions that occur within EU member states.
The GDPR also regulates the exportation of personal data outside the EU. The GDPR will levy harsh fines against those who violate its
privacy and security standards, with penalties reaching into the tens of millions of euros. The GDPR defines several roles that are responsible
for ensuring compliance: data controller (defines how personal data is processed and the purposes for which it is processed), data processor
(liable for breaches or non-compliance) and the data protection officer (liable to process, store and monitor large amounts of EU and
Non-EU citizen data). Under the GDPR, health data is considered a special category of personal data, demanding even further steps for
its protection than other, regular types of personal data. To lawfully process special category data, both a legal basis and a separate
condition for processing must be identified. The GDPR also requires that upon processing special category data, you must keep records
and include documenting the categories of the data you process. The GDPR doesn't explicitly state how long an organization is allowed
to hold on to personal data, however healthcare organizations should ensure that the information relating to health data is not kept
for longer than needed. For that reason, retention periods must be clearly established and communicated to data subjects, such as patients.
Additionally, the GDPR requires that before processing data that is likely to be high risk to the rights and freedoms of data subjects,
a Data Protection Impact Assessment is to be conducted in order to identify the potential risks that could be faced.
The
GDPR also imposes strict rules on the transfer of personal data out of the EU. Failure to comply with the requirements of the GDPR may
result in fines and other administrative penalties and harm our business. We may incur extensive costs in ensuring compliance with these
laws and regulations, particularly if we are considered to be a data controller within the meaning of the GDPR.
Once
we commercialize our product, if ever, security breaches, loss of data and other disruptions could compromise sensitive information related
to our business or prevent us from accessing critical information and expose us to liability, which could adversely affect our business
and our reputation.
Once
we commercialize our product, in the ordinary course of our business, it is highly likely that we and our third-party providers will
collect and store sensitive data, including legally protected health information and personally identifiable information about patients,
our healthcare provider customers and payors. We also may store sensitive intellectual property and other proprietary business information,
including that of our customers and payors. We plan to manage and maintain our data utilizing a combination of on-site systems and cloud-based
data center systems. This data will encompass a wide variety of business-critical information, including research and development information,
commercial information and business and financial information.
We
face four primary risks relative to protecting this critical information: loss of access risk, inappropriate disclosure risk, inappropriate
modification risk and the risk of our being unable to identify and audit our controls over the first three risks.
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We
will be highly dependent on information technology networks and systems, including the Internet, to securely process, transmit and store
this critical information. Security breaches of this infrastructure, including physical or electronic break-ins, computer viruses, attacks
by hackers and similar breaches, can create system disruptions, shutdowns or unauthorized disclosure or modification of confidential
information. The secure processing, storage, maintenance and transmission of this critical information will be vital to our operations
and business strategy, and we plan to devote significant resources to protecting such information. Although we will take measures to
protect sensitive information from unauthorized access or disclosure, our information technology and infrastructure, and that of our
third-party providers, may be vulnerable to attacks by hackers or viruses or breached due to employee error, malfeasance or other disruptions.
A
security breach or privacy violation that leads to disclosure or modification of or prevents access to consumer information (including
personally identifiable information or protected health information) could harm our reputation, compel us to comply with disparate state
breach notification laws, require us to verify the correctness of database contents and otherwise subject us to liability under laws
that protect personal data, resulting in increased costs or loss of revenue. If we are unable to prevent such security breaches or privacy
violations or implement satisfactory remedial measures, our operations could be disrupted, and we may suffer loss of reputation, financial
loss and other regulatory penalties because of lost or misappropriated information, including sensitive consumer data. In addition, these
breaches and other inappropriate access can be difficult to detect, and any delay in identifying them may lead to increased harm of the
type described above.
Any
such breach or interruption could compromise our networks or those of our third-party providers, and the information stored there could
be inaccessible or could be accessed by unauthorized parties, publicly disclosed, lost or stolen. Any such interruption in access, improper
access, disclosure or other loss of information could result in legal claims or proceedings, liability under laws that protect the privacy
of personal information, such as HIPAA, and regulatory penalties. Unauthorized access, loss or dissemination could also disrupt our operations,
including our ability to perform tests, provide test results, bill payers or patients, process claims and appeals, provide customer assistance
services, conduct research and development activities, collect, process and prepare company financial information, provide information
about our current and future products and other patient and clinician education and outreach efforts through our website, and manage
the administrative aspects of our business and damage our reputation, any of which could adversely affect our business. Any such breach
could also result in the compromise of our trade secrets and other proprietary information, which could adversely affect our competitive
position.
In
addition, the interpretation and application of consumer, health-related, privacy and data protection laws in the U.S., the EU and elsewhere
are often uncertain, contradictory and in flux. It is possible that these laws may be interpreted and applied in a manner that is inconsistent
with our practices. If so, this could result in government-imposed fines or orders requiring that we change our practices, which could
adversely affect our business. Complying with these various laws could cause us to incur substantial costs or require us to change our
business practices and compliance procedures in a manner adverse to our business.
If
we fail to comply with the U.S. federal Anti-Kickback Statute and similar state and third country laws, we could be subject to criminal
and civil penalties and exclusion from federally funded healthcare programs including the Medicare and Medicaid programs and equivalent
third country programs, which would have a material adverse effect on our business and results of operations.
A
provision of the Social Security Act, commonly referred to as the federal Anti-Kickback Statute, prohibits the knowing and willful offer,
payment, solicitation or receipt of any form of remuneration, directly or indirectly, in cash or in kind, to induce or reward the referring,
ordering, leasing, purchasing or arranging for, or recommending the ordering, purchasing or leasing of, items or services payable, in
whole or in part, by Medicare, Medicaid or any other federal healthcare program. Although there are a number of statutory exemptions
and regulatory safe harbors to the federal Anti-Kickback Statute protecting certain common business arrangements and activities from
prosecution or regulatory sanctions, the exemptions and safe harbors are drawn narrowly, and practices that do not fit squarely within
an exemption or safe harbor may be subject to scrutiny. The federal Anti-Kickback Statute is very broad in scope and many of its provisions
have not been uniformly or definitively interpreted by existing case law or regulations. In addition, most of the states have adopted
laws similar to the federal Anti-Kickback Statute, and some of these laws are even broader than the federal Anti- Kickback Statute in
that their prohibitions may apply to items or services reimbursed under Medicaid and other state programs or, in several states, apply
regardless of the source of payment. Violations of the federal Anti-Kickback Statute may result in substantial criminal, civil or administrative
penalties, damages, fines and exclusion from participation in federal healthcare programs.
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All
of our future financial relationships with U.S. healthcare providers, purchasers, formulary managers, and others who provide products
or services to federal healthcare program beneficiaries will potentially be governed by the federal Anti-Kickback Statute and similar
state laws. We believe our operations will be in compliance with the federal Anti-Kickback Statute and similar state laws. However, we
cannot be certain that we will not be subject to investigations or litigation alleging violations of these laws, which could be time-consuming
and costly to us and could divert management's attention from operating our business, which in turn could have a material adverse
effect on our business. In addition, if our arrangements were found to violate the federal Anti-Kickback Statute or similar state laws,
the consequences of such violations would likely have a material adverse effect on our business, results of operations and financial
condition.
There
are other federal and state laws that may affect our ability to operate, including the federal civil False Claims Act, which prohibits,
among other things, individuals or entities from knowingly presenting, or causing to be presented, a false or fraudulent claim for payment
of government funds or knowingly making, using or causing to be made or used, a false record or statement material to an obligation to
pay money to the government or knowingly concealing or knowingly and improperly avoiding, decreasing, or concealing an obligation to
pay money to the federal government. Moreover, we may be subject to other federal false claim laws, including, among others, federal
criminal healthcare fraud and false statement statutes that extend to non-government health benefit programs. Moreover, there are analogous
state laws. Violations of these laws can result in substantial criminal, civil or administrative penalties, damages, fines and exclusion
from participation in federal healthcare programs.
Similar
restrictions are imposed by the national legislation of many third countries in which our medical devices will be marketed. Moreover,
the provisions of the Foreign Corrupt Practices Act of 1997 and other similar anti-bribery laws in other jurisdictions generally prohibit
companies and their intermediaries from providing money or anything of value to officials of foreign governments, foreign political parties,
or international organizations with the intent to obtain or retain business or seek a business advantage. Recently, there has been a
substantial increase in anti-bribery law enforcement activity by U.S. regulators, with more aggressive and frequent investigations and
enforcement by both the SEC and the Department of Justice. A determination that our operations or activities violated U.S. or foreign
laws or regulations could result in imposition of substantial fines, interruption of business, loss of supplier, vendor or other third-party
relationships, termination of necessary licenses and permits, and other legal or equitable sanctions. In addition, lawsuits brought by
private litigants may also follow as a consequence.
Risks
Related to Our Operations in Israel
Conditions
in Israel could materially and adversely affect our business.
Many
of Todos' employees and consultants, including its Chief Financial Officer, are residents of Israel. Accordingly, political, economic,
and military conditions in Israel and the surrounding region may directly affect Todos' business and operations. In recent years,
Israel has been engaged in sporadic armed conflicts with Hamas, an Islamist terrorist group that controls the Gaza Strip, with Hezbollah,
an Islamist terrorist group that controls large portions of southern Lebanon, and with Iranian-backed military forces in Syria. In addition,
Iran has threatened to attack Israel and may be developing nuclear weapons. Some of these hostilities were accompanied by missiles being
fired from the Gaza Strip against civilian targets in various parts of Israel, including areas in which Todos' employees are located,
and negatively affected business conditions in Israel. Any hostilities involving Israel or the interruption or curtailment of trade between
Israel and its trading partners could adversely affect our operations and results of operations.
Todos'
commercial insurance does not cover losses that may occur as a result of events associated with war and terrorism. Although the Israeli
government currently covers the reinstatement value of direct damages that are caused by terrorist attacks or acts of war, Todos cannot
assure you that this government coverage will be maintained or that it will sufficiently cover Todos' potential damages. Any losses
or damages incurred by Todos could have a material adverse effect on its business. Any armed conflicts or political instability in the
region would likely negatively affect business conditions and could harm our results of operations.
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Further,
in the past, the State of Israel and Israeli companies have been subjected to economic boycotts. Several countries still restrict business
with the State of Israel and with Israeli companies. These restrictive laws and policies may have an adverse impact on Todos' results
of operations, financial condition or the expansion of its business. A campaign of boycotts, divestment, and sanctions has been undertaken
against Israel, which could also adversely affect Todos' business. Actual or perceived political instability in Israel or any negative
changes in the political environment, may individually or in the aggregate adversely affect the Israeli economy and, in turn, Todos'
business, financial condition, results of operations, and prospects.
In
addition, many Israeli citizens are obligated to perform several weeks of annual military reserve duty each year until they reach the
age of 40 (or older, for reservists who are military officers or who have certain occupations) and, in the event of a military conflict,
may be called to active duty. In response to increases in terrorist activity, there have been periods of significant call-ups of military
reservists. It is possible that there will be military reserve duty call-ups in the future. Todos' operations could be disrupted
by such call-ups, which may include the call-up of members of its management. Such disruption could materially adversely affect its business,
prospects, financial condition, and results of operations.
Your
rights and responsibilities as a shareholder will be governed by Israeli law which differs in some material respects from the rights
and responsibilities of shareholders of U.S. companies.
The
rights and responsibilities of the holders of our Ordinary Shares are governed by our articles of association, as amended (the "Amended
Articles"), and by Israeli law. These rights and responsibilities differ in some material respects from the rights and responsibilities
of shareholders in U.S.-based corporations. For instance, a shareholder of an Israeli company has a duty to act in good faith and in
a customary manner in exercising its rights and performing its obligations towards the company and other shareholders, and to refrain
from abusing its power in the company, including, among other things, in voting at a general meeting of shareholders on matters such
as amendments to a company's articles of association, increases in a company's authorized share capital, mergers and acquisitions
and related party transactions requiring shareholder approval. In addition, a shareholder who is aware that it possesses the power to
determine the outcome of a shareholder vote or to appoint or prevent the appointment of a director or executive officer in the company
has a duty of fairness toward the company. There is limited case law available to assist us in understanding the nature of this duty
or the implications of these provisions. These provisions may be interpreted to impose additional obligations and liabilities on holders
of our Ordinary Shares that are not typically imposed on shareholders of U.S. corporations.
It
may be difficult to enforce a judgment of a U.S. court against us, or against our officers and directors in Israel, or to assert U.S.
securities laws claims in Israel or to serve process on our officers and directors in Israel.
We
were incorporated in Israel. A majority of our executive officers and directors reside outside of the United States, and some of our
assets and most of the assets of these persons are located outside the United States. Therefore, a judgment obtained against us, or any
of these persons, including a judgment based on the civil liability provisions of the U.S. federal securities laws, may not be collectible
in the U.S. and may not necessarily be enforced by an Israeli court. It also may be difficult to affect service of process on these persons
in the United States or to assert U.S. securities law claims in original actions instituted in Israel. Additionally, it may be difficult
for an investor, or any other person or entity, to initiate an action with respect to U.S. securities laws in Israel. Israeli courts
may refuse to hear a claim based on an alleged violation of U.S. securities laws reasoning that Israel is not the most appropriate forum
in which to bring such a claim. In addition, even if an Israeli court agrees to hear a claim, it may determine that Israeli law and not
U.S. law is applicable to the claim. If U.S. law is found to be applicable, the content of applicable U.S. law must be proven as a fact
by expert witnesses, which can be a time consuming and costly process. Certain matters of procedure will also be governed by Israeli
law. There is little binding case law in Israel that addresses the matters described above. As a result of the difficulty associated
with enforcing a judgment against us in Israel, you may not be able to collect any damages awarded by either a U.S. or foreign court.
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Provisions
of Israeli law and our Amended Articles may delay, prevent or otherwise impede a merger with, or an acquisition of, us, even when the
terms of such a transaction are favorable to us and our shareholders.
Israeli
corporate law regulates mergers, requires tender offers for acquisitions of shares above specified thresholds, requires special approvals
for transactions involving directors, officers or significant shareholders and regulates other matters that may be relevant to such types
of transactions. For example, a tender offer for all of a company's issued and outstanding shares can only be completed if the
acquirer receives positive responses from the holders of at least 95% of the issued share capital and the approval of a majority of the
offerees that do not have a personal interest in the tender offer, unless at least 98% of the company's outstanding shares are
tendered. Furthermore, the shareholders, including those who indicated their acceptance of the tender offer (unless the acquirer stipulated
in its tender offer that a shareholder that accepts the offer may not seek appraisal rights), may, at any time within six months following
the completion of the tender offer, petition an Israeli court to alter the consideration for the acquisition. In addition, a merger may
not be consummated unless at least 50 days have passed from the date on which a proposal for approval of the merger was filed by each
party with the Israeli Registrar of Companies and at least 30 days have passed from the date on which the merger was approved by the
shareholders of each party. See "
Provisions Restricting Change in Control in our Company
" for additional information.
Furthermore,
Israeli tax considerations may make potential transactions unappealing to us or to our shareholders whose country of residence does not
have a tax treaty with Israel exempting such shareholders from Israeli tax. For example, Israeli tax law does not recognize tax-free
share exchanges to the same extent as U.S. tax law. With respect to mergers, Israeli tax law allows for tax deferral in certain circumstances
but makes the deferral contingent on the fulfillment of a number of conditions, including, in some cases, a holding period of two years
from the date of the transaction during which sales and dispositions of shares of the participating companies are subject to certain
restrictions. Moreover, with respect to certain share swap transactions, the tax deferral is limited in time, and when such time expires,
the tax becomes payable even if no disposition of the shares has occurred.
We
received Israeli government grants for certain of our research and development activities. The terms of those grants may require us to
pay royalties and to satisfy specified conditions in order to manufacture products and transfer technologies outside of Israel. We may
be required to pay penalties in addition to repayment of the grants.
From
inception through December 31, 2021, we have been awarded an aggregate of $272,237 in the form of grants from Israel Innovation Authority,
or the IIA, formerly known as Israel's Office of the Chief Scientist of the Ministry of Economy. The requirements and restrictions
for such grants are found in the Israeli Encouragement of Research and Development Law, 5744-1984 and the regulations thereunder (the
"Research Law"). Under the Research Law, royalties of 3% to 5% on the revenues derived from sales of products or services
developed in whole or in part using these IIA grants are payable to the Israeli government. We developed our technologies, at least in
part, with funds from these grants, and accordingly we would be obligated to pay these royalties on sales of any of our product candidates
that achieve regulatory approval. The maximum aggregate royalties paid generally cannot exceed 100% of the grants made to us, plus annual
interest equal to the 12-month LIBOR applicable to dollar deposits, as published on the first business day of each calendar year. As
of December 31, 2021, we had not paid any royalties to the IIA. When a company develops know-how, technology or products using IIA grants,
the terms of these grants and the Research Law restrict the transfer of such know-how, and the transfer of manufacturing or manufacturing
rights of such products, technologies or know-how outside of Israel, without the prior approval of the IIA. Therefore, the discretionary
approval of an IIA committee would be required for any transfer to third parties inside or outside of Israel of know-how or manufacturing
or manufacturing rights related to those aspects of such technologies. We may not receive those approvals. Furthermore, the IIA may impose
certain conditions on any arrangement under which it permits us to transfer technology or development out of Israel, including an increased
royalty rate.
The
transfer of IIA-supported technology or know-how outside of Israel may involve the payment of significant amounts, depending upon the
value of the transferred technology or know-how, our research and development expenses, the amount of IIA support, the time of completion
of the IIA-supported research project and other factors. These restrictions and requirements for payment may impair our ability to sell
or otherwise transfer our technology assets outside of Israel or to outsource or transfer development or manufacturing activities with
respect to any product or technology outside of Israel. Furthermore, the consideration available to our shareholders in a transaction
involving the transfer outside of Israel of technology or know-how developed with IIA funding (such as a merger or similar transaction)
may be reduced by any amounts that we are required to pay to the IIA.
These
restrictions will continue to apply even after we have repaid the full amount of royalties on the grants. For the years ended December
31, 2021 and 2020, we did not apply for or receive any grants from the IIA.
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Risks
Related to Our Ordinary Shares
Future
issuance of our Ordinary Shares could dilute the interests of existing shareholders.
We
may issue additional Ordinary Shares in the future. The issuance of a substantial number of Ordinary Shares could have the effect of
substantially diluting the interests of our shareholders. In addition, the sale of a substantial amount of Ordinary Shares in the public
market, in the initial issuance, in a situation in which we acquire a company, and the acquired company receives Ordinary Shares as consideration
and the acquired company subsequently sells its Ordinary Shares, or by investors who acquired such Ordinary Shares in a private placement,
could have an adverse effect on the market price of our Ordinary Shares.
As
of July 22, 2022, the Company had 1,193,175,121 ordinary shares outstanding.
The
conversion of all the notes described in the Prospectus Summary section called "
Crossover Notes
would result in the issuance
of 516,330,608 additional ordinary shares (including a 4% interest rate from the date of issuance and a one-time conversion price adjustment
from $0.599 per share to $0.048 per share).
The
exercise of all of the outstanding warrants would result in the issuance of an additional 137,980,949 ordinary shares.
The
conversion shares would constitute 27.95% of the company's ordinary shares, the warrant shares would constitute 7.47% of the ordinary
shares, and the total of the conversion shares and the warrant shares would constitute 654,311,557 ordinary shares, or 35.42% of the
company's issued and outstanding shares prior to the consummation of the offering being registered in this prospectus.
Sales
of a substantial number of our Ordinary Shares in the public market by our existing shareholders could cause our share price to fall.
Sales
of a substantial number of shares of our Ordinary Shares in the public market, or the perception that these sales might occur, could
depress the market price of our Ordinary Shares and could impair our ability to raise capital through the sale of additional equity securities.
We are unable to predict the effect that sales may have on the prevailing market price of our Ordinary Shares. Sales of shares by these
shareholders could have a material adverse effect on the trading price of our Ordinary Shares. We intend to register the offering, issuance,
and sale of all Ordinary Shares that we may issue under our equity compensation plans. Once we register these shares, they can be freely
sold in the public market upon issuance, subject to volume limitations applicable to affiliates and any lock-up agreements. Also, we
are required to register the shares that would result from (a) the conversion of certain convertible notes we issued in 2021, and (b)
the exercise of certain warrants we issued alongside convertible notes in 2020 and 2021. The sales of a significant number of those shares
could have a depressant effect on our share price.
Until
December 31, 2021, we were an Emerging Growth Company, which may have reduced the amount of information available to investors.
Until
December 31, 2021, we were an Emerging Growth Company. The Jumpstart Our Business Start-ups Act, or the JOBS Act, allowed us to postpone
the date by which we must comply with some of the laws and regulations intended to protect investors and to reduce the amount of information
we provided in our reports filed with the SEC, which could have adversely undermined investor confidence in our company and adversely
affected the market price of our Ordinary Shares. Because we have not yet filed a periodic report since our Emerging Growth Company status
expired, we have not yet complied with the above-mentioned laws and regulations.
For
as long as we remained an "emerging growth company" as defined in the JOBS Act, we took advantage of certain exemptions from
various requirements that are applicable to public companies that are not emerging growth companies including:
●
the provisions of the Sarbanes-Oxley
    Act requiring that our independent registered public accounting firm provide an attestation report on the effectiveness of our internal
    control over financial reporting;
●
Section 107 of the JOBS
    Act, which provides that an "emerging growth company" can take advantage of the extended transition period provided in
    Section 7(a)(2)(B) of the Securities Act of 1933, as amended, or the Securities Act, for complying with new or revised accounting
    standards. This means that an "emerging growth company" can delay the adoption of certain accounting standards until
    those standards would otherwise apply to private companies. We may elect to delay such adoption of new or revised accounting standards.
    As a result of this adoption, our financial statements may not be comparable to companies that comply with the public company effective
    date; and
●
any rules that may be adopted
    by the Public Company Accounting Oversight Board requiring mandatory audit firm rotation or a supplement to the auditor's report
    on the financial statements.
We
took advantage of these exemptions until we were no longer an "emerging growth company." We were an emerging growth company
until the last day of the fiscal year ending on December 31, 2021.
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We
have never paid cash dividends on our Ordinary Shares, and we do not anticipate paying any dividends in the foreseeable future. Consequently,
any gains from an investment in our Ordinary Shares will likely depend on whether the price of our Ordinary Shares increases, which may
not occur.
We
have not paid cash dividends on any of our share capital to date and we currently intend to retain our future earnings, if any, to fund
the development and growth of our business. In addition, the Companies Law imposes restrictions on our ability to declare and pay dividends.
As a result, capital appreciation, if any, of our Ordinary Shares will be your sole source of gain for the foreseeable future. Consequently,
in the foreseeable future, you will likely only experience a gain from your investment in our Ordinary Shares if the price of our Ordinary
Shares increases beyond the price in which you originally acquired the Ordinary Shares.
The
potential future application of the SEC's "penny stock" rules to our Ordinary Shares could limit trading activity in
the market, and our shareholders may find it more difficult to sell their shares.
If
our Ordinary Shares trade at less than $5.00 per share we will be subject to the SEC's penny stock rules. Rule 15g-9 under the
Exchange Act establishes the definition of a "penny stock," for the purposes relevant to us, as any equity security that
has a market price of less than $5.00 per share or with an exercise price of less than $5.00 per share, subject to certain exceptions.
For any transaction involving a penny stock, unless exempt, the rules require: (a) that a broker or dealer approve a person's account
for transactions in penny stocks; and (b) the broker or dealer receive from the investor a written agreement to the transaction, setting
forth the identity and quantity of the penny stock to be purchased.
In
order to approve a person's account for transactions in penny stocks, the broker or dealer must: (a) obtain financial information
and investment experience objectives of the person and (b) make a reasonable determination that the transactions in penny stocks are
suitable for that person and the person has sufficient knowledge and experience in financial matters to be capable of evaluating the
risks of transactions in penny stocks.
The
broker or dealer must also deliver, prior to any transaction in a penny stock, a disclosure schedule prescribed by the SEC relating to
the penny stock market, which, in highlight form: (a) sets forth the basis on which the broker or dealer made the suitability determination;
and (b) confirms that the broker or dealer received a signed, written agreement from the investor prior to the transaction. Generally,
brokers may be less willing to execute transactions in securities subject to the "penny stock" rules. This may make it more
difficult for investors to dispose of our Ordinary Shares and cause a decline in the market value of our Ordinary Shares.
Disclosure
also has to be made about the risks of investing in penny stocks in both public offerings and in secondary trading and about the commissions
payable to both the broker or dealer and the registered representative, current quotations for the securities and the rights and remedies
available to an investor in cases of fraud in penny stock transactions. Finally, monthly statements have to be sent disclosing recent
price information for the penny stock held in the account and information on the limited market in penny stocks.
The
market price of our Ordinary Shares may be volatile.
The
market price of our Ordinary Shares may be highly volatile. Some of the factors that may materially affect the market price of our Ordinary
Shares are beyond our control, such as changes in financial estimates by industry and securities analysts, conditions or trends in the
industry in which we operate or sales of our Ordinary Shares. These factors may materially adversely affect the market price of our Ordinary
Shares, regardless of our performance. In addition, the public stock markets have experienced extreme price and trading volume volatility.
This volatility has significantly affected the market prices of securities of many companies for reasons frequently unrelated to the
operating performance of the specific companies. These broad market fluctuations may adversely affect the market price of our Ordinary
Shares.
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Our
executive officers, directors and principal shareholders will maintain the ability to exert significant control over matters submitted
to our shareholders for approval.
Our
executive officers, directors and principal shareholders who own more than 5% of our outstanding Ordinary Shares beneficially own shares
representing approximately 6.97%
1
of our share capital. This concentration of voting power could delay or prevent an acquisition
of our company on terms that other shareholders may desire or may result in management of our company being appointed despite our other
shareholders' disapproval. See "
Provisions Restricting Change in Control in our Company
" for additional
information.
If
securities or industry analysts do not publish or cease publishing research or reports about us, our business or our market, or if they
adversely change their recommendations or publish negative reports regarding our business or our shares, our share price and trading
volume could decline.
The
trading market for our Ordinary Shares will be influenced by the research and reports that industry or securities analysts may publish
about us, our business, our market or our competitors. We do not have any control over these analysts, and we cannot provide any assurance
that analysts will cover us or provide favorable coverage. If any of the analysts who may cover us adversely change their recommendation
regarding our shares, or provide more favorable relative recommendations about our competitors, our share price would likely decline.
If any analyst who may cover us were to cease coverage of our company or fail to regularly publish reports on us, we could lose visibility
in the financial markets, which in turn could cause our share price or trading volume to decline.
Risks
Relating to Our Securities
If
we fail to comply with the rules under the Sarbanes-Oxley Act of 2002 ("Sarbanes-Oxley") related to internal controls and
procedures in the future, or, if we discover material weaknesses and other deficiencies in our internal controls over financial reporting,
our share price could decline significantly and raising capital could be more difficult.
Section
404 of Sarbanes-Oxley requires annual management assessments of the effectiveness of our internal controls over financial reporting.
If we fail to comply with the rules under Sarbanes-Oxley related to disclosure controls and procedures in the future, or, if we discover
material weaknesses and other deficiencies in our internal controls over financial reporting, our share price could decline significantly
and raising capital could be more difficult. If material weaknesses or significant deficiencies are discovered or if we otherwise fail
to achieve and maintain the adequacy of our internal controls, we may not be able to ensure that we can conclude on an ongoing basis
that we have effective internal controls over financial reporting in accordance with Section 404 of Sarbanes-Oxley. Moreover, effective
internal controls are necessary for us to produce reliable financial reports and are important to helping prevent financial fraud. If
we cannot provide reliable financial reports or prevent fraud, our business and operating results could be harmed, investors could lose
confidence in our reported financial information, and the trading price of our ordinary shares could drop significantly.
There
is no assurance that an active and liquid trading market in our ordinary shares will develop.
This
offering will close only if our ordinary shares and Warrants are accepted to be listed on a national securities exchange. There
can be no assurance any broker will be interested in trading our ordinary shares and/or Warrants, but we believe that our ordinary shares
will trade more actively on a national securities exchange than they currently do on OTCQB. If this is not the case, it may be difficult
to sell any securities you purchase in this offering if you desire or need to sell them. Neither we nor the underwriters can provide
any assurance that an active and liquid trading market in our ordinary shares and/or Warrants will develop or, if developed, that such
markets will continue.
There
is no guarantee that we will successfully have our ordinary shares and Warrants listed on a national securities exchange, in which
case we will not complete this offering. Even if our ordinary shares and Warrants are accepted for listing on a national securities
exchange, upon our satisfaction of the exchange's initial listing criteria, the exchange may subsequently delist our ordinary
shares and/or Warrants if we fail to comply with ongoing listing standards.
In
the event we are able to list our ordinary shares and Warrants on a national securities exchange upon our satisfaction of the
exchange's initial listing criteria, the exchange will require us to meet certain financial, public float, bid price and liquidity
standards on an ongoing basis in order to continue the listing of our ordinary shares and/or Warrants. If we fail to meet these continued
listing requirements, our ordinary shares and/or Warrants may be subject to delisting. If our ordinary shares and/or Warrants are delisted
and we are not able to list such ordinary shares and /or Warrants on another national securities exchange, we expect our securities would
be quoted on an over-the-counter market; however, if this were to occur, our shareholders could face significant material adverse consequences,
including limited availability of market quotations for our ordinary shares and /or Warrants and reduced liquidity for the trading of
our securities. In addition, in the event of such delisting, we could experience a decreased ability to issue additional securities and
obtain additional financing in the future. Even if our ordinary shares and/or Warrants are listed on a national securities exchange,
there can be no assurance that an active trading market for our ordinary shares and/or Warrants will develop or be sustained after
our initial listing.
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There
is no assurance that, if our ordinary shares or Warrants become listed on a national securities exchange, we will not continue
to experience volatility in the prices of our securities.
The
OTCQB, where our ordinary shares have been quoted, prior to this offering, is an inter-dealer, over-the-counter market that provides
significantly less liquidity than a national securities exchange. Our ordinary shares are thinly traded due to the limited number
of shares available for trading on the OTCQB thus causing large swings in price. As such, investors and potential investors may find
it difficult to obtain accurate stock price quotations, and holders of our ordinary shares or Warrants may be unable to resell their
securities at or near their original purchase price or at any price. If an active market for our ordinary shares develops and
continues, the prices of our securities may nevertheless be volatile. If our securities experiences volatility as it has in the past,
investors may not be able to sell their securities at or above their original purchase price or at any price. Sales of substantial amounts
of our securities, or the perception that such sales might occur, could adversely affect prevailing market prices of our securities and
our securities price may decline substantially in a short period of time. As a result, our shareholders could suffer losses or be unable
to liquidate their holdings. No assurance can be given that the price of our ordinary shares and/or Warrants will become less volatile
when listed on a national securities exchange.
Market
prices for our ordinary shares and Warrants will be influenced by a number of factors, including:
●
the issuance of new equity
    securities of the Company pursuant to a future offering, including issuances of preferred stock;
●
the introduction of new
    products or services by us or our competitors;
●
any future reseller arrangements
    with global and domestic providers and brand owners;
●
changes in interest rates;
●
significant dilution caused
    by the anti-dilutive clauses in our financial agreements;
●
competitive developments,
    including announcements by our competitors of new products or services or significant contracts, acquisitions, strategic partnerships,
    joint ventures or capital commitments;
●
variations in our quarterly
    operating results;
●
change in financial estimates
    by securities analysts;
●
a limited amount of news
    and analyst coverage for our Company;
●
the depth and liquidity
    of the market for our ordinary shares;
●
sales of large blocks of
    our ordinary shares, including sales by our major shareholders, any executive officers or directors appointed in the future, or by
    other significant shareholders;
●
investor perceptions of
    our Company; and
●
general economic and other
    national and international conditions, including, but not limited to, the economic impacts of the COVID-19 pandemic.
Market
price fluctuations may negatively affect the ability of investors to sell our shares at consistent prices. Additionally, recently, securities
of certain companies have experienced significant and extreme volatility in stock price due to short sellers of shares of common stock,
known as a "short squeeze." These short squeezes have caused extreme volatility in those companies and in the market and
have led to the price per share of those companies to trade at a significantly inflated rate that is disconnected from the underlying
value of the company. Many investors who have purchased shares in those companies at an inflated rate face the risk of losing a significant
portion of their original investment as the price per share has declined steadily as interest in those stocks have abated. While we have
no reason to believe our shares would be the target of a short squeeze, there can be no assurance that we won't be in the future,
and you may lose a significant portion or all of your investment if you purchase our shares at a rate that is significantly disconnected
from our underlying value.
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Table of Contents
Financial
reporting obligations of being a public company in the United States are expensive and time-consuming, and our management will be required
to devote substantial time to compliance matters.
As
a public company we incur significant legal, accounting and other expenses. The obligations of being a public company in the United States
require significant expenditures and places significant demands on our management and other personnel, including costs resulting from
public company reporting obligations under the Exchange Act and the rules and regulations regarding corporate governance practices, including
those under the Sarbanes-Oxley Act and the Dodd-Frank Wall Street Reform and Consumer Protection Act. These rules require the establishment
and maintenance of effective disclosure and financial controls and procedures, internal control over financial reporting and changes
in corporate governance practices, among many other complex rules that are often difficult to implement, monitor and maintain compliance
with. Our management and other personnel will need to devote a substantial amount of time to ensure that we comply with all of these
requirements and to keep pace with new regulations, otherwise we may fall out of compliance and risk becoming subject to litigation,
among other potential problems.
The
Warrants offered in this offering do not confer any rights of ordinary share ownership on their holders, such as voting rights or the
right to receive dividends, but rather merely represent the right to acquire ordinary shares at a fixed price for a limited period of
time. Specifically, commencing on the date of issuance, holders of the Warrants may exercise their right to acquire the ordinary shares
and pay an exercise price of $ per share (with an exercise price no less than 120% of the public offering price of a Unit),
prior to five years from the date of issuance, after which date any unexercised Warrants will expire and have no further value. In
addition, there is no established trading market for the Warrants and there is no assurance such a market will develop.
Holders
of the Warrants will have no rights as a shareholder until they acquire our ordinary shares
.
Until
holders of the Warrants acquire ordinary shares upon exercise of the Warrants, the holders will have no rights with respect to the ordinary
shares issuable upon exercise of the Warrants. Upon exercise of the Warrants, the holder will be entitled to exercise the rights of a
shareholder as to the security exercised only as to matters for which the record date occurs after the exercise.
There
is no established market for the Warrants to purchase our ordinary shares being offered in this offering
.
There
is no established trading market for the Warrants and there is no assurance a market will develop. Although we will apply to list
the Warrants on a national securities exchange there can be no assurance that there will be an active trading market for the Warrants.
Without an active trading market, the liquidity of the Warrants will be limited.
Provisions
of the Warrants offered by this prospectus could discourage an acquisition of us by a third party
.
In
addition to the discussion of the provisions of our governing organizational documents, certain provisions of the Warrants offered by
this prospectus could make it more difficult or expensive for a third party to acquire us. The Warrants prohibit us from engaging in
certain transactions constituting "fundamental transactions" unless, among other things, the surviving entity assumes our
obligations under the Warrants. These and other provisions of the Warrants offered by this prospectus could prevent or deter a third
party from acquiring us even where the acquisition could be beneficial to you.
There
is no current public market for the Units.
There
is no established public trading market for the Units, for the Warrantscon offered hereby, and we do not expect a market to develop
for the Units. The Units have no stand-alone rights and will not be certified or issued as stand-alone securities. The ordinary shares
and Warrants are immediately separable from the Units, and will be issued separately in this offering. We do not intend to apply for
listing of the Units on any securities exchange or other nationally recognized trading system.
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USE
OF PROCEEDS
We
estimate that the net proceeds from the sale of the Units in the offering, at an assumed public offering price per Unit of $                      , will be
approximately $                      , after deducting the underwriting discounts and commissions and estimated offering expenses, or $                          if the underwriters
exercise their option in full, assuming no exercise of the Representative Warrants.
We
currently expect to use the net proceeds of this offering primarily for the following purposes:
●
Approximately
    $_________ to hire additional personnel to assist in developing internal controls and procedures related to our financial reporting;
●
Approximately
    $                     for development of new products and improvements to existing products;
●
Approximately
    $                     to expand sales and marketing capabilities; and
●
The
    remaining proceeds of approximately $                     for general corporate purposes, including working capital and possibly acquisitions of other
    companies.
This
is an estimated use of proceeds and amounts may be re-allocated by the Board of Directors in its sole discretion. We believe that the
expected net proceeds from this offering and our existing cash and cash equivalents, together with interest thereon, will be sufficient
to fund our operations for at least the next 12 months, although we cannot assure you that this will occur.
The
amount and timing of our actual expenditures will depend on numerous factors, including the status of our development efforts, sales
and marketing activities and the amount of cash generated or used by our operations. We may find it necessary or advisable to use portions
of the proceeds for other purposes, and we will have broad discretion and flexibility in the application of the net proceeds.
A
$1.00 increase (decrease) in the assumed public offering price of $ per Unit would increase (decrease) the expected net proceeds of the
offering to us by approximately $ million, assuming that the number of Units sold by us remains the same. We may also increase or decrease
the number of Units we are offering. An increase (decrease) in the number of Units offered by us by Units would increase (decrease) the
expected net proceeds of the offering to us by approximately $ million assuming that the assumed public offering price remains as set
forth on the cover page of this prospectus.
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CAPITALIZATION
Set
forth below is our cash and capitalization as of March 31, 2022:
●
on an actual basis; and
●
On
a pro forma basis to reflect the issuance of [   ] Units.
You
should read the information in the below table together with our consolidated financial statements and related notes, and "Management's
Discussion and Analysis of Financial Condition and Results of Operations," each included elsewhere in this prospectus.
As
    of March 31, 2022 (In thousands) (1)
Actual
(unaudited)
Pro
Forma
(unaudited)
Cash
    and cash equivalents
$
74
$
Total
    current liabilities
10,820
Total
    non-current liabilities
28,058
Total
    stockholders' equity (deficit):
Ordinary
    Shares of NIS 0.01 par value each:
Authorized:
    5,000,000,000 shares at March 31, 2022; Issued and outstanding: 1,140,376,586 shares at March 31, 2022.
3,423
Additional
    paid-in capital
69,599
Accumulated
    deficit
(98,183
)
Total
    shareholders' equity (deficit)
(25,161
)
A
$        increase or decrease in the public offering price of
$          per Unit would increase or decrease our as adjusted cash and cash
equivalents, additional paid-in capital, total stockholders' equity and total capitalization by approximately
$             million assuming the number of Units offered by us, as set
forth on the cover page of this prospectus, remains the same and after deducting the underwriting discounts, commissions and
estimated offering expenses payable by us. An increase (decrease) of
               Units in the number of Units offered by us, as
set forth on the cover page of this prospectus, would increase (decrease) as adjusted cash and cash equivalents, additional paid-in
capital, total stockholders' equity and total capitalization by
$               million, assuming no change in the public
offering price per Unit and after deducting estimated underwriting discounts and commissions and estimated offering expenses payable
by us.
(1)
On
    an actual basis, based on 1,193,175,121 ordinary shares outstanding as of July 22, 2022 and excludes the following as
    of that date:
●
(i) 516,330,608 ordinary shares, (the "Convertible
    Note Shares"), issuable upon the exercise of outstanding convertible notes (the "Convertible Notes"), (ii) 78,332,201
    ordinary shares, (the "Purchaser Warrant Shares"), issuable upon exercise of outstanding warrants (the "2021 Warrants"),
    and (iii) 59,648,748 ordinary shares (the "Prior Warrant Shares") issuable upon the exercise of outstanding warrants
    (the "2020 Warrants").
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DILUTION
If
you invest in our shares in this offering, your interest will be diluted to the extent of the difference between the public offering
price per ordinary share that is part of the Unit and the as adjusted net tangible book value per ordinary share immediately after this
offering.
Our
historical net tangible book value as of March 31, 2022, was approximately $16,433, or $0.012 per ordinary share.
Our historical net tangible book value is the amount of our total tangible assets less our liabilities. Historical net tangible book
value per ordinary share is our historical net tangible book value divided by the number of outstanding ordinary shares as of March 31, 2022.
After
giving effect to this offering, at a public offering price of $            
per Unit, after deducting underwriting discounts and commissions and estimated offering expenses payable by us and after giving
effect to the other pro forma adjustments referenced under "Capitalization," our net tangible book value on a as
adjusted basis as of December 31, 2021, would have been $           per ordinary share.
This amount represents an immediate increase in as adjusted net tangible book value of $
            per ordinary share to our existing shareholders and an immediate
dilution of $        per ordinary share to new investors purchasing Units in this offering. We
determine dilution by subtracting the adjusted net tangible book value per share after this offering from the amount of cash that a
new investor paid for a Unit.
The
following table illustrates this dilution:
Public
    offering price per Unit
$
Net
    tangible book value per ordinary share as of March 31, 2022
$
0.012
Increase
    in as adjusted net tangible book value per ordinary share attributable to this offering
As
    adjusted net tangible book value per ordinary share, after this offering
Dilution
    per share to new investors in this offering
$
A
$           increase (decrease) in the public offering price of $            per Unit, would increase (decrease) the as adjusted net tangible book value per
ordinary share by $            , and increase (decrease) dilution to new investors by $               per ordinary share, in each case assuming that the number
of shares offered by us, as set forth on the cover page of this prospectus, remains the same and after deducting underwriting discounts
and commissions and estimated offering expenses payable by us.
The
foregoing discussion and table do not consider further dilution to new investors that could occur upon the exercise of outstanding warrants
having a per share exercise or conversion price less than the per share offering price to the public in this offering.
If
the underwriters exercise in full their option to purchase additional Units in this offering, the as adjusted net tangible book
value after the offering would be $                 per
ordinary share, the increase in net tangible book value to existing shareholders would be $
           per ordinary share, and the dilution to new investors would be
$                per ordinary share, in each case at a
public offering price of $               per share.
The
number of ordinary shares that will be outstanding after this offering is based on 1,193,175,121 ordinary shares outstanding as of July
22, 2022, and excludes the following as of that date:
●
(i)
    516,330,608 ordinary shares, (the "Convertible Note Shares"), issuable upon the exercise of outstanding convertible
    notes (the "Convertible Notes"), (ii) 78,332,201 ordinary shares, (the "Purchaser Warrant Shares"), issuable
    upon exercise of outstanding warrants (the "2021 Warrants"), and (iii) 59,648,748 ordinary shares (the "Prior Warrant
    Shares") issuable upon the exercise of outstanding warrants (the "2020 Warrants").
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M
ANAGEMENT'S
DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS
OF OPERATIONS
The
following discussion and analysis should be read in conjunction with our financial statements and related notes, which have been publicly
filed with the Securities Exchange Commission and are included with this prospectus. This discussion contains forward-looking statements
based upon current expectations that involve risks and uncertainties. Our actual results and the timing of selected events could differ
materially from those anticipated in these forward-looking statements as a result of several factors, including those set forth under
"Risk Factors" and elsewhere in this prospectus. We report financial information under US GAAP and our financial statements
were prepared in accordance with generally accepted accounting principles in the United States.
Overview
●
Todos Medical Ltd. ("Todos
    Medical," the "Company," "we," "our," "us"), is an in vitro diagnostics company
    focused on distributing comprehensive solutions for COVID-19 screening and diagnosis and developing blood tests for the early detection
    of cancer and Alzheimer's disease.
●
Todos has entered into
    distribution agreements with companies to distribute certain novel coronavirus (COVID-19) test kits. The agreements cover multiple
    international suppliers of PCR testing kits and related materials and supplies, as well as antibody testing kits from multiple manufacturers
    after completing validation of said testing kits and supplies in its partner CLIA/CAP certified laboratory in the United States.
    Todos has combined the PCR testing kits with automated lab equipment to create lab workflows capable of performing up to 40,000 PCR
    tests per day. Todos has entered into supply agreements with CLIA/CAP certified laboratories in the United States to deploy these
    PCR workflows. Todos has formed strategic partnerships with Meridian Health and other strategic partners to deploy COVID-19 antigen
    and antibody testing in the United States. Additionally, the Company is developing a lab-based COVID-19 3CL protease test to determine
    whether a COVID-19 positive patient remains contagious after quarantine is complete and is further developing point-of-care-based
    embodiments of the lab test for use in screening programs worldwide.
●
In December 2020, Todos
    announced the commercial launch of its proprietary 3CL protease inhibitor dietary supplement Tollovid™ at The Alchemist's
    Kitchen in SoHo district in Manhattan, New York. Tollovid, a mix of botanical extracts, is being targeted to support healthy immune
    function against circulating coronaviruses. Tollovid's mechanism of action is to inhibit the activity of the 3CL protease,
    a key protease required for the intracellular replication of coronaviruses. Tollovid was granted a Certificate of Free Sale by the
    US Food & Drug Administration in August 2020, allowing its commercial sale anywhere in the United States.
●
On
    March 11, 2022, the Company entered into a Share Purchase Agreement (the "SPA") with 3CL Sciences Ltd.
    ("3CL"), an Israeli corporation, and NLC Pharma Ltd. ("NLC"), an Israeli corporation, pursuant to
    which (a) 3CL Sciences will purchase all therapeutic, diagnostic, dietary supplement and pharmaceutical assets from
    NLC that relate to 3CL protease biology (which is used in the development, manufacture, sale and distribution of Tollovid™
    and Tollovir™) from NLC in exchange for a 100% equity interest in 3CL, (b) 3CL will allot 30.5% of its shares to the Company
    in exchange for a total cash commitment of $8 million, (c) NLC will sell 7.54% of 3CL's issued and outstanding shares to the
    Company in exchange for a total cash commitment of $2 million, and (d) NLC will exchange 14.31% of 3CL's issued and outstanding
    shares for shares of the Company having a market value of $3,800,000 on the day prior to the Closing, such that the Company will
    own 52% of 3CL's issued and outstanding share capital and NLC will own 48% of 3CL's issued and outstanding share capital.
    The Company and NLC have agreed to identify a seasoned biopharmaceutical CEO to manage 3CL going forward. The board of directors
    of 3CL Sciences will be made up of five (5) individuals: three (3) appointed by the Company and two (2) appointed by NLC.
●
Additionally, the Company's
    patented Todos Biochemical Infrared Analyses (TBIA) is a cancer-screening technology using peripheral blood analysis that deploys
    deep examination into cancer's influence on the immune system, looking for biochemical changes in blood mononuclear cells and
    plasma. Todos' two internally developed cancer-screening tests, TMB-1 and TMB-2 have received a CE mark in Europe.
●
In the second quarter of
    2021, Todos purchased rights to Provista Diagnostics, Inc.'s Alpharetta, Georgia-based CLIA/CAP certified lab and Provista's
    proprietary commercial-stage Videssa® breast cancer blood test.
●
Todos is also developing
    blood tests for the early detection of neurodegenerative disorders, such as Alzheimer's disease.
●
In July 2020, Todos completed
    the acquisition of Breakthrough Diagnostics, Inc., the owner of the LymPro Test intellectual property, from Amarantus Bioscience
    Holdings, Inc.
44
Table of Contents
Products
●
Through
    3CL Sciences Ltd. ("3CL"), we are in the development phase of our own antiviral, Tollovir™, a potent 3CL protease
    inhibitor for the treatment of hospitalized COVID-19 patients, which is currently undergoing a Phase 2 clinical trial in Israel with
    plans to expand the clinical development program to India.
We
    believe that government recognition of the need for antivirals to treat COVID-19 will provide a significant tailwind for the development
    of our Tollovir™ anti-viral that is currently undergoing a Phase 2 clinical trial in Israel with plans progressing rapidly
    to expand the clinical development program to India. As part of the ongoing scientific effort to further elucidate the mechanisms
    that have enabled Tollovir to achieve its very positive early clinical results, NLC Pharma identified an anti-inflammatory mechanism
    of action of Tollovir to complement its 3CL protease inhibiting mechanism. This dual mechanism of action helps explain the significant
    reduction in symptoms and the biomarker C Reactive Protein (CRP) that was documented in the earliest clinical COVID-19 data sets
    produced in Israel, which could not be explained by a reduction in viral load alone likely caused by Tollovir's 3CL protease
    inhibiting mechanism.
●
The
    Company's 3CL protease inhibitor botanical product, Tollovid, is a dietary supplement that helps to support and maintain healthy
    immune function. This technology will potentially have a significant impact for the development of virus targeting therapeutic development
    strategies, as well as clearance for return to life activities post-infection.
We
    are very pleased that the Company's dietary supplement Tollovid, which provides immune support as a protease inhibitor, received
    FDA authorization for a new 5-day dosing regimen in April 2021. We believe this authorization underscores the emerging need in the
    marketplace for immune support supplements supported by strong scientific and safety data, as well as provides international regulatory
    authorities with a high degree of comfort of Tollovid's safety profile.
●
In October 2021, we announced
    positive clinical validation data for our 3CL protease biomarker assay TolloTest™ in a clinical study evaluating its sensitivity
    compared with PCR in hospitalized COVID-19 patients, patients hospitalized for conditions other than COVID-19 and individuals exposed
    to confirmed COVID-19 subjects in the community outpatient setting and healthy controls. The results clinically validated the sensitivity
    of the 3CL protease biomarker compared with SARS-CoV-2 PCR, confirmed positive results in both the hospital and outpatient setting,
    and provided key insights on the potential role the 3CL protease biomarker could play in assessing the COVID infectivity status of
    infected patients being released from quarantine and opening the diagnostic window to include earlier diagnosis of individuals from
    time of time known exposure. The Company sees multiple use cases for the 3CL protease biomarker as an adjunct to both PCR testing
    and antigen testing for SARS-CoV-2.
●
Our two most advanced blood
    tests for cancer are for the screening and diagnosis of breast cancer. TM-B1 is our breast cancer test for the screening and diagnosis
    of breast cancer in all women, and TM-B2 is our breast cancer test for the screening and diagnosis of breast cancer in women who
    have 'dense breasts.' Dense breasts, medically categorized as BI-RADS 3 and BI-RADS 4, make mammograms largely ineffective
    because the biophysical structure of the breast does not allow high enough resolution on the mammogram X-ray to determine whether
    or not a tumor is present, leading to potentially unnecessary additional imaging tests and breast biopsies in women who have dense
    breasts.
●
Additionally, our TMC blood
    test is for the screening and diagnosis of colon cancer.
●
The Lymphocyte Proliferation
    Test (LymPro Test™) is a diagnostic blood test that determines the ability of peripheral blood lymphocytes (PBLs) and monocytes
    to withstand an exogenous mitogenic stimulation that induces them to enter the cell cycle. It is believed that certain diseases,
    most notably Alzheimer's disease, are the result of compromised cellular machinery that leads to aberrant cell cycle re-entry
    by neurons, which then leads to apoptosis. LymPro is novel in the use of peripheral blood lymphocytes as a surrogate for neuronal
    cell function, suggesting a common relationship between PBLs and neurons in the brain.
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Videssa
Breast
Current
methods of breast cancer detection have known limitations, particularly in women with abnormal or difficult-to-interpret imaging findings.
While clinical examination and imaging technologies are critical elements for detecting breast cancer, the high rate of false positive
and false negative results from these approaches can significantly impact patient care. In an effort to improve the accuracy of early
breast cancer detection, complementary blood-based approaches are being developed to help address the current limitations of breast imaging.
By utilizing new detection strategies, healthcare providers will be able to improve the accuracy of breast cancer detection and minimize
the consequences of false positive and false negative results. To help address the diagnostic challenges in breast cancer, we developed
Videssa Breast-the first blood test of its kind to detect the presence or absence of breast cancer in women with abnormal or difficult-to-interpret
imaging findings. When combined with imaging, Videssa Breast improves diagnostic accuracy and provides greater confidence and clarity
when clinical assessment is challenging.
Videssa
Breast was developed to provide physicians with actionable information regarding breast cancer risk in women following an inconclusive
mammogram result (BI-RADS III or IV), which primarily occurs in women with dense breasts. The data provided from the test, which has
demonstrated specificity of ~99% in both women over and under 50 years of age, arms physicians with a powerful tool to help guide decisions
of whether to continue to monitor a low-risk patient intermittently, or whether to advance an at-risk patient immediately into a more
expensive and invasive diagnostic assessment that likely includes a breast biopsy. With Videssa as the proprietary centerpiece of our
cancer diagnostic strategy, we will be looking to offer highly advanced, comprehensive cancer testing solutions to OB-GYNs, general practitioners
and other stakeholders in the medical community who will ultimately be managing patients likely to be strong candidates for Videssa.
Videssa
Breast combines multiple Serum Protein Biomarkers (SPBs) and Tumor-Associated Autoantibodies (TAAbs), along with patient clinical data,
to generate a unique protein signature for breast cancer. As these protein biomarkers are released into the bloodstream, they act as
biological cues for the presence of a malignancy, providing a snapshot of what's going on inside of a woman's body to complement
the anatomical features visible on imaging. Unlike genetic testing which determines the future risk of developing breast cancer, Videssa
Breast is designed to detect real-time disease status. By identifying early biochemical warning signals of breast cancer in the bloodstream,
such as "protein biomarkers," Videssa Breast provides information not detectable through imaging technologies, allowing for
a more comprehensive assessment.
LymPro
Test™:
The
Lymphocyte Proliferation (LymPro) Test™ measures markers of immune cells present in the blood as a surrogate for loss of nerve
cell function and the toxic accumulation of beta-amyloid plaques in the brain, which is a hallmark of Alzheimer's disease. Based
on differences observed in the response of cells from patients with Alzheimer's disease as compared with age-matched controls and
patients with other dementias, it appears that the test has high potential as an adjunctive diagnostic for Alzheimer's disease.
LymPro exploits the fact that abnormalities in replication (or the cell cycle) seem to extend to immune cells in the blood. The test
specifically measures the alterations in cell cycle activity in blood lymphocytes (a type of immune cell) as a biomarker of neuronal
damage, for the early identification and screening of Alzheimer's. Areas for deployment include initial Investigational Use Only
("IUO") testing followed by full diagnostic testing for patients with mild cognitive impairment ("MCI") and dementia
for differential diagnosis. Todos owns the exclusive worldwide rights to this Alzheimer's blood test as a result of its acquisition
of Breakthrough from Amarantus as follows. On February 27, 2019, we entered into a joint venture agreement with Amarantus, pursuant to
which we issued Ordinary Share representing 19.99% of our then outstanding Ordinary Shares to Amarantus, in exchange for Amarantus transferring
to us 19.99% of Breakthrough, then a wholly-owned subsidiary of Amarantus, and for Amarantus assigning the license for the LymPro test
to Breakthrough. As part of the transaction, we agreed to provide working capital to Breakthrough to support Breakthrough's operations.
As part of the Breakthrough joint venture, we were granted an exclusive option to acquire the remaining 80.01% of Breakthrough from Amarantus.
At our 2019 annual meeting of shareholders, our shareholders approved a resolution authorizing us to exercise our option to acquire the
remaining 80.01% of Breakthrough from Amarantus in exchange for an additional 30% of our then issued and outstanding Ordinary Shares.
We closed the acquisition of Breakthrough in July 2020.
There
are a few blood-based approaches to Alzheimer's, most of which focus on identifying canonical Alzheimer's markers - Amyloid
or Tau. The rationale for these tests is that they serve as a proxy for brain concentration Amyloid and Tau-based imaging. Given the
failure of these two mechanisms to demonstrate improvement across hundreds of clinical trials, we believe that looking upstream from
Amyloid and Tau is where both true diagnostic and therapeutic avenues exist. LymPro captures both Amyloid and Tau-based information by
proxy. Given the expectation that the Alzheimer's therapeutic market could reach $13.57 billion by 2027
2
, we believe
LymPro could also help drive mid-term value for Todos as progress is made. Taken together with our core patented Todos Biochemical Infrared
Analyses ("TBIA"), which uses a platform based upon a highly sensitive mid infrared equipment called fourier transform infrared
spectrometers ("FTIR"), we believe Todos is positioned to become a worldwide leader in the field of immune-based diagnostics.
2
https://www.medgadget.com/2021/01/alzheimers-therapeutics-market-to-reach-usd-13-57-billion-by-2027-size-share- industry-analysis-and-global-forecast-to-2027.html
46
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COVID-19
Proprietary Lab and Distribution Business:
We
provide advanced technologies addressing bottlenecks, whether they be scientific, technical or logistical, to enable laboratories to
rapidly expand testing capacity while reducing operational costs. To forward this business, we entered into distribution agreements with
multiple companies (such as 3D Biomedicine Science and Technology Col. Ltd., Meridian Health Services Network, Inc., and PCL Inc.) to
gain rights to rapid IgM/IgG COVID-19 antibody test kits, RNA extraction machines, RNA extraction reagents, qPCR reagents, digital PCR
reagents and automated liquid handler machines, in order to offer a comprehensive suite of solutions to laboratories worldwide. In the
second quarter of 2020, we began marketing a turnkey automation services solution to laboratories seeking to expand their COVID-19 testing
capabilities and started generating revenue from the distribution of products to support laboratory COVID testing through the automated
machinery we provided.
Our
Provista Diagnostics Laboratory serves as a hub for our diagnostic development programs, including our flagship Videssa blood test, as
well as support for our automation solutions customers. We have focused our COVID-19 diagnostic testing efforts at Provista to prioritize
delivering diagnostic services, including PCR and neutralizing antibody testing, becoming a direct provider to healthcare professionals.
We have partnered with Fosun Pharma to offer the first neutralizing antibody test, cPass™ SARS-CoV-2 Neutralizing Antibody Detection
Kit, which has received Emergency Use Authorization ("EUA") from the US FDA for the detection of SARS-CoV-2 receptor binding
domain ("RBD" or "neutralizing") antibodies. We believe this test can serve as a key marker for physicians, businesses
and schools to access Covid-19 immunity risk among their populations. This expansion into testing services allows us to diversify our
business into higher margin revenue in the COVID-19 space, as well as help us to expand our business development opportunities with the
labs we work with by providing reference lab testing services as we increase Provista's automated testing capabilities. The Company
intends to build Provista into a highly automated lab capable of running multiple platforms in parallel in order to offer clients comprehensive
testing solutions that meet their needs, especially in cancer, infectious disease, immune monitoring and Alzheimer's disease.
With
new COVID-19 variants posing a significant risk for breakthrough infections, we see neutralizing antibody testing becoming critical for
informed decision making to assess who may be best suited for booster shots, as well as at what point someone previously infected with
COVID begins to show waning immunity and may decide to receive vaccination as a result. We see a large market opportunity developing
for the cPass™ SARS-CoV-2 Neutralizing Antibody Detection Kit that we believe will begin to encroach on the COVID-19 PCR testing
market. The cPass test will enable individuals to take charge of their health by making data-driven decisions to protect themselves beyond
vaccination, such as masking or avoiding certain higher-risk activities when armed with this crucial information. A key differentiator
for this novel cPass test is that it detects neutralizing antibodies in patient samples without the use of live virus and with very fast
turnaround times, as compared to the conventional method of measuring neutralizing antibodies in patient samples, which requires the
use of live cells. We believe immune monitoring will be the primary driver of COVID-19 testing growth going forward. As time advances,
and more individuals are several months from their initial vaccine dose, it will become increasingly important for individuals and healthcare
providers to assess and monitor neutralizing antibody levels in order to make data-driven decisions with respect to booster shots and
behavioral changes. We are currently in the process of automating the cPass test at our laboratory, Provista Diagnostics, to add high-capacity
neutralizing antibody testing to its test menu. Provista plans to offer cPass as a testing service to other CLIA labs on a reference
basis, as well as directly to the public through healthcare professionals.
We
intend to focus on ways of leveraging our existing testing business and our client base to deliver actionable high value testing that
will improve outcomes while lowering cost of care. We believe that our establishment of a strong commercial infrastructure is the key
to unlocking the value of our intellectual property portfolio for our Company and its shareholders.
TBIA
Platform
Todos
Medical's TBIA platform represents a cost effective, scalable, and patient-friendly screening method for cancer screening. Todos
has developed the "Total Biochemical Infrared Analysis" (TBIA) method, a proprietary method for screening of solid tumors
using peripheral blood spectroscopy analysis. The process involves observing the immune system's response to tumor presence rather
than looking for the tumor cells themselves or specific markers. TBIA analyzes the entire biochemical signatures spectrum (including
proteins, lipids, nucleic acids and carbohydrates) of affected immune cells from peripheral blood, using infrared spectroscopy.
●
Advances
    in mid infrared spectroscopy using fourier transform infrared spectrometers (FTIR) open new diagnostic frontiers
●
Immune
    system changes detected in plasma and mononuclear cells via FTIR
●
Immune
    response acts as body's sensor for cancer
●
FTIR
    allows observation of distinct immune response to breast, colorectal, lung and other cancer types
The
test offered under our TBIA method could help reduce false positives and improve detection rate by reporting to the physician the probability
of the presence/absence of cancer prior to more expensive tests. A large, underserved population of unscreened and inadequately screened
patients represents a significant opportunity for a patient friendly screening test. Furthermore, traditional tests are more likely to
expose patients to radiation and other risks inherent in those tests, our products offer may become a viable solution for these patients,
as it is a simple blood test.
Each
of the existing screening diagnosis methods have at least one of the following significant drawbacks:
-
Expensive
-
Low
    sensitivity or specificity
-
Uncomfortable
    to use
-
Not
    accessible to the general public
-
Require
    specialists for results interpretation
-
Possible
    medical side effects from radiation and invasive tests
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Table of Contents
Many
patients who need to be checked regularly for cancer, avoid undertaking periodic examinations due to one or more of the above disadvantages.
The objective of our Company is to provide a more reliable alternative to the current methods of testing and to thereby overcome patients'
fear of regular cancer checkups, leveraging our proprietary technology in TBIA.
Despite
the various indications of the positive potential of our products, in order to establish our product in the market we still need to conduct
larger and more focused blind trials and we need to invest in a large-scale validation blind trial on the same cancer to confirm these
preliminary results.
Our
test is for cancer screening and cannot be regarded as a final diagnosis. However, it only requires a simple blood test causing minor
risk and pain (as below diagram demonstrates). Following the results of the test for positive or negative for specific cancer, the physician
will refer the patient for additional screenings such as colonoscopy for further examination of cancer presence.
Immune
Support Products and 3CL Protease Inhibiting Antivirals
On
March 11, 2022, the Company entered into a Share Purchase Agreement (the "SPA") with 3CL Sciences Ltd. ("3CL"),
an Israeli corporation, and NLC Pharma Ltd. ("NLC"), an Israeli corporation, pursuant to which 3CL Sciences will purchase
all therapeutic, diagnostic, dietary supplement and pharmaceutical assets from NLC that relate to 3CL protease biology from NLC. The
Company owns a controlling interest in 3CL. 3CL is working to advance a theragnostic program targeting the 3CL protease, a key enzyme
required for coronaviruses to replicate and infect other cells. We have funded the development of a novel enzymatic 3CL protease diagnostic
test that determines whether a coronavirus is actively replicating vs. inactively being cleared from the body by the immune system, as
well as 3CL protease inhibitors that aim to slow the replication of the virus in order to be able to further support the body's
ability to be able to overcome a potential coronavirus exposure or infection.
Tollovir:
Furthermore,
through 3CL, we are in the development phase of our own antiviral, Tollovir™, a potent 3CL protease inhibitor for the treatment
of hospitalized COVID-19 patients, which is currently undergoing a Phase 2 clinical trial in Israel with plans to expand the clinical
development program to India.
In
light of the different COVID-19 variants circulating widely worldwide, there is now a clear need for novel COVID-19 anti-viral therapies
to protect the unvaccinated and those for whom authorized vaccines do not confer immunity, which includes a large portion of the elderly
and those taking immune suppressants, against COVID-19 infection. In the United States, the Biden administration recently underscored
this need by pledging to invest $3.2 billion into research for COVID-19 anti-viral therapies, similar to the US Government's investments
into COVID-19 vaccines in 2020 at the beginning of the pandemic. We believe this government recognition of the need for antivirals will
provide a significant tailwind for the development of our Tollovir™ anti-viral that is currently undergoing a Phase 2 clinical
trial in Israel with plans progressing rapidly to expand the clinical development program to India. As part of the ongoing scientific
effort to further elucidate the mechanisms that have enabled Tollovir to achieve its very positive early clinical results, NLC Pharma
identified an anti-inflammatory mechanism of action of Tollovir to complement its 3CL protease inhibiting mechanism. This dual mechanism
of action helps explain the significant reduction in symptoms and the biomarker C Reactive Protein (CRP) that was documented in the earliest
clinical COVID-19 data sets produced in Israel, which could not be explained by a reduction in viral load alone likely caused by Tollovir's
3CL protease inhibiting mechanism. As a result of these quite complementary 3CL protease inhibiting and anti-inflammatory mechanisms,
given that we are in a race with Pfizer to get to market with the first 3CL protease inhibiting COVID-19 antiviral for which therapeutic
claims could be made, we believe it is critical to rapidly expand our clinical development programs to gather additional data in multiple
clinical settings to demonstrate Tollovir's ability to help patients suffering from COVID-19. As part of that effort, our Israel-based
Principal Investigators have introduced us to physician clinical collaborators in India who work with a highly-respected local Clinical
Research Organization (CRO) with extensive experience in running COVID-19 clinical trials. This CRO has near-immediate access to 6 clinical
sites that have previously enrolled patients into clinical trials for hospitalized COVID-19 patients and 5 clinical sites that have previously
enrolled patients into clinical trials for non-hospitalized COVID-19 patients. We believe this CRO relationship will allow for the rapid
expansion of enrollment for Tollovir's clinical data acquisition, and allow us to quickly prepare for a Phase 3 international clinical
development program to support regulatory approval under Emergency Use Authorization.
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Table of Contents
Tollovid:
The
Company's 3CL protease inhibitor botanical product, Tollovid, is a dietary supplement that helps to support and maintain healthy
immune function. This technology will potentially have a significant impact for the development of virus targeting therapeutic development
strategies, as well as clearance for return to life activities post-infection.
We
are very pleased that the Company's dietary supplement Tollovid, which provides immune support as a protease inhibitor, received
FDA authorization for a new 5-day dosing regimen in April 2021. We believe this authorization underscores the emerging need in the marketplace
for immune support supplements supported by strong scientific and safety data, as well as provides international regulatory authorities
with a high degree of comfort of Tollovid's safety profile. Going forward, the Company sees two critical areas of expansion in
the advancement of Tollovid:
1)
International
    distribution partnerships in jurisdictions where high value dietary supplements are distributed by reputable pharmacies and other
    high-end wellness stores that can engage with consumers directly on the value and underlying science of their products; and
2)
US
    marketing campaign to dramatically expand awareness of Tollovid for consumers and distribution partners who are looking for products
    to further support immune function.
We
believe that as we continue to grow our automation services business, we are creating a natural distribution base for the Videssa test,
as well as for the eventual commercialization of our proprietary TBIA platform tests and diagnostics developed with NLC Pharma. We intend
to seek out additional opportunities to leverage our expanding base of laboratory partners in the coming years.
Operating
Results
Revenues
During
the three months ended March 31, 2022, we generated revenues of $2,199,456, compared to $5,031,097 in revenues during the three months
ended March 31, 2021. Such revenues were generated by the Company and through our U.S. subsidiaries, Corona Diagnostics, LLC and Provista
Diagnostics, Inc.
Operating
Expenses
Our
current operating expenses consist of four components - cost of revenues, research and development expenses, marketing expenses and general
and administrative expenses.
Cost
of revenues
Our
cost of revenues consists primarily of materials, depreciation and other related cost of revenues expenses.
The
following table discloses the breakdown of cost of revenues:
Three Months Ended
March 31
2022
2021
Materials and other costs
$
1,144,337
$
3,086,314
Depreciation
172,778
148,815
Total
$
1,317,115
$
3,235,129
Research
and Development Expenses
Our
research and development expenses consist primarily of salaries and related personnel expenses, subcontracted work and consulting and
other related research and development expenses.
49
Table of Contents
The
following table discloses the breakdown of research and development expenses:
Three Months Ended
March 31
2022
2021
Professional fees
$
71,332
$
100,234
Laboratory and materials
366,217
602,567
Depreciation
3,589
7,425
Insurance and other expenses
1,117
2,380
Total
$
442,255
$
712,606
We
expect that our research and development expenses will materially increase as we plan to rapidly recruit more employees in order to accelerate
our research and development efforts.
Sales
and Marketing expenses
Sales
and marketing expenses consist primarily of salaries and share-based compensation expense.
The
following table discloses the breakdown of sales and marketing expenses:
Three Months Ended
March 31
2022
2021
Share based compensation
$
-
$
44,771
professional fees, salaries and other expenses
1,080,474
1,313,466
Total
$
1,080,474
$
1,358,237
General
and administrative
General
and administrative expenses consist primarily of salaries, share-based compensation expense, professional service fees (for accounting,
legal, bookkeeping, intellectual property and facilities), directors fee and insurance and other general and administrative expenses.
The
following table discloses the breakdown of general and administrative expenses:
Three Months Ended
March 31
2022
2021
Salaries and related expenses
$
642,834
42,066
Share-based compensation
1,179,938
200,539
Rent and maintenance expenses
149,421
4,513
Communication and investor relations
46,800
22,500
doubtful debts
736,441
311,274
Depreciation
20,462
-
Professional fees
627,977
956,963
Insurance and other expenses
72,114
24,322
Total
$
3,475,987
1,562,177
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Table of Contents
Comparison
of the three months ended March 31, 2022, to the three months ended March 31, 2021:
Results
of Operations
Revenues.
Our revenues for the three months ended March 31, 2022, were $2,199,456, compared to 5,031,097 revenues during the three months ended
March 31, 2021, representing a net decrease of $2,831,641, or 56%. The decrease in our revenues is a result of the reduction in sales
of our COVID-19 testing products through our U.S. subsidiary, Corona Diagnostics, LLC which was somewhat offset by sales of Tollovid™,
which commenced in the fourth quarter of 2021.
Cost
of revenues. Our cost of revenues for the three months ended March 31, 2022, were $1,317,115, compared to $3,235,129 during the three
months ended March 31, 2021, representing a net decrease of $1,918,014, or 59%. The decrease in our cost of revenues is related to the
decrease in sales of our COVID-19 testing products.
Research
and Development Expenses. Our research and development expenses for the three months ended March 31, 2022, were $442,255 compared to
$712,606 for the three months ended March 31, 2021, representing a net decrease of $270,351, or 38%. The decrease is primarily due to
a decrease in professional fees and other research and development costs in connection with providing Covid testing services.
Sales
and Marketing Expenses. Our sales and marketing expenses decreased from $1,358,237 in the three months ended March 31, 2021, to $1,080,474
in the three months ended March 31, 2022, a decrease of $277,763 or 20%.
General
and Administrative Expenses. Our general and administrative expenses for the three months ended March 31, 2022, were $3,475,987, compared
to $1,562,177 for the three months ended March 31, 2021, providing an increase of $1,913,810 or 123%. The increase is primarily due to
an increase in stock-based compensation, salaries and related expenses, and doubtful debts partially offset by a decrease in professional
services.
Finance
(Income) Expenses, Net. Our net finance expenses for the three months ended March 31, 2022 was $3,471,000 compared to net finance expenses
of $15,654,635 for the three months ended March 31, 2021, providing a decrease of $12,183,638 or 78%. The decrease is primarily due to
changes in the fair value of warrants liability and amortization of discounts and accrued interest on convertible bridge loans.
Share
in losses of affiliated company is accounted for under the equity method. Our share in losses of affiliated company accounted for under
the equity method amounted to $65,469 in the three months ended March 31, 2021 ($0 in the three months ended March 31, 2022).
Net
Loss. Our net loss for the three months ended March 31, 2022 was $7,588,375, compared to $17,557,484 for the three months ended March
31, 2021, providing a decrease of $9,969,109 or 57%. The decrease is primarily due to a decrease in the decrease in finance expenses,
net as well as other changes as mentioned above.
We
prepare our financial statements in accordance with US GAAP. At the time of the preparation of the financial statements, our management
is required to use estimates, evaluations, and assumptions which affect the application of the accounting policy and the amounts reported
for assets, obligations, revenues and expenses. Any estimates and assumptions are continually reviewed. The changes to the accounting
estimates are credited during the period in which the change to the estimate is made.
Subject
to certain conditions set forth in the JOBS Act, as an "emerging growth company," we elected to rely on other exemptions,
including without limitation, (i) providing an auditor's attestation report on our internal control over financial reporting pursuant
to Section 404 of the Sarbanes-Oxley Act and (ii) complying with any requirement that may be adopted by the PCAOB regarding mandatory
audit firm rotation or a supplement to the auditor's report providing additional information about the audit and the financial
statements (auditor discussion and analysis). These exemptions applied until the last day of the 2021 fiscal year (the fifth anniversary
of the date of the first sale of our common equity securities pursuant to an effective registration statement under the Securities Act).
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Table of Contents
Going
Concern Uncertainty
Until
2020, we devoted substantially all of our efforts to research and development and raising capital. In 2020, we raised significant capital,
but we also generated revenues for the first time as a result of our activities related to Covid-19. There is no certainty as to the
continuance of our revenues related to Covid-19. The development and commercialization of our other products, which are necessary for
our long term financial health, are expected to require substantial further expenditures. We remain dependent upon external sources for
financing our operations. Since inception, we have incurred substantial accumulated losses, negative working capital, and negative operating
cash flow, and have a significant shareholders' deficit. These factors raise substantial doubt about our ability to continue as
a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. We plan
to finance our operations through the sale of equity and, to the extent available, short term and long-term loans. There can be no assurance
that we will succeed in obtaining the necessary financing to continue our operations.
Liquidity
and Capital Resources
Overview
To
date, we have funded our operations primarily with convertible bridge loans, grants from the IIA, and issuing Ordinary Shares and stock
warrants (including warrants' exercise).
The
table below presents our cash flows:
STATEMENTS
OF CASH FLOWS
U.S.
dollars in thousands
Three months period ended
March 31,
2022
2021
Unaudited
Unaudited
Cash flows from operating activities:
Net loss
$
(7,588
)
$
(17,557
)
Adjustments required to reconcile net loss to net cash used in operating activities:
Depreciation
197
156
Interest on revolving credit line
597
-
Other losses
30
-
Liability for minimum royalties
54
12
Stock-based compensation
1,568
235
Modification of terms relating to straight loan transaction
-
(6
)
Direct and incremental issuance costs allocated to conversion feature of convertible bridge loan
-
169
Change in fair value, amortization of discounts and accrued interest on convertible bridge loans
6,127
15,033
Amortization of discounts and accrued interest on straight loans
164
861
Change in fair value of derivative warrants liability and fair value of warrants expired
-
(201
)
Change in fair value of liability related to conversion feature of convertible bridge loans
(3,431
)
(977
)
Decrease (increase) in trade receivables
1,035
(41
)
Increase in inventories
(38
)
(1,054
)
Decrease (increase) in other current assets
(294
)
670
Increase (decrease) in accounts payable
1,024
(389
)
Decrease in deferred revenues
-
(844
)
Increase (decrease) in other current liabilities
(678
)
687
Net cash used in operating activities
(1,263
)
(3,180
)
Cash flows from investing activities:
Purchase of property and equipment
(244
)
(658
)
Investment in other companies
-
(231
)
Net cash used in investing activities
(244
)
(889
)
Cash flows from financing activities:
Proceeds from straight loans, net
725
1,677
Repayment of Receivables financing facility
879
(1,056
)
Repayment of straight loans
(189
)
(941
)
Repayment of convertible bridge loans
-
(677
)
Proceeds from issuance of units consisting of convertible bridge loans, stock warrants and shares, net
-
4,012
Repayments of right of use asset arising from operating leases
(23
)
-
Proceeds from issuance of ordinary shares through equity line
-
255
Net cash provided by financing activities
1,392
3,270
Change in cash, cash equivalents
(115
)
(799
)
Cash, cash equivalents at beginning of period
189
935
Cash, cash equivalents at end of period
$
74
$
136
52
Table of Contents
Operating
Activities
Net
cash used in operating activities for the three months ended March 31, 2022 was $1,263,000 compared to $3,180,000 in the three months
ended March 31, 2021. The decrease in the cash flow used in operating activities in 2022 compared to 2021 is primarily due to a decrease
in operating loss plus an increase in accounts payable and stock-based compensation and a decrease in the fair value of the liability
related to the potential conversion of convertible bridge loans, amortization of discounts and accrued interest on convertible bridge
loans.
Investing
Activities
Net
cash used in investing activities for the for the three months ended March 31, 2022 was $244,000, compared with $889,000 in the three
months ended March 31, 2021. The primary reason for the decrease in investing activities was due to a decrease in the purchase of laboratory
and other equipment by our U.S. subsidiaries, Corona Diagnostics, LLC and Provista Diagnostics, Inc.
Financing
Activities
Net
cash provided by financing activities for the three months ended March 31, 2022 was $1,392,000, compared to net cash provided by financing
activities for the three months ended March 31, 2021 of $3,270,000. This decrease is primarily due to a decrease in cash received from
proceeds from straight loans and proceeds from issuance of units consisting of convertible bridge loans, stock warrants and shares, net
offset by an increase in cash received from the Company's receivables financing facility.
Current
Outlook
We
cannot assure that our cancer detection kits will be commercialized, work as indicated, or that they will receive regulatory approval
and that we will earn revenues sufficient to support our operations or that we will ever be profitable. Furthermore, since we have no
committed source of financing, we cannot assure that we will be able to raise money as and when we need it to continue our operations.
If we cannot raise funds as and when we need them, we may be required to curtail, or even to cease, our operations.
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Table of Contents
We
have limited experience with IVD. As such, these budget estimates may not be accurate. In addition, the actual work to be performed is
not known at this time, other than a broad outline, as is normal with any scientific work. As further work is performed, additional work
may become necessary or change in plans or workload may occur. Such changes may have an adverse impact on our estimated budget. Such
changes may also have an adverse impact on our projected timeline of drug development.
We
are currently distributing COVID-19 testing kits as a means of funding our operations.
If
we are unable to raise additional funds, we will need to do one or more of the following:
●
delay,
    scale-back or eliminate some or all of our research and product development programs;
●
provide
    licenses to third parties to develop and commercialize products or technologies that we would otherwise seek to develop and commercialize
    ourselves;
●
seek
    strategic alliances or business combinations;
●
attempt
    to sell our Company;
●
cease
    operations; or
●
declare
    bankruptcy.
Any
debt financing secured by us in the future could involve restrictive covenants relating to our capital raising activities and other financial
and operational matters, which may make it more difficult for us to obtain additional capital and to pursue business opportunities, including
potential acquisitions. We may not be able to secure additional debt or equity financing in a timely manner, or at all, which could require
us to scale back our business plan and operations.
The
above conditions raise substantial doubt about our ability to continue as a going concern. The financial statements included elsewhere
herein were prepared under the assumption that we would continue our operations as a going concern. Our financial statements do not include
any adjustments that may result from the outcome of this uncertainty. Without additional funds from debt or equity financing, sales of
our intellectual property or technologies, or from a business combination or a similar transaction, we will soon exhaust our resources
and will be unable to continue operations. If we cannot continue as a viable entity, our shareholders may lose some or all of their investment
in us.
Our
management intends to attempt to secure additional required funding primarily through additional equity or debt financings. We may also
seek to secure required funding through sales or out-licensing of intellectual property assets, seeking partnerships with other pharmaceutical
companies or third parties to co-develop and fund research and development efforts, or similar transactions. However, there can be no
assurance that we will be able to obtain required funding. If we are unsuccessful in securing funding from any of these sources, we will
defer, reduce or eliminate certain planned expenditures in our research protocols. If we do not have sufficient funds to continue operations,
we could be required to seek bankruptcy protection or other alternatives that could result in our shareholders losing some or all of
their investment in us.
Quantitative
and Qualitative Disclosure About Market Risk
We
are exposed to market risks in the ordinary course of our business. Market risk represents the risk of loss that may impact our financial
position due to adverse changes in financial market prices and rates. Our current investment policy is to invest available cash in bank
deposits with banks that have a credit rating of at least A-minus. Accordingly, a substantial majority of our cash and cash equivalents
is held in deposits that bear interest.
Given
the current low rates of interest we receive, we will not be adversely affected if such rates are reduced. Our market risk exposure is
primarily a result of NIS/U.S. dollar exchange rates, which is discussed in detail in the following paragraph.
Foreign
Currency Exchange Risk
Our
results of operations and cash flow are subject to fluctuations due to changes in NIS/U.S. dollar currency exchange rates. The vast majority
of our liquid assets is held in U.S. dollars, and a certain portion of our expenses is denominated in NIS. We expect that the percentage
of our NIS denominated expenses will materially decrease in the near future, therefore reducing our exposure to exchange rate fluctuations.
We do not hedge our foreign currency exchange risk. In the future, we may enter into formal currency hedging transactions to decrease
the risk of financial exposure from fluctuations in the exchange rates of our principal operating currencies. These measures, however,
may not adequately protect us from the material adverse effects of such fluctuations. Currently, all of our transactions are in United
States dollars and Israeli shekels.
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BUSINESS
Overview
●
Todos
    Medical Ltd. ("Todos Medical," the "Company," "we," "our," "us"), is
    an in vitro diagnostics company focused on distributing comprehensive solutions for COVID-19 screening and diagnosis and developing
    blood tests for the early detection of cancer and Alzheimer's disease.
●
Todos
    has entered into distribution agreements with companies to distribute certain novel coronavirus (COVID-19) test kits. The agreements
    cover multiple international suppliers of PCR testing kits and related materials and supplies, as well as antibody testing kits from
    multiple manufacturers after completing validation of said testing kits and supplies in its partner CLIA/CAP certified laboratory
    in the United States. Todos has combined the PCR testing kits with automated lab equipment to create lab workflows capable of performing
    up to 40,000 PCR tests per day. Todos has entered into supply agreements with CLIA/CAP certified laboratories in the United States
    to deploy these PCR workflows. Todos has formed strategic partnerships with Meridian Health and other strategic partners to deploy
    COVID-19 antigen and antibody testing in the United States. Additionally, the Company is developing a lab-based COVID-19 3CL protease
    test to determine whether a COVID-19 positive patient remains contagious after quarantine is complete and is further developing point-of-care-based
    embodiments of the lab test for use in screening programs worldwide.
●
In
    December 2020, Todos announced the commercial launch of its proprietary 3CL protease inhibitor dietary supplement Tollovid™
    at The Alchemist's Kitchen in SoHo district in Manhattan, New York. Tollovid, a mix of botanical extracts, is being targeted
    to support healthy immune function against circulating coronaviruses. Tollovid's mechanism of action is to inhibit the activity
    of the 3CL protease, a key protease required for the intracellular replication of coronaviruses. Tollovid was granted a Certificate
    of Free Sale by the US Food & Drug Administration in August 2020, allowing its commercial sale anywhere in the United States.
●
On
    March 11, 2022, the Company entered into a Share Purchase Agreement (the "SPA") with 3CL Sciences Ltd.
    ("3CL"), an Israeli corporation, and NLC Pharma Ltd. ("NLC"), an Israeli corporation, pursuant
    to which (a) 3CL Sciences will purchase all therapeutic, diagnostic, dietary supplement and pharmaceutical assets from
    NLC that relate to 3CL protease biology (which is used in the development, manufacture, sale and distribution of Tollovid™
    and Tollovir™) from NLC in exchange for a 100% equity interest in 3CL, (b) 3CL will allot 30.5% of its shares to the Company
    in exchange for a total cash commitment of $8 million, (c) NLC will sell 7.54% of 3CL's issued and outstanding shares to the
    Company in exchange for a total cash commitment of $2 million, and (d) NLC will exchange 14.31% of 3CL's issued and outstanding
    shares for shares of the Company having a market value of $3,800,000 on the day prior to the Closing, such that the Company will
    own 52% of 3CL's issued and outstanding share capital and NLC will own 48% of 3CL's issued and outstanding share capital.
    The Company and NLC have agreed to identify a seasoned biopharmaceutical CEO to manage 3CL going forward. The board of directors
    of 3CL Sciences will be made up of five (5) individuals: three (3) appointed by the Company and two (2) appointed by NLC.
●
Additionally,
    the Company's patented Todos Biochemical Infrared Analyses (TBIA) is a cancer-screening technology using peripheral blood analysis
    that deploys deep examination into cancer's influence on the immune system, looking for biochemical changes in blood mononuclear
    cells and plasma. Todos' two internally developed cancer-screening tests, TMB-1 and TMB-2 have received a CE mark in Europe.
●
In
    the second quarter of 2021, Todos purchased rights to Provista Diagnostics, Inc.'s Alpharetta, Georgia-based CLIA/CAP certified
    lab and Provista's proprietary commercial-stage Videssa® breast cancer blood test.
●
Todos
    is also developing blood tests for the early detection of neurodegenerative disorders, such as Alzheimer's disease.
●
In
    July 2020, Todos completed the acquisition of Breakthrough Diagnostics, Inc., the owner of the LymPro Test intellectual property,
    from Amarantus Bioscience Holdings, Inc.
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Table of Contents
Products
●
Through
                                            3CL Sciences Ltd. ("3CL"), we are in the development phase of our own antiviral,
                                            Tollovir™, a potent 3CL protease inhibitor for the treatment of hospitalized COVID-19
                                            patients, which is currently undergoing a Phase 2 clinical trial in Israel with plans to
                                            expand the clinical development program to India.
We
    believe that government recognition of the need for antivirals to treat COVID-19 will provide a significant tailwind for the development
    of our Tollovir™ anti-viral that is currently undergoing a Phase 2 clinical trial in Israel with plans progressing rapidly
    to expand the clinical development program to India. As part of the ongoing scientific effort to further elucidate the mechanisms
    that have enabled Tollovir to achieve its very positive early clinical results, NLC Pharma identified an anti-inflammatory mechanism
    of action of Tollovir to complement its 3CL protease inhibiting mechanism. This dual mechanism of action helps explain the significant
    reduction in symptoms and the biomarker C Reactive Protein (CRP) that was documented in the earliest clinical COVID-19 data sets
    produced in Israel, which could not be explained by a reduction in viral load alone likely caused by Tollovir's 3CL protease
    inhibiting mechanism.
●
The
                                            Company's 3CL protease inhibitor botanical product, Tollovid, is a dietary supplement
                                            that helps to support and maintain healthy immune function. This technology will potentially
                                            have a significant impact for the development of virus targeting therapeutic development
                                            strategies, as well as clearance for return to life activities post-infection.
We
    are very pleased that the Company's dietary supplement Tollovid, which provides immune support as a protease inhibitor, received
    FDA authorization for a new 5-day dosing regimen in April 2021. We believe this authorization underscores the emerging need in the
    marketplace for immune support supplements supported by strong scientific and safety data, as well as provides international regulatory
    authorities with a high degree of comfort of Tollovid's safety profile.
●
In
    October 2021, we announced positive clinical validation data for our 3CL protease biomarker assay TolloTest™ in a clinical
    study evaluating its sensitivity compared with PCR in hospitalized COVID-19 patients, patients hospitalized for conditions other
    than COVID-19 and individuals exposed to confirmed COVID-19 subjects in the community outpatient setting and healthy controls. The
    results clinically validated the sensitivity of the 3CL protease biomarker compared with SARS-CoV-2 PCR, confirmed positive results
    in both the hospital and outpatient setting, and provided key insights on the potential role the 3CL protease biomarker could play
    in assessing the COVID infectivity status of infected patients being released from quarantine and opening the diagnostic window to
    include earlier diagnosis of individuals from time of time known exposure. The Company sees multiple use cases for the 3CL protease
    biomarker as an adjunct to both PCR testing and antigen testing for SARS-CoV-2.
●
Our
    two most advanced blood tests for cancer are for the screening and diagnosis of breast cancer. TM-B1 is our breast cancer test for
    the screening and diagnosis of breast cancer in all women, and TM-B2 is our breast cancer test for the screening and diagnosis of
    breast cancer in women who have 'dense breasts.' Dense breasts, medically categorized as BI-RADS 3 and BI-RADS 4, make
    mammograms largely ineffective because the biophysical structure of the breast does not allow high enough resolution on the mammogram
    X-ray to determine whether or not a tumor is present, leading to potentially unnecessary additional imaging tests and breast biopsies
    in women who have dense breasts.
●
Additionally,
    our TMC blood test is for the screening and diagnosis of colon cancer.
●
The
    Lymphocyte Proliferation Test (LymPro Test™) is a diagnostic blood test that determines the ability of peripheral blood lymphocytes
    (PBLs) and monocytes to withstand an exogenous mitogenic stimulation that induces them to enter the cell cycle. It is believed that
    certain diseases, most notably Alzheimer's disease, are the result of compromised cellular machinery that leads to aberrant
    cell cycle re-entry by neurons, which then leads to apoptosis. LymPro is novel in the use of peripheral blood lymphocytes as a surrogate
    for neuronal cell function, suggesting a common relationship between PBLs and neurons in the brain.
Recent
Developments
3CL
Acquisition
On March 11, 2022, the Company
entered into a Share Purchase Agreement (the "SPA") with 3CL Sciences Ltd. ("3CL"), an Israeli
corporation, and NLC Pharma Ltd. ("NLC"), an Israeli corporation, pursuant to which (a) 3CL Sciences will
purchase all therapeutic, diagnostic, dietary supplement and pharmaceutical assets from NLC that relate to 3CL protease biology
(which is used in the development, manufacture, sale and distribution of Tollovid™ and Tollovir™) from NLC in exchange
for a 100% equity interest in 3CL, (b) 3CL will allot 30.5% of its shares to the Company in exchange for a total cash commitment of $8
million, (c) NLC will sell 7.54% of 3CL's issued and outstanding shares to the Company in exchange for a total cash commitment
of $2 million, and (d) NLC will exchange 14.31% of 3CL's issued and outstanding shares for shares of the Company having a market
value of $3,800,000 on the day prior to the Closing, such that the Company will own 52% of 3CL's issued and outstanding share capital
and NLC will own 48% of 3CL's issued and outstanding share capital. The Company and NLC have agreed to identify a seasoned biopharmaceutical
CEO to manage 3CL going forward. The board of directors of 3CL Sciences will be made up of five (5) individuals: three (3) appointed
by the Company and two (2) appointed by NLC.
Provista
Acquisition
On
April 19, 2021, the Company entered into an Agreement to Purchase Provista Diagnostics, Inc. ("Agreement to Purchase") with
Strategic Investment Holdings, LLC ("SIH"), Ascenda BioSciences LLC ("Ascenda") and Provista Diagnostics, Inc.
("Provista"). Ascenda was the sole owner of the outstanding securities of Provista and SIH is the sole owner of all the outstanding
securities of Ascenda.
Pursuant
to the Agreement to Purchase, the Company acquired Provista from Ascenda and SIH for an aggregate purchase price of $7.5 million consisting
of an initial cash payment of $1.25 million, the issuance of $1.5 million in Ordinary Shares priced at $0.0512 per share, the issuance
to SIH of a $3.5 million convertible promissory note dated April 19, 2021 (the "Note") and the payment on for before July
1, 2021 of $1.25 million in cash (the "July Payment"), which payment the Company had the right to, and did, extend to July
15, 2021. The Provista shares acquired by the Company remained in an escrow account until the July Payment was made.
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Table of Contents
The
Note has a maturity date of April 8, 2025, and is convertible beginning on October 20, 2021, into Ordinary Shares of the Company at a
conversion price equal to the lesser of $0.05 or the volume weighted average price of the last 20 trading days for the Ordinary Shares
prior to the date of conversion. In the event SIH delivers a Notice of Conversion to the Company at a per share price less than five
cents ($0.05), the Company has the right to immediately notify SIH of its intention to pay the conversion amount in cash within three
(3) business days of receipt of the Notice of Conversion (i.e., before SIH would take possession of shares converted under the Notice
of Conversion). If, at any time between October 20, 2021 and April 20, 2022, the average of the lowest bid and closing sale price at
4:00:00 p.m., New York time (or such other time as such market publicly announces is the official close of trading) is below ($0.05),
the Company has the option to buy out all or any portion of the Note (the "Buyback Option"). In the event the Company exercises
the Buyback Option for an amount equal to or greater than one million, one hundred seventy thousand dollars ($1,170,000) (the "Buyback
Amount"), SIH may not submit any conversions below five cents ($0.05) for ninety (90) days from receipt of the Buyback Amount ("90
Day Period").
In
the event that the Company uplists its Ordinary Shares to a national securities exchange, the Note shall automatically be exchanged into
Series B preferred stock with a conversion price equal to the lesser of (a) $0.05, (b) the opening price on the day of the uplisting
provides there is no transaction associated with the uplisting or (c) the deal price of an uplisting transaction.
Products
On
July 22, 2021, the US Food & Drug Administration (FDA) granted a new Certificate of Free Sale for Tollovid Daily™, the newest
member of the Company's Tollovid™ dietary supplement product line.
The
Certificate of Free Sale is for a twice-daily dosing regimen and, critically, a 3CL protease inhibitor claim. Each 60-pill bottle of
Tollovid Daily can help support and maintain healthy immune function for 30 days. The Company intends to establish a monthly subscription
model as part of its marketing launch campaign for Tollovid Daily immune system support. Tollovid™ and Tollovid Daily are both
3CL protease inhibitor products developed together with NLC Pharma before the establishment of 3CL Sciences Ltd.
On
April 8, 2021, we received a notice of allowance ('Letter of Intent to Grant a Patent') from the European Patent Office covering
the use of the Company's proprietary Total Biochemical Infrared Analysis ('TBIA') method that uses blood (plasma and/or
peripheral blood mononuclear cells 'PBMCs') to distinguish between patients with benign tumors vs. malignant tumors vs. no
tumors (healthy controls).
The
patent application specifically covers methods for capturing consistent data from infrared spectroscopy readers, as well as the application
of various artificial intelligence algorithm development methods to the data. The ability of TBIA to make a diagnosis of cancer has first
been applied to the detection of breast and colon cancers, where Todos has received CE Marks in Europe paving the way for commercialization
initially focused on TMB-2 (dense breast / inconclusive mammogram secondary screening) and TMB-1 (general breast cancer screening) cancer
detection tests.
Financing
and Fundraising Other Than Crossover Notes
The
Prospectus Summary section with the header "
Financing and Fundraising Other Than Crossover Notes"
is incorporated
by reference in this Business section.
Crossover
Notes
The
Prospectus Summary section with the header "
Crossover Notes"
is incorporated by reference in this Business section.
Reverse
                                            Split
At
an extraordinary general meeting of our shareholders held on July 26, 2021, our shareholders voted to approve a reverse share split of
the Company's ordinary shares within a range of 1:2 to 1:500, to be effective at the ratio and on a date to be determined by the
Board of Directors of the Company (the "Reverse Split"). Although our shareholders approved the Reverse Split, all per share
amounts and calculations in this prospectus and the accompanying financial statements do not reflect the effects of the Reverse Split,
as the Board of Directors has not determined the ratio or the effective date of the Reverse Split. At its next general meeting, Todos'
shareholders will be asked to amend the Reverse Split to increase the range from 1:2 to 1:500 to 1:2 to 1:1,000 and to remove the deadline
for declaring the Reverse Split.
SARS-nCoV-2
Related Business
With
the onset of COVID-19, Todos sought to apply its expertise in developing blood tests for the early detection of cancer and Alzheimer's
disease to distributing and then developing screening tests for the pandemic.
On
March 23, 2021, we announced that we have entered into an automation and reagent supply agreement with MAJL Diagnostics ("MAJL").
Under the terms of the agreement, Todos will implement its automation solution, including Tecan™ liquid handlers, automated RNA
extraction machines, as well as a 384-well PCR machine capable of conducting COVID, cancer genetics and pharmacogenomics testing, in
order to become the provider of all COVID-19 PCR testing reagents and supplies.
On
March 29, 2021, we announced the successful installation of automated lab equipment and completion of training for a lab client in Brooklyn,
NY. The implementation of the Todos automation solution has expanded the lab's processing capacity to 6,000 PCR tests per day from
500 PCR tests per day, with the potential to quickly expand to up to 12,000 PCR tests per day. The lab will be implementing EUA approved
PCR testing for COVID-19 testing, as well as COVID + influenza A & B PCR testing upon request for select clients. Additionally, through
the future implementation of pooling, the lab could potentially increase processing capacity to in excess of 40,000 PCR tests per day
at a 4:1 ratio.
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Table of Contents
On
March 30, 2021, we announced that we have entered into a distribution partnership with Osang Healthcare (OHC) of South Korea, to distribute
the GeneFinder™ COVID-19 Plus RealAMP Kit in the United States. Todos intends to make GeneFinder Plus the primary kit used for
distribution in its fully integrated and automated COVID-19 PCR testing lab solutions. GeneFinder Plus has been granted Emergency Use
Authorization (EUA) by the US FDA.
We
market our COVID-19 test kits directly to clinical laboratories throughout the U.S. as well as through our distributors, who include
Meridian, Dynamic Distributors, LLC, and others.
On March 11, 2022, the
Company entered into a Share Purchase Agreement (the "SPA") with 3CL Sciences Ltd. ("3CL"), an
Israeli corporation, and NLC Pharma Ltd. ("NLC"), an Israeli corporation, pursuant to which (a) 3CL Sciences
will purchase all therapeutic, diagnostic, dietary supplement and pharmaceutical assets from NLC that relate to 3CL protease
biology (which is used in the development, manufacture, sale and distribution of Tollovid™ and Tollovir™) from NLC in
exchange for a 100% equity interest in 3CL, (b) 3CL will allot 30.5% of its shares to the Company in exchange for a total cash commitment
of $8 million, (c) NLC will sell 7.54% of 3CL's issued and outstanding shares to the Company in exchange for a total cash commitment
of $2 million, and (d) NLC will exchange 14.31% of 3CL's issued and outstanding shares for shares of the Company having a market
value of $3,800,000 on the day prior to the Closing, such that the Company will own 52% of 3CL's issued and outstanding share capital
and NLC will own 48% of 3CL's issued and outstanding share capital. The Company and NLC have agreed to identify a seasoned biopharmaceutical
CEO to manage 3CL going forward. The board of directors of 3CL Sciences will be made up of five (5) individuals: three (3) appointed
by the Company and two (2) appointed by NLC.
During
2021, the Company recognized approximately $12,277,000 in revenue related to its COVID-19 business, and in January through May of 2022,
the Company recognized approximately $3,314,000 in such revenue. There is no assurance that the Company will generate any additional
revenues in the future pursuant to any of these arrangements.
Employees
and Consultants
During
2021, the Company hired 23 new employees, including management and staffing of laboratory, sales and marketing and general administrative
staffing. As of the date of this prospectus, we employ 28 people, 20 of whom are employees of our Provista subsidiary.
Government
Regulation
The
FDA and other regulatory authorities at federal, state and local levels, as well as in foreign countries, extensively regulate, among
other things, the research, development, testing, manufacture, quality control, import, export, safety, effectiveness, labeling, packaging,
storage, distribution, record keeping, approval, advertising, promotion, marketing, post-approval monitoring and post-approval reporting
of diagnostic tests such as those we are developing, as well as medicines such as those we are developing for the treatment of Covid-19.
Seasonality
To
date, our business is not subject to any detectable seasonality.
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DESCRIPTION
OF OUR SECURITIES
The
following description of our share capital does not purport to be complete, and is qualified in its entirety by reference to our amended
and restated articles of association (the "Amended Articles"), a copy of which is filed as an exhibit to the registration
statement of which this prospectus forms a part. This summary is subject to the Companies Law and to the complete text of our Amended
Articles.
General
As
of the date of this prospectus, our authorized share capital consists of 5,000,000,000 Ordinary Shares, par value NIS 0.01 per
share, of which 1,193,175,121 shares were issued and outstanding as of July 22, 2022, 50,000 Preferred A Shares par value NIS
0.01 each, none of which are issued and outstanding, and 5,000 Preferred B Shares par value NIS 0.01 each, none of which are issued and
outstanding. All of our outstanding Ordinary Shares are validly issued, fully paid and non-assessable. Our Ordinary Shares are not redeemable
and do not have any preemptive rights.
Our Preferred A Shares and
Preferred B Shares do not have any preemptive rights. The Board of Directors may, at any time and in its uncontrolled discretion,
elect to redeem any or all Preferred A Shares, or any or all Preferred B Shares, by a cash redemption as per Section 312 of the Companies
Law, or by exchange for any note of subordinated indebtedness as the Board may deem appropriate under the circumstances, all of the above
at the conversion price by which such Preferred Shares (as the case may be) were obtained at their time of conversion, including without
limitation as per the relevant Conversion Price as described in the transaction documents with Yozma or similar transaction documents
the Company has signed with other lenders.
Registration
Number and Purposes of the Company
Our
registration number with the Israeli Registrar of Companies is 51-443712-8. Our purpose as set forth in our Amended Articles is to engage
in any lawful activity. Our Amended Articles state that the liability of our shareholders is limited, subject to the provisions of the
Companies Law.
Transfer
of Shares
Our
fully paid Ordinary Shares are issued in registered form and may be freely transferred under our Amended Articles, unless the transfer
is restricted or prohibited by another instrument, applicable law or the rules of a stock exchange on which the shares are listed for
trade. The ownership or voting of our Ordinary Shares by non-residents of Israel is not restricted in any way by our Amended Articles
or the laws of the State of Israel, except for ownership by nationals of some countries that are, or have been, in a state of war with
Israel.
Election
of Directors
The
Ordinary Shares do not have cumulative voting rights for the election of directors. Rather, under the Amended Articles the Company's
directors (other than external directors) are elected at a shareholders' meeting by a simple majority of Ordinary Shares for a
term of service ending upon the next annual general meeting. Under the Companies Law, external directors are elected by a simple majority
of Ordinary Shares, which majority includes at least a majority of the shares held by non-controlling shareholders who do not have a
personal interest in the matter (excluding a personal interest unrelated to the relationship with a controlling shareholder) voted at
the meeting, or the total number of shares held by such non-controlling shareholders who do not have a personal interest voted against
the election of the external director does not exceed two percent of the aggregate voting rights in the Company. External directors are
elected for a term of service ending upon the third annual general meeting.
As
a result, the holders of Ordinary Shares that represent more than 50% of the voting power represented at a shareholder meeting have the
power to elect any or all of the Company's directors whose positions are being filled at that meeting, subject to the additional
approval requirements for external directors.
Dividend
and Liquidation Rights
We
may declare a dividend to be paid to the holders of our Ordinary Shares in proportion to their respective shareholdings. Under the Companies
Law, dividend distributions are determined by the board of directors and do not require the approval of the shareholders of a company
unless the company's articles of association provide otherwise. Our Amended Articles do not require shareholder approval of a dividend
distribution and provide that dividend distributions may be determined by our board of directors.
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Pursuant
to the Companies Law, we may declare and pay dividends only if, upon the determination of our board of directors, there is no reasonable
concern that the distribution will prevent us from being able to meet the terms of our existing and foreseeable obligations as they become
due. Under the Companies Law, the distribution amount is further limited to the greater of retained earnings or earnings generated over
the two most recent years legally available for distribution according to our then last reviewed or audited financial statements, provided
that the date of the financial statements is not more than six months prior to the date of distribution. In the event that we do not
have retained earnings or earnings generated over the two most recent years legally available for distribution, we must seek the approval
of the court in order to distribute a dividend. The court may approve our request if it is convinced that there is no reasonable concern
that the payment of a dividend will prevent us from satisfying our existing and foreseeable obligations as they become due.
In
the event of our liquidation, after satisfaction of liabilities to creditors, our assets will be distributed to the holders of our Ordinary
Shares in proportion to the nominal value of their shareholdings. This right, as well as the right to receive dividends, may be affected
by the grant of preferential dividend or distribution rights to the holders of a class of shares with preferential rights that may be
authorized in the future.
Exchange
Controls
There
are currently no Israeli currency control restrictions on remittances of dividends on our Ordinary Shares, proceeds from the sale of
the shares or interest or other payments to non-residents of Israel, except for shareholders who are residents, citizens or subjects
of countries that are, or have been, in a state of war with Israel.
Shareholder
Meetings
Under
Israeli law, we are required to hold an annual general meeting of our shareholders once every calendar year that must be held no later
than 15 months after the date of the previous annual general meeting. All meetings other than the annual general meeting of shareholders
are referred to in our Amended Articles as special general meetings. Our board of directors may call special general meetings whenever
it sees fit, at such time and place, within or outside of Israel, as it may determine. In addition, the Companies Law provides that our
board of directors is required to convene a special general meeting upon the written request of (i) any two of our directors or one-quarter
of the serving members of our board of directors; or (ii) one or more shareholders holding, in the aggregate, either (a) 5% or more of
our outstanding shares and 1% of our outstanding voting power or (b) 5% or more of our outstanding voting power.
Furthermore,
the Companies Law requires that resolutions regarding the following matters be approved by our shareholders at a general meeting:
●
amendments
    to our articles of association;
●
appointment,
    terms of service and termination of service of our auditors;
●
appointment
    of external directors;
●
approval
    of certain related party transactions;
●
increases
    or reductions of our authorized share capital;
●
mergers;
    and
●
the
    exercise of our board of director's powers by a general meeting, if our board of directors is unable to exercise its powers
    and the exercise of any of its powers is essential for our proper management.
Subject
to the provisions of the Companies Law and regulations promulgated thereunder, shareholders entitled to participate and vote at general
meetings are the shareholders of record on a date to be decided by the board of directors, which, as a company listed on an exchange
outside Israel, may be between four and 40 days prior to the date of the meeting.
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The
Companies Law requires that a notice of any annual general meeting or special general meeting be provided to shareholders at least 21
days prior to the meeting and if the agenda of the meeting includes, among other things, the appointment or removal of directors, the
approval of transactions with office holders or interested or related parties, an approval of a merger or the approval of the compensation
policy, notice must be provided at least 35 days prior to the meeting.
Under
the Companies Law, our shareholders are not permitted to take action via written consent in lieu of a meeting.
Voting
Rights
Quorum
Requirements
Pursuant
to our Amended Articles, holders of our Ordinary Shares have one vote for each ordinary share held on all matters submitted to a vote
before the shareholders at a general meeting. The quorum required for general meetings of our shareholders is at least two shareholders
present in person, by proxy or written ballot, who hold or represent between them at least 25% of the total outstanding voting rights
(or if a higher percentage is required by law, such higher percentage), within half an hour of the time fixed for the commencement of
the meeting. A meeting adjourned for lack of a quorum is adjourned either to the same day in the following week at the same time and
place or to such day, time and place as specified in the notice of the meeting or to such day, time and place as the chairman of the
general meeting shall determine. At the reconvened meeting, at least two shareholders present in person or by proxy shall constitute
a lawful quorum, unless the meeting of shareholders was convened at the demand of shareholders, in which case, the quorum shall be the
presence of one or more shareholders holding at least 5% of our issued share capital and at least one percent of the voting power of
our shares, or one or more shareholders with at least 5% of the voting power of our shares.
Vote
Requirements
Our
Amended Articles provide that all resolutions of our shareholders require a simple majority vote, unless otherwise required by the Companies
Law or by our Amended Articles. Under the Companies Law, certain actions require a special majority, including: (i) appointment of external
directors; (ii) approval of an extraordinary transaction with a controlling shareholder or in which the controlling shareholder has a
personal interest and the terms of employment or other engagement of the controlling shareholder or a relative of the controlling shareholder
(even if not extraordinary); (iii) approval of a compensation policy; and (iv) approval of executive officer compensation inconsistent
with our office holder compensation policy or the compensation of our chief executive officer (subject to limited exceptions).
In
addition, under the Companies Law the authorization of the chairman of the board to assume the role or responsibilities of the chief
executive officer, or the authorization of the chief executive officer or his or her relative thereof to assume the role or responsibilities
of the chairman of the board, for periods of no longer than three years each, is subject to receipt of the approval of a majority of
the shares voting on the matter, provided that either (i) included in such majority are at least two-thirds of the shares of shareholders
who are non-controlling shareholders and shareholders who do not have a personal interest in the resolution that are voted at the meeting
on the matter (excluding any abstentions); or (ii) the total number of shares of shareholders specified in clause (i) who voted against
the resolution does not exceed 2% of the voting rights in the company.
Another
exception to the simple majority vote requirement is a resolution for the voluntary winding up, or an approval of a scheme of arrangement
or reorganization, of the company pursuant to Section 350 of the Companies Law, which requires the approval of holders of 75% of the
voting rights represented at the meeting and voting on the resolution.
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Access
to Corporate Records
Under
the Companies Law, shareholders are provided access to: (i) minutes of the general meetings of our shareholders; (ii) our shareholders
register and principal shareholders register, articles of association and financial statements; and (iii) any document that we are required
by law to file publicly with the Israeli Companies Registrar or the Israel Securities Authority. In addition, shareholders may request
to be provided with any document in the company's possession related to an action or transaction requiring shareholder approval
under the related party transaction provisions of the Companies Law. We may deny this request if we believe it has not been made in good
faith or if such denial is necessary to protect our interest or protect a trade secret or patent.
Modification
of Class Rights
Under
the Companies Law and our Amended Articles, the rights attached to any class of shares, such as voting, liquidation and dividend rights,
may be modified or cancelled by adoption of a shareholders' resolution amending the Articles, together with the approval of the
simple majority of voting rights of a separate meeting consisting of the shareholders of that class; and any creation or modification
of such rights (or other amendment to the Articles) which would prejudice or compromise the rights held by a particular class of shareholders
is subject to the approval of a separate meeting consisting of the shareholders of that class.
Registration
Rights
On
April 19, 2021, the Company entered into an Agreement to Purchase Provista Diagnostics, Inc. ("Agreement to Purchase") with
Strategic Investment Holdings, LLC ("SIH"), Ascenda BioSciences LLC ("Ascenda") and Provista Diagnostics, Inc.
("Provista"). Ascenda was the sole owner of the outstanding securities of Provista and SIH is the sole owner of all the outstanding
securities of Ascenda.
Pursuant
to the Agreement to Purchase, the Company acquired Provista from Ascenda and SIH for an aggregate purchase price of $7.5 million consisting
of an initial cash payment of $1.25 million, the issuance of $1.5 million in Ordinary Shares priced at $0.0512 per share, the issuance
to SIH of a $3.5 million convertible promissory note dated April 19, 2021 (the "Note") and the payment on for before July
1, 2021 of $1.25 million in cash (the "July Payment"), which payment the Company had the right to, and did, extend to July
15, 2021. The Provista shares acquired by the Company remained in an escrow account until the July Payment was made.
The
Note has a maturity date of April 8, 2025, and is convertible beginning on October 20, 2021, into Ordinary Shares of the Company at a
conversion price equal to the lesser of $0.05 or the volume weighted average price of the last 20 trading days for the Ordinary Shares
prior to the date of conversion. In the event SIH delivers a Notice of Conversion to the Company at a per share price less than $0.05
($0.05), the Company has the right to immediately notify SIH of its intention to pay the conversion amount in cash within three (3) business
days of receipt of the Notice of Conversion (i.e., before SIH would take possession of shares converted under the Notice of Conversion).
If, at any time between October 20, 2021 and April 20, 2022, the average of the lowest bid and closing sale price at 4:00 p.m., New York
time (or such other time as such market publicly announces is the official close of trading) is below ($0.05), the Company has the option
to buy out all or any portion of the Note (the "Buyback Option"). In the event the Company exercises the Buyback Option for
an amount equal to or greater than one million, one hundred seventy thousand dollars ($1,170,000) (the "Buyback Amount"),
SIH may not submit any conversions below five cents ($0.05) for ninety (90) days from receipt of the Buyback Amount ("90 Day Period").
In
the event that the Company uplists its Ordinary Shares to a national securities exchange, the Note shall automatically be exchanged into
ordinary shares with a conversion price equal to the lesser of (a) $0.05, (b) the opening price on the day of the uplisting provided
there is no transaction associated with the uplisting or (c) the deal price of an uplisting transaction.
As
of the date of this prospectus, SIH has not submitted a Conversion Notice.
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Acquisitions
under Israeli Law
Full
Tender Offer
A
person wishing to acquire shares of an Israeli public company, and who would as a result hold over 90% of the target company's
issued and outstanding share capital, is required by the Companies Law to make a tender offer to all of the company's shareholders
for the purchase of all of the issued and outstanding shares of the company. A person wishing to acquire shares of an Israeli public
company, and who would as a result hold over 90% of the issued and outstanding share capital of a certain class of shares of the company,
is required to make a tender offer to all of the shareholders who hold shares of the relevant class for the purchase of all of the issued
and outstanding shares of that class. If the shareholders who do not accept the offer hold less than 5% of the issued and outstanding
share capital of the company or of the applicable class, and more than half of the shareholders who do not have a personal interest in
the offer accept the offer, all of the shares that the acquirer offered to purchase will be transferred to the acquirer by operation
of law. However, a tender offer will also be accepted if the shareholders who do not accept the offer hold less than 2% of the issued
and outstanding share capital of the company or of the applicable class of shares.
Upon
a successful completion of such a full tender offer, any shareholder that was an offeree in such tender offer, whether such shareholder
accepted the tender offer or not, may, within six months from the date of acceptance of the tender offer, petition an Israeli court to
determine whether the tender offer was for less than fair value and that the fair value should be paid as determined by the court. However,
under certain conditions, the offeror may include in the terms of the tender offer that an offeree who accepted the offer will not be
entitled to petition the Israeli court as described above.
If
(a) the shareholders who did not respond or accept the tender offer hold at least 5% of the issued and outstanding share capital of the
company, or of the applicable class, or the shareholders who accept the offer constitute less than a majority of the offerees that do
not have a personal interest in the acceptance of the tender offer, or (b) the shareholders who did not accept the tender offer hold
2% or more of the issued and outstanding share capital of the company (or of the applicable class), the acquirer may not acquire shares
of the company that will increase its holdings to more than 90% of the company's issued and outstanding share capital or of the
applicable class from shareholders who accepted the tender offer.
Special
Tender Offer
The
Companies Law provides that an acquisition of shares of an Israeli public company must be made by means of a special tender offer if
as a result of the acquisition the purchaser would become a holder of 25% or more of the voting rights in the company, if there is no
other shareholder that holds 25% or more of the voting rights in the company, subject to exceptions. Similarly, the Companies Law provides
that an acquisition of shares in an Israeli public company must be made by means of a special tender offer if as a result of the acquisition
the purchaser would become a holder of more than 45% of the voting rights in the company, if there is no other shareholder of the company
who holds more than 45% of the voting rights in the company, subject to certain exceptions. No tender offer is required if the acquisition
of shares: (i) occurs in the context of a private placement, that was approved by the company's shareholders and whose purpose
is to give the acquirer at least 25% of the voting rights in the company if there is no person who holds 25% or more of the voting rights
in the company, or as a private placement whose purpose is to give the acquirer 45% of the voting rights in the company, if there is
no person who holds 45% of the voting rights in the company; (ii) was from a holder of 25% or more of the voting rights in the company
following which the purchaser will hold 25% or more of the voting rights in the company; or (iii) was from a holder of more than 45%
of the voting rights in the company following which the purchaser will hold more than 45% of the voting rights in the company.
A
special tender offer must be extended to all shareholders of a company, but the offeror is not required to purchase shares representing
more than 5% of the voting power attached to the company's outstanding shares, regardless of how many shares are tendered by shareholders.
A special tender offer may be consummated only if (i) at least 5% of the voting power attached to the company's outstanding shares
will be acquired by the offeror; and (ii) the number of shares tendered in the offer exceeds the number of shares whose holders objected
to the offer (excluding the purchaser, its controlling shareholders, holders of 25% or more of the voting rights in the company or any
person having a personal interest in the acceptance of the tender offer, or anyone on their behalf, including any such person's
relatives and entities under their control). If a special tender offer is accepted, then the purchaser or any person or entity controlling
it, at the time of the offer, and any person or entity under common control with the purchaser or such controlling person or entity may
not make a subsequent tender offer for the purchase of shares of the target company and may not enter into a merger with the target company
for a period of one year from the date of the offer, unless the purchaser or such person or entity undertook to effect such an offer
or merger in the initial special tender offer.
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Merger
The
Companies Law permits merger transactions if approved by each party's board of directors and, unless certain requirements described
under the Companies Law are met, by a majority vote of each party's shares, and, in the case of the target company, a majority
vote of each class of its shares, voted on the proposed merger at a shareholders meeting. The board of directors of a merging company
may not approve the merger if it determines that there exists a reasonable concern that, as a result of the merger, the surviving company
will be unable to satisfy the obligations of the merging entities.
For
purposes of the shareholder vote of a merging company whose shares are held by the other merging company or a person or entity holding
25% or more of any of the means of control of the other merging entity, unless a court rules otherwise, the merger will not be deemed
approved if a majority of the votes of shares voting on the matter at the shareholders meeting (excluding abstentions) that are held
by parties other than the other party to the merger, or by any other person or entity who holds 25% or more of the voting rights or the
right to appoint 25% or more of the directors of the other party, or any one on their behalf including their relatives or corporations
controlled by any of them, vote against the merger. If, however, the merger involves a merger with a company's own controlling
shareholder or if the controlling shareholder has a personal interest in the merger, then the merger is instead subject to the same Special
Majority approval that governs all extraordinary transactions with controlling shareholders (as described under "
Directors,
Executive Officers, Promotors and Control Persons - Approval of Related Party Transactions under Israeli Law - Disclosure of Personal
Interests of Controlling Shareholders and Approval of Certain Transactions
").
If
the transaction would have been approved by the shareholders of a merging company but for the separate approval of each class or the
exclusion of the votes of certain shareholders as provided above, a court may still approve the merger upon the request of holders of
at least 25% of the voting rights of a company, if the court holds that the merger is fair and reasonable, taking into account the valuation
of the merging companies and the consideration offered to the shareholders.
Upon
the request of a creditor of either party to the proposed merger, the court may delay or prevent the merger if it concludes that there
exists a reasonable concern that, as a result of the merger, the surviving company will be unable to satisfy the obligations of the merging
entities, and may further give instructions to secure the rights of creditors.
In
addition, a merger may not be consummated unless at least 50 days have passed from the date on which a proposal for approval of the merger
was filed by each party with the Israeli Registrar of Companies and at least 30 days have passed from the date on which the merger was
approved by the shareholders of each party.
Anti-Takeover
Measures under Israeli Law
The
Companies Law allows us to create and issue shares having rights different from those attached to our Ordinary Shares, including shares
providing certain preferred rights with respect to voting, distributions or other matters and shares having pre-emptive rights. We currently
have two classes of preferred shares. While our current classes of preferred shares do not have the ability to do so, in the future,
if we do authorize, create and issue an additional class of preferred shares, such class of shares, depending on the specific rights
that may be attached to it, may have the ability to frustrate or prevent a takeover or otherwise prevent our shareholders from realizing
a potential premium over the market value of their Ordinary Shares. The authorization and designation of an additional class of preferred
shares will require an amendment to our Amended Articles, which requires the prior approval of the holders of a majority of the voting
power attached to our issued and outstanding shares at a general meeting. The convening of the meeting, the shareholders entitled to
participate, and the majority vote required to be obtained at such a meeting will be subject to the requirements set forth in the Companies
Law and our Amended Articles as described above in "
- Voting Rights
."
Borrowing
Powers
Pursuant
to the Companies Law and our Amended Articles, our board of directors may exercise all powers and take all actions that are not required
under law or under our Amended Articles to be exercised or taken by our shareholders, including the power to borrow money for company
purposes.
Changes
in Capital
Our
Amended Articles enable us to increase or reduce our share capital. Any such changes are subject to the provisions of the Companies Law
and must be approved by a resolution duly passed by our shareholders at a general meeting by voting on such change in the capital. In
addition, transactions that have the effect of reducing capital, such as the declaration and payment of dividends in the absence of sufficient
retained earnings or profits, require the approval of both our board of directors and an Israeli court.
Transfer
Agent and Registrar
Our
transfer agent for our Ordinary Shares is Worldwide Stock Transfer, LLC, 1 University Plaza Drive #505, Hackensack, NJ, phone number:
(201) 820-2008, and fax number: (201) 820-2010.
Warrants
Included in the Offering
Exercisability
The
Warrants are exercisable immediately upon issuance and at any time up to the date that is five years from the date of issuance. The Warrants
will be exercisable, at the option of each holder, in whole or in part by delivering to us a duly executed exercise notice accompanied
by payment in full for the number of ordinary shares purchased upon such exercise. Unless otherwise specified in the Warrant, the holder
will not have the right to exercise the Warrants, in whole or in part, if the holder (together with its affiliates and any persons acting
as a group together with the holder or any of the holder's affiliates) would beneficially own in excess of 4.99% of the number
of our ordinary shares outstanding immediately after giving effect to the exercise, as such percentage is determined in accordance with
the terms of the Warrant. However, any holder may increase or decrease such percentage to any other percentage not in excess of 9.99%
upon at least 61 days' prior notice from the holder to us.
Exercise
Price
The
initial exercise price per ordinary share purchasable upon exercise of the Warrants is $               
per share (with an exercise price equal to 120% of the public offering price per Unit) and is subject to adjustments for stock splits,
reclassifications, subdivisions, and other similar transactions.
Fundamental
Transaction
If,
at any time while the Warrants are outstanding, (1) we consolidate or merge with or into another corporation whether or not the Company
is the surviving corporation, (2) we sell, lease, license, assign, transfer, convey or otherwise dispose of all or substantially all
of our assets, or any of our significant subsidiaries (as defined in Rule 1-02 of Regulation S-X), (3) any purchase offer,
tender offer or exchange offer (whether by us or another individual or entity) is completed pursuant to which holders of the ordinary
shares are permitted to sell, tender or exchange their ordinary shares for other securities, cash or property and has been accepted by
the holders of 50% or more of the ordinary shares, (4) we consummate a securities purchase agreement or other business combination with
another person or entity whereby such other person or entity acquires at least 50% of the outstanding ordinary shares, or (5) we effect
any reclassification or recapitalization of the ordinary shares or any compulsory exchange pursuant to which the ordinary shares are
converted into or exchanged for other securities, cash or property, or each, a "Fundamental Transaction," then upon any subsequent
exercise of Warrants, the holders thereof will have the right to receive the same amount and kind of securities, cash or property as
they would have been entitled to receive upon the occurrence of such Fundamental Transaction if they had been, immediately prior to such
Fundamental Transaction, the holder of the number of ordinary shares then issuable upon exercise of those Warrants, and any additional
consideration payable as part of the Fundamental Transaction.
Transferability
Subject
to applicable laws, the Warrants may be transferred at the option of the holders upon surrender of the Warrants to the Company, together
with the appropriate instruments of transfer.
Listing
We
will apply to list our Warrants on a national securities exchange. No assurance can be given that our application will be approved.
Rights
as a Shareholder
Except
as otherwise provided in the Warrant or by virtue of such holder's ownership of ordinary shares, the holder of Warrants does not
have rights or privileges of a holder of ordinary shares, including any voting rights, until the holder exercises the Warrants.
Warrant
Agent; Global Certificate
.
The
Warrants will be issued in registered form under a warrant agency agreement between the Warrant Agent and us. The Warrants shall initially
be represented only by one or more global warrants deposited with the Warrant Agent, as custodian on behalf of The Depository Trust Company
(DTC) and registered in the name of Cede & Co., a nominee of DTC, or as otherwise directed by DTC.
Governing
Law
.
The
Warrants and the warrant agency agreement will be governed by New York law.
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MARKET
PRICE AND DIVIDEND POLICY
Our
Ordinary Shares have been quoted on the OTCQB under the symbol "TOMDF" since March 7, 2017. The OTCQB is a regulated quotation
service that displays real-time quotes, last-sale prices, and volume information in over-the-counter equity securities. The OTCQB is
a quotation medium for subscribing members, not an issuer listing service, and should not be confused with The NASDAQ Stock Market.
On July 25, 2022, the
last reported sale price of our Ordinary Shares on the OTCQB was $0.012 per share.
Holders
The
number of record holders of Ordinary Shares at July 22, 2022 was 100.
The
number of record holders is based upon the actual number of holders registered on our books at such date and does not include holders
of shares in "street names" or persons, partnerships, associations, corporations or other entities identified in security
position listings maintained by depository trust companies.
We
have not declared or paid any dividend since inception on our Ordinary Shares. We do not anticipate that we will declare or pay dividends
in the foreseeable future on our Ordinary Shares. Instead, we anticipate that all of our earnings will be used for the operation and
growth of our business. Any future determination to declare cash dividends would be subject to the discretion of our board of directors
and would depend upon various factors, including our results of operations, financial condition and liquidity requirements, restrictions
that may be imposed by applicable law and our contracts and other factors deemed relevant by our board of directors.
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PROPERTIES
The
Company does not own any real property. Our principal executive office and mailing address is 121 Derech Ben Gurion, Tel Aviv, Israel,
which we have leased since March 2021 pursuant to a month-to-month agreement. The Company additionally has an office at 40 Wall Street,
Suite 2702, New York, New York 10005, which is subject to an annual lease that is currently due to expire at the end of March 2023, and
which is shared with two of our United States subsidiaries, Todos Medical USA and Corona Diagnostics LLC. Additionally, from February
2023, we will be adding Suite 2705, which will be leased to us until the end of March 2024. Our Provista Diagnostics laboratory is located
in a leased facility located at 2001 Westside Parkway, Alpharetta, GA 30004. The lease is currently due to expire June 30, 2023. We believe
that all of our leases provide for rental payments at a market rate.
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LEGAL
PROCEEDINGS
The
Company and its subsidiaries are involved in certain legal proceedings and certain business relationships that arise from time to time
in the ordinary course of their business and in connection with certain agreements with third parties (such as with respect to certain
royalty agreements). Except for income tax contingencies, the Company applies the provisions of ASC Topic 450, Contingencies. Thus, the
Company records accruals for contingencies to the extent that the management concludes that the occurrence is probable and that the related
liabilities are estimable. Legal expenses associated with contingencies are expensed as incurred.
On
June 19, 2020, the Company and its subsidiaries, Todos Medical USA and Corona Diagnostics, LLC ("Corona") entered into a
Receivables Financing Agreement with Toledo Advisors, LLC ("Toledo") for up to $25,000,000 in a revolving receivables financing
facility (the "Facility"). The availability of the Facility shall terminate on the earlier of June 19, 2025 and the date
on which more than $25,000,000 has been advanced. The financing is secured by all of the assets of the Company's wholly-owned subsidiary
Todos Medical USA, Inc. In addition, Todos Medical USA pledged all of the outstanding equity of Corona to the Lender. The initial draw
under the Facility was on June 19, 2020 for $165,000 which was due on the earlier to occur of (i) ninety days following the date the
draw was made by the Lender and (ii) the date the receivable, for which the draw was made, is paid. The Facility has since been repaid.
In
November 2020, the parties agreed to amend the Facility to reduce the cost of funding to Todos Medical USA, and to make the relationship
between Corona and Toledo nonexclusive in exchange for Toledo being granted a percentage of Corona's revenues from diagnostic testing.
On
January 7, 2022, Toledo filed a complaint against Corona, Todos Medical USA, and the Company (the "Todos Defendants"), seeking
unspecified damages for breach of the aforesaid agreements and claiming that at least $139,000 is due under the royalty agreement. The
Todos Defendants filed an answer and counterclaim on February 9, 2022, wherein various affirmative defenses were asserted, the allegations
of the complaint were denied, and the Company asserted counterclaims for breach of contract and other relief.
On
April 7, 2022, the Company and Toledo signed a Settlement Agreement pursuant to which upon execution of the agreement the Company paid
Toledo $130,000 and issued to Toledo $200,000 worth of ordinary shares. The parties agreed that upon delivery of the cash payment and
shares, the parties would discontinue the complaint filed by Toledo on January 7, 2022, and that Toledo irrevocably and unconditionally
releases and discharges the Company from its June 19, 2020 financing agreement and July 28, 2020 Royalty Agreement.
During the first quarter of
2021, the Company's contractual agreement to supply Covid-19 testing kits to NOAH Clinical Laboratories, Inc., a significant
customer expired. At the customer's request, the Company continued to supply Covid-19 testing kits until such time as the customer
requested that the Company stop doing so. The customer has not yet paid for some of the Covid-19 testing kits so supplied and has not
yet renewed its agreement with the Company. Todos claims that NOAH Clinical Laboratories owes approximately $3.4 million arising out
of unpaid invoices for testing kits sold and delivered. Todos also claims ownership of the medical equipment arising out of NOAH's
failure to meet the minimum requirements necessary to trigger transfer of title. No lawsuit or other proceeding has been commenced to
date.
The parties have agreed
to attempt to mediate their disputes and are in the process of arranging for a non-binding mediation before engaging in litigation. This
dispute is only in its initial legal stages. No discovery has been conducted, and thus the nature or extent of any potential counterclaims/setoffs
is unknown. However, at this early stage, it does not appear that Todos faces negative exposure other than a potential negative ruling
as to ownership of the medical equipment, and it would appear that NOAH will ultimately be liable to Todos in an undetermined amount
if the case were to be litigated. Todos has advised that its preference is to pursue a settlement through mediation and that course is
currently being pursued. In the event that mediation is unsuccessful, Todos intends to pursue its claims.
A
lawsuit has been commenced by Todos against Biodiagnostic Labs, Inc. in the Supreme Court of New York. Todos claims that Biodiagnostics
owes approximately $550,000 arising out of unpaid invoices for testing kits sold and delivered. Todos is also seeking repossession of
medical equipment valued at approximately $500,000 over which there is presently no dispute that Todos retains sole ownership. Todos
terminated its relationship with Biodiagnostics and demanded return of the medical equipment in November of 2021. Efforts to settle the
dispute amicably were unsuccessful. Demand was made for return of the equipment. Biodiagnostics failed to comply with that demand. A
complaint was filed on February 25, 2022. This dispute is only in its initial legal stages. No discovery has been conducted, and thus
the nature or extent of any potential counterclaims/setoffs is unknown. However, at this early stage, it does not appear that Todos faces
any material exposure, and it would appear that Biodiagnostics will ultimately be liable to Todos on both the monetary and repossession
claims if the case were to be litigated. In addition to vigorous pursuit of the lawsuit, Todos is also considering making a pre-judgment
motion authorizing the sheriff to seize the equipment.
Through counsel, Todos made
several demands upon MOTOPARA Foundation for the return of medical equipment owned by Todos. Initial demand was
made to Chief Executive Officer Eric S. Canonico, and follow up demand to attorney Donald J. Hodson. To date, Motopara has ignored
those demands. No legal action has been commenced to date. Todos intends to commence legal action and is currently exploring doing so
in conjunction with Integrated Health LLC, which has claims arising out of the same series of transactions and events which give
rise to the repossession claim. This dispute is only in its initial legal stages. No discovery has been conducted, and thus the nature
or extent of any potential counterclaims/setoffs is unknown. However, at this early stage, there is no known dispute to Todos'
ownership or immediate right of possession, and it does not appear that Todos faces negative exposure.
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DIRECTORS,
OFFICERS AND CORPORATE GOVERNANCE
Directors
The
following table sets forth information regarding the directors and officers of Todos as of the date of this prospectus:
Name
Age
Director
    Since
Term
    Ends
Gerald
    Commissiong, Chief Executive Officer and Director
40
2020
2022
Daniel
    Hirsch, Chief Financial Officer and Director
54
2020
2022
Dr.
    Herman Weiss, Chairman of the Board
52
2017
2022
*Dr.
    Lauren Chung, Director
49
2020
2024
*Moshe
    Schlisser, Director
34
2016
2024
**Moshe
    Abramovitz, Director
41
2016
2022
*
Independent Director and External Director under Israeli Law
**
Independent Director
Gerald
                                            Commissiong
Chief
    Executive Officer and Director
Mr.
    Commissiong has served as our Chief Executive Officer and director since January 5, 2020. In addition, Mr. Commissiong serves as
    Chief Executive Officer, President and a member of the Board of Directors of Amarantus Bioscience Holdings, Inc. ("Amarantus"),
    of which he is a co-founder. Prior to becoming Chief Executive Officer of Amarantus in October 2011, Mr. Commissiong was the Chief
    Operating Officer of Amarantus. Mr. Commissiong graduated from Stanford University in Management Science and Engineering with a focus
    on Financial Decisions. The Board believes that Mr. Commissiong's executive leadership and healthcare expertise qualifies Mr.
    Commissiong to serve as a director.
Daniel
                                            Hirsch
Chief
    Financial Officer and Director
Mr.
    Hirsch has served as our Chief Financial Officer and director since January 5, 2020. Mr. Hirsch has been managing Partner of First
    Line Capital, LLC since 2002. Prior to 2002, Mr. Hirsch served as Senior Consultant at Integrated Healthcare based in Greenwich,
    Connecticut providing turn around services for large medical practices. From 1992 to1998, Mr. Hirsch was Director of Primary Care
    for Hackensack University Medical Center in Hackensack, New Jersey. Mr. Hirsch holds a bachelor's degree in Economics from
    Yeshiva University and a master's degree in Public Health from the New School of Social Research. The Board believes that Mr.
    Hirsch's financial expertise in the healthcare industry qualifies Mr. Hirsch to serve as a director.
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Table of Contents
Dr.
                                            Herman Weiss
Chairman
    of the Board of Directors
Dr.
    Herman Weiss has served as a director of the Company since June 22, 2017 and Chairman of the Board of Directors since January 5,
    2020. Dr. Weiss served as Chief Executive Officer of the Company from July 30, 2018 to January 5, 2020. Dr. Weiss has been CEO
    of Libra Scientific Limited since December 2021. In addition, from 2016-2018, Dr. Weiss served as the Vice President of Medical
    Affairs and Clinical Development at Juniper Pharmaceuticals Inc. in Boston, MA. Since 2016, Dr. Weiss has also served as a Professor
    at Yeshiva University. Dr. Weiss has served as a consultant to multiple medical device and pharmaceutical companies, including American
    Medical Systems, and to venture capital firms in New York City, and also founded and served as the Chief Medical Officer of FibroControl,
    a biotech medical device company in Herzliya, Israel. Dr. Weiss owns multiple patents and is the author of numerous publications
    in the area of women's health and gynecology. Dr. Weiss holds an M.B.A. from the George Washington University, Washington DC,
    an M.D. from the Ohio State University College of Medicine, and a B.A. in Philosophy (summa cum laude) from the Ramapo College of
    New Jersey. The Board believes that Dr. Weiss' experience in the medical device and pharmaceutical industries qualifies him
    to serve as Chairman of the Board.
Lauren
                                            Chung,
External
    Director
Dr.
    Lauren Chung has served as director of the Company since April 2020. In 2012, Dr. Chung founded, and since then, she has served as
    Chief Executive Officer of MINLEIGH LLC, identifying, evaluating and partnering with companies for investments and strategic, operational,
    and commercial opportunities. Dr. Chung has over 20 years of healthcare investment management, investment banking, and advisory experience.
    Dr. Chung was a managing director in Healthcare Research at WestPark Capital and an analyst at Maxim Group from 2016-2019. From 2006
    - 2016, Dr. Chung was a co-founder of Tokum Capital Management, a global healthcare fund, which merged with Perella Weinberg Partners.
    From 2000 - 2006 Dr. Chung managed healthcare investment portfolios at RBR Capital, Kingdon Capital, and Pequot Capital. From 1994-2000,
    Dr. Chung was a recognized research scientist conducting cutting edge research in neurodegenerative and genetic disorders at Massachusetts
    General Hospital/Harvard Medical School and Boston Children's Hospital. Dr. Chung has published many leading peer-reviewed
    scientific journals. As a current and former director of public and private companies, Dr. Chung brings a valuable perspective for
    the Company's strategy and operations as well as extensive scientific insights. Dr. Chung holds a Ph.D. in Neuropathology from
    Columbia University-College of Physicians & Surgeons, and a BA with honors in Biochemistry and Economics from Wellesley College.
    The Board believes that Dr. Chung's experience with companies in the healthcare industry qualifies her to serve as a director.
Moshe
                                            Schlisser
External
    Director
Mr.
    Moshe Schlisser has served as a director of the Company since February 2016. Mr. Schlisser currently also serves as a director at
    SmartGreen Ltd, Tantel Group Ltd and III Pte Ltd. Since 2018, Mr. Schlisser has been serving as General Partner at Shefa Capital
    Ltd, a Growth Venture Fund with a focus on mid to later stage deep technology investments. Until 2018, Mr. Schlisser was the managing
    partner at Iberica Investments International, a private equity firm. Mr. Schlisser has held managerial positions in various investment
    firms and has experience with investments, structured finance and mergers and acquisitions. In 2010, Mr. Schlisser co-founded and
    currently serves as a director of a soup kitchen in Jerusalem that serves a hot prepared dinner every night to over 50 homeless and
    underprivileged individuals and delivers weekend food packages to over 250 underprivileged families. The Board of Directors believes
    that Mr. Schlisser's experience in the capital markets qualifies him to serve as a director.
Moshe
                                            Abramovitz
Director
Mr.
    Moshe Abramovitz has served as a director of the Company since February 27, 2016. Mr. Abramovitz has held managerial positions in
    various organizations (Israeli companies and charities) including serving as the Deputy Chief Executive Officer of A.S. Mehadrin
    Ltd. Since 2011, Mr. Abramovitz has been a project manager in the construction industry in Israel. Mr. Abramovitz holds a B.A. in
    business administration, specializing in information systems, from Ono Academic College and an MBA in business administration specializing
    in business strategy from Ono Academic College. Mr. Abramowitz received training and a certificate to serve as a mediator from Bar
    Ilan University. The Board believes that Mr. Abramowitz's managerial positions qualify him to serve as a director.
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Table of Contents
Family
Relationships
There
are no family relationships among any of our executive officers or directors.
Corporate
Governance
In
considering its corporate governance requirements and best practices, including, but not limited to, director independence, assuming
we successfully uplist to a national securities exchange, we will be required to comply with such exchange's listing and
maintenance rules, in addition to complying with the Companies Law due to our being an Israeli corporation. Because we are not a foreign
private issuer, we may not elect to follow home country practice. As a result, among other things, at the next
Annual Meeting of Shareholders, we will recommend to our shareholders to amend our Articles of Association to raise the requirement for
a quorum at our shareholders' meetings to 33%.
Certain
provisions of Israeli law regarding "External Directors"
As
an Israeli company, we are subject to the Israeli Companies Law, which provides that at least two of the Company's directors must
be external directors, whose terms of office, and procedures for appointment or removal, must conform with the provisions of the Companies
Law, Section 239 et seq. (the "External Directors").
External
Directors must meet certain statutory qualifications, as detailed in the Israeli Companies Law, Section 239 et seq. (the "Statutory
Qualifications"). The Statutory Qualifications include certain provisions designed to ensure the External Directors' independent
judgment, as well as criteria for the External Directors' professional skills, as follows (the "Professional Qualifications"):
(i) at least one of the External Directors must have "accounting and financial expertise", and (ii) each External Director
must have either "accounting and financial expertise" or "professional skills"; all as such terms are defined
by the regulations promulgated under the Companies Law.
Each
External Director must file a written declaration affirming that she or he meets the Statutory Qualifications, including documentation
of her or his Professional Qualifications, before her or his nomination can be properly considered by the Shareholders' Meeting.
Each of Dr. Lauren Chung and Mr. Moshe Schlisser submitted their respective written declarations to the Board, as required under the
Companies Law before our July 26, 2021 Annual Meeting (the "July 2021 Meeting"). After considering their respective declarations,
our Board of Directors determined that Dr. Chung and Mr. Schlisser possess the required Professional Qualifications to be appointed as
External Directors and, specifically, that Dr. Chung has "accounting and financial expertise," as that term is defined by
the regulations promulgated under the Companies Law.
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Table of Contents
Compensation
package and expenses of External Directors
The
compensation and allowable expenses of External Directors are regulated by the Companies Law and regulations promulgated pursuant thereto
(the "Compensation Regulations"). Generally speaking, the Compensation Regulations set a fixed range including minimum, maximum,
and suggested median tariffs for External Directors' compensation, on the basis of a fixed cash salary, in addition to fixed cash
amount per meeting. The relevant fixed ranges are based on the Company's shareholders' equity and, for Companies whose securities
are listed on a non-Israeli exchange, the increased burden of the demands and obligations imposed by the laws and regulations to which
companies listed on that exchange are subject. However, the fixed amounts set forth in the Compensation Regulations may not adequately
account for the unique position in which every company is situated. Therefore, Regulations 8A and 8B of the Compensation Regulations
allow the Company to adopt a compensation package, including cash as well as equity, which goes beyond the parameters otherwise imposed
by the fixed range of the Compensation Regulations. Based on the legal advice it has received, the Board has determined that the Compensation
Schedule is in keeping with the requirements of the Compensation Regulations.
External
Directorship exemptions for companies listed on a "Qualified Exchange"
Regulations
promulgated pursuant to Section 364(a) of the Companies Law allow for an exemption from some provisions of the Companies Law for companies
(such as Todos) whose securities are listed on a non-Israeli exchange only (the "Foreign Listing Leniencies"). Regulation
5D of the Foreign Listing Leniencies provides certain exemptions from the Companies Law requirements regarding the corporate governance
role of External Directors, for Israeli companies listed on certain non-Israeli exchanges (the "Qualified Exchanges"); provided
that: (i) the Israeli company is fully compliant with all laws and regulations of the Applicable Jurisdiction regarding the appointment
of independent directors, and the composition of audit and/or compensation committees, as they apply to companies incorporated in the
Applicable Jurisdiction, such regulations being deemed to include any rules or guidelines generally practiced at the relevant Qualified
Exchange (the "Qualified Exchange Regulations"), where "Applicable Jurisdiction" means the jurisdiction in which
the company's securities are either (x) offered to the public, or (y) listed for trade on the Qualified Exchange; (ii) there is
no one person or syndicate exercising "Control" over the Company, as that term is defined under the Israeli Securities Law,
1968 (see definition of "Control" in the "required vote" section of this Proposal); (iii) the composition of
the company's Board includes at least one member of each of the male and female genders; and (iv) the company has elected to comply
with the Qualified Exchange Regulations in lieu of the provisions of the Companies Law relating to the appointment of independent directors,
and the composition of audit and/or compensation committees.
As
a matter of Israeli law, the Minister of Justice may from time to time, after consulting with the Israel Securities Authority and after
receiving the approbation of the Law and Constitution Committee of the Knesset, revise the Foreign Listing Leniencies. In the future,
such revisions may include the addition, removal and/or revision of leniencies, as well as the addition of other exchanges to (or removal
of exchanges from) the list of Qualified Exchanges. At time of this writing, the Qualified Exchanges as per the Foreign Listing Leniencies
are the NYSE, NYSE American, NASDAQ Global Select, NASDAQ Global, and NASDAQ Capital. Should the Company's shares become listed on
a Qualified Exchange in the future, provided that the conditions for exemption as described above apply, the Board may consider the feasibility
of procuring the services of Dr. Chung and Mr. Schlisser as "independent directors" under and subject to the applicable Qualified
Exchange Regulations, in place of their current service as External Directors under the Companies Law.
At
the July 2021 Meeting, the Company's shareholders adopted an amendment to its Articles of Association which would ensure the validity
of such leniencies in the future, should the Board decide to comply with the Qualified Exchange Regulations in lieu of the relevant Companies
Law provisions, as described above.
Role
of the Board and the Audit Committee in Risk Oversight
While
management is charged with the day-to-day management of risks that the Company faces, the Board, and the Audit Committee of the Board,
have been responsible for oversight of risk management. The full Board, and the Audit Committee since it was formed, have responsibility
for general oversight of risks facing the Company. Specifically, the Audit Committee reviews and assesses the adequacy of the Company's
risk management policies and procedures with regard to identification of the Company's principal risks, both financial and non-financial,
and review updates on these risks from the Chief Financial Officer and the Chief Executive Officer. The Audit Committee also reviews
and assesses the adequacy of the implementation of appropriate systems to mitigate and manage the principal risks.
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Review
and Approval of Transactions with Related Parties
The
Board adopted a policy to comply with Item 404 of Regulation S-K of the Exchange Act as well as the Nasdaq Rules requiring that disinterested
directors approve transactions with related parties which are not market-based transactions.
Generally,
the Board will approve transactions only to the extent the disinterested directors believe that they are in the best interests of the
Company and on terms that are fair and reasonable (in the judgment of the disinterested directors) to the Company. Our policy is available
on our Company website at www.todosmedical.com.
The
Companies Law also contains requirements for the approval of transaction with related parties by disinterested directors.
Audit
Committee
The
Audit Committee was established to oversee the Company's corporate accounting and financial reporting processes and audits of its
financial statements. The members of our Audit Committee are Moshe Schlisser, Lauren Chung and Moshe Abramovitz. Moshe Schlisser serves
as chairman of the Audit Committee. The Board determined that all members of our Audit Committee were independent under SEC Rule 10A-3(b)(1)
and Nasdaq Rule 5605(a)(2). The Board has determined that all current members of the Audit Committee are "financially literate"
as interpreted by the Board in its business judgment. Lauren Chung has been qualified as an audit committee financial expert, as defined
in the applicable rules of the SEC.
The
Audit Committee meets periodically with our independent accountants and management to review the scope and results of the annual audit
and to review our financial statements and related reporting matters prior to the submission of the financial statements to the Board.
In addition, the Audit Committee meets with the independent auditors at least on a quarterly basis to review and discuss the annual audit
or quarterly review of our financial statements.
We
have established an Audit Committee Charter that deals with the establishment of the Audit Committee and sets out its duties and responsibilities.
Our Audit Committee Charter complies with Section 3(a)(58)(A) of the Exchange Act and Nasdaq Rule 5605. The Audit Committee is required
to review and reassess the adequacy of the Audit Committee Charter on an annual basis. The Audit Committee Charter is available on our
Company website at www.todosmedical.com.
Compensation
Committee
The
members of our Compensation Committee are Moshe Schlisser, Lauren Chung and Moshe Abramovitz. Lauren Chung serves as chairwoman of the
Compensation Committee. The Compensation Committee is responsible for making recommendations to the Board regarding the compensation
of executive officers, to review and administer our Company's equity compensation plans, to review, discuss, and evaluate at least
annually the relationship between risk management policies and practices and compensation, as well as oversee the Company's engagement
with shareholders and proxy advisors.
The
Compensation Committee consists of only independent directors in accordance with Nasdaq Rule 5605(a)(2) and all non-employee directors
for purposes of Rule 16b-3 of the Exchange Act. The compensation of our CEO, Mr. Commissiong, must be determined by the Compensation
Committee and the CEO may not be present during voting or deliberations for his compensation.
Although
Nasdaq Rule 5605(d)(3) provides that the Compensation Committee may (in its discretion, not Board discretion) retain compensation consultants,
independent legal counsel, and other advisors, the independent directors acting as the Compensation Committee have not decided to do
so. Our Compensation Committee Charter is available at our website: www.todosmedical.com.
Code
of Business Conduct and Ethics
Our
Board has adopted a Code of Business Conduct and Ethics Policy (the "Code of Conduct") applicable to all of the Company's
and its subsidiaries' employees, including the Company's Chief Executive Officer and Chief Financial Officer. The Code of
Conduct contains written standards that are designed to deter wrongdoing and to promote honest and ethical conduct, including the ethical
handling of actual or apparent conflicts of interest; full, fair, accurate, timely and understandable public disclosures and communications,
including financial reporting; compliance with applicable laws, rules and regulations; prompt internal reporting of violations of the
code; and accountability for adherence to the code. A copy of our Code of Business Conduct and Ethics Policy of the Company is posted
at our website at www.todosmedical.com.
Insider
Trading Policy and Policy on Trading Blackout Periods, Benefit Plans and Section 16 Reporting
Our
Insider Trading Policy and policy on Trading Blackout Periods, Benefit Plans and Section 16 Reporting applies to all of our officers,
directors, and employees and provides strict guidelines as to restrictions on trading activity in the Company's stock. These policies
are posted at our website: www.todosmedical.com
Director
Independence
The
Board has determined that Moshe Schlisser, Lauren Chung and Moshe Abramovitz are "independent directors" under the rules
and regulations of the SEC and Nasdaq Rule 5062(a)(2). In making this determination, our Board considered the current and prior relationships
that each non-employee director has with the Company and all other facts and circumstances our Board deemed relevant in determining their
independence, including such individual's beneficial ownership of our Ordinary Shares.
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EXECUTIVE
AND DIRECTOR COMPENSATION
Compensation-Related
Requirements of the Companies Law
3
As
approved at the July 2021 Meeting, and as required by the Companies Law, we adopted a Compensation Policy regarding the terms of office
and employment of our "office holders" (as defined under the Companies Law, which includes directors, the CEO, other executive
officers and any other managers directly subordinate to the CEO), including cash compensation, equity-based awards, releases from liability,
indemnification and insurance, severance and other benefits (the "Terms of Office and Employment"). Each of our directors
and executive officers is an "office holder" within the meaning of the Companies Law. The Compensation Policy is reviewed
from time to time by the Compensation Committee and Board to ensure its alignment with our compensation philosophy and to consider its
appropriateness for Todos and is required to be brought at least once every three years to our shareholders for approval.
Pursuant
to the Companies Law, arrangements between Todos and its office holders must generally be consistent with the Compensation Policy. However,
under certain circumstances, we may approve an arrangement that is not consistent with the Compensation Policy, if the arrangement is
approved by a majority of our shareholders, provided that (i) the majority includes a majority of the votes cast by shareholders who
are present and voting (abstentions are disregarded) who (A) are not controlling shareholders and (B) do not have a personal interest
in the matter, or (ii) the votes cast against the arrangement by shareholders who are not controlling shareholders and who do not have
a personal interest in the matter who were present and voted constitute two percent or less of the voting power of the Company (a "special
majority"). Under certain circumstances, if the Compensation Policy is not approved by the shareholders, the Compensation Committee
and the Board may nonetheless approve such policy.
In
addition, pursuant to the Companies Law, the Terms of Office and Employment generally require the approval of the Compensation Committee
and the Board. The Terms of Office and Employment as applicable to directors further require the approval of the shareholders by a simple
majority. The Terms of Office and Employment with respect to a CEO generally require the approval of the shareholders by the special
majority referenced in the immediately preceding paragraph, in addition to the approval of the Compensation Committee and the Board.
Pursuant to regulations promulgated under the Companies Law, shareholder approval is not required with respect to Terms of Office and
Employment granted to a director or a CEO for the period following his or her appointment until the next general meeting of shareholders,
provided these terms are (i) approved by the Compensation Committee and the Board, (ii) consistent with the Compensation Policy and (iii)
on similar or less favorable terms than those of the person's predecessor. In addition, under certain circumstances, shareholder
approval is not required with respect to the Terms of Office and Employment of a candidate for CEO if the Compensation Committee determines
that the engagement will be frustrated if the approval is pursued, provided that the terms are consistent with the Compensation Policy.
Compensation packages for our office holders were approved at the Company's Annual General Meeting on July 26, 2021.
Under
certain circumstances, if the Terms of Office and Employment of office holders who are not directors are not approved by the shareholders,
where such approval is required, the Compensation Committee and the Board may nonetheless approve such terms. In addition, non-material
amendments of the Terms of Office and Employment of office holders who are not directors may be approved by the Compensation Committee
only and non-material amendments of the Terms of Office and Employment of office holders who are not directors and excluding the CEO
may be approved by the CEO only, provided such approvals are permitted under the Compensation Policy and consistent therewith. Accordingly,
for as long as not otherwise determined by the Compensation Committee and the Board, our President and CEO is currently authorized to
approve benefits and perquisites for any other executive officer with respect to any calendar year, provided that it does not exceed
the value of such executive officer's one month base salary.
2021
Equity Incentive Plan
At
our annual meeting on July 26, 2021, we adopted our 2021 Equity Incentive Plan.
The
following paragraphs provide a summary of the principal features of the Equity Incentive Plan and its operation. The Plan is set forth
in Annex C to Exhibit 99.1 to our Proxy Statement as filed on Form 8-K on June 28, 2021.
Background
and Purpose of the Plan
The
Plan is intended to attract, motivate, and retain employees, consultants, directors, and other service providers who provide significant
services to us.
Administration
of the Plan
Our
Board of Directors or a committee appointed by our Board of Directors (the "Committee") administers the Plan. Subject to
the terms of the Plan, the Committee will have the power to recommend to our Board of Directors, and our Board of Directors will have
the power and authority to select the employees and consultants who will receive stock option awards and determine the terms and conditions
of stock option awards (for example, the exercise price and vesting schedule). The Committee will have full power and authority to interpret
the provisions of the Plan and outstanding options granted thereunder.
If
a stock option expires or is cancelled without having been fully exercised or vested, the shares covered by such option will be returned
to the available pool of the Company's ordinary shares (the "Shares") reserved for issuance under the 2021 Plan. Also,
if we experience a share dividend, recapitalization or other change in our capital structure, the number, class, and kind of shares available
for issuance under the Plan, and the outstanding stock option awards, may be adjusted as appropriate to reflect the share dividend or
other change.
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Table of Contents
Eligibility
to Receive Awards
Our
Board of Directors, upon the recommendation of the Committee, selects the employees and consultants who will be granted discretionary
stock option awards under the Plan. The actual number of individuals who will receive a stock option award under the Plan cannot be determined
in advance because our Board of Directors has the discretion to select the participants.
Our
Board of Directors may, in its discretion, elect to grant stock option awards under the Plan in order to fulfill some or all of the equity
compensation to be received by the Company's Directors and/or Officers, as described in the Compensation Schedule (pending approval
of the Compensation Schedule at this Meeting) or otherwise.
Stock
Options
A
stock option is the right to acquire Shares at a fixed exercise price for a fixed period of time. Under the Plan, our Board of Directors
may grant options that qualify for favorable tax treatment under Israeli or United States tax law. Our Board of Directors will determine
the number of Shares covered by each option.
The
exercise price of the Shares subject to each option is set by the Board of Directors in its discretion in accordance with applicable
law.
An
option granted under the Plan cannot generally be exercised until it becomes vested. Our Board of Directors establishes the vesting schedule
of each option at the time of grant. Options become exercisable at the times and on the terms established by our Board of Directors.
Options granted under the Plan expire at the times established by our Board of Directors.
The
exercise price of each option granted under the Plan must be paid in full at the time of exercise. The Plan also contains provisions
for the cashless exercise of options. The participant must pay any taxes the Company is required to withhold at the time of exercise.
Change
of Control
In
the event of a merger, acquisition, or reorganization by or with one or more entities, in which the Company is not the surviving entity,
or a sale of all or substantially all of the assets of the Company, the successor corporation will either assume or provide a substitute
stock option award for each outstanding stock option. In the event the successor corporation refuses to assume or provide a substitute
stock option award, the Committee will provide at least 15 days' notice that the option will immediately vest and become exercisable
as to all of the Shares subject to such award and that such award will terminate upon the expiration of such notice period.
Stock
Option Awards to Be Granted to Certain Individuals and Groups
The
number of stock option awards that an employee or consultant may receive under the Plan is in the discretion of the Committee and therefore
cannot be determined in advance.
Limited
Transferability of Stock Options
Stock
options granted under the Plan generally may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated, other
than by will or by the applicable laws of descent and distribution.
Amendment
and Termination of the Plan
The
Board generally may amend or terminate the Plan at any time and for any reason.
Summary
Compensation Table
The
following table provides certain summary information concerning compensation awarded to, earned by or paid to our Principal Executive
Officer and our two other highest paid executive officer whose total annual salary and bonus exceeded $100,000 (collectively, the "named
executive officers") for fiscal years 2021 and 2020.
Name and principal position
Year
Salary
($)
Bonus
($)
Nonequity
incentive
plan
compensation
($)
Nonqualified
deferred
compensation
earnings
($)
All other
compensation
($)
Total
($)
Gerald Commissiong, CEO
2021
$
400,000
-
-
$
326,305
-
$
726,305
Daniel Hirsch, CFO
2021
$
250,000
-
-
$
178,153
-
$
428,153
Gerald Commissiong, CEO
2020
$
156,250
$
219,851
$
376,101
Daniel Hirsch, CFO
2020
$
93,750
$
111,128
$
204,878
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Table of Contents
Director
Compensation
The
following table provides certain summary information concerning compensation awarded to, earned by or paid to our Directors for fiscal
year 2021.
Name
Fees
earned
or paid in
cash ($)
Non-equity
incentive
plan
compensation
($)
Nonqualified
deferred
compensation
earnings ($)
All other
compensation
($)
Total
($)
Dr. Herman Weiss
$
65,270
-
$
151,232
$
216,502
Gerald Commissiong
$
65,270
-
$
128,752
$
194,021
Daniel Hirsch
$
65,270
-
$
128,752
$
194,021
Lauren Chung
$
76,632
-
$
128,752
$
8,750
$
214,134
Moshe Abramovitz
$
72,539
-
$
128,752
$
5,833
$
207,124
Moshe Schlisser
$
82,018
-
$
128,752
$
11,667
$
222,437
Outstanding
Equity Awards at Fiscal Year End
The
following table provides certain summary information concerning equity awards made to our executive officers as of December 31, 2021.
Option awards
Name
Number of
securities
underlying
unexercised
options (#)
exercisable
Number of
securities
underlying
unexercised
options (#)
unexercisable
Equity
incentive plan
awards:
Number of
securities
underlying
unexercised
unearned
options (#)
Option
exercise price
($)
Option
expiration
date
Gerald Commissiong
947,283
9,841,850
0.030-0.095
July 29, 2025- July 27, 2026
Daniel Hirsch
376,488
5,129,462
0.030-0.095
July 29, 2025- July 27, 2026
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SECURITY
OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
Security
Ownership
The
following table describes, as of July 22, 2022, the beneficial ownership of Todos ordinary shares by:
●
each
    person we believe beneficially holds more than 5% of the outstanding ordinary shares based solely on our review of SEC filings;
●
each
    of our named executive officers;
●
each
    of our directors; and
●
all
    of our directors and executive officers as a group.
No. of Shares
Beneficially
Owned
Percentage Owned
Directors and executive officers:
Dr. Herman Weiss
300,000
*
Gerald Commissiong(1)
79,077,125
6.93
%
Lauren Chung
0
*
Moshe Abramovitz
0
*
Moshe Schlisser
0
*
Daniel Hirsch
54,000
*
All directors and executive officers as a group (6
    persons)
79,431,125
6.97
%
Persons or Groups Holding More than 5% of Ordinary Shares
Amarantus Bioscience Holdings, Inc.
78,025,645
6.84
%
The
address of each shareholder is c/o Todos Medical Limited, 121 Derech Menachem Begin, 30th Floor, Tel Aviv, 6701203 Israel.
*
Indicates
    beneficial ownership of less than 1% of the total ordinary shares outstanding.
(1)
Includes 78,025,645 shares owned by Amarantus. Gerald Commissiong is the Executive Chairman and controlling shareholder of Amarantus
and in such capacity holds voting and dispositive power over the securities held by such entity.
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CERTAIN
RELATIONSHIPS AND RELATED PARTY TRANSACTIONS, AND DIRECTOR INDEPENDENCE
On
February 27, 2019, we entered into a joint venture agreement with Amarantus, pursuant to which we issued Ordinary Share representing
19.99% of our then outstanding Ordinary Shares to Amarantus, in exchange for Amarantus transferring to us 19.99% of Breakthrough, a wholly-owned
subsidiary of Amarantus, and for Amarantus assigning the exclusive license to develop and commercialize the LymPro Test®, an immune-based
neurodiagnostic blood test for the detection of Alzheimer's disease (the "License") to Breakthrough. As part of the
transaction, we agreed to provide working capital to Breakthrough to support Breakthrough's operations. As part of the Breakthrough
joint venture, we were granted an exclusive option, which was limited to an exercise period of 60 days from its date, to acquire the
remaining 80.01% of Breakthrough from Amarantus. At our 2019 annual meeting of shareholders, our shareholders approved a resolution authorizing
us to exercise our option to acquire the remaining 80.01% of Breakthrough from Amarantus in exchange for an additional 30% of our then
issued and outstanding Ordinary Shares. Our Chief Executive Officer, Gerald Commissiong, is also the Executive Chairman and controlling
shareholder of Amarantus.
The
Amarantus transaction was valued at approximately $8,623,000 and Amarantus' holdings in Todos have a value of approximately $2,028,667
based upon the Company's closing market price of $0.026 on March 25, 2022.
The
related party transaction described above was reviewed and approved in accordance with the provisions of the Companies Law, as described
below.
Approval
of Related Party Transactions
The
Companies Law requires that an "office holder" (as defined in the Companies Law) of a company promptly disclose any personal
interest that he or she may have and all related material information known to him or her, in connection with any existing or proposed
transaction of the company.
Pursuant
to the Companies Law, any transaction with an office holder or in which the office holder has a personal interest (other than with respect
to such office holder's Terms of Office and Employment) must be brought before the Audit Committee, in order to determine whether
such transaction is an "extraordinary transaction" (defined as a transaction not in the ordinary course of business, not
on market terms or likely to have a material impact on the company's profitability, assets or liabilities).
Pursuant
to the Companies Law, the Amended Articles and Todos policy, in the event that the Audit Committee determines that the transaction is
not an extraordinary transaction, the transaction will require only Audit Committee approval; if, however, it is determined to be an
extraordinary transaction, Board approval is also required and, in some circumstances, shareholder approval may also be required. Such
a transaction may only be approved by the Board if it is determined to be in the best interests of Todos.
A
person with a personal interest in the matter generally may not be present at meetings of the Board or certain committees where the matter
is being considered and, if a member of the Board or a committee, may generally not vote on the matter.
Transactions
with Controlling Shareholders
Under
Israeli law, extraordinary transactions with a controlling shareholder, or in which the controlling shareholder has a personal interest,
and any engagement with a controlling shareholder, or a controlling shareholder's relative, with respect to the provision of services
to the company or their Terms of Office and Employment as an office holder or as another employee, generally require the approval of
the Audit Committee (or with respect to Terms of Office and Employment, the Compensation Committee), the Board of Directors and the shareholders.
If required, shareholder approval must include (i) at least a majority of the shareholders who do not have a personal interest in the
transaction and are present and voting at the meeting (abstentions are disregarded), or, alternatively, that (ii) the total shareholdings
of the disinterested shareholders who vote against the transaction do not represent more than two percent of the voting rights in the
company. Transactions for a period of more than three years generally need to be brought for approval in accordance with the above procedures
every three years.
A
shareholder who holds 25% or more of the voting rights in a company is considered a controlling shareholder for these purposes if no
other shareholder holds more than 50% of the voting rights. If two or more shareholders are interested parties in the same transaction,
their shareholdings are combined for the purposes of calculating percentages. We are currently not aware of the existence of any controlling
shareholder or any shareholder arrangements which would constitute "control" of Todos under Israeli law.
Director
Independence
We
define an independent director as a member of the board of directors who (1) does not have a material relationship with the Company,
(2) is not part of the Company's executive team, and (3) is not involved with the day-to-day operations of the Company.
The
Board of Directors has determined that all of the directors that currently serve on the Board of Directors are, and all of the directors
that served on the Board of Directors during 2020 were, independent, except for Gerald Commissiong (who is also our Chief Executive Officer)
and Daniel Hirsch (who is also our Chief Financial Officer). At our annual meeting on July 26, 2021, Dr. Lauren Chung and Mr. Moshe Schlisser
were elected 'public directors' (or 'external directors') under the Israeli Companies Law.
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MATERIAL
TAX CONSIDERATIONS AND GOVERNMENT PROGRAMS
The
following description is not intended to constitute a complete analysis of all tax consequences relating to the acquisition, ownership
and disposition of our securities. You should consult your own tax advisor concerning the tax consequences in your particular situation,
as well as any tax consequences that may arise under the laws of any taxing jurisdiction.
Israeli
Tax Considerations
The
following is a brief summary of certain material Israeli tax laws applicable to us, and certain Israeli government programs that benefit
us. This section also contains a discussion of certain material Israeli tax consequences concerning the ownership and disposition of
our securities offered hereby. This summary does not discuss all the aspects of Israeli tax law that may be relevant to a particular
investor in light of his or her personal investment circumstances or to some types of investors subject to special treatment under Israeli
law. Examples of such investors include residents of Israel or traders in securities who are subject to special tax regimes not covered
in this discussion. To the extent that the discussion is based on tax legislation that has not yet been subject to judicial or administrative
interpretation, we cannot assure you that the appropriate tax authorities or the courts will accept the views expressed in this discussion.
The discussion below is not intended, and should not be construed, as legal or professional tax advice and is not exhaustive of all possible
tax considerations. The discussion is subject to change, including due to amendments under Israeli law or changes to the applicable judicial
or administrative interpretations of Israeli law, which change could affect the tax consequences described below, possibly with a retroactive
effect.
THEREFORE,
YOU ARE URGED TO CONSULT YOUR OWN TAX ADVISORS AS TO THE ISRAELI OR OTHER TAX CONSEQUENCES OF THE PURCHASE, OWNERSHIP AND DISPOSITION
OF OUR SECURITIES OFFERED HEREBY, INCLUDING, IN PARTICULAR, THE EFFECT OF ANY FOREIGN, STATE OR LOCAL TAXES.
General
Corporate Tax Structure in Israel
Israeli
companies are generally subject to corporate tax at a flat rate. In December 2016, the Israeli Parliament approved the Economic Efficiency
Law (Legislative Amendments for Applying the Economic Policy for the 2017 and 2018 Budget Years), or EEL which reduced the corporate
income tax rate from 25% to 24% effective from January 1, 2017, and to 23% effective from January 1, 2018 and thereafter. However, the
effective tax rate payable by a company that derives income from an Approved Enterprise, a Preferred Enterprise, a Benefited Enterprise
or a Technological Enterprise (as discussed below) may be considerably less. Capital gains derived by an Israeli company are generally
subject to corporate tax rate.
Law
for the Encouragement of Industry (Taxes), 5729-1969
The
Law for the Encouragement of Industry (Taxes), 5729-1969, generally referred to as the Industry Encouragement Law, or IEL, provides several
tax benefits for "Industrial Companies." We may qualify as an Industrial Company within the meaning of the IEL.
The
IEL defines an "Industrial Company" as an Israeli resident-company, of which 90% or more of its income in any tax year, other
than income from certain government loans, capital gains, interest and dividends, is derived from an "Industrial Enterprise"
owned by it and located in Israel or in the "Area," in accordance with the definition under Section 3A of the Israeli Income
Tax Ordinance (New Version) 1961, or the Ordinance. An "Industrial Enterprise" is defined as an enterprise whose principal
activity in a given tax year is industrial production.
The
following are the main tax benefits available to Industrial Companies:
●
Amortization
    of the cost of purchased patent, rights to use a patent, and know-how, which are used for the development or advancement of the Industrial
    Enterprise, over an eight-year period, commencing on the year in which such rights were first exercised;
●
Under
    limited conditions, an election to file consolidated tax returns with controlled Israeli Industrial Companies; and
●
Expenses
    related to a public offering are deductible in equal amounts over three years commencing on the year of the offering.
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Eligibility
for benefits under the Industry Encouragement Law is not contingent upon approval of any governmental authority.
Tax
Benefits and Grants for Research and Development
Israeli
tax law allows, under certain conditions, a tax deduction for expenditures related to scientific research and development projects, including
capital expenditures, for the year in which they are incurred. Expenditures are deemed related to scientific research and development
projects, if:
●
The
    expenditures are approved by the relevant Israeli government ministry, determined by the field of research;
●
The
    research and development must be for the promotion of the company; and
●
The
    research and development is carried out by or on behalf of the company seeking such tax deduction.
The
amount of such deductible expenses is reduced by the sum of any funds received through government grants for the finance of such scientific
research and development projects. No deduction under these research and development deduction rules is allowed if such deduction is
related to an expense invested in an asset depreciable under the general depreciation rules of the Ordinance. Expenditures that are unqualified
under the conditions above are deductible in equal amounts over three years.
From
time to time we may apply to the Israel Innovation Authority, or IIA for approval to allow a tax deduction for all or most of research
and development expenses during the year incurred. There can be no assurance that such application will be accepted. If we will not be
able to deduct research and development expenses during the year of the payment, we may be able to deduct research and development expenses
in equal amounts over a period of three years commencing in the year of the payment of such expenses.
Law
for the Encouragement of Capital Investments, 5719-1959
The
Law for the Encouragement of Capital Investments, 5719-1959, or the Investment Law, provides certain incentives for capital investments
in production facilities (or other eligible assets). Generally, an investment program that is implemented in accordance with the provisions
of the Investment Law, referred to as an Approved Enterprise, a Beneficiary Enterprise, a Preferred Enterprise, a Preferred Technological
Enterprise, or a Special Preferred Technological Enterprise, is entitled to benefits as discussed below. These benefits may include cash
grants from the Israeli government and tax benefits, based upon, among other things, the geographic location in Israel of the facility
in which the investment is made. In order to qualify for these incentives, the Company is required to comply with the requirements of
the Investment Law.
The
Investment Law was significantly amended effective as of April 1, 2005, or the 2005 Amendment, as of January 1, 2011, or the 2011 Amendment,
and as of January 1, 2017, or the 2017 Amendment. Pursuant to the 2005 Amendment, tax benefits granted in accordance with the provisions
of the Investment Law prior to its revision by the 2005 Amendment remain in force but any benefits granted subsequently are subject to
the provisions of the amended Investment Law. Similarly, the 2011 Amendment introduced new benefits to replace those granted in accordance
with the provisions of the Investment Law in effect prior to the 2011 Amendment. However, companies entitled to benefits under the Investment
Law as in effect prior to January 1, 2011 were entitled to choose to continue to enjoy such benefits, provided that certain conditions
are met, or elect instead, irrevocably, to forego such benefits and have the benefits of the 2011 Amendment apply. The 2017 Amendment
introduces new benefits for Technological Enterprises, alongside the existing tax benefits.
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Tax
Benefits Under the 2011 Amendment
The
2011 Amendment canceled the availability of the benefits granted to Industrial Companies under the Investment Law prior to 2011 and,
instead, introduced new benefits for income generated by a "Preferred Company" through its "Preferred Enterprise"
(as such terms are defined in the Investment Law) as of January 1, 2011. The definition of a Preferred Company includes a company incorporated
in Israel that is not fully owned by a governmental entity, and that has, among other things, Preferred Enterprise status and is controlled
and managed from Israel.
Pursuant
to the 2011 Amendment, a Preferred Company is entitled to a reduced corporate tax rate of 15% with respect to its income derived by its
Preferred Enterprise in 2011 and 2012, unless the Preferred Enterprise is located in a specified development zone, in which case the
rate will be 10%. Under the 2011 Amendment, such corporate tax rate was reduced from 15% and 10%, respectively, to 12.5% and 7%, respectively,
in 2013, 16% and 9% respectively, in 2014, 2015 and 2016, and 16% and 7.5%, respectively, in 2017 and thereafter. Income derived by a
Preferred Company from a "Special Preferred Enterprise" (as such term is defined in the Investment Law) would be entitled,
subject to certain conditions and during a benefits period of 10 years, to further reduced tax rates of 8%, or 5% if the Special Preferred
Enterprise is located in a certain development zone.
Dividends
distributed from income which is attributed to a "Preferred Enterprise" will be subject to tax at the following rates: (i)
Israeli resident corporations-0% (although, if such dividends are subsequently distributed to individuals or a non-Israeli company the
below rates detailed in sub sections (ii) and (iii) shall apply) (ii) Israeli resident individuals-20% (iii) non-Israeli residents (individuals
and corporations)-20%, subject to a reduced tax rate under the provisions of any applicable tax treaty. The withholding tax rate applicable
to distribution of dividend from such income to non-Israeli residents is 25% (or 30% if distributed to a "substantial shareholder"
at the time of the sale or at any time during the preceding twelve months period, as defined below), which may be reduced under an applicable
tax treaty by applying in advance for a withholding certificate from the Israel Tax Authority, or ITA. A "substantial shareholder"
is generally a person who alone or together with such person's relative or another person who collaborates with such person on
a permanent basis, holds, directly or indirectly, at least 10% of any of the "Means of Control" of the corporation. "Means
of control" generally include the right to vote, receive profits, nominate a director or an executive officer, receive assets upon
liquidation, or order someone who holds any of the aforesaid rights how to act, regardless of the source of such right.
The
2011 Amendment also provided transitional provisions to address companies already enjoying existing tax benefits under the Investment
Law. These transitional provisions provide, among other things, that unless an irrevocable request is made to apply the provisions of
the Investment Law as amended in 2011 with respect to income to be derived as of January 1, 2011, a Beneficiary Enterprise can elect
to continue to benefit from the benefits provided to it before the 2011 Amendment came into effect, provided that certain conditions
are met.
New
Tax Benefits Under the 2017 Amendment That Became Effective on January 1, 2017
The
2017 Amendment was enacted as part of the EEL that was published on December 29, 2016 and is effective as of January 1, 2017. The 2017
Amendment provides new tax benefits for two types of "Technological Enterprises," as described below, and is in addition
to the other existing tax beneficial programs under the Investment Law.
The
2017 Amendment provides that a Preferred Company satisfying certain conditions will qualify as having a "Preferred Technological
Enterprise" and will thereby enjoy a reduced corporate tax rate of 12% on income that qualifies as "Preferred Technological
Income," as defined in the Investment Law. The corporate tax rate is further reduced to 7.5% with respect to a Preferred Technological
Enterprise located in development zone "A." In addition, a Preferred Technological Company will enjoy a reduced corporate
tax rate of 12% on capital gain derived from the sale of certain "Benefitted Intangible Assets" (as defined in the Investment
Law) to a related foreign company if the Benefitted Intangible Assets were acquired from a foreign company on or after January 1, 2017
for at least NIS 200 million, and the sale receives prior approval from the IIA.
The
2017 Amendment further provides that a Preferred Company satisfying certain conditions (including group consolidated revenues of at least
NIS 10 billion) will qualify as a "Special Preferred Technological Enterprise" and will thereby enjoy a reduced corporate
tax rate of 6% on "Preferred Technological Income" regardless of the company's geographic location within Israel. In
addition, a Special Preferred Technological Enterprise will enjoy a reduced corporate tax rate of 6% on capital gain derived from the
sale of certain "Benefitted Intangible Assets" to a related foreign company if the Benefitted Intangible Assets were either
developed by the Special Preferred Enterprise or acquired from a foreign company on or after January 1, 2017, and the sale received prior
approval from the IIA. A Special Preferred Technological Enterprise that acquires Benefitted Intangible Assets from a foreign company
for more than NIS 500 million will be eligible for these benefits for at least ten years, subject to certain approvals as specified in
the Investment Law.
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Dividends
distributed by a Preferred Technological Enterprise or a Special Preferred Technological Enterprise, paid out of Preferred Technological
Income, are generally subject to tax at the rate of 20% or such lower rate as may be provided in an applicable tax treaty. The withholding
tax rate applicable to distribution of dividend from such income to non-Israeli residents is 25% (or 30% if distributed to a "substantial
shareholder" at the time of the sale or at any time during the preceding twelve months period), which may be reduced under an applicable
tax treaty by applying in advance for a withholding certificate from the ITA. In addition, if such dividends are distributed to a foreign
company that holds solely or together with other foreign companies 90% or more in the Israeli company and other conditions are met, the
withholding tax rate will be 4% (subject to the receipt in advance of a valid certificate from the ITA allowing for a reduced tax rate).
However, if such dividends are paid to an Israeli company, no tax is required to be withheld.
Taxation
of Our Securityholders
Capital
gains Tax on Sales of our Ordinary Shares and Warrants
Israeli
law generally imposes a capital gains tax on the sale of any capital assets by Israeli residents, as defined for Israeli tax purposes,
and on the sale of capital assets located in Israel, including shares of Israeli companies, by both Israeli residents and non-Israeli
residents, unless a specific exemption is available or unless a tax treaty between Israel and the shareholder's country of residence
provides otherwise. The Ordinance distinguishes between real gain and inflationary surplus. The inflationary surplus is a portion of
the total capital gain equivalent to the increase of the relevant asset's purchase price attributable to an increase in the Israeli
consumer price index, or a foreign currency exchange rate, between the date of purchase and the date of sale. Inflationary surplus is
currently not subject to tax in Israel. The real gain is the excess of the total capital gain over the inflationary surplus.
Capital
Gains Taxes Applicable to Non-Israeli Resident Securityholders
A
non-Israeli resident who derives capital gains from the sale of shares or warrants in an Israeli resident company that were
purchased after the company was listed for trading on a stock exchange outside of Israel, will be exempt from Israeli tax as long as
(among other conditions) the securities were not held through a permanent establishment that the non-resident maintains in Israel.
However, non-Israeli corporations will not be entitled to the foregoing exemption if Israeli residents: (i) have a controlling
interest of more than 25% in such non-Israeli corporation or (ii) are the beneficiaries of, or are entitled to, 25% or more of the
revenues or profits of such non-Israeli corporation, whether directly or indirectly. In addition, such exemption is not applicable
to a person whose gains from selling or otherwise disposing of the securities are deemed to be business income.
Additionally,
a sale of securities by a non-Israeli resident may be exempt from Israeli capital gains tax under the provisions of an applicable tax
treaty. For example, under the Convention Between the Government of the United States of America and the Government of the State of Israel
with respect to Taxes on Income, as amended, or the U.S. Israel Tax Treaty, the sale, exchange or other disposition of shares by a shareholder
who is a United States resident (for purposes of the treaty) holding the shares as a capital asset and is entitled to claim the benefits
afforded to such a resident by the U.S. Israel Tax Treaty (a "U.S. Resident") is generally exempt from Israeli capital gains
tax unless: (i) the capital gain arising from such sale, exchange or disposition is attributed to real estate located in Israel; (ii)
the capital gain arising from such sale, exchange or disposition is attributed to royalties; (iii) the capital gain arising from the
such sale, exchange or disposition is attributed to a permanent establishment in Israel, under certain terms; (iv) such U.S. Resident
holds, directly or indirectly, shares representing 10% or more of the voting capital during any part of the 12 month period preceding
the disposition, subject to certain conditions; or (v) such U.S. Resident is an individual and was present in Israel for 183 days or
more during the relevant taxable year. In any such case, the sale, exchange or disposition of such shares by the U.S. Resident would
be subject to Israeli tax (unless exempt under the Israeli domestic law as described above). Under the U.S. Israel Tax Treaty, the gain
may be treated as foreign source income for United States foreign tax credit purposes, upon an election by the U.S. Resident, and such
U.S. Resident may be permitted to claim a credit for such taxes against the United States federal income tax imposed on such sale, subject
to the limitations under the United States federal income tax laws applicable to foreign tax credits. The U.S. Israel Tax Treaty does
not provide such credit against any United States state or local taxes.
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Regardless
of whether securityholders may be liable for Israeli tax on the sale of our securities, the payment of the consideration may be subject
to the withholding of Israeli tax at source. Securityholders may be required to demonstrate that they are exempt from tax on their capital
gains in order to avoid withholding at source at the time of sale (i.e., provide a non-Israeli resident certificate and other documentation).
Capital
Gains Taxes Applicable to Israeli Resident Securityholders
An
Israeli resident corporation who derives capital gains from the sale of shares or warrants in an Israeli resident company that were purchased
after the company was listed for trading on a stock exchange outside of Israel will generally be subject to tax on the real capital gains
generated on such sale at the corporate tax rate (currently of 23%). An Israeli resident individual will generally be subject to capital
gain tax at the rate of 25%. However, if the individual securityholder is claiming deduction of interest expenditures or he is a "substantial
shareholder" at the time of the sale or at any time during the preceding twelve months period, such gain will be taxed at the rate
of 30%. Individual holders dealing in securities in Israel for whom the income from the sale of securities is considered "business
income" as defined in section 2(1) of the Ordinance are taxed at the marginal tax rates applicable to business income (up to 47%
in 2021 plus 3% Surtax). Certain Israeli institutions who are exempt from tax under section 9(2) or section 129(C)(a)(1) of the Ordinance
(such as exempt trust funds and pension funds) may be exempt from capital gains tax from the sale of the securities.
Exercise
of Warrants and Certain Adjustments to the Warrants
Purchasers
will generally not recognize gain or loss for Israeli tax purposes on the exercise of a Warrant and related receipt of an ordinary share
(unless, for instance, cash is received in lieu of the issuance of a fractional ordinary share). Nevertheless, the Israeli income tax
treatment and the tax consequences of a cashless exercise of Warrants into ordinary shares is unclear. Furthermore, the exercise terms
of the Warrants may be adjusted in certain circumstances. An adjustment to the number of ordinary shares that will be issued on the exercise
of the Warrants or an adjustment to the exercise price of a Warrant may be treated as a taxable event under Israeli tax law even if such
holder does not receive any cash or other property in connection with the adjustment. Purchasers should consult their tax advisors regarding
the proper treatment of any exercise of and/or adjustments to the Warrants.
Taxation
of Israeli Shareholders on Receipt of Dividends
An
Israeli resident individual is generally subject to Israeli income tax on the receipt of dividends paid on our ordinary shares at the
rate of 25%. With respect to a person who is a "substantial shareholder" at the time of receiving the dividend or on any
time during the preceding twelve months, the applicable tax rate is 30%. Such dividends are generally subject to Israeli withholding
tax at a rate of 25% if the shares are registered with a nominee company (whether the recipient is a substantial shareholder or not).
If the recipient of the dividend is an Israeli resident corporation such dividend income will be exempt from tax provided the income
from which such dividend is distributed was derived or accrued within Israel and was received directly or indirectly from another corporation
that is liable to Israeli corporate tax. An exempt trust fund, pension fund or other entity that is exempt from tax under section 9(2)
or section 129C(a)(1) of the Ordinance is exempt from tax on a dividend.
Dividend
distribution by a Preferred Technology Enterprise or a Special Preferred Technology Enterprise is subject to beneficial withholding tax
rates. For a further discussion, see "Taxation and Government Programs-Israeli Tax Considerations-Law for the Encouragement of
Capital Investments, 5719-1959-New Tax Benefits Under the 2017 Amendment that Became Effective on January 1, 2017."
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Taxation
of Non-Israeli Shareholders on Receipt of Dividends
Non-Israeli
residents (either individuals or corporations) are generally subject to Israeli income tax on the receipt of dividends paid on our ordinary
shares at the rate of 25%, which tax will be withheld at source, unless relief is provided in a treaty between Israel and the shareholder's
country of residence. With respect to a person who is a "substantial shareholder" at the time of receiving the dividend or
on any time during the preceding twelve months, the applicable tax rate is 30%. Such dividends are generally subject to Israeli withholding
tax at a rate of 25% if the shares are registered with a nominee company (whether the recipient is a substantial shareholder or not)
unless a reduced rate is provided under an applicable tax treaty (subject to the receipt in advance of a valid certificate from the ITA
allowing for a reduced tax rate). For example, under the U.S. Israel Tax Treaty, the maximum rate of tax withheld at source in Israel
on dividends paid to a holder of our ordinary shares who is a U.S. Resident is 25%. However, generally, the maximum rate of withholding
tax on dividends, not generated by a Preferred Technological Enterprise, Preferred Enterprise, Approved Enterprise or Beneficial Enterprise,
that are paid to a United States corporation holding 10% or more of the outstanding voting capital throughout the tax year in which the
dividend is distributed as well as during the previous tax year, is 12.5%, provided that not more than 25% of the gross income for such
preceding year consists of certain types of dividends and interest.
Notwithstanding
the foregoing, dividends distributed from income attributed to an Approved Enterprise, Preferred Technological Enterprise, Benefited
Enterprise or Preferred Enterprise are not entitled to such reduction under the tax treaty but are subject to a withholding tax rate
of 15% for a shareholder that is a U.S. corporation, provided that the conditions related to the outstanding voting rights and the gross
income for the previous year (as set forth in the previous sentences) are met. If the dividend is attributable partly to income derived
from an Approved Enterprise, Preferred Technological Enterprise, Benefited Enterprise or Preferred Enterprise, and partly to other sources
of income, the withholding rate will be a blended rate reflecting the relative portions of the two types of income. We cannot assure
you that we will designate the profits that we may distribute in a way that will reduce shareholders' tax liability. Application
for the reduced tax rate requires appropriate documentation presented and specific instruction received from the ITA. To the extent tax
is withheld at source at the maximum rates (see above), a qualified tax treaty recipient will have to comply with some administrative
procedures with the ITA in order to receive a refund of any excess tax withheld.
A
foreign resident who had income from a dividend that was accrued from Israeli source, from which the full tax was deducted, will be exempt
from filing a tax return in Israel, unless he is liable to additional Surtax (see below) in accordance with section 121B of the Ordinance.
Dividend
distribution by a Preferred Technology Enterprise or a Special Preferred Technology Enterprise is subject to beneficial withholding tax
rates. For a further discussion, see "Taxation and Government Programs -Israeli Tax Considerations-Law for the Encouragement of
Capital Investments, 5719-1959-New Tax benefits Under the 2017 Amendment that Became Effective on January 1, 2017."
Surtax
Subject
to the provisions of an applicable tax treaty, individuals who are subject to tax in Israel are also subject to an additional tax at
a rate of 3% on annual income (including, but not limited to, dividends, interest and capital gain) exceeding NIS 647,640 for 2021, which
amount is linked to the annual change in the Israeli consumer price index.
Estate
and Gift Tax
Israeli
law presently does not impose estate or gift taxes.
Foreign
Exchange Regulations
Non-residents
of Israel who hold our Ordinary Shares are able to receive any dividends, and any amounts payable upon the dissolution, liquidation and
winding up of our affairs, repayable in non-Israeli currency at the rate of exchange prevailing at the time of conversion. However, Israeli
income tax is generally required to have been paid or withheld on these amounts. In addition, the statutory framework for the potential
imposition of currency exchange control has not been eliminated and may be restored at any time by administrative action.
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Material
U.S. Federal Income Tax Consequences to U.S. Holders
The
following discussion describes the material U.S. federal income tax consequences relating to the ownership and disposition of our Ordinary
Shares by U.S. Holders (as defined below). This discussion applies to U.S. Holders that purchase Ordinary Shares pursuant to this offering
and hold such Ordinary Shares as capital assets within the meaning of Section 1221 of the U.S. Internal Revenue Code of 1986, as amended
(the "Code"). This discussion is based on the Code, U.S. Treasury regulations promulgated thereunder and administrative and
judicial interpretations thereof, all as in effect on the date hereof and all of which are subject to change, possibly with retroactive
effect. This discussion does not address all of the U.S. federal income tax consequences that may be relevant to specific U.S. Holders
in light of their particular circumstances or to U.S. Holders subject to special treatment under U.S. federal income tax law (such as
certain financial institutions, insurance companies, broker-dealers and traders in securities or other persons that generally mark their
securities to market for U.S. federal income tax purposes, tax-exempt entities, retirement plans, regulated investment companies, real
estate investment trusts, certain former citizens or residents of the United States, persons who hold Ordinary Shares as part of a "straddle,"
"hedge," "conversion transaction," "synthetic security" or integrated investment, persons who received
their Ordinary Shares as compensatory payments, persons that have a "functional currency" other than the U.S. dollar, persons
that own directly, indirectly or through attribution 10% or more of our shares by vote or value, persons who are subject to Section 451(b)
of the Code, corporations that accumulate earnings to avoid U.S. federal income tax, partnerships and other pass-through entities and
arrangements that are classified as partnerships for U.S. federal income tax purposes, and investors in such pass-through entities).
This discussion does not address any U.S. state or local or non-U.S. tax consequences or any U.S. federal estate, gift or alternative
minimum tax consequences.
As
used in this discussion, the term "U.S. Holder" means a beneficial owner of Ordinary Shares that is, for U.S. federal income
tax purposes, (1) an individual who is a citizen or resident of the United States, (2) a corporation (or entity treated as a corporation
for U.S. federal income tax purposes) created or organized in or under the laws of the United States, any state thereof, or the District
of Columbia, (3) an estate the income of which is subject to U.S. federal income tax regardless of its source or (4) a trust (x) with
respect to which a court within the United States is able to exercise primary supervision over its administration and one or more United
States persons have the authority to control all of its substantial decisions or (y) that has elected under applicable U.S. Treasury
regulations to be treated as a domestic trust for U.S. federal income tax purposes.
If
an entity or arrangement treated as a partnership for U.S. federal income tax purposes holds Ordinary Shares, the U.S. federal income
tax consequences relating to an investment in the Ordinary Shares will depend in part upon the status and activities of such entity or
arrangement and the particular partner. Any such entity or arrangement should consult its own tax advisor regarding the U.S. federal
income tax consequences applicable to it and its partners of the purchase, ownership and disposition of Ordinary Shares.
Persons
considering an investment in Ordinary Shares should consult their own tax advisors as to the particular tax consequences applicable to
them relating to the purchase, ownership and disposition of Ordinary Shares, including the applicability of U.S. federal, state and local
tax laws and non-U.S. tax laws.
Passive
Foreign Investment Company Consequences
In
general, a corporation organized outside the United States will be treated as a passive foreign investment company, or PFIC, for any
taxable year in which either (1) at least 75% of its gross income is "passive income", the PFIC income test, or (2) on average
at least 50% of its assets, determined on a quarterly basis, are assets that produce passive income or are held for the production of
passive income, the PFIC asset test. Passive income for this purpose generally includes, among other things, dividends, interest, royalties,
rents, and gains from the sale or exchange of property that gives rise to passive income. Assets that produce or are held for the production
of passive income generally include cash, even if held as working capital or raised in a public offering, marketable securities, and
other assets that may produce passive income. Generally, in determining whether a non-U.S. corporation is a PFIC, a proportionate share
of the income and assets of each corporation in which it owns, directly or indirectly, at least a 25% interest (by value) is taken into
account.
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Our
status as a PFIC will depend on the nature and composition of our income and the nature, composition and value of our assets (which,
assuming we are not a "controlled foreign corporation," or a CFC, under Section 957(a) of the Internal Revenue Code of 1986,
as amended, or the Code, for the year being tested, may be determined based on the fair market value of each asset, with the value of
goodwill and going concern value being determined in large part by reference to the market value of our Ordinary Shares, which may be
volatile). Based upon the value of our assets, including any goodwill and the nature and composition of our income and assets, we do
not believe that we were classified as a PFIC for the taxable year ended December 31, 2018 and we do not believe that we will be classified
as a PFIC for the taxable year ending December 31, 2019 or in the immediately foreseeable future. Even if we determine that we are not
a PFIC for a taxable year, there can be no assurance that the IRS will agree with our conclusion and that the IRS would not successfully
challenge our position. Our status as a PFIC is a fact-intensive determination made on an annual basis after the end of each taxable
year. Accordingly, our U.S. counsel expresses no opinion with respect to our PFIC status for our taxable year ended December 31, 2018,
and also expresses no opinion with regard to our expectations regarding our PFIC status in the future.
If
we are a PFIC in any taxable year during which a U.S. Holder owns Ordinary Shares, the U.S. Holder could be liable for additional taxes
and interest charges under the "PFIC excess distribution regime" upon (1) a distribution paid during a taxable year that
is greater than 125% of the average annual distributions paid in the three preceding taxable years, or, if shorter, the U.S. Holder's
holding period for the Ordinary Shares, and (2) any gain recognized on a sale, exchange or other disposition, including a pledge, of
the Ordinary Shares, whether or not we continue to be a PFIC. Under the PFIC excess distribution regime, the tax on such distribution
or gain would be determined by allocating the distribution or gain ratably over the U.S. Holder's holding period for Ordinary Shares.
The amount allocated to the current taxable year (i.e., the year in which the distribution occurs or the gain is recognized) and any
year prior to the first taxable year in which we are a PFIC will be taxed as ordinary income earned in the current taxable year. The
amount allocated to other taxable years will be taxed at the highest marginal rates in effect for individuals or corporations, as applicable,
to ordinary income for each such taxable year, and an interest charge, generally applicable to underpayments of tax, will be added to
the tax.
If
we are a PFIC for any year during which a U.S. Holder holds Ordinary Shares, we must generally continue to be treated as a PFIC by that
holder for all succeeding years during which the U.S. Holder holds the Ordinary Shares, unless we cease to meet the requirements for
PFIC status and the U.S. Holder makes a "deemed sale" election with respect to the Ordinary Shares. If the election is made,
the U.S. Holder will be deemed to sell the Ordinary Shares it holds at their fair market value on the last day of the last taxable year
in which we qualified as a PFIC, and any gain recognized from such deemed sale would be taxed under the PFIC excess distribution regime.
After the deemed sale election, the U.S. Holder's Ordinary Shares would not be treated as shares of a PFIC unless we subsequently
become a PFIC.
If
we are a PFIC for any taxable year during which a U.S. Holder holds Ordinary Shares and one of our non-U.S. corporate subsidiaries is
also a PFIC (i.e., a lower-tier PFIC), such U.S. Holder would be treated as owning a proportionate amount (by value) of the shares of
the lower-tier PFIC and would be taxed under the PFIC excess distribution regime on distributions by the lower-tier PFIC and on gain
from the disposition of shares of the lower-tier PFIC even though such U.S. Holder would not receive the proceeds of those distributions
or dispositions. Each U.S. Holder is advised to consult its tax advisors regarding the application of the PFIC rules to our non-U.S.
subsidiaries.
If
we are a PFIC, a U.S. Holder will not be subject to tax under the PFIC excess distribution regime on distributions or gain recognized
on Ordinary Shares if such U.S. Holder makes a valid "mark-to-market" election for our Ordinary Shares. A mark-to-market
election is available to a U.S. Holder only for "marketable stock." Our Ordinary Shares will be marketable stock as long
as they remain listed on a national securities exchange and are regularly traded, other than in
de minimis
quantities, on at
least 15 days during each calendar quarter. If a mark-to-market election is in effect, a U.S. Holder generally would take into account,
as ordinary income for each taxable year of the U.S. holder, the excess of the fair market value of Ordinary Shares held at the end of
such taxable year over the adjusted tax basis of such Ordinary Shares. The U.S. Holder would also take into account, as an ordinary loss
each year, the excess of the adjusted tax basis of such Ordinary Shares over their fair market value at the end of the taxable year,
but only to the extent of the excess of amounts previously included in income over ordinary losses deducted as a result of the mark-to-
market election. The U.S. Holder's tax basis in Ordinary Shares would be adjusted to reflect any income or loss recognized as a
result of the mark- to-market election. Any gain from a sale, exchange or other disposition of Ordinary Shares in any taxable year in
which we are a PFIC would be treated as ordinary income and any loss from such sale, exchange or other disposition would be treated first
as ordinary loss (to the extent of any net mark-to-market gains previously included in income) and thereafter as capital loss.
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A
mark-to-market election will not apply to Ordinary Shares for any taxable year during which we are not a PFIC, but will remain in effect
with respect to any subsequent taxable year in which we become a PFIC. Such election will not apply to any non-U.S. subsidiaries that
we may organize or acquire in the future. Accordingly, a U.S. Holder may continue to be subject to tax under the PFIC excess distribution
regime with respect to any lower-tier PFICs that we may organize or acquire in the future notwithstanding the U.S. Holder's mark-to-market
election for the Ordinary Shares.
The
tax consequences that would apply if we are a PFIC would also be different from those described above if a U.S. Holder were able to make
a valid qualified electing fund, or QEF, election. At this time, we do not expect to provide U.S. Holders with the information necessary
for a U.S. Holder to make a QEF election. Prospective investors should assume that a QEF election will not be available.
Each
U.S. person that is an investor of a PFIC is generally required to file an annual information return on IRS Form 8621 containing such
information as the U.S. Treasury Department may require. The failure to file IRS Form 8621 could result in the imposition of penalties
and the extension of the statute of limitations with respect to U.S. federal income tax.
The
U.S. federal income tax rules relating to PFICs are very complex. Prospective U.S. investors are strongly urged to consult their own
tax advisors with respect to the impact of PFIC status on the purchase, ownership and disposition of Ordinary Shares, the consequences
to them of an investment in a PFIC, any elections available with respect to the Ordinary Shares and the IRS information reporting obligations
with respect to the purchase, ownership and disposition of Ordinary Shares of a PFIC.
Distributions
As
described in the section entitled "
- Dividend Policy
," we do not anticipate declaring or paying dividends to holders
of our Ordinary Shares in the foreseeable future. However, if we make a distribution contrary to the expectation, subject to the discussion
above under "-
Passive Foreign Investment Company Consequences
," a U.S. Holder that receives a distribution with respect
to Ordinary Shares generally will be required to include the gross amount of such distribution in gross income as a dividend when actually
or constructively received to the extent of the U.S. Holder's pro rata share of our current and/or accumulated earnings and profits
(as determined under U.S. federal income tax principles). To the extent a distribution received by a U.S. Holder is not a dividend because
it exceeds the U.S. Holder's pro rata share of our current and accumulated earnings and profits, it will be treated first as a
tax-free return of capital and reduce (but not below zero) the adjusted tax basis of the U.S. Holder's Ordinary Shares. To the
extent the distribution exceeds the adjusted tax basis of the U.S. Holder's Ordinary Shares, the remainder will be taxed as capital
gain. Because we may not account for our earnings and profits in accordance with U.S. federal income tax principles, U.S. Holders should
expect all distributions to be reported to them as dividends.
Distributions
on Ordinary Shares that are treated as dividends generally will constitute income from sources outside the United States for foreign
tax credit purposes and generally will constitute passive category income. Subject to certain complex conditions and limitations, Israeli
taxes withheld on any distributions on Ordinary Shares may be eligible for credit against a U.S. Holder's federal income tax liability.
The rules relating to the determination of the U.S. foreign tax credit are complex, and U.S. Holders should consult their tax advisors
regarding the availability of a foreign tax credit in their particular circumstances and the possibility of claiming an itemized deduction
(in lieu of the foreign tax credit) for any foreign taxes paid or withheld.
Dividends
paid by a "qualified foreign corporation" are eligible for taxation to non-corporate U.S. Holders at a reduced capital gains
rate rather than the marginal tax rates generally applicable to ordinary income provided that certain requirements are met. Each U.S.
Holder is advised to consult its tax advisors regarding the availability of the reduced tax rate on dividends with regard to its particular
circumstances. Each U.S. Holder is advised to consult its tax advisors regarding the availability of the reduced tax rate on dividends
with regard to its particular circumstances. Distributions on Ordinary Shares that are treated as dividends generally will not be eligible
for the "dividends received" deduction generally allowed to corporate shareholders with respect to dividends received from
U.S. corporations.
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A
non-United States corporation (other than a corporation that is classified as a PFIC for the taxable year in which the dividend is paid
or the preceding taxable year) generally will be considered to be a qualified foreign corporation (a) if it is eligible for the benefits
of a comprehensive tax treaty with the United States which the Secretary of Treasury of the United States determines is satisfactory
for purposes of this provision and which includes an exchange of information provision, or (b) with respect to any dividend it pays on
shares that are readily tradable on an established securities market in the United States. Our Ordinary Shares will generally be considered
to be readily tradable on an established securities market in the United States if they are listed on a national securities exchange,
as we intend our Ordinary Shares will be. We believe that we qualify as a resident of Israel for purposes of, and are eligible for the
benefits of, the U.S.-Israel Double Tax Treaty, although there can be no assurance in this regard. Further, the IRS has determined that
the U.S.-Israel Double Tax Treaty is satisfactory for purposes of the qualified dividend rules and that it includes an exchange of information
provision. Therefore, subject to the discussion above under "-
Passive Foreign Investment Company Consequences
," if
the U.S.-Israel Double Tax Treaty is applicable, or if our Ordinary Shares are readily tradable on an established securities market in
the United States, such dividends will generally be "qualified dividend income" in the hands of individual U.S. Holders,
provided that certain conditions are met, including holding period and the absence of certain risk reduction transaction requirements.
Each U.S. Holder is advised to consult its tax advisors regarding the availability of the reduced tax rate on dividends with regard to
its particular circumstances.
Sale,
Exchange or Other Disposition of Ordinary Shares
Subject
to the discussion above under "-
Passive Foreign Investment Company Consequences
," a U.S. Holder generally will recognize
capital gain or loss for U.S. federal income tax purposes upon the sale, exchange or other disposition of Ordinary Shares in an amount
equal to the difference, if any, between the amount realized (i.e., the amount of cash plus the fair market value of any property received)
on the sale, exchange or other disposition and such U.S. Holder's adjusted tax basis in the Ordinary Shares. Such capital gain
or loss generally will be long-term capital gain taxable at a reduced rate for non-corporate U.S. Holders or long-term capital loss if,
on the date of sale, exchange or other disposition, the Ordinary Shares were held by the U.S. Holder for more than one year. Any capital
gain of a non-corporate U.S. Holder that is not long-term capital gain is taxed at ordinary income rates. The deductibility of capital
losses is subject to limitations. Any gain or loss recognized from the sale or other disposition of Ordinary Shares will generally be
gain or loss from sources within the United States for U.S. foreign tax credit purposes.
Medicare
Tax
Certain
U.S. Holders that are individuals, estates or trusts and whose income exceeds certain thresholds generally are subject to a 3.8% tax
on all or a portion of their net investment income, which may include their gross dividend income and net gains from the disposition
of Ordinary Shares. If you are a United States person that is an individual, estate or trust, you are encouraged to consult your tax
advisors regarding the applicability of this Medicare tax to your income and gains in respect of your investment in Ordinary Shares.
Information
Reporting and Backup Withholding
U.S.
Holders may be required to file certain U.S. information reporting returns with the IRS with respect to an investment in Ordinary Shares,
including, among others, IRS Form 8938 (Statement of Specified Foreign Financial Assets). As described above under "
Passive
Foreign Investment Company Consequences
", each U.S. Holder who is a shareholder of a PFIC must file an annual report containing
certain information. U.S. Holders paying more than US$100,000 for Ordinary Shares may be required to file IRS Form 926 (Return by a U.S.
Transferor of Property to a Foreign Corporation) reporting this payment. Substantial penalties may be imposed upon a U.S. Holder that
fails to comply with the required information reporting.
Dividends
on and proceeds from the sale or other disposition of Ordinary Shares may be reported to the IRS unless the U.S. Holder establishes a
basis for exemption. Backup withholding may apply to amounts subject to reporting if the holder (1) fails to provide an accurate United
States taxpayer identification number or otherwise establish a basis for exemption (usually on IRS Form W-9), or (2) is described in
certain other categories of persons. However, U.S. Holders that are corporations generally are excluded from these information reporting
and backup withholding tax rules. Backup withholding is not an additional tax. Any amounts withheld under the backup withholding rules
generally will be allowed as a refund or a credit against a U.S. Holder's U.S. federal income tax liability if the required information
is furnished by the U.S. Holder on a timely basis to the IRS.
U.S.
Holders should consult their own tax advisors regarding the backup withholding tax and information reporting rules.
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EACH
PROSPECTIVE INVESTOR IS URGED TO CONSULT ITS OWN TAX ADVISOR ABOUT THE TAX CONSEQUENCES TO IT OF AN INVESTMENT IN ORDINARY SHARES IN
LIGHT OF THE INVESTOR'S OWN CIRCUMSTANCES.
UNDERWRITING
We
are offering the Units described in this prospectus through the underwriters named below per the underwriting agreement dated ,                    2022
with Westpark Capital, Inc., the representative of the underwriters in this offering (the "Representative") who is acting
as book-running manager of the offering. Subject to the terms and conditions of the underwriting agreement, the underwriters have agreed
to purchase the number of our securities set forth opposite its name below, if any are purchased. A copy of the underwriting agreement
will be filed as an exhibit to the registration statement of which this prospectus is part.
Underwriter
Units
Total
We
have been advised by the underwriters that they propose to offer the units directly to the public at the public offering price set forth
on the cover page of this prospectus. Any units sold by the underwriters to securities dealers will be sold at the public offering price
less a selling concession not in excess of $          per share and accompanying warrant.
The
underwriting agreement provides that the underwriters' obligation to purchase the securities we are offering is subject to conditions
contained in the underwriting agreement.
No
action has been taken by us or the underwriters that would permit a public offering of the shares in any jurisdiction outside the United
States where action for that purpose is required. None of our securities included in this offering may be offered or sold, directly or
indirectly, nor may this prospectus or any other offering material or advertisements in connection with the offer and sales of any of
the securities offering hereby be distributed or published in any jurisdiction except under circumstances that will result in compliance
with the applicable rules and regulations of that jurisdiction. Persons who receive this prospectus are advised to inform themselves
about and to observe any restrictions relating to this offering of securities and the distribution of this prospectus. This prospectus
is neither an offer to sell nor a solicitation of any offer to buy the securities in any jurisdiction where that would not be permitted
or legal.
The
underwriters have advised us that they do not intend to confirm sales to any account over which they exercise discretionary authority.
Underwriting
Discount and Expenses
The
underwriter may offer the securities from time to time to purchasers directly or through agents, or through brokers in brokerage transactions
on a national securities exchange, or to dealers in negotiated transactions or in a combination of such methods of sale, or otherwise,
at a fixed price or prices, which may be changed, or at market prices prevailing at the time of sale, at prices related to such prevailing
market prices or at negotiated prices, subject to receipt and acceptance by it and subject to its right to reject any order in whole
or in part. The difference between the price at which the underwriter purchases securities from us and the price at which the underwriter
resells such securities may be deemed underwriting compensation. If the underwriter effects such transactions by selling securities to
or through dealers, such dealers may receive compensation in the form of discounts, concessions, or commissions from the underwriter
and/or purchasers of securities for whom they may act as agents or to whom they may sell as principal.
The
following table summarizes the underwriting discount and commission to be paid to the underwriters by us.
Per
Unit
Total
Total with Full
Exercise of
Option
Public offering price
Underwriting discount to be paid to the underwriters by us (8.0%)(1)(2)
Proceeds to us (before expenses)
(1)
We
have also agreed to pay the Representative $[   ] for non-accountable expenses
(2)
We
                                            have granted a 45 day option to the Representative to purchase up to              
                                            additional Units and/or Warrants to purchase up to           
                                            Units (up to 15% of the Units sold in this offering) at the assumed public offering
                                            price set forth above less the underwriting discounts and commissions solely to cover over-allotments,
                                            if any.
We
estimate the total expenses payable by us for this offering to be approximately $               , which amount includes (i) the underwriting discount
of $                and (ii) reimbursement of the non-accountable expenses of the underwriters, and (iii) other estimated company expenses of approximately
$                which includes legal accounting printing costs and various fees associated with the registration and listing of our securities.
The
Units we are offering are being offered by the underwriters subject to certain conditions specified in the underwriting agreement.
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Underwriter's
Option
We have granted to the underwriters an option
exercisable not later than 45 days after the date of this prospectus to purchase up to a number of                additional
ordinary Units (equal to 15% of the number of Units sold in the primary offering) at the public offering price set forth
on the cover page hereto less the underwriting discounts and commissions. The underwriters may exercise the option solely to cover overallotments,
if any, made in connection with this offering. If any additional securities are purchased, the underwriters will offer these securities
on the same terms as those on which the other securities are being offered.
Lock-up
Agreements
Our
officers, directors each of their respective affiliates and associated partners and certain shareholders have agreed with the
underwriters to be subject to a lock-up period of twelve (12) months following the date of this prospectus. This means that, during
the applicable lock-up period, such persons may not offer for sale, contract to sell, sell, distribute, grant any option, right or
warrant to purchase, pledge, hypothecate or otherwise dispose of, directly or indirectly, any ordinary shares or any securities
convertible into, or exercisable or exchangeable for, ordinary shares. Certain limited transfers are permitted during the lock-up
period if the transferee agrees to these lock-up restrictions. We have also agreed, in the underwriting agreement, to similar
lock-up restrictions on the issuance and sale of our securities for
                days following the closing of this
offering, although we will be permitted to issue stock options or stock awards to directors, officers and employees under our
existing plans. The Representative may, in its sole discretion and without notice, waive the terms of any of these lock-up
agreements.
Representative's
Warrants
We will issue to the Representative warrants
to purchase an aggregate number of Units equal to 5% of the number of Units offered in this offering (not including ordinary
shares sold pursuant to the underwriter's over-allotment option), at an exercise price per share equal to 120% of the public
offering price (the "Representative's Warrants"). The Representative's Warrants will be exercisable, in whole
or in part, immediately upon issuance and will expire on the fifth anniversary of the commencement of sales in this offering in accordance
with FINRA Rule 5110(g)(8)(A). Pursuant to FINRA Rule 5110(e), the Representative Warrants and any ordinary shares issued upon exercise
of the Representative Warrants shall not be sold, transferred, assigned, pledged, or hypothecated, or be the subject of any hedging,
short sale, derivative, put or call transaction that would result in the effective economic disposition of the securities by any person
for a period of 180 days immediately following the date of commencement of sales of this offering, except the transfer of any security:
(i) by operation of law or by reason of reorganization of the issuer; (ii) to any FINRA member firm participating in the offering and
the officers, partners, registered persons or affiliates thereof, if all securities so transferred remain subject to the lock-up restriction
set forth above for the remainder of the time period; (iii) if the aggregate amount of our securities held by the Representative or related
persons does not exceed 1% of the securities being offered; (iv) that is beneficially owned on a pro-rata basis by all equity owners
of an investment fund, provided that no participating member manages or otherwise directs investments by the fund and the participating
members in the aggregate do not own more than 10% of the equity in the fund; (v) the exercise or conversion of any security, if all securities
remain subject to the lock-up restriction set forth above for the remainder of the time period; (vi) if we meet the registration requirements
of Forms S-3, F-3 or F-10; or (vii) back to us in a transaction exempt from registration with the SEC. The Representative Warrants and
the ordinary shares underlying the Representative Warrants are registered on the registration statement of which this prospectus forms
a part.
Other
Relationships
The
Representative and its respective affiliates may in the future engage in investment banking and other commercial dealings in the ordinary
course of business with us or our affiliates. The Representative may in the future receive customary fees and commissions for these transactions.
National
Securities Exchange
Listing
Our ordinary shares
are quoted on the OTCQB under the symbol "TOMDF." We
will apply to list our Ordinary Shares
and Warrants on a national securities exchange
. There is no assurance that our listing
application will be approved. We will not consummate this offering unless our application is approved.
Prior
to this offering, there has been no public market for our Warrants. The public offering price for our Units will be determined through
negotiations between us and the underwriters. Among the factors to be considered in these negotiations will be prevailing market conditions,
our financial information, market valuations of other companies that we and the underwriters believe to be comparable to us, estimates
of our business potential, the present state of our development and other factors deemed relevant.
We
offer no assurances that the public offering price of our Units will correspond to the price at which our ordinary shares or Warrants
will trade in the public market subsequent to this offering, assuming that our listing applications are approved by a national securities exchange, or that an active trading market for our ordinary shares and Warrants will develop and continue after this offering.
Determination
of Offering Price
The
public offering price of the securities and exercise price of the Warrants offered by this prospectus will be determined by negotiation
between us and the underwriters among the factors considered in determining the public offering price of the shares were;
●
our
    history and our prospects;
●
the
    industry in which we operate;
●
our
    past and present operating results;
●
the
    previous experience of our executive officers; and
●
the
    general condition of the securities markets at the time of this offering, including discussions between the underwriters and prospective
    investors.
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The
offering price stated on the cover page of this prospectus should not be considered an indication of the actual value of the securities
sold in this offering. That price is subject to change as a result of market conditions and other factors and we cannot assure you that
the securities sold in this offering can be resold at or above the public offering price.
Transfer
Agent and Registrar
Our
transfer agent for our Ordinary Shares is Worldwide Stock Transfer, LLC, 1 University Plaza Drive #505, Hackensack, NJ, phone number:
(201) 820-2008, and fax number: (201) 820-2010.
Price
Stabilization, Short Positions and Penalty Bids
In
connection with the offering the underwriters may engage in stabilizing transactions, over-allotment transactions, syndicate covering
transactions and penalty bids in accordance with Regulation M under the Exchange Act:
●
Stabilizing
    transactions permit bids to purchase the underlying security so long as the stabilizing bids do not exceed a specified maximum.
●
Over-allotment
    involves sales by the underwriters of shares in excess of the number of shares the underwriters are obligated to purchase, which
    creates a short position. The short position may be either a covered short position or a naked short position. In a covered short
    position, the number of shares over-allotted by the underwriters is not greater than the number of shares that they may purchase
    in the over-allotment option. In a naked short position, the number of shares involved is greater than the number of shares in the
    over-allotment option. The underwriters may close out any covered short position by either exercising their over-allotment option
    and/or purchasing shares in the open market.
●
Syndicate
    covering transactions involve purchases of ordinary shares in the open market after the distribution has been completed in order
    to cover syndicate short positions. In determining the source of shares to close out the short position, the underwriters will consider,
    among other things, the price of shares available for purchase in the open market as compared to the price at which they may purchase
    shares through the over-allotment option. If the underwriters sell more shares than could be covered by the over-allotment option,
    a naked short position, the position can only be closed out by buying shares in the open market. A naked short position is more likely
    to be created if the underwriters are concerned that there could be downward pressure on the price of the shares in the open market
    after pricing that could adversely affect investors who purchase in the offering.
●
Penalty
    bids permit a syndicate representative to reclaim a selling concession from a syndicate member when the ordinary shares originally
    sold by the syndicate member is purchased in a stabilizing or syndicate covering transaction to cover syndicate short positions.
These
stabilizing transactions, over-allotment transactions, syndicate covering transactions and penalty bids, to the extent applicable, may
have the effect of raising or maintaining the market price of our ordinary shares or preventing or retarding a decline in the market
price of the ordinary shares. As a result, the price of our securities may be higher than the price that might otherwise exist in the
open market. Neither we nor the underwriters make any representation or prediction as to the direction or magnitude of any effect that
the transactions described above may have on the price of our ordinary shares. In addition, neither we nor the underwriters make any
representations that the underwriters will engage in these stabilizing transactions or that any transaction, once commenced, will not
be discontinued without notice.
Indemnification
We
have agreed to indemnify the underwriters against certain liabilities, including certain liabilities arising under the Securities Act
or to contribute to payments that the underwriters may be required to make for these liabilities.
LEGAL
MATTERS
The
validity of our ordinary shares registered hereby, and certain other matters of Israeli law will be passed upon for us by Rimon PC and
certain matters of U.S. federal law will be passed upon for us by Lucosky Brookman LLP. Hunter Taubman Fischer & Li LLC is
acting as counsel to the underwriters in connection with certain legal matters relating to this offering.
EXPERTS
The
consolidated financial statements as of December 31, 2021 included in this prospectus and elsewhere in the registration statement have
been so included in reliance upon the report of Yarel + Partners, CPA, independent registered public accountants, upon the authority
of said firm as experts in accounting and auditing.
The
consolidated financial statements as of December 31, 2020 included in this prospectus and elsewhere in the registration statement have
been so included in reliance upon the report of Fahn Kanne & Co., our former independent registered public accountants, upon the
authority of said firm as experts in accounting and auditing.
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WHERE
YOU CAN FIND MORE INFORMATION
We
are a reporting company and file annual, quarterly and special reports, and other information with the Securities and Exchange Commission.
Such reports and other information may be accessed at the SEC's web site at
http://
www.sec.gov, which contains reports,
proxy and information statements and other information regarding registrants that file electronically with the SEC.
This
prospectus is part of a registration statement on Form S-1 that we filed with the SEC. Certain information in the registration statement
has been omitted from this prospectus in accordance with the rules and regulations of the SEC. We have also filed exhibits and schedules
with the registration statement that are excluded from this prospectus. The registration statement may be accessed at the SEC's
website.
91
Table of Contents
FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
TODOS
MEDICAL LTD.
INDEX
TO CONSOLIDATED FINANCIAL STATEMENTS
Report
    of Independent Registered Public Accounting Firm
(Firm Name: Yarel + Partners / PCAOB ID No. 1024)
F-2
Report of Independent Registered Public Accounting Firm
(Firm Name: Fahn Kanne & Co / PCAOB ID No. 1375)
F-4
Consolidated
    Balance Sheets as of December 31, 2021 and 2020
F-5
Consolidated
    Statements of Operations for the years ended December 31, 2021 and 2020
F-6
Consolidated
    Statements of Changes in Shareholders' Deficit for the years ended December 31, 2021 and 2020
F-7
    - F-8
Consolidated
    Statements of Cash Flows for the years ended December 31, 2021 and 2020
F-9
    - F-10
Notes
    to Consolidated Financial Statements
F-11
    - F-76
Condensed Consolidated Balance Sheets as of March 31, 2022 (unaudited) and December 31, 2021
F-77
Condensed Consolidated Statements of Operations for the three months ended March 31, 2022 and 2021 (unaudited)
F-
78
Condensed Statements of Changes in Shareholders' Deficit for the three months ended March 31, 2022 and 2021 (unaudited)
F-
79
Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2022 and 2021 (unaudited)
F-
80
    - F-81
Notes to Condensed Consolidated Financial Statements (unaudited)
F-
82
    - F-93
F-
1
Table of Contents
REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To
the Board of Directors and Shareholders of TODOS MEDICAL LTD.
Opinion
on the financial statements
We
have audited the accompanying consolidated balance sheets of Todos Medical Ltd. and subsidiaries (the "Company") as of December
31, 2021, the related consolidated statements of operations, changes in shareholders' deficit, and cash flows for the year then
ended, 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 year ended December 31, 2021, in conformity with accounting principles generally accepted in the United States
of America.
Going
Concern
The
accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As
discussed in Note 1C to the financial statements, the Company has incurred net losses since its inception, and has not yet generated
sufficient revenues to support its operations. As of December 31, 2021, there is an accumulated deficit of $90,595 and shareholders'
deficit of $24,212. These conditions, along with other matters as set forth in Note 1C, raise substantial doubt about the Company's
ability to continue as a going concern. Management's plans regarding these matters are also described in Note 1C. 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 supporting
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 audit provides
a reasonable basis for our opinion.
Critical
Audit Matters
The
critical audit matter communicated below are matters arising from the current period audit of the consolidated financial statements that
were communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the consolidated financial
statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matter
does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the
critical audit matters below, providing separate opinions on the critical audit matter or on the accounts or disclosures to which they
relate.
Initial
measurement of fair value of goodwill and intangible assets related to a business combination–
Description
of the Matter -
The
Company acquired a 100% interest in Provista Diagnostic, Inc as disclosed in Note 3 to the consolidated financial statements.
The
allocation of the purchase price to the identified intangible assets acquired, was a matter of most significance to our current year
audit due to the following: (i) the significant judgements made by management regarding the discount rate and forecast cash flows included
in the valuation models and certain assumptions utilizing a probability weighted analysis of certain future events; (ii) the magnitude
of the assets recognized in the Purchase Price Allocation (PPA) process.
The
company performed a PPA for the acquisition with the assistance from an external valuation expert in order to value the identifiable
assets and liabilities, and specifically in relation to the intangible assets acquired as part of the acquisition.
How
We Addressed the Matter in Our Audit -
We
obtained the report issued by the external valuation expert engaged by management to perform the PPA and to assist management with
the identification of identifiable assets and liabilities in the respective business combinations. We assessed the competence, capabilities
and objectivity of management's external valuation expert. We made use of our valuation expertise and involved our valuation specialist
to assess the asset identification process, the methodology adopted by management's external valuation expert and the
assumptions applied, which included the discount rate and forecast cashflows used in the models.
We
evaluated management's asset identification process, methodology and assumptions. We made use of our valuation expertise to recalculate
the discount rates, taking into account independent data. We agreed the forecast cash flows included in the valuation models to supporting
documentation such as budgets for the individual components within the Company. We also held discussions with management to understand
the basis for the assumptions used and found the forecast. We tested the mathematical accuracy of the valuation model for the intangible
assets acquired.
F-
2
Table of Contents
Goodwill
Impairment Assessment-
Description
of the Matter -
The
Company's evaluation of goodwill for impairment involves the comparison of the fair value of the reporting unit to its carrying
value. The Company estimates fair value using the income method, which is based on the present value of estimated future cash flows attributable
to the respective assets. This requires management to make significant estimates and assumptions related to forecasts of future net sales
and earnings, including growth rates beyond a 10-year time period and discount rates. Changes in the assumptions could have a significant
impact on either the fair value, the amount of any impairment charge, or both. The Company performed their annual impairment assessments
of the Provista Diagnostic, Inc's operations as of December 31, 2021. Because the carrying values exceeded their estimated fair values,
impairment of the Goodwill was recorded. Management determines the fair value of the reporting unit using the income approach. The income
approach is based on a discounted cash flow model. The discounted cash flow model requires the exercise of significant judgment, including
judgments and assumptions about appropriate discount rates and revenue growth.
Auditing
management's goodwill impairment test of the reporting unit was complex and highly judgmental due to the estimation required by management
in determining the fair value of the reporting unit. In particular, the fair value estimate was sensitive to significant assumptions,
such as management's cash flow projections, including revenue growth operation margin, terminal value and the discount rate, which
are affected by expectations about future market and economic conditions.
How
We Addressed the Matter in Our Audit -
To
test the Company's assessment of the goodwill impairment test, our audit procedures included, among others, evaluating the methodology
used and testing the significant assumptions used by the Company in its analysis. We also performed sensitivity analyses of the significant
assumptions, we evaluated management's ability to accurately forecast net sales and earnings by comparing actual results to management's
historical forecasts and obtained appropriate explanations for the variances; examined management's support for the current estimates
and projections. We also involved our valuation specialist to assist in the evaluation of the Company's valuation methods and certain
significant assumptions.
Assessment
of unrecognized tax benefits -
Description
of the Matter -
As
discussed in Note 23 to the consolidated financial statements, the Company operates in multiple tax jurisdictions in which differing
interpretations of complex tax laws and regulations create uncertainty and necessitate the use of significant judgment in the determination
of the Company's unrecognized tax benefits related to carryforward losses and allocation of profits among various jurisdictions
("transfer pricing"). The nature of these activities can result in uncertainties in the estimation of the related tax exposures.
In this regard, the Company uses significant judgment in (1) determining whether a tax position's technical merits are more-likely-than-not
to be sustained and (2) measuring the amount of tax benefit that qualifies for recognition. The Company initially recognizes and subsequently
measures the unrecognized tax benefit in its consolidated financial statements when it is more likely than not that the position will
be sustained upon examination by the tax authorities. Auditing the assessment of the technical merits and measurement of the Company's
unrecognized tax benefits is challenging because they can be complex, highly judgmental, and based on interpretations of tax laws and
regulations.
How
We Addressed the Matter in Our Audit -
We
obtained an understanding, evaluated the design and tested the operating effectiveness of internal controls over the Company's
process to assess the technical merits of its tax positions, as well as management's process to measure the unrecognized tax benefits
of those tax positions. We used our knowledge of and experience with how the income tax laws and regulations are applied to evaluate
the Company's accounting for its unrecognized tax benefits. We analyzed the assumptions and data used by the Company when it determined
there are no amounts of tax benefits to recognize, and we tested the accuracy of those underlying calculations.
Evaluation
of convertible debt with an embedded derivative liability and detachable warrants -
Description
of the Matter -
As
discussed in Notes 2Y through 2BB, 8, 10, 12 and 13 to the consolidated financial statements, upon initial recognition of Convertible
loans, Convertible Notes and similar instruments issued with or without detachable warrants, the Company considers whether the embedded
feature within the convertible instruments should be separated from the host instrument and the manner of its presentation and future
measurement and weather warrants granted by the Company to lenders through convertible bridge loans and stock warrants transactions should
be classified as a component of permanent equity or as derivative liabilities. The Company utilized a Monte Carlo model to value the
derivative bifurcated liabilities, which estimates the fair value of the liabilities based upon certain assumptions utilizing a probability
weighted analysis of certain future events. Other inputs into the model include, volatility, closing stock prices at various valuation
points, and conversion prices as determined by the applicable agreements.
We
identified the fair value of the derivative liability as a critical audit matter, as (i) the assumptions utilized in the model to value
the derivative liability required judgement, and the model is inherently complex. (ii) the accounting for derivative liabilities is complex
(iii) the magnitude of the liabilities and losses recognized in the estimation process.
How
We Addressed the Matter in Our Audit -
The
primary procedures we performed to address this critical audit matter involved the assistance of our valuation specialist and included
the following: (i) we reviewed the qualifications of the valuation specialist utilized by the Company (ii) we audited the underlying
inputs utilized by the valuation specialist in the model (iii) we evaluated the reasonableness of management's assumptions included
in the model (iv) we reviewed the underlying source documents to determine the proper accounting of the transactions (v) we tested the
accuracy of those underlying calculations.
Yarel + Partners
,
Certified
Public Accountants
Tel Aviv, Israel
March 31, 2022
We
have served as the Company's auditor since 2021.
F-
3
Table of Contents
Report
    of Independent Registered Public Accounting Firm
Fahn
    Kanne & Co.
Board
    of Directors and Shareholders of Todos Medical Ltd.
Head
    Office
32
    Hamasger Street
Tel-Aviv
    6721118, ISRAEL
PO
    Box 36172, 6136101
T
    +972 3 7106666
F
    +972 3 7106660
Opinion
on the financial statements
We
have audited the accompanying consolidated balance sheets of Todos Medical Ltd. and subsidiaries (the "Company") as of December
31, 2020, the related consolidated statements of operations, changes in shareholders' deficit, and cash flows for the year then
ended, 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, 2020, and the results of its operations
and its cash flows for the year then ended, in conformity with accounting principles generally accepted in the United States of America.
Going
Concern
The
accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As discussed
in Note 1C to the financial statements, the Company has incurred net losses since its inception, and has not yet generated sufficient
revenues to support its operations. As of December 31, 2020, there is an accumulated deficit of $47,281 and shareholders' deficit
of $11,011. These conditions, along with other matters as set forth in Note 1C, raise substantial doubt about the Company's ability
to continue as a going concern. Management's plans regarding these matters are also described in Note 1C. 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 supporting
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.
FAHN
KANNE & CO. GRANT THORNTON ISRAEL
We served as the Company's auditor from 2015
until June 23, 2021
Tel
Aviv, Israel
April
21, 2021
F-
4
Table of Contents
TODOS
MEDICAL LTD.
CONSOLIDATED
BALANCE SHEETS
(U.S.
dollars in thousands except share and per share amounts)
As of
December 31,
Note
2021
2020
ASSETS
Current assets:
Cash and cash equivalents
$
189
$
935
Trade receivables
2,520
378
Inventories
1,603
536
Other current assets
4
404
601
Total current assets
4,716
2,450
Non-current assets:
Investment in affiliated companies, net
5
40
745
Investment in other company
6
455
224
Property and equipment, net
7
2,045
1,999
Right of use asset arising from operating lease
11
143
-
Prepaid expenses
-
591
Goodwill
3
6,216
-
Intangible assets
3
1,500
-
Total non-current assets
10,399
3,559
Total assets
$
15,115
$
6,009
LIABILITIES AND SHAREHOLDERS' DEFICIT
Current liabilities:
Receivables financing facility, net
$
-
$
1,306
Loans, net
8
2,023
1,672
Accounts payable
2,276
1,640
Deferred revenues
-
844
Other current liabilities
9
4,284
2,316
Liability for minimum royalties
377
291
Total current liabilities
8,960
8,069
Non-current liabilities:
Convertible bridge loans, net
10
25,406
5,965
Derivative warrants liability, net
12
-
301
Fair value of bifurcated convertible feature of convertible bridge loans
13
4,182
2,500
Operating lease liability
11
141
-
Deferred taxes
315
-
Liability for minimum royalties
183
185
Other non-current liabilities
140
-
Total non-current liabilities
30,367
8,951
Commitments and contingent liabilities
14
Shareholders' deficit:
Ordinary Shares of NIS
0.01
par value each:
15
Authorized:
5,000,000,000
and
1,000,000,000
shares at
    December 31, 2021 and 2020, respectively; Issued and outstanding:
975,644,432
shares and
376,335,802
shares at December 31, 2021 and 2020, respectively.
2,913
1,059
Redeemable Preferred shares: Authorized:
50,000
at December 31, 2021, non-issued.
Preferred
B Shares: Authorized:
5,000
at December 31, 2021, non-issued.
-
-
Additional paid-in capital
63,470
35,211
Accumulated deficit
(
90,595
)
(
47,281
)
Total shareholders' deficit
(
24,212
)
(
11,011
)
Total liabilities and shareholders' deficit
$
15,115
$
6,009
The
accompanying notes are an integral part of these consolidated financial statements.
F-
5
Table of Contents
TODOS
MEDICAL LTD.
CONSOLIDATED
STATEMENTS OF OPERATIONS
(U.S.
dollars in thousands except share and per share amounts)
Year ended
December 31,
Note
2021
2020
Revenues
24
$
12,230
$
5,207
Cost of revenues
17
(
7,847
)
(
3,818
)
Gross profit
4,383
1,389
Research and development expenses
18
(
824
)
(
9,863
)
Sales and marketing expenses
19
(
3,481
)
(
3,058
)
General and administrative expenses
20
(
9,364
)
(
2,729
)
Operating loss
(
9,286
)
(
14,261
)
Financing income (expenses), net
21
(
30,340
)
(
14,312
)
Impairment losses
5,7
(
2,030
)
-
Share in losses of affiliated companies
22
(
1,658
)
(
1,200
)
Net loss for the year
$
(
43,314
)
$
(
29,773
)
Basic and diluted net loss per share
$
(
0.06
)
$
(
0.11
)
Weighted average number of ordinary shares outstanding attributable to ordinary shareholders
679,574,516
259,176,541
The
accompanying notes are an integral part of these consolidated financial statements.
F-
6
Table of Contents
TODOS
MEDICAL LTD.
CONSOLIDATED
STATEMENTS OF CHANGES IN SHAREHOLDERS' DEFICIT
(U.S.
dollars in thousands except share and per share amounts)
Ordinary shares
Additional
Total
Shares
Amount
paid-in
capital
Accumulated
deficit
Shareholders'
deficit
Balance at December 31, 2019
103,573,795
$
280
$
10,979
$
(
17,508
)
$
(
6,249
)
Changes during the year ended December 31, 2020:
Issuance of ordinary shares as consideration for obtain control over affiliated company
67,599,796
193
5,891
-
6,084
Partial conversion of convertible bridge loans into ordinary shares
64,630,113
185
4,492
-
4,677
Classification of derivative warrants liability into equity as result of partial conversion of convertible bridge loans into ordinary shares
-
-
651
-
651
Issuance of ordinary shares and stock warrants upon modification of terms relating to convertible bridge loans transactions
1,688,415
5
562
-
567
Issuance of ordinary shares as commitment shares in exchange for equity line granted
5,812,500
16
466
-
482
Issuance of ordinary shares and stock warrants to lenders upon convertible bridge loans transactions
9,333,333
27
1,192
-
1,219
Issuance of ordinary shares as commitment shares in exchange for receivables financing facility
3,500,000
10
305
-
315
Exercise of warrants into ordinary shares on cashless basis
475,411
1
(
1
)
-
-
Issuance of ordinary shares through equity line
32,747,579
93
2,246
-
2,339
Issuance of units consist of ordinary shares (or fixed number of shares to be issued) and warrants
1,000,000
3
27
-
30
Amount related to fixed number of ordinary shares to be issued as contingent consideration
-
-
1,050
-
1,050
Issuance of ordinary shares as partial settlement of financial liability
14,550,000
42
975
-
1,017
Commitment for issuance of fixed number of ordinary shares to service providers
-
-
1,172
-
1,172
Commitment for issuance of fixed number of ordinary shares to officers and directors
-
-
624
624
Issuance of ordinary shares to service providers
11,864,001
40
720
-
760
Issuance of ordinary shares for call options to acquire potential acquire
48,708,185
139
2,861
-
3,000
Issuance of ordinary shares upon establishment of entities accounted for under equity method
10,852,674
25
943
-
968
Stock-based compensation to officers and directors
-
-
56
-
56
Net loss for the year
-
-
-
(
29,773
)
(
29,773
)
Balance at December 31, 2020
376,335,802
$
1,059
$
35,211
$
(
47,281
)
$
(
11,011
)
The
accompanying notes are an integral part of these consolidated financial statements.
F-
7
Table of Contents
TODOS
MEDICAL LTD.
CONSOLIDATED
STATEMENTS OF CHANGES IN SHAREHOLDERS' DEFICIT
(U.S.
dollars in thousands except share and per share amounts)
Ordinary shares
Additional
Total
Shares
Amount
paid-in
capital
Accumulated
deficit
Shareholders'
deficit
Balance at December 31, 2020
376,335,802
$
1,059
$
35,211
$
(
47,281
)
$
(
11,011
)
Changes during the year ended December 31, 2021:
Partial conversion of convertible bridge loans into ordinary shares
487,822,015
1,511
18,584
-
20,095
Issuance of ordinary shares as settlement of previous commitments
2,500,000
8
(
8
)
-
-
Issuance of ordinary shares upon modification of terms relating to convertible straight loan transaction
2,000,000
6
82
-
88
Issuance of stock warrants as part of convertible bridge loan received
-
-
5,422
-
5,422
Issuance of ordinary shares in exchange for equity line received
5,229,809
16
239
-
255
Issuance of ordinary shares as collateral for loan repayment
20,000,000
61
809
-
870
Issuance of ordinary shares or commitment for issuance of fixed number of ordinary shares to service providers
14,921,053
45
107
-
152
Commitment to issue shares in acquisition of subsidiary
-
-
1,699
-
1,699
Issuance of shares in acquisition of subsidiary
25,862,069
80
(
80
)
-
-
Issuance of ordinary shares as part of joint ventures agreements
39,473,684
122
328
-
450
Share based compensation for employees & directors
-
-
645
-
645
Share based compensation for service providers
1,500,000
5
432
-
437
Net loss for the year
-
-
-
(
43,314
)
(
43,314
)
Balance at December 31, 2021
975,644,432
$
2,913
$
63,470
$
(
90,595
)
$
(
24,212
)
The
accompanying notes are an integral part of these consolidated financial statements.
F-
8
Table of Contents
TODOS
MEDICAL LTD.
CONSOLIDATED
STATEMENTS OF CASH FLOWS
(U.S.
dollars in thousands)
Year ended
December 31
2021
2020
Cash flows from operating activities:
Net loss
$
(
43,314
)
$
(
29,773
)
Adjustments required to reconcile net loss to net cash used in operating
    activities:
Depreciation and amortization
763
96
Impairment of property and equipment
485
-
Impairment
of goodwill
1,545
-
Liability for minimum royalties
82
53
Interest and royalty expenses related to receivables financing facility
375
1,006
Stock-based compensation
1,234
2,612
Impairment of investment in affiliated company
1,658
2,718
Revaluation of investment in affiliated company to fair value
-
(
1,623
)
Impairment of intangible IPR&D, net of taxes
450
8,157
Expiration of call options to acquire potential acquire
-
3,000
Issuance of ordinary shares as part of joint ventures agreements
-
-
Share in losses of affiliated company
-
105
Modification of terms relating to straight loan transaction
88
-
Modification of convertible bridge loans transactions
-
(
3,375
)
Exchange differences relating to loans from shareholders
-
40
Change in fair value, amortization
of discounts and accrued interest on convertible bridge loans
25,575
11,196
Amortization of discounts and accrued interest on straight loans
2,657
1,170
Issuance of shares as a settlement in excess of the carrying amount of financial liabilities
870
487
Change in fair value of derivative warrants liability and fair value of warrants expired
(
301
)
201
Change in fair value of liability related to conversion feature of convertible bridge loans
(
2,180
)
(
355
)
Increase in trade receivables
(
2,076
)
(
537
)
Increase in inventories
(
1,066
)
(
378
)
Decrease (increase) in other current assets
791
(
385
)
Increase in accounts payables
(
100
)
1,405
Increase (decrease) in deferred revenues
(
844
)
844
Increase in other current liabilities
2,106
778
Operating lease liabilities
(
22
)
-
Net cash used in operating activities
(
11,224
)
(
2,558
)
Cash flows from investing activities:
Purchase of property and equipment
(
1,097
)
(
2,030
)
Cash used in purchased of subsidiary consolidated for the first time
(
2,426
)
-
Purchase of intangible IPR&D
-
(
450
)
Investment in affiliated companies
-
(
911
)
Investment in other company
(
1,183
)
(
225
)
Net cash used in investing activities
(
4,706
)
(
3,616
)
Cash flows from financing activities:
Proceeds from Receivables financing facility and straight loans
2,486
2,617
Repayment of loans
(
3,557
)
(
2,317
)
Proceeds from issuance of units consisting of straight loans and stock warrants
-
2,033
Proceeds from issuance of units consisting of convertible bridge loans, stock warrants and shares, net
16,000
2,390
Proceeds from issuance of units consisting of ordinary shares and stock warrants
-
30
Proceeds from issuance of ordinary shares through equity line
255
2,339
Net cash provided by financing activities
15,184
7,092
Change in cash, cash equivalents and restricted cash
(
746
)
918
Cash, cash equivalents and restricted cash at beginning of year
935
17
Cash, cash equivalents and restricted cash at end of year
$
189
$
935
The accompanying notes are an integral part of these consolidated financial statements.
F-
9
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TODOS
MEDICAL LTD.
CONSOLIDATED
STATEMENTS OF CASH FLOWS (Cont.)
(U.S.
dollars in thousands)
Year ended December 31
2021
2020
Supplemental disclosure of non-cash activities:
Conversion of loans from shareholders into ordinary shares and stock warrant
$
-
$
350
Partial conversion of convertible loans into ordinary shares
$
20,095
-
Partial conversion of convertible loans and liability related to conversion feature of convertible bridge loans into ordinary shares
$
-
$
4,677
Fair value of derivative warrants liability and convertible bridge loans classified into equity in connection with convertible bridge loans converted
$
-
$
651
Issuance of ordinary shares as partial settlement of financial liability
$
-
$
530
Issuance of shares upon acquisition of an IPR&D
$
-
$
6,084
Issuance of ordinary shares as commitment shares in exchange for receivables financing facility granted
$
-
$
315
Issuance of ordinary shares as commitment shares in exchange for equity line granted
$
-
$
482
Investment in affiliated company by issuance shares and commitment for issued shares as contingent consideration and commitment for additional funding
$
-
$
2,657
Issuance of ordinary shares and stock warrants in exchange for convertible bridge loans granted
$
-
$
1,219
Cash used in purchased of subsidiary consolidated for the first time:
Net assets acquired
$
168
Goodwill acquired
7,761
Intangible assets acquired
1,500
Consideration in convertible promissory note
(
4,989
)
Consideration in Shares
(
1,699
)
Deferred tax liability
(
315
)
Net cash used in purchase of subsidiary consolidated for the first time
$
2,426
The accompanying notes are an integral part of these consolidated financial statements.
F-
10
Table of Contents
TODOS
MEDICAL LTD.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
(U.S.
dollars in thousands)
NOTE
1 -
GENERAL
A.
Operations
Todos
Medical Ltd. (the "Company" or "Todos") was incorporated under the laws of the State of Israel and commenced
its operations on April 22, 2010. The Company engineers life-saving diagnostic solutions for the early detection of a variety of cancers.
The Company's patented Todos Biochemical Infrared Analyses (TBIA) is a proprietary cancer-screening technology using peripheral
blood analysis that deploys deep examination into cancer's influence on the immune system, looking for biochemical changes in blood
mononuclear cells and plasma. Todos' two internally developed cancer-screening tests, TMB-1 and TMB-2, have received a CE mark
in Europe.
Todos
is also developing blood tests for the early detection of neurodegenerative disorders, such as Alzheimer's disease. The Lymphocyte
Proliferation Test (LymPro Test™) is a diagnostic blood test that determines the ability of peripheral blood lymphocytes (PBLs)
and monocytes to withstand an exogenous mitogenic stimulation that induces them to enter the cell cycle. LymPro is unique in the use
of peripheral blood lymphocytes as a surrogate for neuronal cell function, suggesting a common relationship between PBLs and neurons
in the brain.
Additionally,
commencing 2020, the Company through its U.S. subsidiary (Corona Diagnostics, LLC) has entered into several distribution agreements with
other companies to distribute certain novel coronavirus (COVID-19) test kits. The agreements cover multiple international suppliers of
PCR testing kits and related materials and supplies, as well as antibody testing kits from multiple third-party manufacturers after completing
validation of said testing kits and supplies in certified laboratory in the United States. Additionally, upon completion of the Share
Purchase Agreement for the purchase of Provista Diagnostics, Inc. (see Note 3 below), the Company, through Provista Diagnostics, Inc.
provide diagnostic testing laboratory currently performing COVID-19 PCR testing, primarily for the medical and entertainment industries.
In
December 2020, the Company announced the commercial launch of its proprietary 3CL protease inhibitor dietary supplement Tollovid™.
Tollovid, a mix of botanical extracts, is being targeted to support healthy immune function against circulating coronaviruses. Tollovid
was granted a Certificate of Free Sale by the US Food and Drug Administration (FDA) in August 2020, allowing its commercial sale anywhere
in the United States. In May 2021, the FDA granted the Company a new Certificate of Free Sale for a second dosing regimen for Tollovid™
as a dietary supplement, under which the Company is authorized to market Tollovid with a dosing regimen of 60 pills over a five-day period,
equivalent to 12 pills per day.
Revenues
of the year ended December 31, 2021, resulted from sales of COVID-19 related products, testing kits and dietary supplement, Tollovid™
.. Through December 31, 2021, the Company has not yet generated any revenue from its developed cancer-screening tests TMB-1 and TMB-2
or LymPro Test™.
At
an extraordinary general meeting of Company's shareholders held on July 26, 2021, the shareholders voted to approve a reverse share
split of the Company's ordinary shares within a range of 1:2 to 1:500, to be effective at the ratio and on a date to be determined
by the Board of Directors of the Company (the "Reverse Split"). Although Company's shareholders approved the Reverse
Split, all per share amounts and calculations in this annual report on Form 10-K and the accompanying financial statements do not reflect
the effects of the Reverse Split, as the Board of Directors has not determined the ratio or the effective date of the Reverse Split.
At its next general meeting, Todos' shareholders will be asked to approve an extension of the deadline for the Reverse Split.
B.
Foreign
                                            operations
1.
Todos
                                            Medical (Singapore) Pte Ltd
On
January 27, 2016, the Company incorporated a wholly owned subsidiary in Singapore under the name of Todos Medical (Singapore) Pte Ltd.
("Todos Singapore") for the purpose of advancing clinical trials of the Company's core technology for breast
cancer in Southeast Asia. As of December 31, 2021, Todos Singapore has not yet commenced its business operations.
2.
Todos
                                            Medical USA
In
January 2020, the Company incorporated a U.S. subsidiary named Todos Medical USA ("Todos U.S.") for the purpose of conducting
business as medical importer and distributor focused on the distribution of the Company's testing products and services
to customers in the North America and Latin America.
3.
Corona
                                            Diagnostics, LLC
In
April 2020, the Company incorporated a U.S. subsidiary named Corona Diagnostics, LLC ("Corona Diagnostics") for the purpose
of marketing COVID-19 related products in the United States to validate potential products the Company is contemplating distributing
and creating marketing materials for the testing products based upon those validations.
F-
11
Table of Contents
TODOS
MEDICAL LTD.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
(U.S.
dollars in thousands)
NOTE 1 - GENERAL
(CONT.)
4.
Breakthrough
                                            Diagnostics, Inc.
On
February 27, 2019, the Company entered into Shares Purchase and Assignment of License Agreement with Amarantus Bioscience Holdings, Inc.
("Amarantus"), under which the Company purchased
19.99
% of the issued and outstanding common stock of Breakthrough Diagnostics,
Inc. ("Breakthrough") for entering into the field of early detection of Alzheimer's disease. On July 28, 2020, the
Company entered into Amendment No. 1 to the Shares Purchase and Assignment of License Agreement with Amarantus, pursuant to which the
Company completed the purchasing of the remaining
80.01
% of the issued and outstanding common stock of Breakthrough for consideration
that was based on the Company's shares. See also Note 5A.
At
the Closing Date, Breakthrough was determined to be excluding substantive process as required under the definition of business in accordance
with the provisions of ASC Topic 805 "Business Combination". In addition, it was determined that the License represents IPR&D
had no alternative future use and therefore the entire purchase price allocated to the acquired IPR&D was charged to expense
at the acquisition date as part of "Research and Development expenses" line in operations in the accompanying consolidated
statement of operations for the year ended December 31, 2020.
5.
Provista
                                            Diagnostics, Inc
On
April 19, 2021, the Company entered into a Share Purchase Agreement ("SPA") with Strategic Investment Holdings, LLC, Ascenda
BioSciences LLC ("SIH", "Ascenda" and together referring as "Sellers", respectively) and Provista
Diagnostics, Inc. ("Provista"). Ascenda was the sole owner of the outstanding securities of Provista and SIH is the sole
owner of all the outstanding securities of Ascenda. Provista is a medical diagnostics company based in Alpharetta, Georgia that owns
the intellectual property rights to the proprietary breast cancer blood test, Videssa®, and has a diagnostic testing laboratory currently
performing COVID-19 PCR testing, primarily for the medical and entertainment industries. See also Note 3.
6.
Other
                                            entities
A.
In
                                            June 2020, the Company entered into agreement with NLC Pharma Ltd., under which Antigen COVID
                                            Test Killer was formed for the purpose of development diagnostic candidate Antigen Killer
                                            and product commercialize through the Company's sales channels. See also Note 5B and
                                            Note 24 for subsequent events.
B.
In
                                            August 2020, the Company entered into agreement with Care GB Plus Ltd, under which Bio Imagery
                                            Ltd. ("Bio Imagery") has been incorporated for the purpose of developing, marketing
                                            and commercializing the Products and all the Intellectual Property of the Company ("Todos
                                            Cancer Assets") and to develop new Intellectual Property, products and services, and
                                            pursue the business based on the Todos Cancer Assets and on new intellectual property that
                                            will be developed by Bio Imagery. As of December 31, 2021, Bio Imagery has not yet commenced
                                            its business operations and the Company wrote off its investment in the amount of $
618
. See
                                            also Note 5C.
The
Company and its entities herein considered as the "Group".
F-
12
Table of Contents
TODOS
MEDICAL LTD.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)
(U.S.
dollars in thousands)
NOTE
1 - GENERAL (CONT.)
C.
Going
                                            concern uncertainty
The
Company has devoted substantially all of its efforts to research and development of its products and raising capital to fund this development.
The development and commercialization of the Company's products are expected to require substantial further expenditures. To date,
the Company has not yet generated sufficient revenues from operations to support its activities, and therefore it is dependent upon external
sources for financing its operations. Since inception through December 31, 2021, the Company has incurred accumulated losses of $
90,595
.
As of December 31, 2021, the Company's current
liabilities exceed its current assets by $
4,244
,
and there is a shareholders' deficit of $
24,212
.
The Company has generated negative operating cash
flow for all periods. As of March 31, 2022 (date of approval of these financial statements), the total cash and cash equivalent
balance (individual restricted cash) is approximately $
31
.
Management has considered the significance of such
condition in relation to the Company's ability to meet its current obligations and to achieve its business targets and determined
that these conditions raise substantial doubt about the Company's ability to continue as a going concern. The Company plans to
finance its operations through the sale of equity and to the extent available, short-term and long-term loans and also through revenues
from sales of corona testing related products. There can be no assurance that the Company will succeed in obtaining the necessary financing
to continue its operations as a going concern. The financial statements do not include any adjustments that might result from the outcome
of this uncertainty.
D.
COVID-19
On
March 11, 2020, the World Health Organization declared the COVID-19 outbreak a global pandemic. The outbreak has reached all of the regions
in which the Company does business, and governmental authorities around the world have implemented numerous measures attempting to contain
and mitigate the effects of the virus, including travel bans and restrictions, border closings, quarantines, shutdowns, limitations or
closures of non-essential businesses, and social distancing requirements.
The
global spread of COVID-19 and actions taken in response have caused and may continue to cause disruptions and/or delays in our supply
chain and shipments and caused significant economic and business disruption to the Company's customers and vendors.
The
COVID-19 pandemic has created and may continue to create significant opportunity under the uncertainty in macroeconomic conditions, which
may cause further demand for the Company's core business related to PCR testing kits and related materials and supplies as already
reflected by recognized revenues of $
12,230
and $
5,207
during the years ended December 31, 2021 and
2020, respectively, substantially all of which was generated after July 2020. However, the Company may face uncertainties around its
estimates of revenue collectability and accounts receivable credit losses and its expectation to receive funds from external sources
for financing its operations. The Company expects uncertainties around its key accounting estimates to continue to evolve depending on
the duration and degree of impact associated with the COVID-19 pandemic. The Company estimates may change as new events occur and additional
information emerges, and such changes are recognized or disclosed in the Company's consolidated financial statements.
F-
13
Table of Contents
TODOS
MEDICAL LTD.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)
(U.S.
dollars in thousands)
NOTE
2 -
SIGNIFICANT ACCOUNTING POLICIES
The
financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (US
GAAP).
A.
Use
                                            of estimates in the preparation of financial statements
The
preparation of the financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect
the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the dates of the financial
statements, and the reported amounts of expenses during the reporting periods. Actual results could differ from those estimates. As applicable
to these financial statements, the most significant estimates and assumptions include (i) identification of and measurement of financial
instruments in funding transactions; (ii) Initial measurement of investment in affiliated companies and subsequent equity method implications;
(iii) determination whether an acquired company or formed entities represents a 'business'; (iv) determination whether acquired
or formed entities are considered Variable Interest Entity (VIE) and if so, whether the Group is its Primary Beneficiary (PB) (v)
deferred income taxes and (vi)
measurement
of the fair value of equity awards.
B.
Functional
                                            currency
The
functional currency of the Company and all of its subsidiaries is the US dollar ("$" or "dollar"), as the dollar
is the primary currency of the economic environment in which the Company and its subsidiaries have operated and expects to continue to
operate in the foreseeable future. The Company's operations are currently conducted in Israel and most of the Israeli expenses
are currently paid in new Israeli shekels ("NIS"); however, most of the expenses are denominated and determined in dollar.
Financing and investing activities including loans, equity transactions and cash investments, are made in dollar.
In
accordance with ASC 830, "Foreign Currency Matters", balances denominated in or linked to foreign currency are stated on
the basis of the exchange rates prevailing at the applicable balance sheet date. For foreign currency transactions included in the statement
of operations, the exchange rates applicable on the relevant transaction dates are used. Gains or losses arising from changes in the
exchange rates used in the translation of such transactions are presented within financing income or expenses.
C.
Principles
                                            of Consolidation
The
consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries and when applicable its majority
owned entities that were determined to be VIE and that the Group was determined as their Primary Beneficiary (PB). Intercompany transactions
and balances have been eliminated upon consolidation.
D.
Variable
                                            Interest Entities
ASC
810-10, "Consolidation", provides a framework for identifying variable interest entities ("VIEs") and determining
when a company should include the assets, liabilities, non-controlling interests and results of activities of a VIE in its consolidated
financial statements. According to ASC 810-10, the Company consolidates a VIE when it has both (i) the power to direct the economically
significant activities of the entity and (ii) the obligation to absorb losses of, or the right to receive benefits from, the entity that
could potentially be significant to the VIE.
The
Company's assessment of whether an entity is a VIE and the determination of the primary beneficiary is judgmental in nature and
involves the use of significant estimates and assumptions. The determination of whether the Company should consolidate a VIE is evaluated
continuously as existing relationships change or future transactions occur.
The
significant factors and judgments that the Company considers in making the determination as to whether an entity is a VIE include, among
others: the design of the entity, including the nature of its risks and the purpose for which the entity was created; the nature
of the Company's involvement with the entity; whether there is sufficient equity investment at risk to finance its current
activities, until it reaches profitability, without additional subordinated financial support; whether parties other than the equity
holders have the obligation to absorb expected losses or the right to receive residual returns.
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14
Table of Contents
TODOS
MEDICAL LTD.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)
(U.S.
dollars in thousands)
NOTE
2 - SIGNIFICANT ACCOUNTING POLICIES (CONT.)
D.
Variable
                                            Interest Entities (Cont.)
Unconsolidated
Variable Interest Entity
1.
The
                                            Company has determined that Antigen COVID Test Killer ("CATK"),
15
%-held
                                            entity as of December 31, 2020, is considered a VIE, as CATK was formed to develop diagnostic
                                            candidate Antigen Killer and commercialize the product through the Company's sales
                                            channels, as it does not have sufficient resources to carry out its principal activities
                                            without additional financial support (see also Note 5B).
The
Company has determined that it is not the primary beneficiary of CATK due to the Company's lacked the ability to direct the activities
that most significantly impact the economic performance of CATK. However, the Company determined that it has the ability to exercise
significant influence over CATK operations through its obligation to supply the investee financial support and accordingly, the investment
is accounted for under the equity method.
2.
The
                                            Company has determined that Bio Imagery Ltd. ("Bio Imagery"),
33
%-held
                                            entity as of December 31, 2020, is considered as VIE, as Bio Imagery was formed to (i) develop,
                                            market and commercialize the Company's Products and all the Company's Intellectual
                                            Property ("Todos Cancer Assets") and (ii) develop new Intellectual Property,
                                            products and services, and peruse the business based on Todos Cancer Assets, as it does not
                                            have sufficient resources to carry out its principal activities without additional financial
                                            support (see also Note 5C).
The
Company has determined that it is not the primary beneficiary of Bio Imagery as the Company lacked the ability to direct
the activities that most significantly impact the economic performance of Bio Imagery. However, the Company determined that it has the
ability to exercise significant influence over Bio Imagery operations through board representation and voting power and accordingly,
the investment is accounted for under the equity method.
As
of December 31, 2021, there were no consolidated variable interest entities.
E.
Cash
                                            and cash equivalents
Cash
equivalents are short-term highly liquid investments which include short term bank deposits (up to three months from date of deposit),
that are not restricted as to withdrawals or use that are readily convertible to cash with maturities of three months or less as of the
date acquired.
F.
Allowance
                                            for doubtful accounts
The
allowance for doubtful accounts is determined with respect to amounts the Group has determined to be doubtful of collection. In determining
the allowance for doubtful accounts, the Company considers, among other things, its past experience with customers, the length of time
that the balance is past due, the customer's current ability to pay and available information about the credit risk on such customers.
During the year ended December 31, 2021 and 2020, the Company recorded allowance in respect of accounts receivable in the amounts
of $
2,534
and
$
0
,
respectively.
G.
Inventories
Inventories
consist of related equipment, reagents and testing supplies. Inventories are stated at the lower of cost or net realizable value. Cost
of finished products is mainly determined on the basis of the moving average method. Other method which is utilized for determining
the value of inventories is the moving average. The Group regularly reviews its inventories for obsolescence and other impairment risks
and reserves are established when necessary.
H.
Property
                                            and equipment
Property
and equipment are stated at cost, net of accumulated depreciation. Depreciation is calculated using the straight-line method over the
estimated useful lives of the assets. When an asset is retired or otherwise disposed of, the related cost and accumulated depreciation
are removed from the respective accounts and the net difference less any amount realized from disposition is reflected in the statements
of operations.
Rate of depreciation
%
Laboratory equipment
20
-
33
Furniture and equipment
7
-
15
Computers
33
Vehicle
15
F-
15
Table of Contents
TODOS
MEDICAL LTD.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)
(U.S.
dollars in thousands)
NOTE
2 - SIGNIFICANT ACCOUNTING POLICIES (CONT.)
I.
Impairment
                                            of long-lived assets
The
Company's long-lived assets are reviewed for impairment in accordance with ASC 360, "Property, Plant and Equipment",
whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets
to be held and used is measured by a comparison of the carrying amount of an asset to the future undiscounted cash flows expected to
be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by
which the carrying amount of the asset exceeds its fair value. During the years end December 31, 2021 and 2020 the Company recorded
$
485
and $
0
, respectively, of impairment losses.
J.
Investment
                                            in other companies
Equity
investments without readily determinable fair values are measured at cost, less impairment, and plus or minus subsequent adjustments
for observable price changes. Periodic changes in the basis of these equity investments are reported in current earnings. In
addition, at each reporting period a qualitative assessment is performed to identify impairment. When a qualitative assessment
indicates an impairment exists, the Company estimates the fair value of the investment and recognize in current earnings an
impairment loss equal to the difference between the fair value and the carrying amount of the equity investment. During the years
ended December 31, 2021 and 2020, the Company has
no
t
incurred impairment losses.
K.
Investment
                                            in affiliated companies
Affiliated
company is company held to the extent of 20% or more (which are not subsidiary), or company less than 20% held, which the Company can
exercise significant influence over operating and financial policy of the affiliate
.
The
investment in affiliated company is accounted for by the equity method under ASC Subtopic 323-30, "Investments - Equity Method
and Joint Ventures: Partnerships, Joint Ventures, and Limited Liability Entities". Upon initial recognition, the cost of investment
is based on the direct costs of acquiring the investment including amounts incurred on behalf of the investee.
Following
the acquisition, the Company recognizes its proportionate share of the affiliated company's net income or loss after the date of
investment. When previous losses have reduced the common stock investment account to zero, the Company continues to report its share
of equity method losses in its statement of operations to the extent of and as an adjustment to other investments in the investee such
as debt securities, long term loans or advances, if any. Such additional equity method losses are applied to the other investments based
on the seniority of the other investments (priority in liquidation) and the percentage ownership interest in each type of other investment
the Company holds (the 'relative holdings approach').
When
the Company achieves control on an affiliated company, the Previously Held Equity Interests (PHEI) in the affiliated company is remeasured
to its fair value immediately prior to the asset acquisition.
When
the affiliated company is not considered a business as no substantive process is identified, amounts allocated to any In-Process Research
and Development (IPR&D) to be used in research and development projects which have been determined not to have an alternative future
use are charged to expenses as of the acquisition date.
L.
Business
                                            Combinations
The
Company's consolidated financial statements include the operations of acquired businesses from the date of the acquisition's
consummation. Acquired businesses are accounted for using the acquisition method of accounting, which requires, among other things, that
most assets acquired and liabilities assumed be recognized at their estimated fair values as of the acquisition date and that the fair
value of acquired in process research and development be recorded on the balance sheet. Transaction costs are expensed as incurred. Any
excess of the consideration transferred over the assigned values of the net assets acquired is recorded as goodwill.
When
the Company acquires net assets that do not constitute a business, as defined under ASU 2017-01 Business Combinations (Topic 805) Clarifying
the Definition of a Business (such when there is no substantive process in the acquired entity), no goodwill is recognized and acquired
In-Process Research and Development intangible asset ("IPR&D") to be used in research and development projects which
have been determined not to have alternative future use, is expensed immediately. Accordingly, when the purchase price (i.e. cash consideration,
fair value of PHEI and the fair value of the equity interests issued) is fully attributed to such acquired IPR&D to be used in a
research and development project which were determined not to have an alternative future use, the entire purchase price allocated to
the acquired IPR&D and related deferred tax liability are charged to expense at the acquisition date as part of "Research and
Development expenses" and "Tax benefit" lines, respectively, in operations in the accompanying consolidated statement
of operations for the year ended December 31, 2020 (see also Note 5A3).
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16
Table of Contents
TODOS
MEDICAL LTD.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)
(U.S.
dollars in thousands)
NOTE
2 - SIGNIFICANT ACCOUNTING POLICIES (CONT.)
M.
Goodwill
                                            and intangible assets
Goodwill
represents the excess of the purchase price over the fair value of the identifiable net assets acquired in business combinations accounted
for in accordance with the "purchase method" and is allocated to reporting units at acquisition. Goodwill is not amortized
but rather tested for impairment at least annually in accordance with the provisions of ASC Topic 350, "Intangibles - Goodwill
and Other". The Company performs its goodwill annual impairment test for the reporting units at December 31 of each year, or more
often if indicators of impairment are present.
Intangible
assets with finite lives are amortized using the straight-line basis over their useful lives, to reflect the pattern in which the economic
benefits of the intangible assets are consumed or otherwise used up (See Note 3).
During the years end December 31,
2021 and 2020 the Company recorded $
1,545
and $
0
, respectively, of impairment losses.
N.
Right
                                            to obtain control over affiliated company and right to acquire shares of other companies
The
Company accounted for the right to obtain control over affiliated company and the right to acquire shares of other companies, as a non-current
financial derivative asset according to the provisions of ASC 815-10, "Derivatives and Hedging - Overall" ("ASC 815-10").
Upon initial recognition and in subsequent periods such asset is measured at fair value by using the Black-Scholes Option Pricing Model,
which requires inputs such as the underlying share asset value and share price volatility. These assumptions are reviewed on a regular
basis and changes in the estimated fair value of the outstanding right to obtain control over affiliated company and the right to acquire
shares of other companies were recognized each reporting period as part of in the "Share in Losses of Affiliated Company"
line or "Finance Expenses" line, as applicable in operations in the accompanying consolidated statement of operations, until
such rights are exercised or expired (see also Note 5A).
O.
Deferred
                                            income taxes
The
Company accounts for income taxes in accordance with ASC Topic 740, "Income Taxes". Accordingly, deferred income taxes are
determined utilizing the asset and liability method based on the estimated future tax effects of differences between the financial accounting
and the tax bases of assets and liabilities under the applicable tax law. Deferred tax balances are computed using the enacted tax rates
expected to be in effect when these differences reverse. Valuation allowance in respect of deferred tax assets are provided for, if necessary,
to reduce deferred tax assets is amounts more likely than not to be realized.
The
Company accounts for uncertain tax positions in accordance with ASC Topic 740-10, which prescribes detailed guidance for the financial
statement recognition, measurement and disclosure of uncertain tax positions recognized in an enterprise's financial statements.
According to ASC Topic 740-10, tax positions must meet a more-likely-than-not recognition threshold. The Company's accounting policy
is to classify interest and penalties relating to uncertain tax positions under income taxes, however the Company did not recognize such
items in its fiscal 2021 and 2020 financial statements and did not recognize any liability with respect to an unrecognized tax position
in its balance sheets.
P.
Liability
                                            for employee rights upon retirement
The
Company's liability for severance pay to its Israeli employees is pursuant to Section 14 of the Israeli Severance Compensation
Act, 1963 ("Section 14"), pursuant to which all the Company's employees are included under Section 14, and are entitled
only to monthly deposits, at a rate of
8.33
% of their monthly salary, made in the employee's name with insurance companies. Under
Israeli employment law, payments in accordance with Section 14 release the Company from any future severance payments in respect of those
employees. The fund is made available to the employee at the time the employer-employee relationship is terminated, regardless of cause
of termination. The severance pay liabilities and deposits under Section 14 have been irrevocably transferred to the severance funds.
As a result of the implementation of Section 14, as described above, the liability is covered by the amounts deposited, including accumulated
income thereon, as well as by the unfunded provision.
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17
Table of Contents
TODOS
MEDICAL LTD.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)
(U.S.
dollars in thousands)
NOTE
2 - SIGNIFICANT ACCOUNTING POLICIES (CONT.)
Q.
Concentrations
                                            of credit risk
Financial
instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, restricted
cash and trade receivables as well as certain other current assets that do not amount to a significant amount. Cash and cash equivalents,
which are primarily held in Dollars and New Israeli Shekels, are deposited with major banks in Israel. Management believes that such
financial institutions are financially sound and, accordingly, minimal credit risk exists with respect to these financial instruments.
The Company does not have any significant off-balance-sheet concentration of credit risk, such as foreign exchange contracts, option
contracts or other foreign hedging arrangements. Most of the Group's sales are made in United States to a small number of customers.
Management periodically evaluates the collectability of the trade receivables to determine the amounts that are doubtful of collection
and determine a proper allowance for doubtful accounts. Accordingly, management believes that the Group's trade receivables do
not represent a substantial concentration of credit risk.
R.
Contingencies
The
Company and its subsidiaries are involved in certain legal proceedings and certain business relationships that arise from time to time
in the ordinary course of their business and in connection with certain agreements with third parties (such as with respect to certain
royalty agreements). Except for income tax contingencies, the Company applies the provisions of ASC Topic 450, Contingencies. Thus, the
Company records accruals for contingencies to the extent that the management concludes that the occurrence is probable and that the related
liabilities are estimable. Legal expenses associated with contingencies are expensed as incurred.
S.
Leases
In
February 2016, the FASB established Topic 842, Leases, by issuing Accounting Standards Update (ASU) No. 2016-02. The guidance establishes
a right-of-use model ("ROU") that requires a lessee to recognize a ROU asset and lease liability on the balance sheet for
all leases with a term longer than 12 months. The Company determines if an arrangement is or contains a lease at contract inception.
The
Company is a lessee in certain operating leases primarily for office space and transportation.. Operating leases are included in operating
lease right-of-use ("ROU") assets, other current liabilities, and operating lease liabilities in our consolidated balance
sheets.
ROU
assets represent Company's right to use an underlying asset for the lease term and lease liabilities represent Company's
obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date
based on the present value of lease payments over the lease term. As most of our leases do not provide an implicit rate, the Company
generally uses the incremental borrowing rate based on the estimated rate of interest for collateralized borrowing over a similar term
of the lease payments at commencement date. The operating lease ROU asset also includes any lease payments made and excludes lease incentives.
Company's lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise
that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term.
The
Company monitors for events or changes in circumstances that require a reassessment of one of its leases. When a reassessment results
in the remeasurement of a lease liability, a corresponding adjustment is made to the carrying amount of the corresponding ROU asset unless
doing so would reduce the carrying amount of the ROU asset to an amount less than zero. In that case, the amount of the adjustment that
would result in a negative ROU asset balance is recorded in the statement of comprehensive loss.
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NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)
(U.S.
dollars in thousands)
NOTE
2 - SIGNIFICANT ACCOUNTING POLICIES (CONT.)
T.
Fair
                                            Value Measurements
The
Company measures and discloses fair value in accordance with the ASC Topic 820, Fair Value Measurements and Disclosures which defines
fair value, establishes a framework and gives guidance regarding the methods used for measuring fair value, and expands disclosures about
fair value measurements. Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer
a liability in an orderly transaction between market participants at the measurement date. As such, fair value is a market-based measurement
that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering
such assumptions there exists a three-tier fair-value hierarchy, which prioritizes the inputs used in measuring fair value as follows:
Level
1 - unadjusted quoted prices are available in active markets for identical assets or liabilities that the Company has the ability to
access as of the measurement date.
Level
2 - pricing inputs are other than quoted prices in active markets that are directly observable for the asset or liability or indirectly
observable through corroboration with observable market data.
Level
3 - pricing inputs are unobservable for the non-financial asset or liability and only used when there is little, if any, market activity
for the non-financial asset or liability at the measurement date. The inputs into the determination of fair value require significant
management judgment or estimation. Level 3 inputs are considered as the lowest priority within the fair value hierarchy. The valuation
of the right to obtain control over affiliated company, right to acquire shares of other companies, contingent consideration to be paid
upon achieving of performance milestone, certain convertible bridge loans (following the maturity date and thereafter) and certain freestanding
stock warrants and bifurcated convertible feature of convertible bridge loans issued to the units' owners, fall under this category.
This
hierarchy requires the Company to use observable market data, when available, and to minimize the use of unobservable inputs when determining
fair value.
The
fair value of cash and cash equivalents is based on its demand value, which is equal to its carrying value. Additionally, the carrying
value of all other short-term monetary assets and liabilities are estimated to be equal to their fair value due to the short-term nature
of these instruments.
U.
Research
                                            and development expenses
Research
and development expenses are charged to operations as incurred.
V.
Royalty-bearing
                                            grants
Royalty-bearing
grants from the Israeli Innovation Authority of the Ministry of Industry, Trade and Labor (the "IIA") for funding approved
research and development projects are recognized at the time the Company is entitled to such grants (i.e. at the time that there is reasonable
assurance that the Company will comply with the conditions attached to the grant and that there is reasonable assurance that the grant
will be received), on the basis of the costs incurred and reduce research and development costs (see also Note 14B1). The cumulative
research and development grants received by the Company from inception through December 2021 and 2020, amounted to $
272
.
As
of December 31, 2021, and 2021, the Company did not accrue for or pay any royalties to the IIA as no revenue related to the funded projects
has yet been generated.
W.
Basic
                                            and diluted net loss per ordinary share
The
Company computes net loss per share in accordance with ASC 260, "Earning per Share", which requires presentation of both
basic and diluted loss per share on the face of the statement of operations.
Basic
net loss per ordinary share is computed by dividing the net loss for the period applicable to ordinary shareholders, by the weighted
average number of ordinary shares outstanding during the period. Diluted loss per share gives effect to all potentially dilutive common
shares outstanding during the year using the treasury stock method with respect to stock options and certain stock warrants and using
the if-converted method with respect to convertible bridge loans and certain stock warrants. In computing diluted loss per share, the
average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options
or warrants. During the years ended December 31, 2021 and 2020 the total weighted average number of ordinary shares related to outstanding
stock options, stock warrants and convertible bridge loans excluded from the calculation of the diluted loss per share was
450,033,661
and
112,508,547
,
respectively.
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NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)
(U.S.
dollars in thousands)
NOTE
2 - SIGNIFICANT ACCOUNTING POLICIES (CONT.)
X.
Revenues
                                            recognition
On
January 1, 2018, the Company adopted ASC 606, Revenue from Contracts with Customers ("ASC 606") which supersedes the existing
revenue recognition accounting rules. Under the new guidance the Company determines revenue recognition through the following five steps:
■
Identification
                                            of the contract, or contracts, with a customer;
■
Identification
                                            of the performance obligations in the contract;
■
Determination
                                            of the transaction price;
■
Allocation
                                            of the transaction price to the performance obligations in the contract; and
■
Recognition
                                            of revenue when, or as, the Company satisfies a performance obligation.
For
each type of contract at inception, the Company assesses the goods or service promised in a contract with a customer and identifies the
performance obligations.
When
contract for the sale of goods or service includes option that provides the customer with free or discounted goods or services to be
provided by the Company in the future, the company assess whether such right represent a material right. When it is determined that such
right is considered to be material the Company accounts for such a promise as a separate performance obligation.
With
respect to contracts that are determined to have multiple performance obligations (such as goods and a material right to free or discounted
goods to be provided in the future), the Company allocates the contract's transaction price to each performance obligation using
its best estimate of the relative standalone selling price of each distinct good or service in the contract. In assessing whether to
allocate variable consideration to a specific part of the contract, the Company considers the nature of variable payment (if any) and
whether it relates specifically to its efforts to satisfy a specific part of the contract.
Revenues
are recognized when, or as, control of services or products is transferred to the customers at a point in time or over time, as applicable
to each performance obligation.
Revenues
are recorded in the amount of consideration to which the Company expects to be entitled in exchange for performance obligations upon
transfer of control to the customer, excluding amounts collected on behalf of other third parties and sales taxes.
The
Company does not adjust the amount of consideration for the effects of a significant financing component since the Company expects, at
contract inception, that the period between the time of transfer of the promised goods or services to the customer and the time the customer
pays for these goods or services to be generally one year or less, based on the practical expedient. The Company's credit terms
to customers are, on average, between thirty and ninety days.
When
another party is involved in providing goods or services to the customer, the Company examines whether the nature of its promise is a
performance obligation to provide the defined goods or services itself, which means the Company is a principal and therefore recognizes
revenue in the gross amount of the consideration, or to arrange that another party provide the goods or services which means the Company
is an agent and therefore recognizes revenue in the amount of the net commission. Such determination is performed separately for each
specified good or service promised to a customer.
In
making that evaluation, the Company considers whether it controls the promised good or service before transferring that good or service
to the customer. The Company considers indicators such as whether the Company is the primary obligor for fulfilling the promises in the
contract and assumes risks and rewards as a principal or an agent, including the credit risks; the Company has inventory risk before
the goods or services are transferred to the customer; and the Company has discretion in setting prices of the goods or services and
selecting its suppliers.
Generally,
in cases in which the Company is primarily obligated in a transaction, is subject to risk, involved in the determination of the product
(or the service) specifications, separately negotiates each revenue service agreement and has inventory risk, revenue is recorded on
a gross basis.
Commencing
2020, the Company generated revenues from commercial sale of COVID-19 related equipment, reagents and testing supplies through sub-distribution
agreement with unrelated distribution companies with clients who are seeking comprehensive testing solutions for return-to-work programs.
Deferred
revenue includes unearned amounts received and amounts received from customers (mostly advances from customers for COVID-19 related products)
but not yet recognized as revenues as the performance obligation has not been fulfilled by the Company.
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NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)
(U.S.
dollars in thousands)
NOTE
2 - SIGNIFICANT ACCOUNTING POLICIES (CONT.)
Y.
Convertible
                                            Bridge Loans and Notes
Upon
initial recognition of Convertible loans, Convertible Notes and similar instruments, the Company considers the provisions of ASC 815-40,
"Derivatives and Hedging - Contracts in Entity's Own Equity" ("ASC 815-40") in order to determine whether
the embedded conversion feature within the convertible instrument should be separated from the host instrument.
Host
contract is not convertible upon issuance
When
it is determined that the embedded conversion feature should not be bifurcated from the host instrument, as at the initial investment
date the loan was considered as straight loan with maturity term which is under the control of the Company, the bridge loan was recognized
based on the amount allocated as described in Note 2Z less the applicable issuance cost. The difference between the face value
of the bridge loan to such allocated process (after allocation of the proceeds received to detachable freestanding financial instrument
(i.e. detachable warrants) that were granted to lenders), represents a discount which is amortized as finance expense to profit or loss
by using effective interest method over the term of the bridge loan until its stated maturity. Following the maturity date and subject
to the Company's discrete decision not to repay the loan for cash, the bridge loan became subject to the provision of ASC 480 "Distinguishing
Liabilities from Equity" as it represents an obligation to issue a variable number of shares (share-settled obligation). Thus,
upon the lapse of the Company's right to repay the bridge loan for cash, the bridge loan is measured at fair value through profit
or loss with changes presented within financing income or expense, as applicable.
Host
contract is convertible upon issuance
When
it is determined that the embedded conversion feature does not qualify for equity classification, the Company recognized the embedded
conversion feature as a separate derivative liability upon initial recognition and on subsequent periods at fair value by using the Black-Scholes
Option Pricing Model. The remaining consideration amount received or allocated to the entire convertible instrument is allocated to the
host debt instrument. The difference between the face value of the host and such allocated amount represents a discount which is amortized
as finance expense to profit or loss by using effective interest method over the term of the loan until its stated maturity.
When
it is determined that the embedded conversion feature qualifies for equity classification (such when the embedded conversion option,
if it were freestanding, does not qualify as a derivative in accordance with the provisions of ASC 815-10, "Derivatives
and Hedging" since its terms did not require or permit net settlement or when the embedded conversion option is indexed to the
company's own stock), the conversion option is not bifurcated. When bifurcation is not required, the Company applies ASC 470-20,
"Debt - Debt with Conversion and Other Options" ("ASC 470-20") which clarifies the accounting for instruments
with Beneficial Conversion Feature (BCF) or contingently adjustable conversion ratios, to determine whether the conversion feature is
beneficial to the lender.
BCF
was calculated by allocating the proceeds received to the convertible instrument and to any detachable freestanding financial instrument
(such as detachable warrants) included in the transaction (or any other embedded feature that was required bifurcation from the host)
and by measuring the intrinsic value of the conversion option based on the effective conversion price as a result of the allocated proceed.
The intrinsic value of the conversion option, if any, is recorded as a discount with respect to the loan, with a corresponding amount
credited directly to equity as additional paid-in capital. After the initial recognition, the discount is amortized as interest expense
over the contractual term of the Loan (before its modification) by using the effective interest method.
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NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)
(U.S.
dollars in thousands)
NOTE
2 - SIGNIFICANT ACCOUNTING POLICIES (CONT.)
Z.
Allocation
                                            of proceeds and related issuance costs
When
multiple instruments are issued in a single transaction (package issuance), the total net proceeds from the transaction are allocated
among the individual freestanding instruments identified. The allocation occurs after identifying all the freestanding instruments and
the subsequent measurement basis for those instruments.
Financial
instruments that are required to be subsequently measured at fair value (i.e. derivative warrants liability and derivative liability
related to bifurcated embedded conversion feature) are measured at fair value and the remaining consideration is allocated to other financial
instruments that are not required to be subsequently measured at fair value (i.e. certain convertible bridge loans, warrants eligible
for equity classification) and common stock, based on the relative fair value basis for such instruments.
The
allocation of issuance costs to freestanding instruments was based on an approach that is consistent with the allocation of the proceeds,
as described above.
Issuance
costs allocated to the derivative warrant liability or bifurcated embedded conversion feature were immediately expensed, as discussed
above. Issuance costs allocated to warrants stock classified as equity component were recorded as a reduction of additional paid-in capital.
Issuance costs allocated to convertible bridge loan (or to the host component of convertible bridge loan if bifurcation was applied)
are recorded as a discount of the host component and accreted over the contractual term of loans up to face value of such loans using
the effective interest method.
AA.
Stock
                                            Warrants
Certain
warrants that were granted by the Company for lenders through convertible bridge loans transactions and stock warrants that were granted
as result of modification of terms of certain convertible bridge loans transactions (see also Note 10) are classified as a component
of permanent equity since they are freestanding financial instruments that are legally detachable and separately exercisable, do not
embody an obligation for the Company to repurchase its own shares, and permit the holders to receive a fixed number of shares of common
stock upon exercise for a fixed exercise price and thus, are considered as indexed to the Company's own stock. In addition, the
warrants must require physical settlement and may not provide any guarantee of value or return. Such warrants were initially recognized
based on the allocation method described in Note 2X above as an increase to additional paid-in capital. When applicable, direct issuance
expenses that were allocated to the above warrants were deducted from additional paid-in capital.
BB.
Derivative
                                            Warrants Liability
The
Company accounts for certain warrants to purchase Ordinary Shares in connection with certain private placement transactions and convertible
bridge loans transactions, held by investors and/or lenders, that include a fundamental transaction feature pursuant to which such warrants
could be required to be settled in cash upon certain events which some of them are not considered solely within the control of the Company,
as a non-current liability according to the provisions of ASC 815-40, "Derivatives and Hedging - Contracts in Entity's Own
Equity" ("ASC 815-40"). The Company accounted for these warrants as a financial liability measured upon initial recognition
and on subsequent periods at fair value by using the Black-Scholes Option Pricing Model.
Certain
warrants that were granted by the Company for lenders through convertible bridge loans transactions (see also Note 10) entitle
the lenders to exercise the warrants for a variable number of shares and/or for a variable exercise price and thus the fixed-for-fixed
criteria is not met. Accordingly, the warrants were classified as a non-current liability according to the provisions of ASC 815-40,
"Derivatives and Hedging - Contracts in Entity's Own Equity" ("ASC 815-40"). The Company accounted for
these warrants as a financial derivative liability measured upon initial recognition and on subsequent periods at fair value by using
the Black-Scholes Option Pricing Model.
The
fair value of the aforesaid warrants derivative liability is estimated using the Black-Scholes Model which requires inputs such as the
expected term of the warrants, share price volatility and risk-free interest rate. These assumptions are reviewed on a regular basis
and changes in the estimated fair value of the outstanding warrants are recognized each reporting period as part of in the "Financing
(income) expenses, net" line in operations in the accompanying consolidated statement of net loss, until such warrants are exercised
or expired. When applicable, direct issuance expenses that were allocated to the above warrants were expensed as incurred.
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NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)
(U.S.
dollars in thousands)
NOTE
2 - SIGNIFICANT ACCOUNTING POLICIES (CONT.)
CC.
Stock-based
                                            compensation
The
Company measures and recognizes the compensation expense for all equity-based payments to employees based on their estimated fair
values in accordance with ASC 718, "Compensation-Stock Compensation". Share-based payments including grants of share
options are recognized in the statement of operations as an operating expense based on the fair value of the award at the grant
date. The fair value of share options granted is estimated using the Black-Scholes option-pricing model. The inputs for the
valuation analysis of the share options include several assumptions, of which the most significant are the expected stock price
volatility and the expected option term. Expected volatility was calculated based upon historical volatility of peer companies in
the same industry on weekly basis since the marketability of the Company is considered low. The expected option term represents the
period that the Company's stock options are expected to be outstanding and is determined based on the simplified method until
sufficient historical exercise data will support using expected life assumptions. The risk-free interest rate is based on the yield
from U.S. treasury bonds with an equivalent term. The expected dividend yield assumption is based on the Company's historical
experience and expectation of no future dividend payouts. The Company has historically not paid cash dividends and has no
foreseeable plans to pay cash dividends in the future. The Company has expensed compensation costs, net of forfeitures as they
occur, applying the accelerated vesting method, over the requisite service period or over the implicit service period when a
performance condition affects the vesting, and it is considered probable that the performance condition will be achieved.
Until
December 31, 2018, Share-based payments awarded to consultants (non-employees) were accounted for in accordance with ASC Topic 505-50,
"Equity-Based Payments to Non-Employees". Commencing January 1, 2019, following the adoption of ASU 2018-07 which aligns
the measurement and classification guidance for share-based payments to nonemployees with the guidance for share-based payments to employees
(with certain exceptions), share-based payments to non-employees are accounted in accordance with ASC 718.
A
modification to the terms and/or conditions of an award (i.e. a change of award's fair value, vesting conditions or classification
as an equity or a liability instrument) is accounted for as an exchange of the original award for a new award resulting in total compensation
cost equal to the grant-date fair value of the original award, plus the incremental value of the modification to the award. The calculation
of the incremental value is based on the excess of the fair value of the modified award based following the modification over the fair
value of the original award measured immediately before its terms were modified.
DD.
Modifications
                                            or exchanges
Modifications
to, or exchanges of, financial instruments such as convertible loans, are accounted for as a modification or an extinguishment, following
to provisions of ASC 470-50, "Debt- Modification and Extinguishments", under which modifications or exchanges are generally
considered extinguishments with gains or losses recognized in current earnings if the terms of the new debt and original instrument are
substantially different. Such an assessment is done by management either quantitatively (i.e. when the present value of the cash flows
under the new debt instrument terms is at least 10% different from the present value of the remaining cash flows under the original instrument
terms) or qualitatively based on the facts and circumstances of each transaction.
If
the terms of a debt instrument are changed or modified and the present value of the cash flows under the terms of the new debt instrument
is less than 10%, the debt instruments are not considered to be substantially different, except in the following two circumstances (i)
the transaction significantly affects the terms of an embedded conversion option, such that the change in the fair value of the embedded
conversion option (calculated as the difference between the fair value of the embedded conversion option immediately before and after
the modification or exchange) is at least 10% of the carrying amount of the original debt instrument immediately before the modification
or exchange or (ii) the transaction adds a substantive conversion option or eliminates a conversion option that was substantive at the
date of the modification or exchange.
If
the original and new debt instruments are considered as "substantially different", the original debt is derecognized and
the new debt is initially recorded at fair value, with the difference recognized as an extinguishment gain or loss under financial expense
or income as applicable.
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TODOS
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NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)
(U.S.
dollars in thousands)
NOTE
2 - SIGNIFICANT ACCOUNTING POLICIES (CONT.)
EE.
Recent
                                            Accounting Pronouncements
Recently
Adopted Accounting Pronouncements
On
January 1, 2021, the Company adopted Accounting Standards Update (ASU) No. 2020-01, Investments—Equity Securities (Topic 321),
Investments— Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) (ASU 2020-01), which clarifies
the interaction of the accounting for equity securities under Topic 321, the accounting for equity method investments in Topic 323, and
the accounting for certain forward contracts and purchased options in Topic 815. The adoption of this new standard did not have a material
impact on our consolidated financial statements..
On
October 1, 2021, the Company early adopted ASU No. 2020-06, Debt-Debt with Conversion and Other Options (Subtopic 470-20) and
Derivatives and Hedging-Contracts in Entity's Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts
in an Entity's Own Equity (ASU 2020-06), which simplifies the accounting for convertible instruments by reducing the number of
accounting models available for convertible debt instruments. This guidance also eliminates the treasury stock method to calculate diluted
earnings per share for convertible instruments and requires the use of the if-converted method. The new standard was effective for us
beginning January 1, 2022, with early adoption permitted. The adoption of this new standard did not have a material impact on our consolidated
financial statements..
In
December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The amendments in
this ASU simplify the accounting for income taxes, eliminates certain exceptions to the general principles in Topic 740 and clarifies
certain aspects of the current guidance to improve consistent application among reporting entities. ASU 2019-12 is effective for fiscal
years beginning after December 15, 2021 and interim periods within annual periods beginning after December 15, 2022, though early adoption
is permitted, including adoption in any interim period for which financial statements have not yet been issued. The Company is currently
evaluating the effect the adoption of ASU 2019-12 will have on its consolidated financial statements.
Other
new pronouncements issued but not effective as of December 31, 2021 are not expected to have a material impact on the Company's
consolidated financial statements.
Accounting
Pronouncements Not Yet Adopted
In
October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities
from Contracts with Customers (ASU 2021-08), which clarifies that an acquirer of a business should recognize and measure contract assets
and contract liabilities in a business combination in accordance with Accounting Standards Codification (ASC) Topic 606, Revenue from
Contracts with Customers (Topic 606). This guidance will be effective for us in the first quarter of 2023 on a prospective basis, with
early adoption permitted. We are currently evaluating the impact of the new guidance on our consolidated financial statements.
In
November 2021, the FASB issued ASU No. 2021-10, Government Assistance (Topic 832): Disclosure by Business Entities about Government Assistance
(ASU 2021-10), which improves the transparency of government assistance received by most business entities by requiring the disclosure
of:
the
types of government assistance received; (2) the accounting for such assistance; and (3) the effect of the assistance on a business entity's
financial statements. This guidance will be effective for us in the year ended December 31, 2022, with early adoption permitted. We are
currently evaluating the impact of the new guidance on our consolidated financial statements.
Other
new pronouncements issued but not effective as of December 31, 2021 are not expected to have a material impact on the Company's
consolidated financial statements.
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NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)
(U.S.
dollars in thousands)
NOTE
3 –
INVESTMENT PROVISTA DIAGNOSTIC, INC
On
April 19, 2021, the Company entered into a Share Purchase Agreement ("SPA") with Strategic Investment Holdings, LLC, Ascenda
BioSciences LLC ("SIH", "Ascenda" and together referring as "Sellers", respectively) and Provista
Diagnostics, Inc. ("Provista"). Ascenda was the sole owner of the outstanding securities of Provista and SIH is the sole
owner of all the outstanding securities of Ascenda. Provista is a medical diagnostics company based in Alpharetta, Georgia that owns
the intellectual property rights to the proprietary breast cancer blood test, Videssa®, and has a diagnostic testing laboratory currently
performing COVID-19 PCR testing, primarily for the medical and entertainment industries.
Subject
to the terms and conditions of the SPA, the Company shall purchase from the Sellers
3,599
shares of Preferred Stock and
1,581
shares
of Ordinary Stock (collectively the "Provista Shares") representing
100
% of Provista' s securities outstanding, for
an aggregate purchase price of $
7,500
subject to the following terms:
1.
On
                                            or before April 19, 2021, (the "First Closing Date"), the Company shall deliver
                                            to Sellers a non-refundable deposit of $
1,250
(the "Cash Deposit"). The Cash
                                            Deposit was delivered at April 21, 2021.
2.
On
                                            or before the First Closing Date, the Company shall deliver to Sellers or Sellers'
                                            designees such number of non-refundable shares of its ordinary stock, par value NIS
0.01
,
                                            (the "Todos Deposit Shares") with a fair market value of $
1,500
, as defined in
                                            the SPA.
25,862,069
ordinary shares were delivered in August 2021.
3.
On
                                            or before July 1, 2021 (the "Second Closing Date"), the Company shall deliver
                                            to the Sellers a second payment of $
1,250
(the "Second Cash Payment"). The second
                                            payment was made during July 2021.
4.
The
                                            Company shall have the option of extending the payment of the Second Cash Payment until July
                                            15, 2021, by paying the Sellers an additional amount of $
250
(the "Extension Payment")
                                            on or before the Second Closing Date. If the Extension Payment is received by Sellers on
                                            or before the Second Closing Date, then the Company shall deliver the Convertible Note on
                                            the Second Closing Date and the Second Cash Payment on or before July 15, 2021. In the event
                                            the Company completes the Second Cash Payment, the aforesaid Extension Payment shall be credited
                                            towards the Second Cash Payment.
5.
On
                                            or before the Second Closing Date, the Company shall deliver to Sellers or their designees
                                            the Convertible Note in the principal amount of $
3,500
, payable by the Company to the Sellers
                                            (the "Note"). At any time or times on or after the issuance sate of the Note,
                                            the Holder shall be entitled to convert any portion of the outstanding and unpaid Conversion
                                            Amount into fully paid and nonassessable shares of common stock over a period commencing
October 20, 2021
through
April 8, 2025
(the "Maturity Date"), at the conversion
                                            price equal to the lesser of (i) $
0.05
or (ii) the volume weighted average price of the last
                                            20 trading days for the common shares prior to the conversion date (the "Fair Market
                                            Value").
In
the event the Sellers deliver a conversion notice to the Company at a per share price less than $
0.05
, the Company shall have the right
to immediately notify the Sellers of its intention to pay the conversion amount in cash within 3 business days of receipt of the conversion
notice (i.e. before Sellers would take possession of shares converted under the conversion notice). If, at any time between October 20,
2021 and April 20, 2022, the average of the lowest bid and closing sale price is below $
0.05
, the Company has the option to buy out all
or any portion of the Note (the "Buyback Option"). In the event the Company exercises the Buyback Option for an amount equal
to or greater than $
1,170
(the "Buyback Amount"), the Sellers shall not submit any conversions below $
0.05
for 90-days period
from receipt of the Buyback Amount (the "90-Days Period"). The Company may exercise a second Buyback Option at the end of
the 90-Days Period under the same terms. The Company must provide 30-days' notice to the Sellers prior to exercising any Buyback
Option or notify the Sellers of its intention to pay the Buyback Amount upon receipt of a conversion notice below $
0.05
and pay the Buyback
Amount within 3 business days of receipt of such notice.
In
the event that the Company uplists its shares of common stock to a national securities exchange, the Note shall automatically be exchanged
into preferred stock (the "Series B Preferred Stock") with a conversion price equal to the lesser of (i) $
0.05
, (ii) the
opening price on the day of the uplisting provides there is no transaction associated with the uplisting or (iii) the deal price of an
uplisting transaction (the "Mandatory Conversion").
If,
at any time while this Note is outstanding, (i) the Company effects a Fundamental Transaction, , as defined in the SPA, then, upon any
subsequent conversion of this Note, the Holder shall have the right to receive, for each Conversion Share that would have been issuable
upon such conversion immediately prior to the occurrence of such Fundamental Transaction, the same kind and amount of securities, cash
or property as it would have been entitled to receive upon the occurrence of such Fundamental Transaction if it had been, immediately
prior to such Fundamental Transaction, the holder of one share of common stock (the "Alternate Consideration").
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25
Table of Contents
TODOS
MEDICAL LTD.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)
(U.S.
dollars in thousands)
NOTE
3 – INVESTMENT PROVISTA DIAGNOSTIC, INC
(continue)
6.
The
    Company's obligation to deliver the Second Cash Payment and the Convertible Note to the Seller at the Second Closing shall
    be secured by the Provista Shares to be held and released in accordance with the Escrow Agreement and all of Provista's assets
    (the "Assets") pursuant to the terms of the Security Agreement.
7.
At
    the First Closing, the Sellers shall hold full right, title, and interest in and to the Cash Deposit, and the Todos Deposit Shares
    paid to the Sellers or their designees and/or assignees on the First Closing Date free and clear of all rights, liens and encumbrances,
    without limitation. Additionally, should the Company fail to deliver the Second Cash Payment and/or the Convertible Note by the Second
    Closing Date, the Escrow Agent shall return the Provista Shares to the Sellers, and the Sellers shall become the sole owners. The
    Company further agrees and understands that in the event that the Company fails to deliver the Second Cash Payment and/or the Convertible
    Note to the Sellers at the Second Closing, the Cash Deposit and the Todos Deposit Shares shall be the property of the Sellers, and
    the Sellers shall retain and hold full right, title, and interest in and be the sole owners of the Cash Deposit, the Todos Deposit
    Shares and
100
% of the Provista Shares. In such an event, the Company will have absolutely no rights, claims or interest of any type
    in connection with the Provista Shares, Cash Deposit or Todos Deposit Shares or this transaction, regardless of any alleged conduct
    by Seller or anyone else. Further, in such event the Company irrevocably will be deemed to have canceled this Agreement and relinquished
    all rights in and to the Provista Shares, Cash Deposit and Todos Deposit Shares.
The
consummation of the transactions contemplated by the SPA have been taken place as of April 19, 2021.
Purchase
price allocation
1.
Non-refundable
    shares of its ordinary stock - As agreed in the SPA, the Company committed to issue non-refundable
29,296,875
ordinary stock, par
    value NIS
0.01
. The fair value of the non-refundable shares was estimated as of the Closing Date based on the Company's share
    price as quoted in the OTC as of the Closing Date at $
1,699
.
2.
The
    fair value of the convertible note was estimated by third party appraiser as weighted average of the two possible scenarios of the
    total loan amount conversion as of April 19, 2021,
90
% probability for the Mandatory Conversion and
10
% probability for the Optional
    / Maturity Conversion.
The
Optional / Maturity Conversion was estimated by the appraiser using the Monte Carlo Simulation Model based on the following
parameters:
April 19, 2021
Risk-free interest rate
0.54
%
Expected term (years)
3.94
Volatility
164.02
%
Share price
0.058
Conversion price
*
Fair value
$
5,101
●
The
    lower of (i)
0.05
(ii) the volume weighted average price (VWAP) of the last
20
trading days for the Ordinary Stock as reported in
    the OTC market prior to the conversion.
The
Mandatory Conversion was estimated by the appraiser using the Monte Carlo Simulation Model based on the following parameters:
April 19, 2021
Risk-free interest rate
0.54
%
Expected term (years)
0.04
Volatility
112.1
%
Share price
0.058
Conversion price
*
Fair value
$
4,976
●
The
    lower of (i)
0.05
(ii) the volume weighted average price (VWAP) of the last
20
trading days for the Ordinary Stock as reported in
    the OTC market prior to the conversion.
The
fair value of the convertible component was estimated by the third-party appraiser after giving effect to the weighted average of the
two possible scenarios as of issuance dates was $
4,989
.
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26
Table of Contents
TODOS
MEDICAL LTD.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)
(U.S.
dollars in thousands)
NOTE
3 – INVESTMENT PROVISTA DIAGNOSTIC, INC
(continue)
The
following table summarizes the total purchase price and purchase price allocation:
U.S. dollars in thousands
Unaudited
Cash payment
$
2,500
Consideration in Shares
1,699
Fair value of convertible promissory note
4,989
Total purchase price
$
9,188
Cash and cash equivalents
$
73
Trade receivables
66
Property and equipment, net
183
Security deposit
3
Technology intangible asset (*)
1,500
Total identifiable assets
1,825
Accounts payable
(
82
)
Deferred tax liability
(
315
)
Due to related party
(
1
)
Total liability assumed
(
398
)
Total goodwill (**)
$
7,761
(*)
Technology intangible asset is amortized using "Relief from Royalty" method
over the expected future use (2031). During the year ended December 31, 2021, the Company has not recorded amortization expenses related
to the intangible assets.
(**)
Goodwill is tested for impairment using a third party appraiser as of each balance sheet
date. During the year ended December 31, 2021 the Company recorded $
1,545
of impairment losses.
Unaudited
pro forma results of operations for years ended December 31, 2021 and 2020 are included below as if the acquisition of the Provista's
business occurred on January 1, 2020. This summary of the unaudited pro forma results of operations is not necessarily indicative of
what the Company's results of operations would have been had the Provista Business been acquired at the beginning of 2020, nor
does it purport to represent results of operations for any future periods.
Year ended December 31,
Year ended December 31,
2021
2020
(unaudited)
(unaudited)
Revenues
$
12,410
$
5,164
Net loss
(
40,671
)
(
17,603
)
Basic and diluted net loss per share
(
0.06
)
(
0.04
)
F-
27
Table of Contents
TODOS
MEDICAL LTD.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)
(U.S.
dollars in thousands)
NOTE
4 -
OTHER CURRENT ASSETS
As of
December 31,
2021
2020
Governmental institutions
$
31
$
62
Prepaid expenses
373
539
$
404
$
601
NOTE
5 -
INVESTMENT IN AFFILIATD COMPANIES, NET
A.
Breakthrough
    Diagnostics, Inc.
1.
On
    February 27, 2019 (the "Effective Date"), following execution of the Convertible bridge loan transactions, the Company
    signed a Definitive Joint Venture Agreement (the "Joint Venture Agreement") and closed the Joint Venture Transaction,
    pursuant to which the Company issued
19.99
% of its outstanding ordinary shares to Amarantus Bioscience Holdings, Inc. ("Amarantus"),
    a biotechnology holding company, in exchange for
19.99
% of Breakthrough Diagnostics, Inc., a wholly-owned subsidiary of Amarantus
    ("Breakthrough"), and Amarantus assigned to Breakthrough exclusive license to develop and commercialize the LymPro Test®,
    an immune-based neurodiagnostic blood test for the detection of Alzheimer's disease (the "License"). The transaction
    was consummated as of February 27, 2019 (the "Closing Date") in which the Company issued to Amarantus
17,986,999
ordinary
    shares (the "Equity Consideration")
valued at $
2,518
.
In
addition, Amarantus granted the Company an exclusive option, in effect for 60-days from the Closing Date (the "Expiration Date"),
to acquire the remaining
80.01
% of Breakthrough Diagnostics in exchange for an additional
30.01
% of the Company's outstanding shares
(the "Option Transaction"). Upon exercise of the Option Transaction, the Company would own 100% of the Subsidiary and Amarantus
would own
49.99
% of the Company. The Company was required to notify Amarantus in writing of its intention to exercise the Option, and
the closing of the Option transaction shall take place within fourteen days of Amarantus' receipt of such notice.
Under
ASC Subtopic 323-30, "Investments - Equity Method and Joint Ventures: Partnerships, Joint Ventures, and Limited Liability Entities",
and following the effective date the management determined that the Company had the ability to exercise significant influence over operating
and financial policies of Breakthrough and therefore the equity method was applied at the Closing Date at residual amount of $
1,345
,
which was the difference between the fair value of the total Equity Consideration that was paid by the Company in total amount of $
2,518
less the fair value of the Option Transaction of $
1,173
, as was determined by the management using the assistance of third-party appraiser.
At
the Closing Date, Breakthrough was determined to be excluding substantive process as required under the definition of business in accordance
with the provisions of ASC Topic 805 "Business Combination". In addition, it was determined that the License represents IPR&D
with no alternative future use. Consequently, the Company expensed immediately the allocated amount to the investment in affiliated company
in amount of $
1,345
. Following the Closing Date and through its Expiration Date, the Company did exercise the Option Transaction and
consequently the Option Transaction amounting to $
1,173
was expensed at the Expiration Date.
F-
28
Table of Contents
TODOS
MEDICAL LTD.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)
(U.S.
dollars in thousands)
NOTE
5 - INVESTMENT IN AFFILIATD COMPANIES, NET (CONT.)
A.
Breakthrough
    Diagnostics, Inc. (Cont.)
2.
The
    changes in Level 3 asset associated with Option Transaction to obtain control over affiliated company were measured at fair value
    on a recurring basis (until the option expiration).
The
following tabular presentation reflects the Investment in affiliated company:
Investment in
Affiliated
Company
As of January 1, 2020
$
(
448
)
Revaluation of investment in affiliated company to its fair value upon obtaining control
1,623
Amount classified to the cost of subsidiary in acquisition achieved in stages upon obtaining control
(
1,623
)
As of December 31, 2021 and 2020
$
-
3.
In
    July 2020, the Company entered into Amendment No. 1 to the Joint Venture Agreement with Amarantus pursuant to which the parties agreed
    to amend the Joint Venture Agreement as follows:
A.
In
    exchange for the remaining 80.1% equity interest of Breakthrough, the Company will issue 49.9% of its ordinary shares (which including
19.9
%
    ordinary shares that were already issued) based on the capitalization table of the Company on regular basis as of December 31, 2019.
    On July 16, 2020, the Company achieved control over Breakthrough by issuance of
67,599,796
ordinary shares to Amarantus valued at
    $
6,084
(which reflected as additional
30.01
%
    of the equity of the Company as of that date), representing the Company's right to purchase the remaining
80.1
%
    of the equity interest of Breakthrough (the "Equity Consideration").
B.
Subject
    to the approval of the Company's Board of Directors, Amarantus will be entitled to royalty fee in a rate of 10% from the gross
    profit of any products selling which are based on LymPro intellectual property (the "Royalty Fee"). During the period
    commencing the Completion Date through December 31, 2021, the Company has no obligation with respect to the aforesaid Royalty
    Fee as no revenues from the LymPro intellectual property were recognized.
C.
The
    Company will exercise its best efforts and diligence in developing and commercializing LymPro and in undertaking investigations and
    actions required to obtain regulatory approvals necessary to market LymPro. In the event the Company fails to use best efforts and
    due diligence as required, then Amarantus may, in its sole discretion terminate the LymPro license or convert the License from exclusive
    to non-exclusive. As of December 31, 2021, the License is still deemed as non-exclusive.
D.
The
    Company will pay to Amarantus an amount of $
450
in cash (the "Cash Consideration").
At
the Completion Date, Breakthrough was determined to be excluding substantive process as required under the definition of business in
accordance with the provisions of ASC Topic 805 "Business Combination". Accordingly, the transaction was accounted for as
an asset acquisition transaction.
At
the Completion Date, management has chosen to remeasure its Previous Held Equity Interest (PHEI) in Breakthrough to its fair value immediately
prior to the asset acquisition in total amount of $
1,623
which was recorded as part of "Share in Losses of Affiliated Company"
line. Consequently, the Company's carrying amount of the PHEI at the Completion Date amounted to $
1,623
, along with the fair value
of the equity consideration amounted to $
6,084
and cash consideration paid amounted to $
450
have been determined as cost to be allocated
to the asset acquired (IPR&D), net of related deferred tax liability.
However,
it was determined that the LymPro License represents IPR&D with no alternative future use. Consequently, the Company expensed immediately
the entire purchase price allocated to the acquired IPR&D and related deferred tax liability amounted to $
10,325
and $
2,168
were
charged to expense at the acquisition date as part of "Research and Development expenses" and "Tax benefit" lines,
respectively, in operations in the accompanying consolidated statement of operations for the year ended December 31, 2020.
F-
29
Table of Contents
TODOS
MEDICAL LTD.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)
(U.S.
dollars in thousands)
NOTE
5 - INVESTMENT IN AFFILIATD COMPANIES, NET (CONT.)
B.
Antigen
    COVID Test Killer
On
June 14, 2020 (the "Effective Date"), the Company entered into joint venture agreement with NLC Pharma Ltd. ("NLC")
as was amended as of September 12, 2020, under which Antigen COVID Test Killer (the "CATK") was formed for the purpose of
development diagnostic candidate Antigen Killer (as defined below) and commercialize the product through the Company's sales channels.
Under the terms of the joint venture agreement the following have been determined between the parties:
1.
License
During
the Term of the joint venture agreement and based on license agreement executed between NLC and CATK as of June 14, 2020, NLC will grant
to CATK an irrevocable, exclusive, non-transferable, royalty-bearing worldwide license (the "License") of its 3C Protease
Coronavirus testing platform ("Viral Testing" or "Antigen Killer"). NLC will further contribute the expertise
and know-how to CATK necessary to validate and receive the products approved in various jurisdictions worldwide for distribution, especially
the United States and China.
CATK
shall pay NLC a license fee to secure the exclusive license pursuant to the license agreement by issuing to NLC 80% of the equity of
CATK upon execution of the license agreement.
2.
Contributions
A.
NLC
    shall grant an exclusive worldwide distribution rights to Antigen Killer via distribution agreement.
B.
The
    Company shall contribute capital for CATK up to amount of $
1,550
to be used for development and clinical trials of the Covid Nutraceutical
    products owned by NLC (the "Funding Commitment").
C.
The
    Company or NLC shall not be entitled to withdraw any of their capital contributions from CATK.
D.
Any
    grants received for the development, marketing and studies of Antigen Killer, shall be considered a contribution to CATK.
3.
Equity
    interest
A.
CATK's
    equity shall be 10% owned by the Company, 80% owned by NLC and 10% shall be owned by Zegal and Ross Capital, LLC.
B.
Upon
    achieving milestone proof of concept that includes (i) conducting successful test within the environment and (ii) initiation
    of a multicenter clinical trial (the "Performance Milestone"), the Company shall acquire during a period of one year
    after achieving the Performance Milestone an additional 5% of CATK from NLC for a sum of $
250
to
    be paid for in shares of the Company based on market value of the shares at the closing price of a day prior to share issuance. The
    Performance Milestone has been achieved at July 12, 2020, and
2,688,172
Company's
    shares were issued to NLC
.
C.
Upon
    gross sales of the product reaching to an amount of $
20,000
, the Company shall be obligated to purchase an additional
15
% of CATK
    from NLC for a sum of $
1,650
to be paid in cash or shares. If payment is made by shares, the share price will be calculated at the
    closing price of the Company's shares on the day prior to closing (the "Contingent Consideration").
D.
NLC
    shall maintain its right to develop, market and sell products derived from its technology as it relates to Viral Testing (excluding
    Covid-19) throughout the term of the agreement.
4.
Distributions
Distributions
from CATK to the Company and NLC shall be made on a semi-annual basis in a percentage set opposite on the name of the Company and NLC.
5.
Marketing
    rights
NLC
has marketing rights to use the Antigen Killer technology for all viruses and is legally free and clear to license the rights to Antigen
Killer to CATK.
6.
Project
    supervision
All
decisions in regard to the therapeutic candidate Antigen Killer, the hiring and firing of program and project managers and other contractors
and certain consultants, selection of sites for clinical trial, pre-clinical trials and manufacturing, and sublicense and sales brokers,
in the sole responsibility of NLC. However, any change to the budget of CATK must be approved by the Company.
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30
Table of Contents
TODOS
MEDICAL LTD.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)
(U.S.
dollars in thousands)
NOTE
5 - INVESTMENT IN AFFILIATD COMPANIES, NET (CONT.)
B.
Antigen
    COVID Test Killer (Cont.)
7.
Distribution
    rights
The
Company will have Covid Nutraceutical distribution rights worldwide except for Israel according to the following terms:
A.
CATK
    will receive royalties fee in a rate of
8
% ("Royalty") from the net sales of every nutraceutical product sold whether
    it was sold directly or by the Company of through the Company's agent.
B.
If
    the Company will grant distribution rights to any related or non-related party of the Company, it will be the obligation of the Company
    to pay the abovementioned Royalty to CATK.
C.
Upon
    event that the Company surrenders the distribution rights then the Company's share of CATK will be increased from
10
% to
22
%.
8.
Upon
    market launch of minimum sales of
25,000
bottles of the Nutraceutical product for Covid-19 or other viruses by the Company, the Company
    shall grant NLC shares of the Company in a value of $
1,500
based on the share price on the closing date of the amendment. Through
    December 31, 2020, market launch of sales of bottles of the Nutraceutical product for Covid-19 has not been commenced.
In
addition, if CATK sales will be in excess of $32,500 and the Company will complete an uplisting to Nasdaq within one year of signing
the amendment, then the Company will fully acquire CATK in a share exchange transaction based on value of $65,000 and NLC shall transfer
the IP regarding Viral Testing to the Joint Venture and NLC will have the right to appoint one member of the Company's Board of
Directors. Upon event that the Company is not yet listed on the Nasdaq market until September 12, 2021, then the Company will surrender
its distribution rights from CATK.
Management,
using the assistance of third-party appraiser has determined that due to the low probability of the aforesaid contingent trigger events
the fair value of such potential obligation as of the effective date (and as of December 31, 2020) was insignificant.
9.
Termination
The
joint venture agreement shall be terminated on the earlier of (i) lapse of
25
years from the Effective Date (ii) mutual agreement of
both parties to dissolve or (iii) the Company does not comply with section 3B and 3C above (the "Term"). Upon termination,
the license between NLC and CATK shall be terminated.
The
Company has determined that CATK is considered as VIE since CATK does not have sufficient resources to carry out its principal activities
without additional financial support. In addition, the Company has determined that it is not the primary beneficiary of CATK due to the
Company's lacked to direct the activities that most significantly impact the economic performance of CATK. However, the Company
determined that it has the ability to exercise significant influence over CATK operations through its liquidity resources and accordingly,
the investment is accounted for under the equity method.
At
the closing date the purchase price that was paid in investment in CATK is as follows:
Funding Commitment (*)
$
1,550
Fair value of shares upon achieving Performance Milestone
250
Direct costs incurred (**)
100
Contingent Consideration (***)
1,050
Total consideration
$
2,950
(*)
An
    amount of $
911
out of the Funding commitment was wired through December 31, 2020 and the remaining funding commitment was wired during
    2021.
(**)
Number
    of
2,164,502
shares of common stock
    have been issued as a finder fee in connection with the agreement (see also note 15B3).
(***)
Was
    determined by the management by using the assistance of third-party appraiser. As the Company's obligation under such Contingent
    Consideration provision represent a potential liability to issue a fixed number of its common stock, the obligation was classified
    within shareholder deficit. The shares were issued on October 4, 2021 – see below.
F-
31
Table of Contents
TODOS
MEDICAL LTD.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)
(U.S.
dollars in thousands)
NOTE
5 - INVESTMENT IN AFFILIATD COMPANIES, NET (CONT.)
B.
Antigen
    COVID Test Killer (Cont.)
At
the Closing Date, CATK was determined to be excluding substantive process as required under the definition of business in accordance
with the provisions of ASC Topic 805 "Business Combination". In addition, it was determined that the License represents IPR&D
with no alternative future use. Consequently, the Company expensed immediately the allocated amount to the investment in affiliated company
in amount of $
2,718
. In addition, following the Closing Date and through December 31, 2020, an amount of $
105
representing the Company's
share in the losses of CATK. Both amounts were recorded as part of "Share in Losses of Affiliated Company" line in operations
in the accompanying consolidated statement of operations for the year ended December 31, 2020.
On
October 4, 2021, and upon achieving market launch, the Company issued
39,473,684
shares of common stock to cover its Contingent Consideration
as detailed above. The value of the shares was calculated on the share price on the closing date of the amendment at $
1,500
, and a results
recorded additional $
450
as part of financing expenses in the accompanying consolidated statement of operations for the year ended December
31, 2021.
C.
Bio
    Imagery Ltd.
In
August 2020 (the "Effective Date"), the Company entered into an agreement with CARE GB Plus Ltd ("CARE GB"),
under which the parties agreed conjointly to incorporate Bio Imagery Ltd. ("Bio Imagery") for the purpose of developing,
marketing and commercializing the Company's Products and all the Company's Intellectual Property ("Todos Cancer Assets")
and to develop new Intellectual Property, products and services, and peruse the business based on the Todos Cancer Assets and on the
new intellectual property developed by Bio Imagery.
In
addition, it was agreed inter alia that (i) interest in Bio Imagery shall be
67
% owned and controlled by CARE GB and
33
% owned and controlled
by the Company; (ii) the Company will grant Bio Imagery an irrevocable, perpetual, worldwide license to distribute, market and sale of
the Products and new products in Israel, Europe and Africa (the "Territories"). Distribution, marketing and sale in other
Territories (except China) are authorized by the Company's written and in advance approval; (iii) the Board of Managers will initially
consist of five board members: three members shall be appointed by CARE GB and two members shall be appointed by the Company; (iv) Upon
signing the agreement, the Company will issue Bio Imagery
6,000,000
restricted ordinary shares (locked up for a period of one year) for
payment to different suppliers and developers. Any further cash expenses required for ongoing activities shall be borne by Care GB; (v)
Care GB will grant up to 15% of its shares in Bio Imagery to senior executives in Bio Imagery, as a form in exchange for their work.
On
November 2, 2020, the
6,000,000
ordinary shares have been issued by the Company
valued at $
618
.
The
Company has determined that Bio Imagery is considered as a VIE due to Bio Imagery does not have sufficient resources to carry out its
principal activities without additional financial support. In addition, the Company has determined that it is not the primary beneficiary
of Bio Imagery due to the Company's lacked the ability to direct the activities that most significantly impact the economic performance
of Bio Imagery.
However,
the Company determined that it has the ability to exercise significant influence over Bio Imagery operations through board representation
and voting power and accordingly, the investment is accounted for under the equity method. Consequently, as of December 31, 2020 the
Company's investment in Bio Imagery has amounted to $
618
,
representing the above issuance of
6,000,000
ordinary shares multiply by the Company's
share price at issuance date. Moreover, through December 31, 2021, Bio Imagery has not yet commenced its business operations,
consequently the entire investment amounting to $
618
was written off.
NOTE
6 -
INVESTMENT IN OTHER COMPANY
On
August 14, 2020, Todos Singapore entered into subscription agreement with Pathnova Laboratories PTE Ltd ("Pathnova") under
which Todos Singapore has agreed to invest in Pathnova up to SGD
3,000
based on the investment payments schedule as determined in the
subscription agreement, for subscribing up to
4,615,385
subscription shares of Pathnova.
On
December 31, 2020,
461,538
ordinary shares of Pathnova have been issued to Todos Singapore for total investment amount of SGD
300
(approximately
$
224
), representing percentage shareholding of
4.38
% on regular basis. On January 25, 2021, additional
461,539
ordinary shares of Pathnova
have been issued to Todos Singapore for total investment amount of SGD
300
(approximately $
231
), representing percentage shareholding
of additional
4.38
% on regular basis.
Management
has determined that its holding in Pathnova does not entitle the Company significant influence over Pathnova and accordingly the Company
accounted for its investment in Pathnova in accordance with the provisions of ASC Topic 321 "Investment-Equity Securities",
as equity investment without readily determinable fair value.
The
following tabular presentation reflects the Investment in other company:
Investment in other Company
As of January 1, 2020
$
-
Issuance of shares as investment in Equity Securities
224
As of December 31, 2020
$
224
Cash investment
231
As of December 31, 2021
$
455
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32
Table of Contents
TODOS
MEDICAL LTD.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)
(U.S.
dollars in thousands)
NOTE
7 -
PROPERTY AND EQUIPMENT, NET
As of
December 31,
2021
2020
Laboratory equipment and others
$
3,514
$
2,180
Computers
10
8
Vehicle
5
5
Furniture and equipment
27
15
3,556
2,208
Less - accumulated depreciation
(
1,026
)
(
209
)
Less- Impairment
                                            of property and equipment
(
485
)
-
Total property and equipment, net
$
2,045
$
1,999
Total
depreciation expenses for the years ended December 31 ,2021 and 2021 were $
817
and $
96
,
respectively.
Impairment losses for
the years ended December 31 ,2021 and 2021 were $
485
and $
0
, respectively.
NOTE
8 -
LOANS, NET
A.
The
    following tabular presentation reflects the reconciliation of the carrying amount of straight loans and similar instruments during
    the year ended December 31, 2021 and 2020:
As of
December 31,
2021
2020
Opening balance
$
1,672
$
113
Plus: Net consideration received
2,486
2,035
Less: Principal amounts paid
(
1,614
)
-
Less: Conversions into shares
(
2,810
)
-
Less: Fair value of detachable instruments accounted for as equity component
-
(
461
)
Plus: Amortization of discounts and accrued interest expenses
3,453
1,170
Less: straight loans reclassified to convertible loans upon change of terms (*)
(
1,164
)
(
1,185
)
Closing balance
$
2,023
$
1,672
(*)
loans that have
been reclassified to convertible bridge loans upon default events in which the Company has not paid the net principal amount at the stated
maturity date.
B.
Secured
    Convertible Equipment Loan Agreements
On
    November 4, 2020 (the "Effective Date"), the Company entered into Secured Convertible Equipment Loan Agreement with a
    private lender (the "Lender"), under which at the Effective Date and for the purpose for purchasing two Liquid Handler
    Machines (the "Collateral") to be placed in the laboratory of a Company's client, the Company received from the
    Lender a net cash amount of $
450
which is including an original issue discount at the rate of
41.4
% valued at $
320
, representing
    a face value of $
770
for the loan (the "Aggregate Loan Principal Amount").
The
Aggregate Loan Principal Amount shall be repaid within 120 days of receipt date (the "Maturity Date").
Subject
to the Company's discrete decision not to repay the Aggregate Loan Principal Amount in cash by the Maturity Date, the Lenders shall
have the right to convert
200
% of the Aggregate Loan Principal Amount, less any amount that has been repaid, at a default conversion
price equal to
35
% of the lowest closing price of the Company's ordinary shares in the 10 days prior to the conversion as quoted
by Bloomberg, LP.
In
the event the Company receives gross proceeds from any equity financing in the amount of $
5,000
or more, the Aggregate Loan Principal
Amount will be immediately due and payables.
The
Aggregate Loan Principal Amount shall be secured by the Collateral. The Lender shall have the right to take possession of the Collateral
if repayment is not made in full by the Maturity Date. Upon default, the Lender shall have the right to take possession of the Collateral
and sell them. All proceeds from such sale will be ducted from the Aggregate Loan Principal Amount on a pro rata basis.
As
the secured loan upon their original terms do not include conversion feature (such feature will only become applicable as a penalty,
upon the Company's failure to repay the Aggregate Loan Principal Amount by the Maturity Date), the liability was accounted for
using the effective interest method over the term of the loans until their stated Maturity Date.
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33
Table of Contents
TODOS
MEDICAL LTD.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)
(U.S.
dollars in thousands)
NOTE
8 - LOANS, NET
(continue)
in
March 2021, the Company entered into First Amendment (the "Amendment") to the Secured Convertible Equipment Loan Agreement,
under which the parties agreed as follows:
1.
On
    or before May 1, 2021, the Company shall repay to the lender the Aggregate Loan Principal Amount of $
450
in cash, without interest.
2.
On
    or before May 1, 2021, the Company shall repay to the lender, or contribute to a charity designated by the lender, the original initial
    discount in the amount of $
320
, plus an additional $
100
as compensation for the lender agreeing to postpone repayment of the Aggregate
    Principal Amount.
3.
Upon
    execution of the Amendment, the Company shall issue to the lender, or contribute to a charity designated by the lender,
2,000,000
restricted ordinary shares of the Company, nominal value NIS
0.0001
per share, as additional compensation to the lender for its agreement
    to defer repayment of the Aggregate Loan Principal Amount.
As
of December 31, 2020, the Aggregate Loan Principal Amount amounted to $
580
, which represented discount amortization expenses of $
130
and was recorded as part of "Finance Expenses" line in operations in the accompanying consolidated statement of operations
for the year ended December 31, 2020.
In
March 2021, the  Company entered into First Amendment to Secured Convertible Equipment Loan Agreement    (the "Amendment"), under
which the parties agreed (i) on or before May 1, 2021, the Company shall repay to the lender the Aggregate Loan Principal Amount of $
450
in cash, without interest, (ii) on or before May 1, 2021, the Company shall repay to the lender, or contribute to a charity designated
by the lender, the original initial discount in the amount of $
320
, plus an additional $
100
as compensation for the lender agreeing to
postpone repayment of the Aggregate Principal Amount and (iii) upon the execution of the Amendment, the Company shall issue to the lender,
or contribute to a charity designated by the lender,
2,000,000
restricted ordinary shares of the Company, nominal value NIS
0.0001
per
share with fair value of $
88
, as additional compensation to the lender for its agreement to defer repayment of the Aggregate Loan Principal
Amount.
The
management has determined mainly based on the qualitative terms of the amendment that the terms of the amended instruments considered
as substantially different. Consequently, the original convertible bridge loans were derecognized, the new loans were initially recorded
at fair value as current financial liability and the shares were initially recorded at fair value as an increase of additional paid-in
capital. As of December 31, 2021, the loan was repaid in full. Consequently, the Company recorded expenses amounting to $
378
as part
of the "finance expenses" line in operations in the accompanying consolidated statement of operations for the year ended December
31, 2021.
C.
On
    November 4, 2020 (the "Effective Date"), the Company entered into Secured Convertible Equipment Loan Agreement with a
    private lender (the "Lender"), whereby at the Effective Date and for the purpose for purchasing certain two Liquid Handler
    Machines to be placed in the laboratory of a Company's client, the Company received from the Lender a net cash amount of $
750
which is including an original issue discount at the rate of
40
% valued at $
500
, representing a face value of $
1,250
for the loan
    (the "Aggregate Loan Principal Amount").
The
Aggregate Loan Principal Amount shall be repaid within 120 days of receipt date (the "Maturity Date").
Subject
to the Company's discrete decision not to repay the Aggregate Loan Principal Amount in cash by the Maturity Date, the Lenders shall
have the right to convert
200
% of the Aggregate Loan Principal Amount, less any amount that has been repaid, at a default conversion
price equal to
35
% of the lowest closing price of the Company's ordinary shares in the 10 days prior to the conversion as quoted
by Bloomberg, LP.
The
Company agrees it will issue
20,000,000
ordinary shares (the "Collateral Shares") to the Lender within two days of the Effective
Date. In the event of default occurs and is not cured withing 15 days, the Lender may take such Collateral Shares and dispose of them
as wish. The aforesaid shares have been issued at November 4, 2020.
As
the secured loan upon their original terms do not include conversion feature (such feature will only become applicable as a penalty,
upon the Company's failure to repay the Aggregate Loan Principal Amount by the Maturity Date), the liability was accounted for
using the effective interest method over the term of the loans until their stated Maturity Date.
As
of December 31, 2020, the Aggregate Loan Amount amounted to $
954
,
which represented discount amortization expenses of $
204
as was recorded as part of "Finance Expenses"
line in operations in the accompanying consolidated statement of operations for the year ended December 31, 2020.
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34
Table of Contents
TODOS
MEDICAL LTD.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)
(U.S.
dollars in thousands)
NOTE
8 - LOANS, NET
(continue)
As
of December 31, 2021, upon the occurrence of an Event of Default in which the Note was not repaid before or at the Maturity Date, the
loan become subject to the provisions of ASC 480, "Distinguishing Liabilities and Equity" as it become an obligation that
will be settled by issuance of a variable number of shares (stock settle obligation) and as such is measured at fair value through profit
or loss. Consequently, the Company recorded expenses amounted to $
4,306
related to remeasurement of the Loan as part of the "finance
expenses" line in operations in the accompanying consolidated statement of operations for the year ended December 31, 2021.
During
2021, the Company issued the Lender
178,525,619
ordinary shares of the Company valued at $
4,282
as a result of the default event and recorded additional expenses amounted to $
2,983
related to remeasurement of the Loan as part
of the "finance expenses" line in operations in the accompanying consolidated statement of operations for the year ended
December 31, 2021.
As
of December 31, 2021, the Aggregate Loan Amount was $
2,997
.
D.
Secured
    Promissory Note
On
July 19, 2021, the Company entered into Secured Promissory Note (the "Note") with a lender (the "Lender"), pursuant
to which the Company has agreed to issue a Note to the Lender in the principal amount of $
1,666,666
for proceeds of $
1,000,000
(the "Transaction").
The Note has a maturity date of 180 days from the date of issuance.
As of December 31, 2021
the balance of the loan was estimated at $
1,597
. The Company recorded expenses amounting to $
597
as part of the "finance expenses"
line in operations in the accompanying consolidated statement of operations for the year ended December 31, 2021.
E.
Revenue
    Purchase Agreement
On
December 22, 2020, Corona Diagnostics entered into revenue purchase agreement with a private lender (the "Lender"), under
which, the Company will sell, assign and transfer to Lender (making the Lender the absolute owner) in consideration of the Purchase Price
of $
138
, the Purchased Percentage at a rate of
7
% of all of the Company's future accounts, contract rights and other entitlements
arising from or relating to the payment of monies from the Company's customers' and/or other third party payors, for the
payments due to the Company as a result of the Company's sale of goods and/or services (the "Transactions") until the
Purchased Amount has been delivered by or on behalf of the Company to Lender. The revenue purchase agreement shall remain in full force
and effect until the entire Purchased Amount and any other amounts due are received by Lender as per the terms of the revenue purchase
agreement. During 2021 the Company repaid the loan in full.
F.
Assignment
    of Receivable Agreements
During
the year ended December 31, 2021, Corona Diagnostics (the "Assignor") entered into several Assignment of Receivable Agreements
under which the Assignor assigned to the Assignee all of its right, title and interest in portion of receivable related to invoices for
certain purchase orders with a discount in a rate of 10%. The Assignor is obligated to repurchase the PO in the event that payment is
not received by the Assignee within 60-days period from the singing of the Assignment of Receivable Agreements.
During
the year ended December 31, 2021, the Assignor received total amount of $
1,485
under the Assignment of Receivable Agreements and repaid
$
592
. In addition, the Company incurred finance expenses with respect to the applicable discount Interest under the Assignment of Receivable
Agreements amounted to $
152
. As of December 31, 2021, an amounts of $
426
has not been repaid.
On
    June 19, 2020, the Company and its subsidiaries, Todos Medical USA and Corona Diagnostics, LLC ("Corona") entered into a
    Receivables Financing Agreement with Toledo Advisors, LLC ("Toledo") for up to $
25,000
in
    a revolving receivables financing facility (the "Facility"). The availability of the Facility shall terminate on the
earlier
    of June 19, 2025
and the date on which more
    than $
25,000
has
    been advanced. The financing is secured by all of the assets of the Company's wholly-owned subsidiary Todos Medical USA, Inc.
    In addition, Todos Medical USA pledged all of the outstanding equity of Corona to the Lender. The initial draw under the Facility
    was on June 19, 2020 for $
165
which
    was due on the earlier to occur of (i) ninety days following the date the draw was made by the Lender and (ii) the date the
    receivable, for which the draw was made, is paid. The Facility has since been repaid as of December 31, 2020. In November
    2020, the parties agreed to amend the Facility to reduce the cost of funding to Todos Medical USA, and to make the relationship
    between Corona and Toledo nonexclusive in exchange for Toledo being granted a percentage of Corona's revenues from diagnostic
    testing. See also note 14B6.
NOTE
9 -
OTHER CURRENT LIABILITIES
As of
December 31,
2021
2020
Accrued payroll and related taxes
$
208
$
140
Provision for vacation
67
50
Management and directors
1,752
230
Accrued expenses and other accounts payables
2,257
1,896
$
4,284
$
2,316
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35
Table of Contents
TODOS
MEDICAL LTD.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)
(U.S.
dollars in thousands)
NOTE
10 -
CONVERTIBLE BRIDGE LOANS, NET
A.
The
    following tabular presentation reflects the reconciliation of the carrying amount of the convertible bridge loans, notes and similar
    instruments during the year ended December 31, 2021 and 2020:
As of
December 31,
2021
2020
Opening balance
$
5,965
$
3,427
Plus: Net cash consideration received
16,000
2,390
Plus: Consideration in purchase of subsidiary
4,989
-
Less: Repayments of convertible bridge loans
(
1,027
)
-
Less: Recognition of liability related to conversion feature of convertible bridge loans
(
7,420
)
(
2,893
)
Less: Fair value of detachable instruments accounted for as equity component
(
5,422
)
(
758
)
Plus: Changes in terms of straight loans to convertible loans
1,164
1,185
Less: Partial conversion of convertible bridge loans into equity
(
17,111
)
(
4,639
)
Less: Modification of convertible bridge loans transactions
3,384
(
3,375
)
Less: Issuance of shares as collateral as result of repayment default
(
870
)
-
Plus: Amortization of discounts and accrued interest expenses
7,335
1,655
Plus: Change in fair value of convertible bridge loans
18,419
8,973
Closing balance
$
25,406
$
5,965
During
the year ended December 31, 2021, Principal Amount and unpaid Interest in total amount of $
17,111
have been converted into
379,378,296
Ordinary shares.
During
the year ended December 31, 2020, Principal Amount and unpaid Interest in total amount of $
4,639
have been converted into
64,630,113
Ordinary shares.
B.
During
    the years ended December 31, 2019 and 2018, the Company entered into certain Convertible Bridge Loan Agreements (the "2019
    and 2018 Loan Agreements"), under which the Company obtained an aggregate net cash amount of $
1,443
and $
27
, respectively,
    (which represented
90
% of the gross Principal Amount of the loans) (the "Net Principal Amount") from several private
    lenders (the "Lenders").
The
Principal Amount has been originally issued with
10
% discount of aggregated amount of $
163
, bear interest at a flat rate of
10
% (the
"Interest") and have a maturity date of
6
-months period after receipt of the Loans funds (the "Maturity Date").
The Company will be required to pay 10% penalty upon repayment of the Principal Amount prior to the Maturity Date. Upon the Maturity
Date of the loans, the Company will be required to repay the Principal Amount of the Loan and unpaid Interest for cash. From the initial
recognition and until the Maturity Date, the loans were presented as current liability. Subject to the Company's discrete decision
not to repay the Principal Amount and unpaid Interest for cash, the Principal Amount and the unpaid Interest shall become convertible
into the Company's Ordinary Shares following the Maturity Date and thereafter at a conversion price equal to 70% of the average
closing bid price of the Company's Ordinary Shares in the 5-days prior to the conversion date. In the event the Company's
defaults under the Agreements, the conversion price shall be reduced to 60% of the average closing bid price of the Company's Ordinary
Shares in the 15-days prior to the conversion date. Following the Maturity Date, the convertible loans were reclassified to non-current
liability
.
C.
Amendments
    to 2019 and 2018 Loan Agreements:
1.
On
    January 9, 2020, the Company entered into second amendment to the 2019 and 2018 Loan Agreements with one of the lenders whereby it
    was determined to extend the Amended Maturity Date of applicable Note until
March 31, 2020
and the Company shall not be deemed to
    have been in default due to it not having repaid the Loan Principal and Interest by the original maturity date unless the Company
    does not obtain additional bridge financing in an amount no less than the aforesaid Additional Bridge on or before January 31, 2019
    (the "Second Amended Maturity Date"). The amended term were as follows: (i) the conversion feature of the applicable
    Note and accrued Interest prior to the Amended Maturity Date was waived by the lender (ii) the Principal Amount shall be amended
    by increasing from $
101
to $
127
and (iii) the Company issued the lender
1,000,000
stock warrants to purchase the same number of ordinary
    shares, at an exercise price equal to $
0.10
per stock warrant at any time commencing the issuance date and up to five years thereafter
    (the "Fourth Warrant").
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36
Table of Contents
TODOS
MEDICAL LTD.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)
(U.S.
dollars in thousands)
NOTE
10 - CONVERTIBLE BRIDGE LOANS, NET (Cont.)
D.
Amendments
    to 2019 and 2018 Loan Agreements:
2.
On
    February 20, 2020, the Company entered into Convertible Note Extension Agreements (the "Amendments") with certain institutional
    investors who participated in the Company's 2019 and 2018 Loan Agreements, under which it was agreed to extend the maturity
    of those notes to
August 14, 2020
(the "Amended Maturity Date"). The institutional investors shall not be entitled to
    convert the Loan Principal plus Interest prior to the Amended Maturity Date, unless such conversion is either (i) at the Fixed Conversion
    Price as defined in the Amendments or (ii) upon an event of default in which case the Maturity Date shall be accelerated and the
    Note shall be convertible at the Alternate Conversion Price as defined in the Amendments.
In
addition to the warrants issued to the institutional investors pursuant to the original terms of the 2019 and 2018 Loan Agreement, the
Company (i) issued to the institutional investors a third Warrant (the "Third Warrant") providing the institutional investors
with a right to purchase
20,792,380
Third Warrant Shares, at an exercise price equal to $
0.10
per Third Warrant Share and (ii) paid cash
payment of $
35
. The Investor may exercise the Third Warrant after the issue date and up to
5
years thereafter.
Moreover,
the Company has entered into lock-up agreements with the institutional investors that preclude them from selling common shares in the
market until August 20, 2020.
3.
On
    September 1, 2020, the Company entered into Amendment No. 2 to the 2019 and 2018 Loan Agreements (the "Amendment") with
    certain lenders whereby it was determined to (i) reextend the Original Maturity Date of applicable Note until
October 15, 2020
(the
    "Second Amended Maturity Date") and (ii) the Note shall accrue interest at the rate of
15
% per annum, accruing on the
    outstanding Loan Principal from and after the Original Maturity Date, through and including the date the Note is paid in full. All
    accrued interest shall be due on the Second Amended Maturity Date. Upon occurrence and continuation of an Event of Default, the interest
    rate on the Note shall be at the rate of
20
% per annum.
In
exchange for the aforesaid amendments the Company shall (i) pay upfront fee to each of the lenders in an amount equal to 5% of the principal
balance of the Note held by such lender (ii) issue shares of its common stock to each lender with a market value equal to 5% of the principal
balance of the Note held by such lender, based on the closing price of the share of the Company's common stock reported on a public
exchange as of the date of the Amendment (iii) the exercise price of each of the First Warrant, Second Warrant and Third Warrant (together
referring as "Warrant") shall be amended to be the lesser of (a) the share price of the share of the Company's common
stock reported on a public exchange as of the Second Amended Maturity Date or (b) the exercise price as set forth in the applicable Warrant
and (iv) reimburse the lenders for reasonable fees and expenses incurred by them in execution of the Amendment.
The
Company shall pay a default fee for each of the applicable lender in an amount equal to 5% of the principal balance of the Note held
by such lender if the Company fails to pay the outstanding Loan Principal and Interest on the Second Amended Maturity Date.
During
the year ended December 31, 2020, the Company issued
309,427
ordinary shares representing 5% of the principal balance of the Note and
paid the required upfront fee in cash an amount of $
19
representing 5% of the principal balance of the Note.
During
the year ended December 31, 2020, the management has determined by using the assistance of third-party appraiser that the fair value
of the modified loans amounted to $
697
plus the cash payment amounted to $
54
plus the fair value of the Third Warrant and shares amounted
to $
416
are considered as substantially different from the fair value of the convertible bridge loans amounted to $
4,918
prior to the
exchange date. Consequently, the original convertible bridge loans were derecognized, the new loans were initially recorded at fair value
as current financial liability and the Third Warrant and shares were initially recorded at fair value as an increase of additional paid-in
capital. The Company recorded an extinguishment amount of $
3,751
as part of "Finance Expenses" line in operations in the
accompanying consolidated statement of operations for the year ended December 31, 2020.
As
of December 31, 2021, the above loans were converted or repaid. The Company recorded $
619
income as part of "Finance Expenses"
line in operations in the accompanying consolidated statement of operations for the year ended December
31, 2021.
F-
37
Table of Contents
TODOS
MEDICAL LTD.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)
(U.S.
dollars in thousands)
NOTE
10 - CONVERTIBLE BRIDGE LOANS, NET (Cont.)
E.
During
    the three months period ended March 31, 2020, the Company entered into certain Convertible Bridge Loan Agreements (the "March
    2020 Loan Agreements"), under which the Company obtained an aggregate net cash amount of $
697
(which representing
70
% of the
    gross Principal Amount of the loans) (the "Net Principal Amount") from several private lenders (the "Lenders").
The
Loan Amount has been originally issued with
30
% discount of aggregated amount of $
299
, bear interest at a flat rate of
10
% (the "Interest").
However, upon occurrence of any uncured Event of Default as defined in March 2020 Loan Agreements, and in the event that Lenders at their
sole discretion elect to allow the Company to continue with repayment of the Loan Amount and Interest after an Event of Default, the
Interest rate on the unpaid Loan Amount will be changed to 18% or the highest interest rate currently allowable under Nevada law for
loans of this amount (the "Default Interest Rate"). The Loan Amount has maturity date of
6
-months period after receipt of
the Loans funds (the "Maturity Date") but the Company may repay the Loan Amount prior to the Maturity Date with 20% penalty.
From the initial recognition and until the Maturity Date, the loans were presented as current liability.
As
part of the transaction, the Company also issued
31,236,042
warrants to purchase of the same number of ordinary shares at an exercise
price of $
0.10
per share. The warrants shall be cashless exercisable with full rachet anti-dilution for a period of
5
-years from the
issuance date (the "Warrants").
At
the earlier of the effective date of Registration Statement as defined in March 2020 Loan Agreements or 6-months period after the Effective
Date provided that the Net Principal Amount and Interest were not repaid in cash by the Company, the Lenders at their sole option, may
convert the outstanding Loan Amount, or any portion of the Loan Amount, and any accrued interest, in whole or in part, into shares of
the common stock of the Company (the "Common Stock").
Any amount so converted will be converted into common stock of the
Company at a price equal to the lower of (i) the closing market price on the date of closing and (ii) 50% of the lowest trading price
on the primary trading market on which the Company's Common Stock is quoted for the last 10 trading days immediately prior to but
not including the Conversion Date ("Conversion Price"). Following the Maturity Date, the convertible loans are reclassified
to non-current liability.
Upon
the occurrence of any uncured Event of Default, the Holder at any time, at its sole discretion, may elect to immediately (without prior
notice) convert the outstanding Loan Amount, or any portion of the Loan Amount, and any accrued Interest, in whole or in part, into shares
of the Common Stock, according to the terms of March 2020 Loan Agreements.
Upon
initial recognition, the management by assistance of third-party appraiser allocated the net cash proceeds received based on the relative
fair value of the Note and the detachable warrants in total amount of $
236
and $
461
, respectively. The amount allocated to the warrants
was classified as a component of permanent equity (as their terms permit the holders to receive a fixed number of shares of common stock
upon exercise for a fixed exercise price), net of any related issuance costs.
Furthermore,
in subsequent periods, the Note instrument is accounted for using the effective interest method over the term of the loan, until its
stated maturity. Due to the Company discrete decision not to repay the loan for cash), the loan became subject to the provisions
of ASC 480, "Distinguishing Liabilities and Equity" as it became an obligation that will be settled by issuance of
a variable number of shares (stock settle obligation) and as such is measured at fair value through profit or loss. Consequently, the
Company recorded expenses amounted to $
1,985
and $
756
related to remeasurement of the Note and the
discount amortization of the Note as part of the "finance expenses" line in operations in the accompanying consolidated statement
of operations for the year ended December 31, 2020. During the year ended December 31, 2021 the Company recorded expenses amounted
to $
81
as part of the "finance expenses" line in operations in the accompanying consolidated statement of operations.
F-
38
Table of Contents
TODOS
MEDICAL LTD.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)
(U.S.
dollars in thousands)
NOTE
10 - CONVERTIBLE BRIDGE LOANS, NET (Cont.)
F.
Amendments
    to March 2020 Loan Agreements:
1.
During
    the three months period ended June 30 2020, the Company entered into amendment to March 2020 Loan Agreements with one of the lenders
    whereby it was determined to extend the original Maturity Date of applicable Note by another 90-days from the original Maturity Date
    (the "Amended Maturity Date") in exchange for (i) waiver of the conversion feature of the applicable Note and accrued
    Interest prior to the Amended Maturity Date and (ii) issuance of
720,000
shares of restricted common stock.
2.
During
    the three months period ended June 30 2020, the Company entered into amendment to March 2020 Loan Agreements with the other lenders
    whereby it was determined to extend the maturity date of applicable Notes by another 90-days from the original Maturity Date (the
    "Amended Maturity Date"). The amended term were as follows: (i) the conversion feature of the applicable Principal Amount
    and accrued Interest prior to the Amended Maturity Date was waived by the lenders, but the lenders shall be entitled to conversion
    only until a reverse split in the Company's shares, and thereafter will be redeemed at the Nasdaq listing or at the Amended
    Maturity Date, whichever is first. If a Nasdaq listing occurs prior to the Amended Maturity Date, the Company will redeem the outstanding
    note.
If a Nasdaq listing does not happen by the Amended Maturity Date, the lender will be entitled to convert or request redemption
    at its option; (ii) the Company will pay in cash to lenders 10% of the outstanding balance of the note within 25 days from the amendment
    date and 10% of the outstanding balance in equity in consideration for the extension of the loan and (iii) the Third Warrants will
    be cashless exercised upon the Company listing its ordinary shares on the Nasdaq.
Due
to elimination of a substantive conversion option, it was determined that the amended terms are substantially different than the original
terms and accordingly the modification was accounted for as an extinguishment of the modified loans. Consequently, the original convertible
bridge loans were derecognized, the new loans were initially recorded at fair value as current financial liability and the Third Warrant
was initially recorded at fair value as an increase of additional paid-in capital. The Company recorded an extinguishment amount of $
97
as part of "Finance Expenses" line in operations in the accompanying consolidated statement of operations for the year ended
December 31, 2020.
G.
On
    April 24, 2020, the Company entered into a Securities Purchase Agreement for issuance of Convertible Redeemable Note ("Note"),
    under which the Company received net cash of $
200
(which representing
20
% of the gross Principal Amount of the note) from several
    private lenders (the "Lenders").
The
Note was issued with
20
% original issue discount totaling $
50
, bears interest at a flat rate of
8
% (which shall be increased to a rate
of
12
% upon the occurrence of an Event of Default (as defined in the Note)) and has a maturity date of
April 24, 2021
unless extended
at the option of Lenders for an additional term of 180 days (the "Maturity Date"). The Company shall have the right to prepay
all or any part of the principal under the Note without penalty upon not less than 10 days prior written notice to Lenders.
The
Lenders are entitled, at its option, at any time, to convert all or any amount of the principal face amount of the Note and the accumulated
Interest then outstanding into the Company's ordinary shares at a price equal to $
0.08
(the "Optional Conversion Price").
In the event the Company completes an uplisting to Nasdaq (the "Mandatory Conversion Event"), the conversion price shall
equal to the lower of (i) 80% of the common share price as determined in the Mandatory Conversion Event; and (ii) the Optional Conversion
Price.
The
Lenders are also entitled to an amount of
1,250,000
warrants to purchase the same number of ordinary shares for a period of
five years
at an exercise price equal to $
0.10
subject to certain adjustments (the "Warrant").
Upon
initial recognition, the management by assistance of third-party appraiser allocated the net cash proceeds received based on the relative
fair value of the Note and the detachable warrants in total amount of $
135
and $
65
, respectively. The amount allocated to the warrants
was classified as a component of permanent equity (as their terms permit the holders to receive a fixed number of shares of common stock
upon exercise for a fixed exercise price), net of any related issuance costs. Furthermore, it was determined that the embedded conversion
feature is required to be bifurcated from the host loan instrument. The embedded conversion feature was recognized in total amount of
$
127
upon initial recognition and in subsequent periods as derivative liability at fair value through profit and loss and the remaining
amount of $
8
was allocated to the host loan instrument, less any related issuance costs. In subsequent periods, the host loan instrument
is accounted for using the effective interest method over the term of the loan, until its stated maturity.
The
balance of the loan as of December 31, 2021 and 2020 amounted to $
162
and $
89
, respectively.
The Company recorded (income) expenses amounted to ($
60
)
and $
81
related to remeasurement of the embedded conversion
feature and the discount amortization of the host loan instrument as part of the "finance expenses" line in operations in
the accompanying consolidated statement of operations for the year ended December 31, 2020. During the year ended December 31, 2021 the
Company recorded expenses amounted to $(
66
)
and $
71
related to remeasurement of the embedded conversion
feature and the discount amortization of the host loan instrument as part of the "finance expenses" line in operations in
the accompanying consolidated statement of operations
F-
39
Table of Contents
TODOS
MEDICAL LTD.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)
(U.S.
dollars in thousands)
NOTE
10 - CONVERTIBLE BRIDGE LOANS, NET (Cont.)
H.
On
    June 12, 2020 (the "Issuance Date"), the Company entered into a Securities Purchase Agreement for issuance of Convertible
    Redeemable Note ("Note"), under which the Company received net cash of $
50
(which representing
84
% of the gross Principal
    Amount of the note) from a private lender (the "Lender").
The
Note was issued with
20
% original issue discount totaling $
12.5
, bears interest at a flat rate of
2
% and has a maturity date of
June
12, 2021
(the "Maturity Date") on which all principal and interest is due and payable in one payment. During the first 40
days after the Issuance Date, the Company has the right to redeem the Note at a price equal to
125
% of the Note's face amount.
The
Lender is entitled, at its option, at any time, to convert all or any amount of the principal face amount of the Note and the accumulated
Interest then outstanding into the Company's ordinary shares at a price equal to 80% of the lower of (i) the lowest closing bid
price on the trading day prior to the Issuance Date or (ii) the lowest trading price of the ordinary shares as reported by the trading
market on which the Company's shares are traded, for the 20 prior trading days including the day upon which a conversion notice
is received (the "Conversion Price").
The
Lenders are also entitled to an amount of
500,000
warrants to purchase the same number of ordinary shares for a period of five years
at an exercise price equal to $
0.10
subject to certain adjustments (the "Warrant").
Upon
the occurrence of an Event of Default (as defined in the Note), the Note shall accrue interest at the lower of (i) 24% per annum or (ii)
the highest rate of interest permitted by law. In addition, the Company may be subject to the daily penalty pending of default scenario
as described in the Note.
Upon
initial recognition, the management by assistance of third-party appraiser allocated the net cash proceeds received based on the relative
fair value of the Note and the detachable warrants in total amount of $
61
and $
10
, respectively. The amount allocated to the warrants
was classified as a component of permanent equity (as their terms permit the holders to receive a fixed number of shares of common stock
upon exercise for a fixed exercise price), net of any related issuance costs.
Furthermore,
it was determined that the embedded conversion feature is required to be bifurcated from the host loan instrument. The embedded conversion
feature was recognized in total amount of $
60
upon initial recognition and in subsequent periods as derivative liability at fair value
through profit and loss. The excess of the fair value of identified instruments over net proceeds amounted to $
21
was recorded as part
of the "finance expenses" line in operations in the accompanying consolidated statement of operations for the year ended
December 31, 2020. In subsequent periods, the host loan instrument is accounted for using the effective interest method over the term
of the loan, until its stated maturity.
The balance of the loan
as of December 31, 2021 and 2020 amounted to $
0
and $
10
, respectively.
The
Company recorded expenses amounted to $
10
and $
9
related to remeasurement of the embedded conversion
feature and the discount amortization of the host loan instrument as part of the "finance expenses" line in operations in
the accompanying consolidated statement of operations for the year ended December 31, 2020.
During
the year ended December 31, 2021 the Company recorded expenses amounted to $(
37
)
and $
3
related to remeasurement of the embedded conversion
feature and the discount amortization of the host loan instrument as part of the "finance expenses" line in operations in
the accompanying consolidated statement of operations
F-
40
Table of Contents
TODOS
MEDICAL LTD.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)
(U.S.
dollars in thousands)
NOTE
10 - CONVERTIBLE BRIDGE LOANS, NET (Cont.)
I.
On
    June 15, 2020 (the "Issuance Date"), the Company entered into a Securities Purchase Agreement for issuance of Convertible
    Redeemable Note ("Note"), under which the Company received net cash of $
315
(which representing 84% of the gross Principal
    Amount of the note) from a private lender (the "Lender").
The
Note was issued with
16
% original issue discount totaling $
60
, bears interest at a flat rate of
2
% and has a maturity date of June 15,
2021 (the "Maturity Date") on which all principal and interest is due and payable in one payment. During the first 40 days
after the Issuance Date, the Company has the right to redeem the Note at a price equal to
125
% of the Note's face amount.
The
Lender is entitled, at its option, at any time, to convert all or any amount of the principal face amount of the Note and the accumulated
Interest then outstanding into the Company's ordinary shares at a price equal to 80% of the lower of (i) the lowest closing bid
price on the trading day prior to the Issuance Date or (ii) the lowest trading price of the ordinary shares as reported by the trading
market on which the Company's shares are traded, for the 20 prior trading days including the day upon which a conversion notice
is received (the "Conversion Price").
Upon
occurrence of Sale Event (as defined in the Note), upon the Lender request, the Company shall redeem the Note in cash in an amount equal
to 150% of the principal amount, plus accrued but unpaid interest through the redemption date, or at the Lender election, such Lender
may convert the unpaid principal amount of the Note and interest into ordinary shares of the Company at the Conversion Price immediately
prior to such Sale Event. At the closing date and December 31, 2020, the management considered Sale Event as remotely.
Upon
the occurrence of an Event of Default (as defined in the Note), the Note shall accrue interest at the lower of (i) 24% per annum or (ii)
the highest rate of interest permitted by law. In addition, the Company may be subject to the daily penalty pending of default scenario
as described in the Note.
It
was determined that the embedded conversion feature is required to be bifurcated from the host loan instrument. Upon initial recognition,
the management by assistance of third-party appraiser recognized an embedded conversion feature in total amount of $
374
and in subsequent
periods as derivative liability at fair value through profit and loss. In subsequent periods, the host loan instrument is accounted for
using the effective interest method over the term of the loan, until its stated maturity. The excess of the fair value of identified
instruments over net proceeds amounted to $
60
was recorded as part of the "finance expenses" line in operations in the accompanying
consolidated statement of operations for the year ended December 31, 2020.
The
balance of the loan as of December 31, 2020 amounted to $
24
. During 2021 the loan was fully converted into
23,803,446
share of common
stock of the Company.
The Company recorded expenses
amounted to $
173
and $
23
related to remeasurement of the embedded conversion
feature and the discount amortization of the host loan instrument as part of the "finance expenses" line in operations in
the accompanying consolidated statement of operations for the year ended December 31, 2020.
During
the year ended December 31, 2021 the Company recorded  expenses amounted to $
68
and $
659
related to remeasurement of the embedded conversion
feature and the discount amortization of the host loan instrument as part of the "finance expenses" line in operations in
the accompanying consolidated statement of operations.
F-
41
Table of Contents
TODOS
MEDICAL LTD.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)
(U.S.
dollars in thousands)
NOTE
10 - CONVERTIBLE BRIDGE LOANS, NET (Cont.)
J.
In
    June and July 2020, the Company entered into a Securities Purchase Agreement for issuance of Convertible Redeemable Note ("Note"),
    under which the Company received net cash of $
300
(which representing
75
% of the gross Principal Amount of the note) from two private
    lenders (the "Lenders").
The
Note was issued with
25
% original issue discount totaling $
100
, bears interest at a flat rate of
2
% and has a maturity date of
December
22, 2020
(the "Maturity Date") on which all principal and interest is due and payable in one payment.
During the first 40
days after the Issuance Date, the Company has the right to redeem the Note at a price equal to 125% of the Note's face amount.
The
Lenders are entitled, at its option, at any time, to convert all or any amount of the principal face amount of the Note and the accumulated
Interest then outstanding into the Company's ordinary shares at a price equal to 150% of the closing price on the closing date
and will be effective for 40 trading days from the closing date. After the initial 40 trading days, the conversion price shall equal
to the lower of (i) 60% of the lowest volume weighted average price trading price for the common stock as reported at the market reporting
trade prices for the common stock during the 10 trading days immediately prior to conversion, and including, the date of the conversion
notice; and (ii) 150% of the closing price on the closing date and the closing price on the effectiveness date of the registration statement,
including the day upon which a conversion notice is received by the Company (the "Conversion Price").
Upon
the occurrence of an Event of Default (as defined in the Note), the Note shall accrue interest at the lower of (i) 24% per annum or (ii)
the highest rate of interest permitted by law. In addition, the Company may be subject to the daily penalty pending of default scenario
as described in the Note.
The
Note is entitled to a disbursement of shares of
2,000,000
Ordinary Shares of the Company in consideration for issuing the notes (the
"Commitment Shares"). On January 18, 2021, the Commitment Shares have been issued to the Lenders.
The
Lenders are also entitled to an amount of
3,000,000
warrants to purchase the same number of ordinary shares for a period of five years
at an exercise price equal to $
0.10
subject to certain adjustments (the "Warrant").
Upon
initial recognition, the management by assistance of third-party appraiser allocated the net cash proceeds received based on the relative
fair value of the Note, the shares and the detachable warrants in total amount of $
360
, $
42
and $
51
, respectively. The amount allocated
to the warrants was classified as a component of permanent equity (as their terms permit the holders to receive a fixed number of shares
of common stock upon exercise for a fixed exercise price), net of any related issuance costs.
Furthermore,
it was determined that the embedded conversion feature is required to be bifurcated from the host loan instrument. The embedded conversion
feature was recognized in total amount of $
359
upon initial recognition and in subsequent periods as derivative liability at fair value
through profit and loss. The excess of the fair value of identified instruments over net proceeds amounted to $
153
was recorded as part
of the "finance expenses" line in operations in the accompanying consolidated statement of operations for the year ended
December 31, 2020. In subsequent periods, the host loan instrument is accounted for using the effective interest method over the term
of the loan, until its stated maturity.
As
of December 31, 2020, upon the occurrence of an Event of Default in which the Note was not repaid before or at the Maturity Date (due
to the Company discrete decision not to repay the loan for cash), the loan become subject to the provisions of ASC 480, "Distinguishing
Liabilities and Equity" as it become an obligation that will be settled by issuance of a variable number of shares (stock settle
obligation) and as such is measured at fair value through profit or loss. Consequently, the Company recorded expenses amounted to $
723
and ($
359
) related to remeasurement of the Note and its embedded conversion feature as part of the "finance expenses" line
in operations in the accompanying consolidated statement of operations for the year ended December 31, 2020.
The
balance of the loan as of December 31, 2021 and 2020 amounted to $
539
and $
724
, respectively
During the year ended December 31, 2021 the Company recorded income amounted to $(
74
)
related to discount amortization of the host loan instrument as part of the "finance expenses" line in operations in the
accompanying consolidated statement of operations.
F-
42
Table of Contents
TODOS
MEDICAL LTD.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)
(U.S.
dollars in thousands)
NOTE
10 - CONVERTIBLE BRIDGE LOANS, NET (Cont.)
K.
In
    July 2020, the Company entered into a Securities Purchase Agreement with institutional and high net worth investors (the "July
    2020 Loan Agreements" and "Lenders", respectively), under which the Company agreed to issue to the Lenders secured
    promissory convertible notes in an aggregate principal amount of $
1,881
(the "Convertible Note"). The Company received
    net cash of $
1,350
(which representing
71.8
% of the gross Principal Amount of the note) from the Lenders. The Convertible Note bears
    interest at a flat rate of
2
% (the "Interest") and have a maturity date of
6
-months period after receipt of the Loans
    funds (the "Maturity Date"). At Maturity Date the Company may pay the lender the loan principal and accrued interest
    in cash or at the option of the lender in shares of the Company.
The
Convertible Note may be redeemed at any time at an amount equal to 125% of the outstanding loan principal and unpaid interest. The Lenders
may convert the loan principal and accrued interest by 150% of the closing bid price and will be effective for 40 days following the
closing date. After the initial 40 days, the conversion price shall equal the lower of (i) 60% of the lowest VMAP trading price for the
common stock as reported on the market reporting trade prices for the common stock during 11 trading days immediately prior to the conversion
date (including conversion date) or (ii) 150% of the closing bid price on the closing date and (iii) 150% of the closing bid price on
the effectiveness date of the Company's registration statements registering the conversion shares.
Upon
event of default as defined in the Securities Purchase Agreement, the Lenders may require the Company to redeem all or any portion of
the note at the greater of default interest rate of 18% or the maximum rate permitted under applicable law (the "Event of Default
Price") together with liquidated damages of $250 plus an amount in cash equal to 1% of the Event of Default Price for each 30 day
period during which redemptions fail to be made. In addition, the Lenders may convert the loan principal and accrued interest by 150%
of the closing bid price and will be effective for 40 days following the closing date. After the initial 40 days, the conversion price
shall equal the lower of (i) 35% of the lowest VMAP trading price for the common stock as reported on the market reporting trade prices
for the common stock during 11 trading days immediately prior to the conversion date (including the conversion date), (ii) 150% of the
closing bid price on the closing date and (iii) 150% of the closing bid price on the effectiveness date of the Company's registration
statements registering the conversion shares.
The
Lenders are also entitled to an amount of
10,513,513
warrants to purchase the same number of ordinary shares for a period of five years
at an exercise price equal to $
0.10
subject to certain adjustments (the "Warrant"). If at the time of exercise hereof there
is no effective registration statement registering, or the prospectus contained therein is not available for the issuance of the Warrant
Shares to the Lenders, then the Warrant may also be exercised, in whole or in part, at such time by means of a "cashless exercise".
In addition, the Lenders are entitled to an option to require the Company to purchase the Warrant for cash in an amount equal to their
Black-Scholes Option Pricing Model value (the Black-Scholes Model), in the event that certain fundamental transactions (which some of
them are not considered solely within the control of the Company) as defined in the warrant agreement, occur.
The
Company also entered into a Security Agreement with one of the lenders under which the Company granted a security interest to the
lender in all equipment now existing or hereafter arising or acquired (see also Note 10K). The Company also issued the
Lenders an amount of
7,333,333
shares
as a commitment fee (the "Commitment Shares") and an additional
2,000,000
shares
as a diligence fee (the "Diligence Shares") to one of the Lenders.
Upon
initial recognition, the management by assistance of third-party appraiser allocated the net cash proceeds received based on the relative
fair value of the Note, the shares and the detachable warrants in total amount of $
1,710
, $
230
and $
237
, respectively. The amount allocated
to the warrants was classified as a component of permanent equity (as their terms permit the holders to receive a fixed number of shares
of common stock upon exercise for a fixed exercise price), net of any related issuance costs.
Furthermore,
it was determined that the embedded conversion feature is required to be bifurcated from the host loan instrument. The embedded conversion
feature was recognized in total amount of $
1,708
upon initial recognition and in subsequent periods as derivative liability at fair value
through profit and loss. The excess of the fair value of identified instruments over net proceeds amounted to $
826
was recorded as part
of the "finance expenses" line in operations in the accompanying consolidated statement of operations for the year ended
December 31, 2020. In subsequent periods, the host loan instrument is accounted for using the effective interest method over the term
of the loan, until its stated maturity.
F-
43
Table of Contents
TODOS
MEDICAL LTD.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)
(U.S.
dollars in thousands)
NOTE
10 - CONVERTIBLE BRIDGE LOANS, NET (Cont.)
Amendments
to July 2020 Loan Agreement:
On
November 4, 2020 (the "Effective Date"), the Company entered into amendment to July 2020 Loan Agreement with the one of its
lenders, under which it was determined to as follows: (i) the lender consented the Company entering into the Secured Convertible Equipment
Loan Agreements (see also Note 8A above); (ii) the lender subordinated its security interest in the four Liquid Handler Machines to the
security interest that will be granted by the Company to the lender parties under the Secured Convertible Equipment Loan Agreements (see
also Note 8H above); (iii) the lender waived the Registration Statement Events of Default (with respect to the Registration Statement
Event of Default, the Company shall be granted an extension of 60 days from the Effective Date to cause the Registration Statement registering
for resale the ordinary shares of the Company held by lender to be declared effective); (iv) the lender waived its rights under the most
favored nation clause only with respect to the Secured Convertible Equipment Loan Agreements and only under the condition that other
creditors of the Company also waive their rights under any most favored nation clauses they may be otherwise entitle to with respect
to the Secured Convertible Equipment Loan Agreements and (v) the Note shall be amended as follows: (i)
the Conversion Price shall in
no event be greater than $0.05; (ii) an amount equal to 25% of the total outstanding amount due under the Note shall be added to the
Principal amount and (iii) an additional 2.5 million warrants shall be issued in the same form as those issued pursuant to the Purchase
Agreement.
The
management has determined by using the assistance of third-party appraiser that the fair value of the modified loans amounted to $
1,434
plus the fair value of the Third Warrant amounted to $
115
are considered as substantially different from the fair value of the convertible
bridge loans amounted to $
1,100
prior to the exchange date. Consequently, the original convertible bridge loans were derecognized, the
new loans were initially recorded at fair value as current financial liability and the Third Warrant was initially recorded at fair value
as an increase of additional paid-in capital. The Company recorded an extinguishment amount of $
449
as part of "Finance Expenses"
line in operations in the accompanying consolidated statement of operations for the year ended December 31, 2020.
The
balance of the loans as of December 31, 2021 and 2020 amounted to $
899
and $
1,664
, respectively. The Company recorded expenses amounted
to $(
66
) and $
1,991
related to remeasurement of the embedded conversion feature and the discount amortization of the host loan instrument
as part of the "finance expenses" line in operations in the accompanying consolidated statement of operations for the year
ended December 31, 2020. During the year ended December 31, 2021 the Company recorded expenses amounted to $
0
and $
4,030
related to remeasurement
of the embedded conversion feature and the discount amortization of the host loan instrument as part of the "finance expenses"
line in operations in the accompanying consolidated statement of operations.
F-
44
Table of Contents
TODOS
MEDICAL LTD.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)
(U.S.
dollars in thousands)
NOTE
10 - CONVERTIBLE BRIDGE LOANS, NET (Cont.)
L.
On
    August 21, 2020, the Company entered into a Securities Purchase Agreement for issuance of Convertible Promissory Note ("Note"),
    under which the Company received net cash of $
175
(which representing
30
% of the gross Principal Amount of the note) from private
    lender (the "Lender").
The
Note was issued with
25
% original issue discount totaling $
75
, bears interest at a flat rate of
10
% and has a maturity date of
November
21, 2020
(the "Maturity Date") on which all principal and interest is due and payable in one payment. The Company may, at
its option, at any time and from time to time, prepay all or any part of the principal balance of this Note before the Maturity Date,
with a penalty or premium equal to 20% of the sum of any outstanding Principal and any interest accrued as of the prepayment date.
The
Lender at its sole option, may convert the outstanding Principal Amount of the Note, or any portion of the Principal Amount hereof, and
any accrued interest, in whole or in part, into shares of the common stock of the Company.
Any amount so converted will be converted
into common stock of the Company at a price equal to the lower of (1) the closing market price on the date of closing and (2) 60% of
the lowest daily volume weighted average price ("VWAP") of the Common Stock as reported on the market during the 11 trading
days immediately prior to but not including the date of conversion ("Conversion Price"). In addition, the Lender must convert
any outstanding balances due under the Note within 15 days if, (a) the Company successfully uplists its common stock to trade on the
Nasdaq stock exchange, and (2) there is an effective registration statement on file with the Securities and Exchange Commission that
includes a registration of the common stock underlying the Note.
The
Company agrees to reimburse the Lender's certificate processing cost by adding $
1.5
to the Principal for each note conversion effected
by Lender.
Upon
the occurrence of an Event of Default (as defined in the Note), there shall be a default charge equal to 30% of the sum of any unpaid
principal plus any interest accrued as of the default date. In the event that Lender at its sole discretion elects to allow the Company
to continue with repayment of the principal and interest on the Note after an Event of Default, the interest rate on the unpaid principal
of the Note will be change to 18% or the highest interest rate currently allowable under Nevada law for loans of the above amount (the
"Default Interest Rate").
The
Lender is also entitled to an amount of
8,000,000
warrants to purchase the same number of ordinary shares for a period of five years
at an exercise price equal to $
0.10
subject to certain adjustments (the "Warrant").
Upon
initial recognition, the management by assistance of third-party appraiser allocated the net cash proceeds received based on the relative
fair value of the Note and the detachable warrants in total amount of $
267
and $
123
, respectively. The amount allocated to the warrants
was classified as a component of permanent equity (as their terms permit the holders to receive a fixed number of shares of common stock
upon exercise for a fixed exercise price), net of any related issuance costs.
Furthermore,
it was determined that the embedded conversion feature is required to be bifurcated from the host loan instrument. The embedded conversion
feature was recognized in total amount of $
266
upon initial recognition and in subsequent periods as derivative liability at fair value
through profit and loss. The excess of the fair value of identified instruments over net proceeds amounted to $
215
was recorded as part
of the "finance expenses" line in operations in the accompanying consolidated statement of operations for the year ended
December 31, 2020. In subsequent periods, the host loan instrument is accounted for using the effective interest method over the term
of the loan, until its stated maturity.
As
of December 31, 2020, upon the occurrence of an Event of Default in which the Note was not repaid before or at the Maturity Date (due
to the Company discrete decision not to repay the loan for cash), the loan become subject to the provisions of ASC 480, "Distinguishing
Liabilities and Equity" as it become an obligation that will be settled by issuance of a variable number of shares (stock settle
obligation) and as such is measured at fair value through profit or loss (see also Note 2W). Consequently, the Company recorded expenses
amounted to $
463
and ($
266
) related to remeasurement of the Note and its embedded conversion feature as part of the "finance expenses"
line in operations in the accompanying consolidated statement of operations for the year ended December 31, 2020.
The
balance of the loan as of December 31, 2020 amounted to $
464
. In March 2021 the loan was converted into
6,337,180
shares of common stock
of the Company.
During the year ended December 31,
2021 the Company recorded expenses amounted to $(
188
) as part of the "finance expenses" line in operations in the
accompanying consolidated statement of operations.
F-
45
Table of Contents
TODOS
MEDICAL LTD.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)
(U.S.
dollars in thousands)
NOTE
10 - CONVERTIBLE BRIDGE LOANS, NET (Cont.)
M.
Secured
    Convertible Equipment Loan Agreement
On
December 31, 2020 (the "Effective Date"), the Company entered into Secured Convertible Equipment Loan Agreement with a private
lender (the "Lender"), under which at the Effective Date and for the purpose for purchasing two Liquid Handler Machines (the
"Collateral") to be placed in the laboratory of a Company's client, the Company will receive from the Lender a net
cash amount of $
450
which is including an original issue discount at the rate of
40
% valued at $
300
, representing a face value of $
750
for the loan (the "Aggregate Loan Principal Amount"). In addition, the Company incurred incremental and direct costs of $
54
.
In
addition, under the terms of the Secured Convertible Equipment Loan Agreement, the Lender will be entitled to receive a royalty at a
rate of
12.5
% of all amounts resulting from any diagnostic tests performed by the two liquid handler machines.
During the initial payback
period and up until the earlier of either (a) April 30, 2021, or (b) the aggregate loan amount is paid in full, all royalty payments
made to Lender will be counted towards their loan balance. Thereafter, the royalties continue so long as the machines are in use.
The
Aggregate Loan Principal Amount was received in January 2021.
The
Company has determined that its obligation for future royalties under the Secured Convertible Equipment Loan Agreement represent contingent
interest feature. However, it was determined that such feature is not required to be bifurcated and accounted for as derivatives, as
they are eligible for the scope exception prescribed under ASC Topic 815-10-15-59 (d) with respect to certain contracts that are not
traded on an exchange, as the underlying is an entity specific performance measure. Accordingly, the obligation for future royalties
was accounted for in accordance with the provisions of ASC Topic 450, Contingencies.
As
the secured loan upon its original term does not include conversion feature (such feature will only become applicable as a penalty, upon
the Company's failure to repay the Aggregate Loan Principal Amount by the Maturity Date), the liability was accounted for using
the effective interest method over the term of the loans until their stated Maturity Date.
Total
discount amortization expenses of $
2,414
,
were recorded as part of "Finance Expenses" line in operations in the accompanying consolidated statement of operations for
the year ended December 31, 2021. During the year ended December 31, 2021 the lender exercise the entire loan amount into
81,736,111
ordinary shares of the Company with aggregated
value of $
2,810
.
N.
Securities
    Purchase Agreement
On
January 22, 2021, the Company entered into a Securities Purchase Agreement with Yozma Global Genomic Fund 1 ("Yozma") pursuant
to which Yozma purchased from Todos a convertible note in the original principal amount of up to $
4,857
. The original principal amount
has been originally issued with
30
% discount of aggregated amount of $
1,457
, bearing per annum interest at a flat rate of
4
% (the "Interest")
until it becomes due and payable, whether upon the maturity date, which is
January 22, 2022
, acceleration, conversion, redemption or
otherwise (in each case in accordance with the terms hereof) (the "Maturity Date"). In addition, the outstanding principal
amount to be converted, redeemed or otherwise with respect to which this determination is being made and the accrued and unpaid Interest
with respect to such outstanding principal amount shall be converted into shares of the Company at conversion price of $
0.07161
(the
"Conversion Price"). Subsequent to the effective date of the registration statement registering for resale the Conversions
Shares and the Warrant Shares pursuant to the Purchase Agreement, if the closing sale price of the Common Stock averages less than the
then Conversion Price over a period of
10
consecutive trading days, the Conversion Price shall reset to such average price. If the 10-day
volume weighted average price of the Common Stock continues to be less than the Conversion Price, then the Conversion Price should reset
to such 10-day average price with a maximum of a
20
% discount from the initial Conversion Price.
At
the Company's option and upon 30 days' notice to Yozma,
33
% of the outstanding Principal and accrued and unpaid Interest
of the Note (the "Repayment Amount") may be redeemed at any time at an amount equal to
115
% of the Repayment Amount. The
foregoing notwithstanding, Yozma may convert any or all of the Note into shares of Common Stock at any time. Through September 30, 2021,
the Company has not redeemed any of the outstanding principal amount and accrued interest, and Yozma has not converted any portion of
the Note into shares.
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TODOS
MEDICAL LTD.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)
(U.S.
dollars in thousands)
NOTE
10 - CONVERTIBLE BRIDGE LOANS, NET (Cont.)
At
any time after Yozma becoming aware of an Event of Default as defined in the Securities Purchase Agreement, Yozma may require the Company
to redeem (an "Event of Default Redemption") all or any portion of the Note in cash by wire transfer of immediately available
funds at a price equal to principal amount plus interest calculated from the Event of Default at the greater of the default interest
at a rate of
18
% per annum or the maximum rate permitted under applicable law (the "Event of Default Redemption Price") together
with liquidated damages of $
250
plus an amount in cash equal to
1
% of the Event of Default Redemption Price for each 30 day period during
which redemptions fail to be made. No event of default has occurred through September 30, 2021.
In
addition, the Company granted Yozma a warrant to purchase up to
16,956,929
ordinary shares for a period of
5
years with a fixed exercise
price equal to $
0.107415
, subject to certain adjustments (the "Warrant"). If at the time of exercise hereof there is no effective
registration statement registering, or the prospectus contained therein is not available for the issuance of the Warrant Shares to Yozma,
then the Warrant may also be exercised, in whole or in part, at such time by means of a net shares settlement. Moreover, Yozma is entitled
to an option to require the Company to purchase the Warrant for cash in an amount equal to their Black-Scholes Option Pricing Model value
(the Black-Scholes Model), upon occurrence of fundamental transactions, as defined in the warrant agreement, occur.
Upon
initial recognition, the management by assistance of third-party appraiser allocated the net cash proceeds received based on the relative
fair value of the Note and the detachable warrants in total amount of $
423
and $
861
, respectively. The amount allocated to the warrants
was classified as a component of permanent equity (as their terms permit the holders to receive a fixed number of shares of common stock
upon exercise for a fixed exercise price), net of any related issuance costs and as upon fundamental transaction the warrants holder
shall be entitled to receive from the Company the same type of form of consideration such as holders of common stock.
Furthermore,
it was determined that the embedded conversion feature is required to be bifurcated from the host loan instrument. The embedded conversion
feature was recognized in total amount of $
2,116
upon initial recognition and in subsequent periods as derivative liability at fair value
through profit and loss. The remaining amounted to $
423
was allocated to the host loan instrument, which in subsequent periods is
accounted for using the effective interest method over the term of the loan, until its stated maturity.
The
Company recorded an income of $
1,552
and expense of $
3,939
related to remeasurement of the embedded conversion feature of convertible
bridge loan and the discount amortization of the host loan instrument, respectively, as part of the "Finance Expenses" line
in operations in the accompanying consolidated statement of operations for the year ended December 31, 2021.
In
addition, on October 7, 2020, the Company entered into consulting agreement with Aslano Private Limited ("Aslano") whereby
Aslano will render non-exclusive advice and service to the Company concerning equity and/or debt financing with certain Potential Buyer
or Investor or Financing Party as defined in the consulting agreement in exchange for success fee equal to
8
% of the gross amount paid
by the Potential Buyer or Investor or Financing Party. In consideration for Aslano's non-exclusive services with respect to the
aforesaid Securities Purchase Agreement, during the year ended December 31, 2021, the Company incurred incremental and direct finder
fee cost of $
272
which was allocated to the identified components (i.e. convertible bridge loans, bifurcated embedded conversion feature
and detachable Warrant) consistent with the allocation of the proceeds issuance expenses. Consequently, an amount of $
34
, $
169
and $
69
out of which was recorded as additional discount of the convertible bridge loans, immediate charge to finance expenses and as deduction
of additional paid-in capital, respectively, at the outset of the transaction.
O.
Closing
    Agreement
On
March 3, 2021, the Company and one of its lenders entered into a Closing Agreement (the "Closing Agreement"), under which
the lender exercised its right to invest an additional $
884
into the Company in the form of July 2020 Convertible
Notes (the "Tranche 2 Securities"). The original principal amount has been issued with
30
%
discount of aggregated amount
of $
379
bearing per annum interest at a flat rate of
2
%
(the "Interest"). In addition, the Company covenanted and agreed
to file a registration agreement with respect to the Tranche 2 Securities on or before the earlier to occur of (i) the date that the
Company files a registration statement with respect to any other securities of the Company or (ii) April 1, 2021 (such date, the "Tranche
2 Filing Date") and cause a registration statement to be declared effective under the Securities Act with respect to the Tranche
2 Securities on or before May 1, 2021.
The
Company acknowledges that failure to timely comply with the foregoing obligations will subject the Company to substantial liability under
the Registration Agreement, including without limitation liquidated damages in the amount of $250, along with an amount of cash accruing
each month equal to the value of 1% of the value of the Tranche 2 Securities.
In
addition, the Company granted the lender warrants to purchase up to
5,513,513
ordinary shares and issued
6,000,000
shares.
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47
Table of Contents
TODOS
MEDICAL LTD.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)
(U.S.
dollars in thousands)
NOTE
10 - CONVERTIBLE BRIDGE LOANS, NET (Cont.)
Upon
initial recognition, it was determined that the embedded conversion feature is required to be bifurcated from the host loan instrument.
The management by assistance of third-party appraiser measured the embedded conversion feature in total amount of $
1,127
upon initial recognition and in subsequent periods
as derivative liability at fair value through profit and loss. The excess of the fair value of identified instruments over net proceeds
upon initial recognition amounted to $
243
was recorded as part of the "Finance Expenses"
line in operations in the accompanying consolidated statement of operations. In subsequent periods, the host loan instrument is accounted
for using the effective interest method over the term of the loan, until its stated maturity.
The
Company recorded additional interest expenses amounting to $
2,776
related to valuation of the loan to fair value
upon default event and income of $
34
related to remeasurement of the embedded conversion
feature, which were recorded as part of the "Finance Expenses" line in operations in the accompanying consolidated statement
of operations for the year ended December 31, 2021.
P.
Securities
    Purchase Agreements
1.
On
    April 9, 2021, the Company entered into a Securities Purchase Agreement (the "SPA") with a Family Office Investor (the
    "Family Office") to which the Company has agreed to issue a promissory convertible note (the "Note") to the
    Family Office in the principal amount of $
4,286
for proceeds of $
3,000
(the "Transaction"). The closing occurred on April
    12, 2021. The Note has a maturity date of one year from the date of issuance and pays interest at a rate of
4
% per annum. The Note
    is convertible into shares of Common Stock (the "Conversion Shares") at a conversion price of $
0.0599
(the "Conversion
    Price). In addition, the Family Office received a warrant (the "Warrant") to purchase up to
16,000,000
shares of Common
    Stock (the "Warrant Shares") of the Company with an exercise price equal to $
0.107415
per share. The Warrant is exercisable
    for a
5
-year period from the issuance date. Upon a listing of the Company's common shares onto a national exchange, the Note
    will exchange into a class of Series A Preferred Shares in order to help improve the Company's shareholder equity to meet the
    Nasdaq CM Initial Listing Standards.
The
Family Office shall have the option, exercisable at the Family Office's sole discretion, on the date that is ninety (90) days following
the date of effectiveness of a registration statement filed by the Company, to purchase a Second Note and the Second Warrant, for a principal
amount of $
4,286
for a consideration of $
3,000
and a Warrant to purchase up to
16,000,000
shares of Common Stock, with an exercise price
equal to $
0.107415
per share.
Upon
initial recognition, the management by assistance of third-party appraiser allocated the net cash proceeds received based on the relative
fair value of the Note and the detachable warrants in total amount of $
1
and $
508
, respectively. The amount allocated to the warrants
was classified as a component of permanent equity (as their terms permit the holders to receive a fixed number of shares of common stock
upon exercise for a fixed exercise price), net of any related issuance costs and as upon fundamental transaction the warrants holder
shall be entitled to receive from the Company the same type of form of consideration such as holders of common stock.
Furthermore,
it was determined that the Convertible note is hybrid instrument embodies both an embedded derivative and a host contract and that the
embedded conversion feature is required to be bifurcated from the host loan instrument using the with-and-without method. The embedded
derivative was measured first at fair value, and the residual amount was allocated to the host contract. The embedded conversion feature
was recognized in total amount of $
3,007
upon initial recognition and in subsequent periods as derivative liability at fair value through
profit and loss. The host loan instrument is accounted for, in subsequent periods, using the effective interest method over the term
of the loan, until its stated maturity.
The excess of the fair
value of identified instruments over net proceeds upon initial recognition amounted to $
516
was recorded as part of the "Finance
Expenses" line in operations in the accompanying consolidated statement of operations.
The
Company recorded an income of $
1,565
and expenses of $
466
related to remeasurement of the embedded conversion
feature of convertible bridge loan and the discount amortization of the host loan instrument, respectively, as part of the "Finance
Expenses" line in operations in the accompanying consolidated statement of operations for the year ended December 31, 2021.
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Table of Contents
TODOS
MEDICAL LTD.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)
(U.S.
dollars in thousands)
NOTE
10 - CONVERTIBLE BRIDGE LOANS, NET (Cont.)
2.
Further
    to the Securities Purchase Agreement described in Note 10Q above, on April 27, 2021, the Company entered into an additional
    Securities Purchase Agreement (the "SPA") with Yozma to which the Company has agreed to issue a promissory convertible
    note (the "Note") to Yozma in the principal amount of $
4,714
for proceeds of $
3,300
(the "Transaction"). The closing
    occurred on April 27, 2021. The Note has a maturity date of one year from the date of issuance and pays interest at a rate of
4
%
    per annum. The Note is convertible into shares of Common Stock (the "Conversion Shares") at a conversion price of $
0.0599
(the "Conversion Price). In addition,
    Yozma received a warrant (the "Warrant") to purchase up to
16,458,196
shares of Common Stock (the "Warrant
    Shares") of the Company with an exercise price equal to $
0.107415
per share. The Warrant is exercisable for
    a
5
-year
    period from the issuance date. Upon a listing of the Company's common shares onto a national exchange, the Note will exchange
    into a class of Series A Preferred Shares in order to help improve the Company's shareholder equity to meet the Nasdaq CM Initial
    Listing Standards.
Upon
initial recognition, the management by assistance of third-party appraiser allocated the net cash proceeds received based on the relative
fair value of the Note and the detachable warrants in total amount of $
378
and $
2,922
, respectively. The amount allocated to the warrants
was classified as a component of permanent equity (as their terms permit the holders to receive a fixed number of shares of common stock
upon exercise for a fixed exercise price), net of any related issuance costs and as upon fundamental transaction the warrants holder
shall be entitled to receive from the Company the same type of form of consideration such as holders of common stock.
The
Company recorded expenses in the amount of $
1,779
, related to remeasurement of the host loan instrument as part of the "Finance
Expenses" line in operations in the accompanying consolidated statement of operations for the for the year ended December 31, 2021.
The
Company has agreed to file a registration statement on Form S-1 with the Securities and Exchange Commission registering for resale the
Conversion Shares and the Warrant Shares (the "Registration Statement) under the above two transactions. Subsequent to the effective
date of such registration statement, if the closing sale price of the Common Stock averages less than the then Conversion Price over
a period of 10 consecutive trading days, the Conversion Price shall reset to such average price. If the 10-days volume weighted average
price of the Common Stock continues to be less than the Conversion Price then the Conversion Price should reset to such 10-day average
price with a maximum of a 20% discount from the initial Conversion Price.
On
May 13, 2021, the Company filed a registration statement on Form S-1 with respect to up to
240,591,462
ordinary shares to be issued pursuant
to Securities Purchase Agreement with Family Office and Yozma (first and second Tranches). As the Company complied with the registration
statement filing requirements, as of December 31, 2021, no accrual has been recorded for liquidated damages since the amount to be paid
was not probable and reasonably estimate under ASC 450 "Contingencies".
3.
On
    July 7, 2021, the Company entered into a Securities Purchase Agreement (the "SPA") with an institutional investor (the
    "Purchaser") pursuant to which the Company has agreed to issue a promissory convertible note (the "Note")
    to the Purchaser in the principal amount of $
1,536
for proceeds of $
1,075
(the "Transaction"). The closing occurred on
    July 7, 2021 (the "Closing Date"). The Note has a maturity date of one year from the date of issuance and pays interest
    at a rate of
4
% per annum. The Note is convertible into shares of Common Stock (the "Conversion Shares") at a conversion
    price of $
0.0599
(the "Conversion Price). In addition, the Purchaser received a warrant (the "Warrant") to purchase
    up to
3,440,000
shares of Common Stock (the "Warrant Shares") of the Company with an exercise price equal to $
0.107415
per share. The Warrant is exercisable for
5
years from the date of issuance. From the Closing Date until 180 days thereafter, the
    Company shall be restricted from issuing or entering into any agreement to issue any shares of Common Stock, except under certain
    circumstances. This provision shall no longer be in effect if the closing sale price of the Common Stock exceeds $
0.10
. The Company
    intends to use the net proceeds for general corporate purposes.
The
Company has agreed to file a registration statement with the Securities and Exchange Commission registering for resale of the Conversion
Shares and the Warrant Shares (the "Registration Statement). Subsequent to the effective date of such registration statement, if
the closing sale price of the Common Stock averages less than the then Conversion Price over a period of ten (10) consecutive trading
days, the Conversion Price shall reset to such average price. If the 10-day volume weighted average price of the Common Stock continues
to be less than the Conversion Price then the Conversion Price should reset to such 10-day average price with a maximum of a 20% discount
from the initial Conversion Price.
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49
Table of Contents
TODOS
MEDICAL LTD.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)
(U.S.
dollars in thousands)
NOTE
10 - CONVERTIBLE BRIDGE LOANS, NET (Cont.)
Upon
initial recognition, the management by assistance of third-party appraiser allocated the net cash proceeds received based on the relative
fair value of the Note and the detachable warrants in total amount of $
954
and $
121
,
respectively. The amount allocated to the warrants was classified as a component of permanent equity (as their terms permit the holders
to receive a fixed number of shares of common stock upon exercise for a fixed exercise price), net of any related issuance costs and
as upon fundamental transaction the warrants holder shall be entitled to receive from the Company the same type of form of consideration
such as holders of common stock.
Furthermore,
it was determined that the Convertible note is hybrid instrument embodies both an embedded derivative and a host contract and that the
embedded conversion feature is required to be bifurcated from the host loan instrument using the with-and-without method. The embedded
derivative was measured first at fair value, and the residual amount was allocated to the host contract. The embedded conversion feature
was recognized in total amount of $
257
upon initial recognition and in subsequent periods as derivative liability at fair value through
profit and loss. The host loan instrument is accounted for, in subsequent periods, using the effective interest method over the term
of the loan, until its stated maturity.
The
Company recorded expenses of $
459
and $
345
related to remeasurement of the embedded conversion feature of convertible bridge
loan and the discount amortization of the host loan instrument, respectively, as part of the "Finance Expenses" line in operations
in the accompanying consolidated statement of operations for the year ended December 31, 2021.
4.
On
    September 23, 2021, the Company completed the conditions precedent required to enter into a Securities Purchase Agreement (the "SPA")
    with an institutional investor (the "Purchaser") pursuant to which the Company issued a promissory convertible note (the
    "Note") to the Purchaser in the principal amount of $
2,857
for proceeds of $
2,000
(the "Transaction"). The
    Note has a maturity date of one year from the date of issuance and pays interest at a rate of
4
% per annum. The Note is convertible
    into shares of Common Stock (the "Conversion Shares") at a conversion price of $
0.0599
(the "Conversion Price).
    In addition, the Purchaser received a warrant (the "Warrant") to purchase up to
11,924,636
shares of Common Stock (the
    "Warrant Shares") of the Company with an exercise price equal to $
0.107415
per share. The Warrant is exercisable for
5
years from the date of issuance. The Company intends to use the net proceeds from this Note to initiate Phase 2/3 trials for Tollovir™
    COVID-19 patients, initiate digital marketing for its dietary supplement Tollovid®, increase sales & marketing for Provista
    Diagnostics, and for general corporate purposes.
The
Company has agreed to file a registration statement with the Securities and Exchange Commission registering for resale the Conversion
Shares and the Warrant Shares (the "Registration Statement). Subsequent to the effective date of the Registration Statement, if
the closing sale price of the Common Stock averages less than the then Conversion Price over a period of ten (10) consecutive trading
days, the Conversion Price shall reset to such average price. If the 10 day volume weighted average price of the Common Stock continues
to be less than the Conversion Price then the Conversion Price should reset to such 10-day average price with a maximum of a 20% discount
from the initial Conversion Price.
Upon
initial recognition, the management by assistance of third-party appraiser allocated the net cash proceeds received based on the relative
fair value of the Note and the detachable warrants in total amount of $
1,442
and $
558
,
respectively. The amount allocated to the warrants was classified as a component of permanent equity (as their terms permit the holders
to receive a fixed number of shares of common stock upon exercise for a fixed exercise price), net of any related issuance costs and
as upon fundamental transaction the warrants holder shall be entitled to receive from the Company the same type of form of consideration
such as holders of common stock.
Furthermore,
it was determined that the Convertible note is hybrid instrument embodies both an embedded derivative and a host contract and that the
embedded conversion feature is required to be bifurcated from the host loan instrument using the with-and-without method. The embedded
derivative was measured first at fair value, and the residual amount was allocated to the host contract. The embedded conversion feature
was recognized in total amount of $
152
upon initial recognition and in subsequent periods as derivative liability at fair value through
profit and loss. The host loan instrument is accounted for, in subsequent periods, using the effective interest method over the term
of the loan, until its stated maturity.
The
Company recorded expenses of $
41
and $
357
related to remeasurement of the embedded conversion
feature of convertible bridge loan and the discount amortization of the host loan instrument, respectively, as part of the "Finance
Expenses" line in operations in the accompanying consolidated statement of operations for the year ended December 31, 2021.
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50
Table of Contents
TODOS
MEDICAL LTD.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)
(U.S.
dollars in thousands)
NOTE
10 - CONVERTIBLE BRIDGE LOANS, NET (Cont.)
5.
On
    October 21, 2021, the Company entered into a Securities Purchase Agreement (the "SPA") with an institutional investor
    (the "Purchaser") pursuant to which the Company has agreed to issue a promissory convertible note (the "Note")
    to the Purchaser in the principal amount of $
1,428
for proceeds of $
1,000
(the "Transaction"). The closing occurred on
    October 22, 2021 (the "Closing Date"). The Note has a maturity date of one year from the date of issuance and pays interest
    at a rate of
4
% per annum. The Note is convertible into shares of Common Stock (the "Conversion Shares") at a conversion
    price of $
0.0599
(the "Conversion Price). In addition, the Purchaser received a warrant (the "Warrant") to purchase
    up to
3,440,000
shares of Common Stock (the "Warrant Shares") of the Company with an exercise price equal to $
0.107415
per share. The Warrant is exercisable for
5
years from the date of issuance. The Company intends to use the net proceeds from this
    Note to continue funding the ongoing Phase 2 clinical trial of Tollovir® in hospitalized COVID-19 patients, beginning the initial
    marketing campaign for the cPass neutralizing antibody test launch at Provista Diagnostics and general corporate purposes.
The
Company has agreed to file a registration statement with the Securities and Exchange Commission registering for resale the Conversion
Shares and the Warrant Shares (the "Registration Statement). Subsequent to the effective date of the Registration Statement, if
the closing sale price of the Common Stock averages less than the then Conversion Price over a period of ten (10) consecutive trading
days, the Conversion Price shall reset to such average price. If the 10 day volume weighted average price of the Common Stock continues
to be less than the Conversion Price then the Conversion Price should reset to such 10-day average price with a maximum of a 20% discount
from the initial Conversion Price.
Upon
initial recognition, the management by assistance of third-party appraiser allocated the net cash proceeds received based on the relative
fair value of the Note and the detachable warrants in total amount of $
877
and $
123
,
respectively. The amount allocated to the warrants was classified as a component of permanent equity (as their terms permit the holders
to receive a fixed number of shares of common stock upon exercise for a fixed exercise price), net of any related issuance costs and
as upon fundamental transaction the warrants holder shall be entitled to receive from the Company the same type of form of consideration
such as holders of common stock.
Furthermore,
it was determined that the Convertible note is hybrid instrument embodies both an embedded derivative and a host contract and that the
embedded conversion feature is required to be bifurcated from the host loan instrument using the with-and-without method. The embedded
derivative was measured first at fair value, and the residual amount was allocated to the host contract. The embedded conversion feature
was recognized in total amount of $
356
upon initial recognition and in subsequent periods as derivative liability at fair value through
profit and loss. The host loan instrument is accounted for, in subsequent periods, using the effective interest method over the term
of the loan, until its stated maturity.
The
Company recorded expenses of $
360
and $
123
related to remeasurement of the embedded conversion
feature of convertible bridge loan and the discount amortization of the host loan instrument, respectively, as part of the "Finance
Expenses" line in operations in the accompanying consolidated statement of operations for the year ended December 31, 2021.
6.
On
    November 2, 2021, the Company entered into a Securities Purchase Agreement (the "SPA") with an institutional investor
    (the "Purchaser") which was amended on November 24, 2021, pursuant to which the Company has agreed to issue a promissory
    convertible note (the "Note") to the Purchaser in the principal amount of $
1,432
for proceeds of $
1,000
(the "Transaction").
    The closing occurred on November 2, 2021 (the "Closing Date"). The Note has a maturity date of one year from the date
    of issuance and pays interest at a rate of
4
%
per annum. The Note is convertible into shares of Common Stock (the "Conversion
    Shares") at a conversion price of $
0.06
(the "Conversion Price). In addition, the Purchaser received a warrant (the "Warrant")
    to purchase up to
3,733,333
shares of Common Stock (the "Warrant Shares") of the Company with an exercise price equal
    to $
0.107
per share. The Warrant is exercisable for
5
years from the date of issuance.
Upon
    initial recognition, the management by assistance of third-party appraiser allocated the net cash proceeds received based on the
    relative fair value of the Note and the detachable warrants in total amount of $
727
and $
208
, respectively. The amount allocated
    to the warrants was classified as a component of permanent equity (as their terms permit the holders to receive a fixed number of
    shares of common stock upon exercise for a fixed exercise price), net of any related issuance costs and as upon fundamental transaction
    the warrants holder shall be entitled to receive from the Company the same type of form of consideration such as holders of common
    stock.
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51
Table of Contents
TODOS
MEDICAL LTD.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)
(U.S.
dollars in thousands)
NOTE 10 - CONVERTIBLE
BRIDGE LOANS, NET (Cont.)
Furthermore,
                                            it was determined that the Convertible note is hybrid instrument embodies both an embedded
                                            derivative and a host contract and that the embedded conversion feature is required to be
                                            bifurcated from the host loan instrument using the with-and-without method. The embedded
                                            derivative was measured first at fair value, and the residual amount was allocated to the
                                            host contract. The embedded conversion feature was recognized in total amount of $
68
upon
                                            initial recognition and in subsequent periods as derivative liability at fair value through
                                            profit and loss. The host loan instrument is accounted for, in subsequent periods, using
                                            the effective interest method over the term of the loan, until its stated maturity.
The
                                            Company recorded expenses of $
39
and $
89
related to remeasurement of the embedded conversion
                                            feature of convertible bridge loan and the discount amortization of the host loan instrument,
                                            respectively, as part of the "Finance Expenses" line in operations in the accompanying
                                            consolidated statement of operations for the year ended December 31, 2021.
7.
During
    2021, the Company entered into additional Securities Purchase Agreements in total amount of $
1,171
with several lenders.
NOTE
11 –
LEASES
A.
The components of operating lease cost for the year ended December 31, 2021 and 2020 were as follows:
December 31,
2021
2020
Operating lease costs
20
-
Short-term lease cost
86
-
Total operating lease cost
106
-
B.
Supplemental cash flow information related to operating leases was as follows:
December 31,
2021
2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases
10
-
Right-of-use assets obtained in exchange for lease obligations (non-cash):
Operating leases
164
-
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Table of Contents
TODOS
MEDICAL LTD.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)
(U.S.
dollars in thousands)
NOTE
11 – LEASES (continue)
C.
Supplemental balance sheet information related to operating leases was as follows:
December 31,
2021
2020
Operating leases:
Operating leases right-of-use asset
143
-
Current operating lease liabilities
102
-
Non-current operating lease liabilities
39
-
Total operating lease liabilities
141
-
Weighted average remaining lease term (years)
1.25
-
Weighted average discount rate
21
%
-
D.
Future minimum lease payments under non-cancellable leases as of December 31, 2021 were as follows:
2021
2022
122
2023
41
Total operating lease payments
163
Less: imputed interest
22
Present value of lease liabilities
141
The
Company signed a month-to-month lease agreement in Tel Aviv, Israel. Additionally, the Company lease office space in New York, which
is subject to an annual lease that is currently due to expire at the end of March 2022 and which is shared with two of our United States
subsidiaries, Todos Medical USA and Corona Diagnostics LLC.
Provista
Diagnostics signed a lease agreement for office space in Georgia, US trough June 30, 2023 with monthly payments of $
10
. A lease liability
in the amount of $
164
and right-of-use asset in the amount of $$
164
have been recognized in the balance sheet as at September 30, 2021
in respect of the lease.
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53
Table of Contents
TODOS
MEDICAL LTD.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)
(U.S.
dollars in thousands)
NOTE
12 -
DERIVATIVE WARRANTS LIABILITY
A.
Warrants
    granted to investors through private placement transactions
The
Company issued under Private Placement transactions
600,000
,
4,518,406
and
3,106,000
warrants during the years ended December
31, 2018, 2016 and 2015, respectively. These warrants were classified as financial liability because of provisions in such warrants that
allow for the net cash settlement of such warrants in the event of certain fundamental transactions, as defined in the warrant agreement
(some of which are not considered solely within the control of the Company). The estimated fair value of this derivative liability for
such warrants as of December 31, 2021 and 2020, was $
0
and $
54
, respectively.
B.
Warrants
    granted to lenders and placement agent through Convertible Bridge Loans transactions
The
Company issued under convertible bridge loans transactions certain warrants during the year ended December 31, 2019 (the First Warrant
as described in Note 10B). In addition, the Company has an obligation to issue warrants in total amount of $
79
to the placement agent in connection with the
convertible bridge loans transactions (see also Note 10B). These warrants were classified as financial liability because of provisions
in such warrants that permit the holders to receive a variable number of shares of common stock upon exercise (see also Note 2Y).
The estimated fair value of derivative liability for such warrants as of December 31, 2021 and 2020, was $
0
and $
247
, respectively.
C.
The remaining outstanding warrants and terms as of December 31, 2021 and 2020 is as follows:
Issuance date
Outstanding as of
December 31,
2021
Outstanding as of
December 31,
2020
Exercise
Price
Exercisable as of
December 31, 2021
Exercisable
Through
Series (2015)
-
1,502,500
$
0.5
-
April 2021
Series (2016)
375,000
375,000
$
0.5
375,000
March 2022
Series (2018)
-
600,000
$
0.5
-
November 2021
2019 warrants
(*)
(*)
(*)
-
(**)
375,000
2,477,500
375,000
(*)
The
    number of shares to be issued upon the exercise of derivative liabilities related to warrants instruments has not been determined
    as such warrants provide the Lenders with
25
%
    warrant coverage, with the warrant exercise price to be equal to the offering price in the Company's proposed public offering,
    or, in the event the Loan Amount are converted into ordinary shares, the warrant exercise price will be equal to the applicable closing
    bid price of the Company's shares at the time of the conversion of the Loan Amount. However, based on the share price of the
    Company as of December 31, 2021 and 2020, the number of the warrants would have been
78,707,922
and
3,351,586
shares, respectively.
(**)
The
    exercise period is three years from the date of the determination of the exercise price.
The
Company uses the Black-Scholes valuation model to estimate fair value of these warrants. In using this model, the Company makes certain
assumptions about risk-free interest rates, dividend yields, expected stock price volatility, expected term of the warrants and other
assumptions. Expected volatility was calculated based upon historical volatility of peer companies in the same industry on weekly basis
since the marketability of the Company is considered low. Risk-free interest rates are derived from the yield on U.S. Treasury debt securities.
Dividend yields are based on historical dividend payments, which have been zero to date. The expected term of the warrants is based on
the time to expiration of the warrants from the measurement date.
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54
Table of Contents
TODOS MEDICAL LTD.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)
(U.S.
dollars in thousands)
NOTE
12 - DERIVATIVE WARRANTS LIABILITY (CONT.)
D.
The following table summarizes the observable inputs used in the valuation of the derivative warrant liabilities as of December 31, 2020:
As of
December 31, 2020
Series
(2015)
Series
(2016)
Series
(2018)
Share price (U.S. dollars)
$
0.075
$
0.075
$
0.075
Exercise price (U.S. dollars)
$
0.50
$
0.50
$
0.50
Expected volatility
144.63
%
209.19
%
238.82
%
Risk-free interest rate
0.09
%
0.09
%
0.09
%
Dividend yield
-
-
-
Expected term (years)
0.35
1.21
0.88
First Warrant
Closing Date
As of
December 31,
2020
Share price (U.S. dollars)
$
0.12
-$
0.26
$
0.075
Exercise price (U.S. dollars)
$
0.12
-$
0.26
$
0.04
Expected volatility
125.31
%-
129.94
%
105.77
%-
113.53
%
Risk-free interest rate
1.74
%-
2.56
%
0.11
%-
0.13
%
Dividend yield
-
-
Expected term (years)
2.38
1.50
-
1.91
Probability for uplisting
75
%
75
%
Series
(2015)
Series
(2016)
Series
(2018)
2019
Warrant
Placement
Agent
Warrant
Total
Balances at December 31, 2019
$
2
$
3
$
6
$
662
$
79
$
752
Amount classified to equity upon determination of the exercise price (
*
)
-
-
-
(
651
)
-
(
651
)
Modification of convertible bridge loans transactions
-
-
-
(
727
)
-
(
727
)
Changes in fair value
9
10
24
884
-
927
Balances at December 31, 2020
$
11
$
13
$
30
$
168
$
79
$
301
Changes in fair value
(
11
)
(
13
)
(
30
)
(
168
)
(
79
)
(
301
)
Balances
    at December 31, 2021
-
-
-
-
-
-
(*)
Following
    the partial conversion of certain convertible bridge loans into ordinary shares (see also Note 10), the right that was granted
    to the lenders to receive a variable number of shares of common stock upon exercise of certain warrants has been lapsed and accordingly
    the applicable amount was reclassified from non-current financial liability into additional paid-in capital.
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55
Table of Contents
TODOS MEDICAL LTD.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)
(U.S.
dollars in thousands)
NOTE
13 -
FAIR VALUE OF BIFRUCATED CONVERTIBLE FEATURE OF CONVERTIBLE BRIDGE LOANS
A.
During
    the years ended December 31, 2021 and 2020, the Company allocated approximately $
7,420
and $
2,893
,
    respectively, of proceeds from its units that were issued under convertible bridge loans transactions to the fair value of the convertible
    feature embedded in such convertible bridge loans (see also Note 10E - Note 101M). The Company has determined that
    such feature requires bifurcation, as the conversion represent an obligation to issue a variable number of shares and as such the
    embedded conversion feature cannot be considered as indexed to the Company's own stock. The estimated fair value of derivative
    liability for such convertible components as of December 31, 2021 and 2020 was $
4,182
and $
2,500
,
    respectively.
B.
The
    Company uses the Monte-Carlo Simulation Model to estimate fair value of this convertible component liability. In using this model,
    the Company makes certain assumptions about risk-free interest rates, expected stock price volatility and other assumptions. Expected
    volatility was calculated based on the Company's stock performance. Risk-free interest rates are derived from the yield
    on U.S. Treasury debt securities.
C.
The
    following table summarizes the observable inputs used in the valuation of the convertible component liability as of the closing date
    and December 31, 2021 and 2020:
Closing Date
As of
December 31, 2021
Share price (U.S. dollars)
$
0.058
$
0.058
Expected volatility
142.2
%
-
169.8
%
142.2
%
-
169.8
%
Risk-free interest rate
0.19
%-
0.38
%
0.19
%
-
0.38
%
Closing Date
As of
December 31, 2020
Share price (U.S. dollars)
$
0.051
-$
0.125
$
0.075
Expected volatility
95.92
%-
127.53
%
128.3
%-
131.5
%
Risk-free interest rate
0.10
%-
0.18
%
0.08
%-
0.14
%
Fair value of
bifurcated
conversion
feature liability
Balances as of December 31, 2019
$
-
Plus: Recognition at the initial date
2,893
Less: Partial conversion of convertible bridge loans into equity
(
38
)
Plus: Modification of convertible bridge loans transactions
213
Less: Changes in fair value
(
568
)
Balances as of December 31, 2020
$
2,500
Plus: Recognition at the initial date
7,420
Less: Partial conversion of convertible bridge loans into equity
(
174
)
Plus: Modification of convertible bridge loans transactions
(
3,384
)
Less: Changes in fair value
(
2,180
)
Balances as of December 31, 2021
$
4,182
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Table of Contents
TODOS MEDICAL LTD.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)
(U.S.
dollars in thousands)
NOTE
14 -
COMMITMENTS AND CONTINGENT LIABILITIES
A.
Consulting
                                            Agreements
1.
Financial
    Buzz Media Networks LLC
A.
On
    June 8, 2020, the Company entered into new PR and Media Service Provider Agreement with Financial Buzz, whereby Financial Buzz would
    provide the Company with media and PR marketing services will be extended over a period of 6 months commenced on June 8, 2020. In
    consideration for the Media Services, the Company shall issue a total of
5,000,000
fully vested Ordinary Shares of NIS
0.01
par value
    to Financial Buzz upon execution of the PR and Media Service Provider Agreement. The fair value of these shares amounted to $
450
,
    representing a price per share of $
0.09
at the commitment date.
B.
On
    December 14, 2021, the Company entered into new PR and Media Service Provider Agreement with Financial Buzz, whereby Financial Buzz
    would provide the Company with media and PR marketing services over a period of 6 months commenced on December 14, 2021. In consideration
    for the Media Services, the Company shall issue a total of
15,000,000
fully vested Ordinary Shares of NIS
0.01
par value to Financial
    Buzz upon execution of the PR and Media Service Provider Agreement. The fair value of these shares amounted to $
1,170
, representing
    a price per share of $
0.078
at the commitment date.
On
May 27, 2020, the Company issued
2,500,000
ordinary shares to Financial Buzz.
As of December 31, 2021, the Company has an obligation to issue the aforesaid
17,500,000
shares under both agreements. During the year
ended December 31, 2021 and 2020, the Company recorded stock-based compensation expenses in total amount of $
117
and $
450
, respectively,
as part of "Sales
and Marketing Expenses" line in operations in the accompanying consolidated statement of operations.
2.
3D
    Biomedicine Science and Technology Co. Limited
On
March 16, 2020 (the "Effective Date"), Todos Medical USA entered into Distribution Agreement with 3D Biomedicine Science
and Technology Co. Limited ("3DMed"), whereby at the Effective Date 3DMed appointed Todos Medical USA as its non-exclusive
agent for importing, marketing and distributing of the 3DMed's products which include physician kits, lab kits and any other kits
that may be used in the process of analyzing and diagnostic swab samples (the "Products") in specific countries (the "Territories").
The Distribution Agreement shall be in effect for a period of one year from the Effective Date (the "Term") and will be extending
automatically for an additional period of three years unless terminated by either party at the end of the Term by giving the other party
termination notice in writing at least 90 days prior to the Term end.
At
the initial of the Distribution Agreement, the Company will validate the performance of the Products provided by 3DMed (the "Validation
Stage"). If the Validation Stage result will be accepted by the Company, both parties will have further commercial cooperation
according to the terms of the Distribution Agreement, under which the Company will be committed to minimum purchase quantities of the
Products according to the supply price as defined in the Distribution Agreement.
In
consideration for the reduced supply price that the Company will be entitled to under the Distribution Agreement, the Company will
issue to 3DMed restricted ordinary shares at the end of the Validation Stage upon successful completion of the Validation based on value
of $
250
according to the share price as of March 13, 2020. As of December 31, 2020, and as of the signing date of these consolidated
financial statements, the Validation Stage is still in progress and the Company has its own discretion to stop the commercial cooperation
with 3DMed.
F-
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Table of Contents
TODOS MEDICAL LTD.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)
(U.S.
dollars in thousands)
NOTE
14 - COMMITMENTS AND CONTINGENT LIABILITIES (CONT.)
3.
Andrew
    Blumenthal
On
May 23, 2020, the Company entered into Consulting Agreement with Andrew Blumenthal ("Andrew") whereby Andrew will provide
service to the Company in connection with entering into contracts with third parties for sales and or sub distribution agreements whereby
Company will provide testing and treatment products related to COVID-19 (the "Service"). For fulfillment of Andrew's
duties under the Consulting Agreement, Andrew will receive compensation as follows:
A.
Monthly
    retainer of $
15
beginning upon execution of Consulting Agreement (the "Monthly Retainer").
B.
Issuance
    of
2,500,000
ordinary shares of the Company par value NIS
0.01
per share which will be vested over a period of nine months as follows:
1.
900,000 vested in 100,000 monthly increments over nine months commencing with the execution of the Consulting Agreement.
2.
400,000
for each contract that delivers over $
1,000
in gross profits, up to 4 contracts.
C.
25
%
    of net revenues (gross sales price less the acquisitions cost excluding financing and operational expenses) from any product sale
    in which Andrew is the introducing representative (the "Commission Fee"). The Company's Commission Fee shall be
    remained as long as the Company sell product to a representative sourced by Andrew, regardless of whether the Consulting Agreement
    has been terminated.
D.
For
    every month that Andrew is engaged with the Company, up to maximum of 6-months period, Andrew shall be granted one month of severance
    consulting fee posts termination equal to Monthly Retainer.
The
Consulting Agreement term commenced on May 6, 2020 and will continue until the earlier to occur of: (i) March 25, 2021, or (ii) termination
as described in the Consulting Agreement. Commencing August 2021, Andrew is compensated as an employee of the Company and the Company
and Andrew terminated the Consulting Agreement
During
the years ended December 31, 2021 and 2020, the Company recorded expenses in total amount of $
46
($
13
out of which related to stock-based compensation
expenses which represented a price per share of $
0.067
at the commitment date) and $
159
($
47
out of which related to stock-based compensation
expenses which represented a price per share of $
0.067
at the commitment date), respectively, as part
of "Sales and Marketing Expenses" line in operations in the accompanying consolidated statement of operations. During the
years ended December 31, 2021 and 2020, the Company has not recorded expenses with respect to the aforesaid Commission Fee.
F-
58
Table of Contents
TODOS MEDICAL LTD.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)
(U.S.
dollars in thousands)
NOTE
14 - COMMITMENTS AND CONTINGENT LIABILITIES (CONT.)
A.
Consulting
    Agreements (Cont.)
4.
Singh
    Global LLC
On
May 23, 2020, the Company entered into Consulting Agreement with Singh Global LLC ("Singh") whereby Singh will provide service
to the Company in connection with entering into contracts with third parties for sales and or sub distribution agreements whereby the
Company will provide Testing and Treatment products related to COVID-19 (the "Service"). For fulfillment of its duties under
the Consulting Agreement, Singh will receive compensation as follows:
A.
Monthly
    retainer of $
15
beginning upon execution of Consulting Agreement (the "Monthly Retainer").
B.
Issuance
    of
2,500,000
ordinary shares of the Company par value NIS
0.01
per share which will be vested over a period of nine months as follows:
1.
900,000 vested in 100,000 monthly increments over nine months commencing with the execution of the Consulting Agreement.
2.
400,000
for each contract that delivers over $
1,000
in gross profits, up to 4 contracts.
C.
25
%
    of net revenues (gross sales price less the acquisitions cost excluding financing and operational expenses) from any product sale
    in which Singh is the introducing representative (the "Commission Fee"). The Company's Commission Fee shall be
    remained as long as the Company sell product to a representative sourced by Singh, regardless of whether the Consulting Agreement
    has been terminated.
The
Consulting Agreement term commenced on May 6, 2020 and will continue until the earlier to occur of: (i) March 25, 2021, or (ii) termination
as described in the Consulting Agreement.
During
the years ended December 31, 2021 and 2020, the Company recorded expenses in total amount of $
59
($
14
out of which related to stock-based
compensation expenses which representing a price per share of $
0.067
at the commitment date) and $
139
($
49
out of which related to stock-based
compensation expenses which representing a price per share of $
0.07
at the commitment date), respectively, as part of "Sales and
Marketing Expenses" line in operations in the accompanying consolidated statement of operations. During the year ended December
31, 2021 and 2020, the Company has not recorded expenses with respect to the aforesaid Commission Fee.
5.
Priyanka
    Misra
On
June 22, 2020, the Company entered into Consulting Agreement with Priyanka Misra ("Priyanka") whereby Priyanka will provide
service to the Company which include inter alia (i) implementing salesforce and sale surveillance strategies; (ii) develop and implement
a methodology to track sales and strategic relationship opportunities; (iii) investor relations (the "Service"). For fulfillment
of its duties under the Consulting Agreement, Priyanka will receive compensation as follows:
A.
Monthly
    draw of $
15
beginning upon execution of Consulting Agreement (the "Monthly Draw").
B.
25
%
    of monthly operating profits generated by all sales representatives working under Priyanka, to be calculated as the value of gross
    sales received minus cost of goods sold (including shipping, accounting and bookkeeping expenses and sales commission paid to Expansion's
    sales force, less the Monthly Draw (the "Commission Fee").
C.
Issuance
    of
1,250,000
ordinary shares of the Company par value NIS
0.01
per share which will be vested over a period of six months as follows:
1.
250,000
    vested upon completion of salesforce implementation or equipment CRM.
2.
250,000
for each contract that delivers over $
1,000
in gross profits, up to 4 contracts.
(together
referring herein as "Performance Condition").
The
Consulting Agreement term commenced on June 22, 2020 and will continue until the earlier to occur of: (i) June 23, 2021, or (ii) termination
as described in the Consulting Agreement. Commencing March 2021, Priyanka is compensated as an employee of the Company and the Company
and the Company and Priyanka terminated the Consulting Agreement
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Table of Contents
TODOS MEDICAL LTD.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)
(U.S.
dollars in thousands)
NOTE
14 - COMMITMENTS AND CONTINGENT LIABILITIES (CONT.)
A.
Consulting
    Agreements (Cont.)
During
the years ended December 31, 2021 and 2020, the Company recorded expenses in total amount of $
107
($
85
out of which related to stock-based
compensation expenses in connection with the Performance Condition related to completion of salesforce implementation or equipment CRM,
which representing a price per share of $
0.057
at the commitment date, of which $
71
are related to the aforesaid Commission Fee and the
Performance Condition in connection with deliver contracts) and $
104
($
14
out of which related to stock-based compensation expenses,
which representing a price per share of $
0.057
at the commitment date), respectively, as part of "Sales and Marketing Expenses"
line in operations in the accompanying consolidated statement of operations.
On
January 22 the Company issued Priyanka
1,500
ordinary shares in exchange for the above commitment.
Commencing
March 2021, Priyanka is compensated as an employee of the Company.
6.
Leomics
    Associates
On
July 23, 2020, the Company entered into Consulting Agreement with Leomics Associates ("Leomics") whereby Leomics will provide
worldwide service to the Company which include inter alia (i) identify and introduce to the Company potential US customers for its CLIA
lab services in Atlanta; (ii) working as development business agent targeting the US and global market to bring clients for Covid related
products; (iii) provide guidance and assistance with the clinical validation, reimbursement, and market penetration of the Company's
current pipeline of products in Breast Cancer and Alzheimer's contribute to development and optimization of all marketing materials;
(iv) provide the Company with a strategic development plan focused in corporate growth; (v) assistance in raising funds (the "Service").
For fulfillment of its duties under the Consulting Agreement, Leomics will receive compensation as follows:
A.
Annual
    fee amount of $
250
which will be payable in 12 equals installments.
B.
Additional
    expenses of $
25
which is due at signing of the Consulting Agreement.
C.
Issuance
    of
1,000,000
fully vested ordinary shares of the Company par value NIS
0.01
per share within 5 days of the execution of the Consulting
    Agreement.
D.
Travel
    related expenses, when applicable.
The
Consulting Agreement term commenced on June 22, 2020 and will continue until the earlier to occur of: (i) July 23, 2021, or (ii) termination
as described in the Consulting Agreement.
During
the year ended December 31, 2021 and 2020, the Company recorded expenses in total amount of $
85
($
44
out of which related to stock-based
compensation expenses which representing a price per share of $
0.095
at the commitment date) and $
173
($
44
out of which related to stock-based
compensation expenses which representing a price per share of $
0.095
at the commitment date), respectively, as part of "General
and Administrative Expenses" line in operations in the accompanying consolidated statement of operations.
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60
Table of Contents
TODOS MEDICAL LTD.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)
(U.S.
dollars in thousands)
NOTE
14 - COMMITMENTS AND CONTINGENT LIABILITIES (CONT.)
B.
Other
    Commitments
1.
B.G.
    Negev Technologies and Applications Ltd. and Mor Research Applications Ltd.
At
inception date, the Company entered into a License Agreement ("Agreement") with B.G. Negev Technologies and Applications
Ltd (a wholly owned subsidiary of Ben Gurion University - Israel) and Mor Research Applications Ltd. (a wholly owned subsidiary of Clalit
Medical Services - Israel) ("Licensors") in which the Company obtained an exclusive world-wide license to develop, research,
commercialize, produce, market and sub-license, products based on the Licensors' technology. The Company's technology is
built on this license which is therefore material to the Company. According to the Agreement, future royalties would be paid to the licensors
based on the following royalty rates:
On net sales of:
%
● leukemia related products
3.0
● other products
2.5
● in certain limited circumstances, rates may be reduced to
2.0
On fixed sublicense income (with no sublicense income on sales by sub licensee):
%
● leukemia related products
20.0
●
other
    products
15.0
On fixed sublicense income (with sublicense income on sales by sub licensee):
%
● leukemia related products
10.0
●
other products
7.5
Without
any connection to the Company's sales, the Company is required to pay minimum royalties to the Licensors according to the following
schedule (subject to the termination clause described below):
A.
Year
    2015 - $
10
B.
Year
    2016 - $
25
C.
Year
    2017 and thereafter - $
50
per year.
In
    any specific year, the total royalties payable to the Licensors shall be the higher of:
A.
the
    regular royalties based on the royalty rates as described above and
B.
the
    minimum royalties.
The
minimum royalties will be paid to the Licensors regardless of whether the Company succeeds in generating revenues from sales of the products
arising from the usage of the Licensors' technology.
The
Agreement term is unlimited, but each party is entitled to terminate the Agreement as a result of material breach or failure to comply
with material term by the other party, as a result of liquidation or insolvency of the other party ("Termination for Cause").
In addition, the Company was entitled to terminate the Agreement if during a period of 7-years following the transaction effective date,
the Company, at its sole discretion, determined that commercialization of the leukemia licensed products is not commercially viable.
After such period, the Company is not entitled to terminate the Agreement other than in accordance with the Termination for Cause provisions.
As of December 31, 2021, the Company did not reach a determination regarding viability of commercialization of the leukemia licensed
products. However, since the 7-year period ended, the Company may not terminate the agreement other than Termination for Cause.
On
May 20, 2020, the Company entered into Amendment No. 3 to the Agreement pursuant to the Company paid the Licensors an amount of $
250
which representing an aggregate annual minimum royalty in respect of the years 2015 through 2020. All other Agreement terms regarding
the annual minimum royalties were remained unchanged. Consequently, as of December 31, 2021 and 2020, the Company has accrued an amount
of the non-cancellable minimum royalties and the future liability with respect to commitment to pay minimum royalties to the Licensors
for any future periods in a total amount of $
524
and $
476
, respectively, of which $
341
and $
291
, respectively, was considered as current
liability and $
183
and $
185
, respectively, was considered as non-current liability.
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61
Table of Contents
TODOS MEDICAL LTD.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)
(U.S.
dollars in thousands)
NOTE
14 - COMMITMENTS AND CONTINGENT LIABILITIES (CONT.)
B.
Other
    Commitments (Cont.)
2.
University
    of Leipzig License Agreement
On
November 7, 2018, Amarantus entered into an amended license agreement with the University of Leipzig (the "Leipzig License Agreement")
whereby the University of Leipzig granted Amarantus an exclusive license to the University of Leipzig's patent that underlies the
Lympro Test. As part of the Amarantus transaction (see also Note 5A), Amarantus assigned the Leipzig License Agreement to our subsidiary,
Breakthrough.
Under
the Leipzig License Agreement, the licensee is required to pay the University of Leipzig the following fees and royalties:
A.
A
    license issuance fee of $
80
as partial reimbursement of patent expenses related to the patent rights;
B.
An
    annual royalty of $
35
on the first and second anniversary of the effective date of the Leipzig License Agreement, and an annual royalty
    of $
15
on each subsequent anniversary of the effective date;
C.
The
    following milestone payments:
1.
$
75
on first commercial sale of a licensed product;
2.
$
150
on obtaining first FDA approval for a licensed product; and
3.
$
150
upon reaching $5,000 in cumulative net sales;
D.
The
    annual royalty and milestone payments will be treated as an advance on royalty payments due from sales, and after the royalties from
    sales equal the aggregate annual royalty and the milestone payments made, a royalty of
3
% of net sales, provided that with regard
    to each country in which a licensed product is sold, after seven years, the royalty will be reduced to
2
% of net sales; and
E.
10
%
of non-royalty sub-licensing income.
During
the year ended December 31, 2020, the Company recorded expenses amounted to $
170
as part of "Research and Development
Expenses" line in operations in the accompanying consolidated statement of operations.
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TODOS MEDICAL LTD.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)
(U.S.
dollars in thousands)
NOTE
14 - COMMITMENTS AND CONTINGENT LIABILITIES (CONT.)
B.
Other
    Commitments (Cont.)
4.
Strategic
    Partnerships
The
Company has entered into the following agreements in order to form strategic partnerships with Integrated Health LLC ("Integrated")
a Louisiana-based medical diagnostics and services provider and MOTOPARA Foundation Inc. ("MOTOPARA") a non-profit private
operating foundation based in Florida, to deploy mobile COVID-19 testing in the United States:
A.
Charitable
    Pledge Agreement
On
September 25, 2020 ("Effective Date") the Company entered into Charitable Pledge Agreement ("Charitable Contribution
Agreement") with MOTOPARA, under which the Company obligate to irrevocable pledge to MOTOPARA for the use and benefit gift amounted
to $1,500 according to the funding schedule as determined in the Charitable Contribution Agreement (the "Charitable Contribution").
The
Charitable Contribution shall be used to (i) support MOTOPARA and its Biological Protective Services and Response Division for the continued
support of development and implementation of COVID-19 testing, MOTOPARA's disaster relief and veteran employment-focused mission
(MOTOPARA Mission) and MOTOPARA's mobile high-complexity laboratories (MHCL) and mobile moderately complex laboratories (MMCL)
with authorized use of Integrated Health LLC's US CLIA, training, validation and chain of custody licensed and certified authorization
domestically and internationally and (ii) establish a protocol and to distribute the Company's COVID tests to be used on equipment
supplied by the Company for testing by MOTOPARA.
In
consideration for the Charitable Contribution, MOTOPARA will acknowledge the Charitable Contribution by including, displaying where appropriate
the phrase, "Supported by Todos Medical" and or "Supported by Todos Medical Logo", in promotional, marking and
proposal documents, website sections related to MOTOPARA's Biological Protective Services and Response division, MHCLs, MMCLs'
cases, trade shows and exhibits related to MOTOPARA's Biological Protective Services and Response Division.
MOTOPARA
may terminate the Charitable Contribution Agreement and all rights and benefits of the Company hereunder:
1.
In
    the event of any default in payment of the Charitable Contribution as provided in the Charitable Contribution Agreement, or
2.
In
    the event MOTOPARA determines in its reasonable and good faith opinion that circumstances have changed such that the support chosen
    by the Company would adversely impact the reputation, image, mission or integrity of MOTOPARA, in the event of a continued association
    with the Company and the continuation of the support provided for herein.
Upon
any such termination of the Charitable Contribution Agreement and/or the support hereunder, MOTOPARA shall have no further obligation
or liability to the Company and shall not be required to return any portion of the Charitable Contribution already paid. However, MOTOPARA
may in its sole and absolute discretion determine an alternative recognition for the portion of the Charitable Contribution already received.
Through
December 31, 2020, an amount of $
425
was utilized by MOTOPARA out of the Charitable Contribution amount. Consequently, during the year
ended December 31, 2020, the Company recorded such amount as expenses as part of "Sales and Marketing Expenses" line in operations
in the accompanying consolidated statement of operations.
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TODOS MEDICAL LTD.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)
(U.S.
dollars in thousands)
NOTE
14 - COMMITMENTS AND CONTINGENT LIABILITIES (CONT.)
B.
Other
    Commitment (Cont.)
6.
Strategic Partnerships (Cont.)
B.
Collaboration
    Agreement
In
October 2020, the Company entered into Collaboration Agreement with Integrated who has entered into a partnership with MOTOPARA where
Integrated powers MOTOPARA manufactured mobile Biosafety Level 3 laboratories with its mobile Clinical Laboratory Improvement Amendments
(CLIA) license and operations to allow for COVID-19 testing to occur at scale nationally across the United States (Mobile Lab). The Company,
MOTOPARA and Integrated are referred to as a "Collaborator" and collectively as the "Collaborators". The terms
of the Collaboration Agreement are as follows:
1.
Purpose
The
purpose of the Collaboration is for Integrated to distribute the Company COVID tests to be used on equipment supplied by the Company
for COVID-19 testing through Integrated's licensed, and compliant mobile high complexity CLIA laboratories in conjunction with
MOTOPARA. The Collaborators shall each have the power to engage in the foregoing business, as well as to engage in activities that are
related or incidental to any of these purposes. Integrated agrees that Todos will be the exclusive supplier of any and all test kits
or equipment of which the Company is a distributor or manufacturer Todos agrees to support and perform to ensure compliance with Integrated's
Mobile laboratory CLIA license. The Company and Integrated agree to work closely to support MOTOPARA's design and implementation
necessary to implement the mobile laboratory infrastructure to support Integrated's operations and to support MOTOPARA in obtaining
cash-pay contracts (not reimbursed by insurance) for COVID-19 testing.
2.
Exclusive
    Supply Rights
The
Company shall have an exclusive right to supply Integrated with COVID-19 related equipment, reagents and testing supplies under all agreements
and requests for proposals (RFPs) it signs with domestic and international counterparties for use in Integrated's CLIA Mobile Lab.
3.
Loan
The
Company shall provide to Integrated 1-year loan for up to $1,500 (the "Loan"), according to funding schedule as determined
in the Collaboration Agreement. Integrated has the option to accept or not accept any funding schedule for the Loan. Each Loan tranche
shall bear interest at a rate of 2% and repayment shall commence only upon full Loan funding, or in the event Integrated refuses a Loan
tranche.
The Loan will be payable in monthly installment payments over 5-years period and will commence only upon the Collaborators receipt
of the first contract to provide testing services, expected to be with the State of Louisiana. Through December 31, 2020, the Company
funded an amount of $
250
out of the Loan which was recorded as prepaid expenses as the monthly Loan repayments will be deducted from
the gross amount of payments received from contracts executed for the testing services and shall be considered part of the out-of-pocket
expenses of such contract.
4.
Integrated
    Contribution
Integrated
shall contribute access to its CLIA license to the Collaboration.
5.
Compensation
    Structure of the Collaboration
Collaborators
agree to full transparency with out-of-pocket expenses as it relates to the initiation of each contract within the Collaboration, and
such costs shall be reimbursed (or advanced as the case may be) to each Collaborator as soon as contracts with Collaboration customers
are funded by the customers, or their funding source.
After deducting all out-of-pocket expenses and loan reimbursement to the Company
as it relates to the establishment and ongoing funding of the Collaboration, each Collaborator agrees to divide any potential profit
33.33% to the Company, 33.33% to MOTOPARA and 33.33% to Integrated
.
6.
Term
The
Collaboration Agreement shall be effective in October 2020 and continue until the earlier of (i) 5 years or (ii) execution of unanimous
mutual termination agreement (the "Termination Date").
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TODOS MEDICAL LTD.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)
(U.S.
dollars in thousands)
NOTE
14 - COMMITMENTS AND CONTINGENT LIABILITIES (CONT.)
B.
Other
                                            Commitments (Cont.)
Settlement
Agreements
On
February 11, 2021, the Company and Todos Medical USA, Inc. (herein referring as "Todos") entered into Mutual Release and
Settlement Agreement ("Settlement Agreement") with MOTOPARA Foundation, Inc. ("MOTOPARA") pursuant to which in
consideration of the Settlement Agreement execution and the releases and promises made in the Settlement Agreement by the parties, the
parties agree as follows
A.
Todos
                                            shall pay to MOTOPARA an amount of $
27
per month for the period of January 11, 2021 through
                                            January 11, 2022. The monthly payment is representative of MOTOPARA's rent and utilities
                                            increase incurred from signing the original agreement with Todos and signing a lease on an
                                            expansive building to facilitate the originally executed agreement between Todos and MOTOPARA.
B.
Todos
                                            will cease to promote any affiliation with MOTOPARA in any capacity.
C.
MOTOPARA
                                            agrees that upon receipt of the total $
351
, MOTOPARA will indemnify and defend Todos against
                                            any liens for services provided to MOTOPARA.
5.
Distribution
    agreements
Commencing
2020, the Company has entered into several distribution agreements with companies to distribute certain novel coronavirus (COVID-19)
test kits. The distribution agreements cover multiple international suppliers of PCR testing kits and related materials and supplies,
as well as antibody testing kits from multiple manufacturers after completing validation of said testing kits and supplies in certified
laboratory in the United States.
During
the year ended December 31, 2021 and 2020, the Company has
no
obligation under its distribution agreements.
6.
Royalty
    Agreement
On
July 28, 2020,
the Company entered into Royalty Agreement with Toledo under which it was agreed inter alia that (i) the Applicable Rate
for each draw requested on or after the date herein shall accrue on the unpaid aggregate principal balance of each draw at an interest
rate per annum equal to the greater of (a) 12% per annum, or (b) 20% of the anticipated margin for the applicable receivable financed
as presented to the Lender in connection with each draw; (ii) to issue
3,500,000
ordinary shares to Toledo and pay to Toledo a royalty
of 10% of the Gross Margins (as defined in the Royalty Agreement) of the SARS CoV-2 Testing Business (the "Royalty") in exchange
for Toledo agreeing to amend the terms of the Receivables Financing Agreement with the Company, including, inter alia, a loss of exclusivity
on with respect to purchase order financing.
The
term of the Royalty Agreement commenced on the Effective Date and shall continue in perpetuity. In the event that a court of competent
jurisdiction determines that the perpetual nature of the payment of the Royalty would void the Royalty Agreement, then the term shall
be modified to be a term of
25
years, with a right of Toledo to one automatic extension of another
25
years.
At
any time on or after July 2030, the Company shall have the right to make a pre-payment in the amount of the greater of (i) $
5,000
and
(ii) 3 times the average annual Royalty payments due and owning hereunder for the preceding 3 years in order to buy-out and all existing
or remaining rights, claims and privileges of Toledo or its successors or assigns, under and in connection with this Royalty Agreement,
and upon such payment, this Royalty Agreement shall terminate. Such termination shall not relieve the Company of its obligations to satisfy
any obligations to pay Royalties accruing prior to such termination.
In
case that any payment due is not received by Toledo within 10 days, such amounts shall accrue interest at the rate of 12% per annum on
said payments accrued from the date such payment was due. In addition, in case that Royalty is not paid within 30 days of the due date,
the Company shall issue to Toledo a convertible promissory note (the "Note") in the initial principal amount equal to the
amount then due, which Note shall be convertible into ordinary shares of the Company on the above terms.
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TODOS MEDICAL LTD.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)
(U.S.
dollars in thousands)
NOTE
14 - COMMITMENTS AND CONTINGENT LIABILITIES (CONT.)
B.
Other
    Commitments (Cont.)
As
of August 4, 2020, the Company issued
3,500,000
ordinary shares to Toledo valued at $
315
which was recorded as prepaid expenses and will
be amortized over the Term at the Receivables Financing Facility. During the year ended December 31, 2020, the Company recorded amortization
expenses amounted to $
34
as part of "Finance Expenses" line in operations in the accompanying consolidated statement of operations.
The
Company has determined that its obligation for future royalties under the Royalty Agreement and also its obligation to pay Toledo an
interest that is partly based on the margin that will be produced by the Company from certain sales (an interest that is equal to the
greater of (i) 12% per annum, or (ii) 30% of anticipated margin applicable to certain receivables) represent contingent interest feature.
However,
it was determined that such features are not required to be bifurcated and accounted for as derivatives, as they are eligible for the
scope exception prescribed under ASC Topic 815-10-15-59 (d) with respect to certain contracts that are not traded on an exchange, as
the underlying is an entity specific performance measure (specified volumes of sales or service revenues of one of the parties to the
contract).
Accordingly,
interest expense related to such contingent features were recognized pursuant to ASC Topic 470-10, Debt - Overall. Thus, the liability
for the contingent payment features was based on the applicable interest rate at the balance sheet date (with no anticipation for any
future changes in the applicable interest rate).
In
addition, the obligation for future royalties was accounted for in accordance with the provisions of ASC Topic 450, Contingencies.
The
Company also has accounted for the Receivables Financing Agreement as a short-term secured loan since the ownership of the accounts receivables
remains with the Company and such receivables serves as a collateral for the amount that has been advanced to the Company according to
the Receivables Financing Agreement.
As
of December 31, 2021 and 2020, the Company has an obligation for Royalty payment of $
360
and $
139
, respectively under the aforesaid Royalty
Agreement with Toledo.
C.
Contingencies
1.
Israeli
    Innovation Authority
Commencing
2012 through 2013, the Company received grants of $
162
from the IIA (Israeli Innovation Authority) for its plans to develop a series
of patient-friendly blood tests that enable the early detection of a variety of cancers (the "Development Plan"). Such contingent
obligation has no expiration date. In 2016, the IIA approved further grants (under the same terms) up to maximum amount of approximately
$
185
, of which the Company received $
110
in 2016. The receipt of such amounts is dependent on numerous conditions being met. Amounts
were not received in 2019 and 2018.
The Company is required to pay royalties to IIA at a rate of 3% in the first 3-years period and 3.5%
commencing from the fourth year of the proceeds from the sale of the Company's products arising from the Development Plan up to
an amount equal to $
272
, plus annual interest equal to 12-month LIBOR applicable to dollar deposit.
As
of December 31, 2021 the Company did not accrue for or pay any royalties to the IIA as no revenue has yet been generated.
D.
Litigations
On January 7, 2022,
Toledo filed a complaint against Corona, Todos Medical USA, and the Company (the "Todos Defendants"), seeking unspecified
damages for breach of the aforesaid agreements and claiming that at least $
139
is due under the royalty agreement. The Todos Defendants
filed an answer and counterclaim on February 9, 2022, wherein various affirmative defenses were asserted, the allegations of the complaint
were denied, and the Company asserted counterclaims for breach of contract and other relief. This dispute is only in its initial legal
stages.
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TODOS MEDICAL LTD.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)
(U.S.
dollars in thousands)
NOTE
15 -
SHAREHOLDERS' DEFICIT
A.
Ordinary
    Shares:
The
Ordinary Shares confer upon the holders thereof all rights accruing to a shareholder of the Company, as provided in the company's
Articles of Association, including, inter alia, the right to receive notices of, and to attend meetings of shareholders; for
each share held, the right to one vote at all meetings of shareholders; and to share equally, on a per share basis, in such dividend
and other distributions to shareholders of the Company as may be declared by the Board of Directors in accordance with these Articles
and the Companies Law, and upon liquidation or dissolution of the Company, in the distribution of assets of the Company legally available
for distribution to shareholders in accordance with the terms of applicable law and these Articles. All Ordinary Shares rank pari passu
in all respects with each other.
B.
On
    July 26, 2021 the Annual General Meeting of the Company approved:
1.
The
    resolution to amend the Company's Articles of Association: (a) to authorize the creation of
50,000
redeemable Preferred shares of the Company;
    (b) to authorize the creation of five thousand redeemable Preferred B Shares of the Company; (c) to increase the Company's
    authorized share capital to permit the issuance of a total of up to
5,000,000,000
ordinary shares of the Company; and (d) to
    allow the Company to fulfill relevant provisions of U.S. law in lieu of Israeli law requirements regarding External Directors, if
    and to the extent allowed to do so under Israeli corporate law and regulation.
2.
The
    nomination of additional two external directors to the board of directors of the Company for a period ending on July 26, 2024.
3.
The
    extension for an additional year of the authority granted to the Company's Board of Directors to effect a reverse split
    of the Company's ordinary shares (as per resolution of the Company's Shareholders' Meeting of May 11, 2020), such
    that the authority so granted shall extend until July 26, 2022, and to expand such authority to include
a
    reverse split of the Company's entire share capital share at a ratio within the range from 1-for-2 up to 1-for 500, provided
    that the Company shall not effect reverse share splits that, in the aggregate, exceed 1-for-500
.
C.
Issuance
    of Ordinary Shares:
1.
In
    March 2020, the Company entered into subscription agreements with several investors under which the Company raised gross funds in
    total amount of $
30
in exchange for the issuance of units consisting of
1,500,000
ordinary shares of the Company and
1,339,284
warrants
    to purchase the same number of ordinary shares of the Company at an exercise price of $
0.10
. These warrants may be eligible for exercise
    over a period of four years from the issuance date and are subject to standard anti-dilution provisions. In addition, the Company
    may be subject to liquidated damages upon failure to timely deliver shares upon exercise of the warrants. An amount of
1,000,000
ordinary shares out of the above have been issued through December 31, 2020.
2.
On
    April 13, 2020, the Company entered into exchange agreement under which the Company agreed to exchange partial amount of the outstanding
    trade debt of $
100
held by MDM Worldwide Solution, Inc. for issuance of
5,000,000
ordinary shares of the Company at an exchange price
    of $
0.02
per share. The fair value of the ordinary shares that have been issued on May 14, 2020 as settlement of financial liability
    to MDM was $
345
, reflecting a price per share of $
0.069
at the commitment date. The difference amount of $
245
has been recorded as
    part of "Finance Expenses" line in operations in the accompanying consolidated statement of operations.
3.
On
    May 10, 2020, the Company entered into Loan Conversion Agreement (the "Agreement") with certain of its shareholders pursuant
    to which the Company agreed to convert the outstanding loan amounting to $
350
into
8,750,000
ordinary shares of the Company at a
    conversion price of $
0.04
per share. The fair value of the ordinary shares that have been issued on May 19, 2020 as settlement of
    financial liability to shareholders was $
604
, reflecting a price per share of $
0.069
at the commitment date. The difference amount
    of $
254
has been recorded as part of "Finance Expenses" line in operations in the accompanying consolidated statement
    of operations.
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TODOS MEDICAL LTD.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)
(U.S.
dollars in thousands)
NOTE
15 - SHAREHOLDERS' DEFICIT
(continue)
4.
On
    December 8, 2020, the Company entered into a settlement agreement with SRK Kronengold Law office ("SRK") under which
    the Company agreed to exchange partial amount of the outstanding trade debt of $
80
held by SRK for issuance of
800,000
ordinary shares
    of the Company at an exchange price of $
0.09
per share. The fair value of the ordinary shares have been issued on October 26, 2020
    as settlement of financial liability to SRK was $
68
, reflecting a price per share of $
0.0851
at the commitment date. The difference
    amount of $
12
has been recorded as part of "Finance Expenses" line in operations in the accompanying consolidated statement
    of operations.
5.
During
    the year ended December 31, 2020, the Company entered into several service agreements with certain service providers, whereby the
    Company issued
14,028,503
ordinary share of NIS
0.01
par value in exchange for services that have been rendered. Consequently, the
    Company recorded related stock-based compensation expense of $
60
, $
390
and $
310
as part of "Research and Development Expenses",
    "Sales and Marketing Expenses" and "General and Administrative Expenses" lines in operations in the accompanying
    consolidated statement of operations, respectively, based on the fair value of the issued shares at each applicable commitment date,
    which representing an average price per share of $
0.54
. See also Note 14.
6.
On
    August 4, 2020, the Company entered into a Purchase Agreement (the "Purchase Agreement") and a Registration Rights Agreement
    (the "Registration Rights Agreement") with Lincoln Park Capital Fund, LLC ("Lincoln Park"), pursuant to which
    Lincoln Park has agreed to purchase from the Company, from time to time, up to $
10,275
of its ordinary shares, par value NIS
0.01
per share (the "Ordinary Shares"), subject to certain limitations set forth in the Purchase Agreement, during the term
    of the Purchase Agreement (the "Equity Line").
The
Company does not have the right to commence any further sales to Lincoln Park under the Purchase Agreement until all of the conditions
thereto that are set forth in the Purchase Agreement, all of which are outside of Lincoln Park's control, have been satisfied,
including, among other things, the Registration Statement being declared effective by the SEC (the date on which all such conditions
are satisfied, the "Commencement Date").
From and after the Commencement Date, under the Purchase Agreement, on any business
day selected by the Company on which the closing sale price of the Company's Ordinary Shares exceeds $0.02, the Company may direct
Lincoln Park to purchase up to 500,000 Ordinary Shares on the applicable purchase date (a "Regular Purchase"), which maximum
number of shares may be increased to certain higher amounts up to a maximum of 1,000,000 Ordinary Shares, if the market price of our
Ordinary Shares at the time of the Regular Purchase equals or exceeds $0.13 (such share and dollar amounts subject to proportionate adjustments
for stock splits, recapitalizations and other similar transactions as set forth in the Purchase Agreement), provided that Lincoln Park's
purchase obligation under any single Regular Purchase shall not exceed $500.
The
purchase price of Ordinary Shares the Company may elect to sell to Lincoln Park under the Purchase Agreement in a Regular Purchase, if
any, will be based on 95% of the lower of: (i) the lowest sale price on the purchase date for such Regular Purchase and (ii) the arithmetic
average of the three lowest closing sale prices for an Ordinary Share during the 15 consecutive business days ending on the business
day immediately preceding such purchase date for such Regular Purchase.
In
addition to regular purchases, the Company may also direct Lincoln Park to purchase other amounts of the Company's Ordinary Shares
in "accelerated purchases" and in "additional accelerated purchases" under the terms set forth in the Purchase
Agreement.
In
connection with the Purchase Agreement, the Company issued
5,812,500
Ordinary shares to Lincoln Park as a commitment fee of $
482
thousand
which is recorded as prepaid expenses which are amortized in accordance with the Equity Line utilization. As of December 31, 2020, the
balance of those prepaid expenses was $
372
thousand. During the year ended December 31, 2020, the Company recorded amortization expenses
amounted to $
110
as part of "Finance Expenses" line in operations in the accompanying consolidated statement of operations.
During
the year ended December 31, 2020, the Company sold
32,747,579
Ordinary Shares to Lincoln Park in an initial purchase out of the Investment
Amount under the Purchase Agreement for a total purchase price of $
2,339
thousand.
During
the three months ended March 31, 2021, the Company sold additional
5,229,809
Ordinary Shares to Lincoln Park in an initial purchase out
of the Investment Amount under the Purchase Agreement for a total purchase price of $
255
thousand.
As
of December 31, 2021, the Company decided not to utilize the Equity Line utilization and amortized the balance of the prepaid expenses.
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TODOS MEDICAL LTD.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)
(U.S.
dollars in thousands)
NOTE
15 - SHAREHOLDERS' DEFICIT
(continue)
7.
In
    December 2020, one of the Company's lenders has partially exercised its warrants into number of
475,411
ordinary shares on
    the Company through cashless exercise basis.
8.
During
    the year ended December 31, 2021, Principal Amount and unpaid Interest in total amount of $
20,095
have been converted into
487,822,015
ordinary shares. In addition, the Company issued
2,500,000
ordinary shares of NIS
0.01
par value as fulfillment of commitment related
    to loan received in 2020.
9.
During
    the year ended December 31, 2021, one of the Company's Secured Convertible Equipment Loan Agreement was entered into default
    scenario as result of lapse of the original maturity date, as defined. Consequently,
20,000,000
ordinary shares of NIS
0.01
par value
    of the Company were issued as collateral shares for purpose of repayment of the principal amount. The issued shares have been valued
    at $
870
and was deducted from the fair value of the principal amount.
10.
During
    the year ended December 31, 2021, the Company entered into several service agreements with certain service providers, whereby the
    Company issued
14,921,053
ordinary share of NIS
0.01
par value or the Company is committed to issue fixed number of ordinary shares
    in exchange for services that have been rendered. Consequently, the Company recorded related stock-based compensation expense of
    $
151
as part of "Sales and Marketing Expenses" and "General and Administrative Expenses" lines in operations
    in the accompanying consolidated statement of operations, respectively.
11.
On
    October 4, 2021, and upon achieving market launch, the Company issued
39,473,684
shares of common stock to cover its Contingent
    Consideration as detailed in Note 5B above. The value of the shares was calculated on the share price on the closing
    date of the amendment at $
1,500
,
    and a results recorded additional $
450
as part of financing expenses in the accompanying
    consolidated statement of operations for the year ended December 31, 2021.
12.
On
    August 3, 2021 and August 9, 2021 the Company issued a total of
25,862,069
shares of common stock to cover its obligation
    under its Provista SPA (see Note 3 above). The value of the shares was calculated on the share price on the closing date of
    the amendment at $
1,500
.
13.
On
    March 10, 2021, the Company issued
2,000,000
shares of common stock as part of an amendment to Secured Convertible Equipment Loan
    Agreement (see Note 8B). The value of the shares was calculated on the share price on the closing date of the amendment at $83.
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Table of Contents
TODOS MEDICAL LTD.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)
(U.S.
dollars in thousands)
NOTE
16 -
STOCK OPTIONS
A.
On
    January 11, 2016, the Company's Board of Directors approved and adopted the Todos Medical Ltd. 2015 Israeli Share Option Plan
    (the "2015 Plan"), pursuant to which the Company's Board of Directors may award stock options to purchase its ordinary
    shares to designated participants. Subject to the terms and conditions of the 2015 Plan, the Company's Board of Directors has
    full authority in its discretion, from time to time and at any time, to determine (i) the designate participants; (ii) the terms
    and provisions of the respective Option Agreements, including, but not limited to, the number of Options to be granted to each Optionee,
    the number of Shares to be covered by each Option, provisions concerning the time and the extent to which the Options may be exercised
    and the nature and duration of restrictions as to the transferability or restrictions constituting substantial risk of forfeiture
    and to cancel or suspend awards, as necessary; (iii) determine the Fair Market Value of the Shares covered by each Option; (iv) make
    an election as to the type of Approved 102 Option under Israeli IRS law; (v) designate the type of Options; (vi) take any measures,
    and to take actions, as deemed necessary or advisable for the administration and implementation of the 2015 Plan; (vii) interpret
    the provisions of the 2015 Plan and to amend from time to time the terms of the 2015 Plan.
The
2015 Plan permits grant of up to
6,000,000
options to purchase ordinary shares subject to adjustments set in the 2015 Plan. As of December
31, 2021, there were no ordinary shares available for future issuance under the 2015 Plan.
B.
On
    July 29, 2020 (the "Commitment Date"), the Company held its Annual General Meeting of Shareholders, at which the shareholders
    of the Company approved compensation packages for two officers that include inter alia the Company is obligated to grant of
2,545,083
stock options which are exercisable into the same number of shares of common stock at an exercise price of $
0.095
per share and shall
    become vested quarterly over a
5
-year period from its grant date. At the Commitment Date, the Company by assistance of third-party
    appraiser measured the fair value of the stock options in total amount of $
206
by using Black-Scholes-Merton pricing model in which
    the assumptions that have been used are as follows: expected dividend yield of
0
%; risk-free interest rate of
0.25
%; expected volatility
    of
131.9
%, and stock options exercise period based upon the stated terms.
In
addition, as one-time bonus as compensation for uncompensated efforts to the Commitment Date, the Company is obligated to grant fully
vested shares equal to $
275
based on the fair market value of the Company's shares as of July 28, 2020. The Company recorded stock-based
compensation expense of this amount as part of "General and Administrative Expenses" line in operations in the accompanying
consolidated statement of operations during the year ended December 31, 2020.
Moreover,
upon consummation of the Company's planned public offering,
30,000,000
restricted stock units' bonuses will be granted to
the aforesaid officers. At the Commitment Date, December 31, 2021 and 2020, the likelihood that the Performance Milestone for consummation
of the Company's planned public offering was not considered as probable. Thus, during the years ended December 31, 2021 and 2020,
stock-based compensation expense has not been recorded with respect to the Performance Milestone.
During
the period of nine months ended September 30, 2021, the Company recorded stock-based compensation expense amounting to $
59
, as part of
"General and Administrative Expenses" line in operations in the accompanying consolidated statement of operations.
C.
On
    July 29, 2020 (the "Commitment Date"), the Company held its Annual General Meeting of Shareholders, at which the shareholders
    of the Company approved compensation packages for all its members of the Board of Directors that include inter alia grant of restricted
    stock units equal to aggregate amount of $
900
that shall become vested quarterly over a
3
-year period from its grant date (except
    the restricted stock of the board chairman who will be vested quarterly over a 1-year period).
During
the year ended December 1, 2021, the Company recorded stock-based compensation expense amounting to $
405
, respectively, as part of "General
and Administrative Expenses" line in operations in the accompanying consolidated statement of operations.
F-
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TODOS MEDICAL LTD.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)
(U.S.
dollars in thousands)
NOTE
16 - STOCK OPTIONS (Cont.)
D.
Compensation
    packages for officers and members of the Board of Directors and its committees
1.
On
    March 10, 2021, the Company's Compensation Committee of the Board of Directors has approved compensation package for the Company's
    Chief Executive Officer that include inter alia (i) based annual salary of $
400
; (ii) an immediate granting of
50
% of salary in restricted
    shares for uncompensated efforts to date; (iii)
up to 30% cash bonus based on predefined milestones or milestone bonuses in form
    of Restricted Stock Units ranging of 250,000 up to 2,000,000 common shares, and cash bonus range of $250 up to $1,500 which are based
    on cumulative volume of sales range from $25,000 up to $100,000 or milestone bonuses in form of Restricted Stock Units in value of
    $10,000 up to $50,000 which are based on market cap range of $1,000,000 up to $2,000,000 ("Milestone Bonus Fees"); (iv)
1.5
% of gross margin for the calendar year 2020 based on Board approval of the Company's 2020 Financial Statements ("One-Time
    Bonus"); (v) grant of
8,750,000
stock options to purchase the same number of shares, vesting quarterly over the course of five
    years and (vi)
50
% of base cash bonus and grant of
20,000,000
restricted shares upon consummation of the Company's planned
    public offering ("Uplist Fees").
2.
On
    March 10, 2021, the Company's Compensation Committee of the Board of Directors has approved compensation package for the Company's
    Chief Financial Officer that include inter alia (i) based annual salary of $
250
; (ii) an immediate granting of
50
% of salary in restricted
    shares for uncompensated efforts to date; (iii)
up to 30% cash bonus predefined milestones or milestone bonuses in form of Restricted
    Stock Units range of 50,000 up to 200,000 and cash bonus range of $75 up to $300 which are based on cumulative volume of sales range
    of $25,000 up to $100,000 ("Milestone Bonus Fees"); (iv)
0.5
% of gross margin for the calendar year 2020 based on Board
    approval of the Company's 2020 Financial Statements ("One-Time Bonus"); (v) grant of
5,000,000
stock options to
    purchase the same number of shares, vesting quarterly over the course of five years and (vi)
50
% of base cash bonus and grant of
10,000,000
restricted shares upon consummation of the Company's planned public offering ("Uplist Fees").
3.
On
    March 10, 2021, the Company's Compensation Committee of the Board of Directors has approved compensation package for the Company's
    members of the Board of Directors and its committees that include inter alia (i) each board member will receive $
65
annual salary
    (to be paid quarterly after financing) and $
150
in RSU vesting quarterly over three years; (ii) the Chairman of the board will receive
    $
65
annual salary (to be paid quarterly after consummation of the Company's planned public offering) and $
150
in RSU annually;
    (iii) Lead Independent Director is entitled to receive additional 100% of annual board cash compensation and RSU; (iv) a grant of
    RSU of the Company upon consummation of the Company's planned public offering in an amount equal to annual compensation of
    each director ("Uplist Fee") and (iv) cash bonus of $
71
to be paid for services of all board committees ("Bonus
    Fee").
On
July 26, 2021 the Annual General Meeting of the Company approved the Compensation packages for officers and members of the Board of Directors
and its committees as detailed above.
The
following table presents the Company's stock option activity for employees and directors of the Company for the years ended December
31, 2020 and 2019:
Number of
Options
Weighted
Average
Exercise Price
Exercisable as of December 31, 2020
3,682,818
0.663
Granted (A)
13,750,000
0.030
Forfeited or expired
(
1,137,735
)
0.003
Outstanding as of December 31, 2021
16,295,083
0.040
Exercisable as of December 31, 2021
1,323,771
0.061
Number of
Options
Weighted
Average
Exercise Price
Outstanding as of December 31, 2019
2,267,571
0.061
Granted (B)
2,545,083
0.095
Forfeited or expired
(
1,129,836
)
0.120
Outstanding as of December 31, 2020
3,682,818
0.663
Exercisable as of December 31, 2020
877,122
0.160
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Table of Contents
TODOS MEDICAL LTD.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)
(U.S.
dollars in thousands)
NOTE
16 - STOCK OPTIONS (Cont.)
As
of December 31, 2021, the aggregate intrinsic value for the stock options outstanding and exercisable according to $
0.058
price per share
is $
19
, with a weighted average remaining contractual life of
4.5
years.
Stock-based
compensation expenses incurred for employees (and directors) and non-employees for the year ended December 31, 2021, amounted to $
645
.
As
of December 31, 2021, the aggregate accrual for officers and members of the board and its committees in connection with salary and other
benefits, amounted to $
1,752
and is included in Other Current liabilities in the balance sheet.
NOTE
17 -
COST OF REVENUES
Year
ended
December 31
2021
2020
Materials and other costs
$
6,504
$
3,418
Freights and customs
609
332
Depreciation
734
68
$
7,847
$
3,818
NOTE
18 -
RESEARCH AND DEVELOPMENT EXPENSES
Year
ended
December 31
2021
2020
Salaries and related expenses
$
-
$
27
Stock-based compensation
-
60
Professional fees
203
47
Impairment of intangible IPR&D (Note 5A3)
450
8,157
Laboratory and materials
127
1,535
Rent and maintenance
15
6
Depreciation
29
28
Insurance and others
-
3
$
824
$
9,863
NOTE
19 -
MARKETING EXPENSES
Year ended
December 31
2021
2020
Stock-based compensation
$
266
$
1,517
Professional fees
3,215
1,541
$
3,481
$
3,058
NOTE
20 -
GENERAL AND ADMINISTRATIVE EXPENSES
Year
ended
December 31
2021
2020
Salaries and related expenses
$
522
$
167
Stock-based compensation
893
1,034
Rent and maintenance
330
-
Communication and investor relations
109
44
Bad debts
2,534
-
Professional fees
4,810
1,412
Insurance and other expenses
166
72
$
9,364
$
2,729
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TODOS MEDICAL LTD.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)
(U.S.
dollars in thousands)
NOTE
21 -
FINANCING (INCOME) EXPENSES, NET
Year
ended
December 31
2021
2020
Change in fair value of warrants liability and warrants expired
$
(
301
)
$
201
Change in fair value of liability related to conversion feature of convertible bridge loans
(
2,180
)
(
355
)
Amortization of discounts and accrued interest on straight loans
2,657
1,170
Amortization of discounts and accrued interest on convertible bridge loans
25,575
11,196
Change in terms relating to convertible bridge loans transactions
-
(
3,375
)
Issuance of ordinary shares and stock warrants upon modification of terms relating to convertible bridge loans transactions
-
170
Issuance of shares as call options to acquire potential acquiree
-
3,000
Settlement in cash of prepayment obligation related to convertible bridge loan
182
Issuance of shares as a settlement in excess of the carrying amount of financial liabilities
870
487
Interest and related royalty of receivables financing facility
375
1,006
Amortization of prepaid expenses related to commitment shares in connection with receivables financing facility and equity line
591
144
Exchange rate differences and other finance expenses
2,571
668
$
30,340
$
14,312
NOTE 22 -
SHARE IN LOSSES
OF AFFILIATED COMPANIES
Year
                                            ended
December
                                            31
2021
2020
Impairment of investment in Antigen COVID Test Killer see note 5.b.
$
1,040
$
1,200
Impairment of investment in Bio Imagery Ltd. see note 5.c.
618
-
Share in losses of affiliated companies
$
1,658
$
1,200
NOTE
23 -
TAXES ON INCOME
A.
Israeli
    taxation:
Taxable
income of the Company is subject to the Israeli corporate tax at the rate of
23
%.
As
of December 31, 2021, the Company has carried forward losses for Israeli income tax purposes of approximately $
12.8
million which can
be offset against future taxable income for an indefinite period of time.
The
Company has final (considered final) tax assessments through the 2015 tax year.
B.
U.S.
    subsidiaries:
The
U.S. subsidiaries are taxed under United States federal and state tax rules. Income tax is calculated based on a U.S. federal tax rate
of
21
%.
The
U.S. subsidiaries estimated federal tax loss carryforward amounted to $
13,744
as of December 31, 2021. Such losses are available to offset
any future U.S. taxable income of the U.S. subsidiaries and will expire in the years 2021-2027 for federal tax purposes.
The
U.S. subsidiaries have not received final tax assessments since incorporation.
F-
73
Table of Contents
TODOS MEDICAL LTD.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)
(U.S.
dollars in thousands)
NOTE
23 - TAXES ON INCOME (Cont.)
C.
Deferred
    income taxes reflect the net tax effects of net operating loss and temporary differences between the carrying amounts of assets and
    liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company's
    deferred tax assets are as follows:
As of
December 31
Composition of deferred tax assets:
2021
2020
Net operating loss carry-forward
$
6,141
$
2,568
Research and development credits
1,879
99
Deferred revenues
-
177
Allowance for Bad Debt
583
-
Others
439
75
Net deferred tax asset before deferred tax liabilities and valuation allowance
9,042
2,919
Composition of deferred tax liabilities:
Intangible assets upon acquisition of subsidiary
315
-
Prepaids
-
88
Depreciation costs
477
407
Net deferred tax asset before valuation allowance
8,250
2,424
Valuation allowance
(
8,565
)
(
2,424
)
Net deferred tax assets
$
(
315
)
$
-
In
assessing the realization of deferred tax assets, management considers whether it is more likely than not that all or some portion of
the deferred tax assets will not be realized. The ultimate realization of the deferred tax assets is dependent upon the generation of
future taxable income during the periods in which temporary differences are deductible and net operating losses are utilized. Based on
consideration of these factors, the Company recorded a full valuation allowance as of December 31, 2021 and 2020.
D.
For
    the years ended December 31, 2021 and 2020, the following table reconciles the statutory income tax rate to the effective
    income tax rate:
Year Ended December 31,
2021
2020
Tax rate
23
%
23
%
Tax expense (benefit) at statutory rate
$
(
9,962
)
$
(
7,071
)
Tax rate differential
81
45
Permanent differences with respect to stock-based compensation
273
595
Permanent differences with respect to derivative warrants liabilities, bifurcated conversion feature and convertible loans
6,851
2,813
Permanent differences with respect to call option to acquire potential acquiree
-
732
Change in temporary differences
941
1,999
Others
-
-
Recognition of deferred tax liability related to acquired asset (IPR&D)
-
(
2,168
)
Loss carryforwards and others
1,816
887
Income tax expense (benefit)
-
-
F-
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Table of Contents
TODOS MEDICAL LTD.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)
(U.S.
dollars in thousands)
NOTE
24 -
SEGMENT REPORTING
A.
General
    information
Commencing
2020, the operations of the Company are conducted through three different core activities: Breast Cancer Test (TM-B1, TM-B2), Alzheimer
and COVID-19 testing and related products (commencing the fourth quarter of 2020), each of which are operating segments. These activities
also represent the reportable segments of the Group.
The
reportable segments are viewed and evaluated separately by Company management, since the marketing strategies, processes and expected
long term financial performances of the segments are different.
B.
Information
    about reported segment profit or loss and assets
COVID-19
Breast
Cancer Test
Alzheimer
Testing and
related
products
Un-
allocated
Total
Unaudited
Year ended December 31, 2021
Revenues
-
12,230
-
12,230
Operating loss
(
528
)
-
(
3,442
)
(
5,316
)
(
9,286
)
Unallocated amounts:
Financing expenses, net
(
30,340
)
(
30,340
)
Other losses
(
2,030
)
(
2,030
)
Share in losses of affiliated companies accounted for under equity method, net
(
1,658
)
(
1,658
)
Net loss
(
43,314
)
(
43,314
)
The
evaluation of performance is based on the operating income of each of the three reportable segments.
Accounting
policies of the segments are the same as those described in the accounting policies applied in the consolidated financial statements.
Due
to the reportable segments' nature, there have been no inter-segment sales or transfers during the reported periods.
Financing
expenses, net and the share of the Company in losses of affiliated companies were not allocated to the reportable segments, since these
items are carried and evaluated on the enterprise level.
Management
has determined that none of the equity method investees is eligible to be considered as reportable segment as they do not meet the criteria
in ASC Topic 280-10-50 (or they did not commence their operations).
C.
Revenues
    by geographic region are as follows:
Year ended December 31,
2021
2021
Israel
$
-
$
-
United States
12,230
5,207
12,230
5,207
D.
Property
    and equipment, net, by geographic areas:
As of December 31,
2021
2020
Israel
$
34
$
61
United States
2,011
1,938
Property and equipment, net
$
2,045
$
1,999
E.
Major
    customers
As
                                            of December 31,
2021
2020
Client A
47.2
%
56.6
%
Client B
12.0
%
0.8
%
Client C
11.9
%
2.7
%
71.1
%
60.1
%
F-
75
Table of Contents
TODOS MEDICAL LTD.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Cont.)
(U.S.
dollars in thousands)
NOTE
25 -
SUBSEQUENT EVENTS
On
March 11, 2022, the Company entered into a Share Purchase Agreement with 3CL Sciences Ltd. ("3CL") and NLC
Pharma Ltd. ("NLC"), pursuant to which the Company will acquire
52
%
of the issued and outstanding shares of 3CL and
NLC will acquire
48
%
of the issued and outstanding shares of 3CL (the
"Share Purchase Agreement"). Immediately prior to entering into the Share Purchase Agreement, NLC conveyed to 3CL all of
the therapeutic, diagnostic, dietary supplement and pharmaceutical assets from NLC that relate to 3CL protease biology (which is used
in the development, manufacture, sale and distribution of Tollovid™ and Tollovir™).
In
consideration of the 3CL shares being issued to us, the Company undertook to raise $
10,000
for 3CL and committed to issue to NLC $
3,800
worth of our ordinary shares, based upon the
closing price for our ordinary shares the day before the closing of the Share Purchase Agreement. The Company and NLC agreed to identify
a seasoned biopharmaceutical CEO to run 3CL going forward. The board of directors of 3CL Sciences will be made up of five (5) individuals:
three (3) appointed by the Company and two (2) appointed by NLC. The Company anticipate that the Share Purchase Agreement will
close during the second quarter of 2022.
F-
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Table of Contents
TODOS
MEDICAL LTD.
CONDENSED
CONSOLIDATED BALANCE SHEETS
(U.S.
dollars in thousands except share and per share amounts)
As
                                            of March 31,
As
    of December 31,
2022
2021
Unaudited
ASSETS
Current
    assets:
Cash
    and cash equivalents
$
74
$
189
Trade
    receivables, net
1,485
2,520
Inventories
1,642
1,603
Other
    current assets
841
404
Total
    current assets
4,042
4,716
Non-current
    assets:
Investment
    in affiliated companies, net
40
40
Investment
    in other company
455
455
Property
    and equipment, net
2,113
2,045
Right
    of use asset arising from operating lease
123
143
Goodwill
5,594
6,216
Intangible
    assets
1,350
1,500
Total
    non-current assets
9,675
10,399
Total
    assets
$
13,717
$
15,115
LIABILITIES
    AND SHAREHOLDERS' DEFICIT
Current
    liabilities:
Receivables
    financing facility, net
$
895
$
-
Loans,
    net
2,708
2,023
Accounts
    payable
3,299
2,276
Other
    current liabilities
3,501
4,284
Liability
    for minimum royalties
417
377
Total
    current liabilities
10,820
8,960
Non-current
    liabilities:
Convertible
    bridge loans, net
27,028
25,406
Fair
    value of bifurcated convertible feature of convertible bridge loans
187
4,182
Operating
    lease liability
118
141
Deferred
    taxes
284
315
Liability
    for minimum royalties
196
183
Other
    non-current liabilities
245
140
Total
    non-current liabilities
28,058
30,367
Shareholders'
    deficit:
Ordinary
    Shares of NIS
0.01
par value each:
Authorized:
5,000,000,000
shares
    at March 31, 2022 and December 31, 2021; Issued and outstanding:
1,140,376,586
shares and
975,644,432
shares at March 31, 2022 and December 31, 2021, respectively
3,423
2,913
Additional
    paid-in capital
69,599
63,470
Accumulated
    deficit
(
98,183
)
(
90,595
)
Total
    shareholders' deficit
(
25,161
)
(
24,212
)
Total
    liabilities and shareholders' deficit
$
13,717
$
15,115
The
accompanying notes are an integral part of these condensed consolidated financial statements.
F-
77
Table of Contents
TODOS
MEDICAL LTD.
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
(U.S.
dollars in thousands except share and per share amounts)
Three
                                            months period ended
March
                                            31,
2022
2021
Unaudited
Revenues
$
2,199
$
5,031
Cost
    of revenues
(
1,317
)
(
3,235
)
Gross
    profit
882
1,796
Research
    and development expenses
(
442
)
(
713
)
Sales
    and marketing expenses
(
1,081
)
(
1,358
)
General
    and administrative expenses
(
3,476
)
(
1,562
)
Operating
    loss
(
4,117
)
(
1,837
)
Financing
    expenses, net
(
3,471
)
(
15,654
)
Share
    in losses of affiliated companies accounted for under equity method, net
-
(
66
)
Net
    loss
$
(
7,588
)
$
(
17,557
)
Basic
    net loss per share
$
(
0.01
)
$
(
0.04
)
Diluted
    net loss per share
$
(
0.01
)
$
(
0.04
)
Weighted
    average number of ordinary shares outstanding attributable to ordinary shareholders used in computation of basic net loss per share
1,036,898,212
462,650,478
Weighted
    average number of ordinary shares outstanding attributable to ordinary shareholders used in computation of diluted net loss per share
1,036,898,212
464,214,552
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Table of Contents
TODOS
MEDICAL LTD.
CONDENSED
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' DEFICIT
(U.S.
dollars in thousands except share and per share amounts)
Ordinary
    shares
Additional
    paid-in
Accumulated
Total
    Shareholders'
Shares
Amount
capital
deficit
deficit
Balance
    as of December 31, 2021
975,644,432
$
2,913
$
63,470
$
(
90,595
)
$
(
24,212
)
Changes
    during the three months period ended March 31, 2022:
Partial
    conversion
of convertible loans into ordinary shares
49,620,690
152
1,652
-
1,804
Partial
    conversion of convertible bridge loans into ordinary shares
97,611,464
305
2,962
-
3,267
Conversion
    of warrants into ordinary shares
16,000,000
49
(
49
)
-
-
Stock-based
    compensation to employees and directors
-
-
857
-
857
Issuance
    of ordinary shares to service providers
1,500,000
4
707
-
711
Net
    loss for the period
-
-
-
(
7,588
)
(
7,588
)
Balance
    as of March 31, 2022 (unaudited)
1,140,376,586
3,423
69,599
(
98,183
)
(
25,161
)
Ordinary
    shares
Additional
    paid-in
Accumulated
Total
    Shareholders'
Shares
Amount
capital
deficit
deficit
Balance
    as of December 31, 2020
376,335,802
$
1,059
$
35,211
$
(
47,281
)
$
(
11,011
)
Changes
    during the three months period ended March 31, 2021:
Issuance
    of ordinary shares as settlement of previous commitments
2,500,000
8
(
8
)
-
-
Partial
    conversion of convertible bridge loans into ordinary shares
134,358,817
409
6,461
-
6,870
Issuance
    of ordinary shares upon modification of terms relating to convertible straight loan transaction
2,000,000
6
82
-
88
Issuance
    of stock warrants as part of convertible bridge loan received
-
-
792
-
792
Issuance
    of ordinary shares in exchange for equity line received
5,229,809
16
239
-
255
Issuance
    of ordinary shares as collateral for loan repayment
20,000,000
61
809
-
870
Issuance
    of ordinary shares or commitment for issuance of fixed number of ordinary shares to service providers
11,921,053
36
30
-
66
Stock-based
    compensation to employees and directors
-
-
169
-
169
Net
    loss for the period
-
-
-
(
17,557
)
(
17,557
)
Balance
    as of March 31, 2021 (unaudited)
552,345,481
1,595
43,785
(
64,838
)
(
19,458
)
The
accompanying notes are an integral part of these condensed consolidated financial statements.
F-
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Table of Contents
TODOS
MEDICAL LTD.
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(U.S.
dollars in thousands)
Three
                                            months period ended
March
                                            31,
2022
2021
Unaudited
Unaudited
Cash
    flows from operating activities:
Net
    loss
$
(
7,588
)
$
(
17,557
)
Adjustments
    required to reconcile net loss to net cash used in operating activities:
Depreciation
197
156
Interest
    on revolving credit line
597
-
Liability
    for minimum royalties
54
12
Stock-based
    compensation
1,568
235
Modification
    of terms relating to straight loan transaction
-
(
6
)
Share in losses of affiliated company
-
66
Direct
    and incremental issuance costs allocated to conversion feature of convertible bridge loan
-
169
Change
    in fair value, amortization of discounts and accrued interest on convertible bridge loans
6,127
15,033
Amortization
    of discounts and accrued interest on straight loans
164
861
Change
    in fair value of derivative warrants liability and fair value of warrants expired
-
(
201
)
Change
    in fair value of liability related to conversion feature of convertible bridge loans
(
3,431
)
(
977
)
Decrease
    (increase) in trade receivables
1,035
(
41
)
Increase
    in inventories
(
38
)
(
1,054
)
Decrease
    (increase) in other current assets
(
294
)
670
Increase
    (decrease) in accounts payable
1,024
(
389
)
Decrease
    in deferred revenues
-
(
844
)
Increase
    (decrease) in other current liabilities
(
678
)
687
Net
    cash used in operating activities
(
1,263
)
(
3,180
)
Cash
    flows from investing activities:
Purchase
    of property and equipment
(
244
)
(
658
)
Investment
    in other companies
-
(
231
)
Net
    cash used in investing activities
(
244
)
(
889
)
Cash
    flows from financing activities:
Proceeds
    from straight loans, net
725
1,677
Proceeds
    (repayment)
of Receivables financing facility
879
(
1,056
)
Repayment
    of straight loans
(
189
)
(
941
)
Repayment
    of convertible bridge loans
-
(
677
)
Proceeds
    from issuance of units consisting of convertible bridge loans, stock warrants and shares, net
-
4,012
Repayments
    of right of use asset arising from operating leases
(
23
)
-
Proceeds
    from issuance of ordinary shares through equity line
-
255
Net
    cash provided by financing activities
1,392
3,270
Change
    in cash, cash equivalents
(
115
)
(
799
)
Cash,
    cash equivalents at beginning of period
189
935
Cash,
    cash equivalents at end of period
$
74
$
136
The
accompanying notes are an integral part of these condensed consolidated financial statements.
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TODOS
MEDICAL LTD.
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS (Cont.)
(U.S.
dollars in thousands)
Three
                                            months period ended
March
                                            31,
2022
2021
Unaudited
Unaudited
Supplemental
    disclosure of non-cash activities:
Purchasing
    of property and equipment included in accounts payable
-
95
Issuance
    of ordinary shares as collateral for loan repayment
-
870
Partial
    conversion of convertible bridge loans and liability related to conversion feature of convertible bridge loans into ordinary shares
5,070
6,870
Issuance
    of stock warrants as part of convertible bridge loan received
-
792
Issuance
    of ordinary shares upon modification of terms relating to convertible straight loan transaction
-
88
The
accompanying notes are an integral part of these condensed consolidated financial statements.
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TODOS
MEDICAL LTD.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(U.S.
dollars in thousands)
NOTE
1 -
GENERAL
A.
Operations
Todos
Medical Ltd. (the "Company" or "Todos") was incorporated under the laws of the State of Israel and commenced
its operations on April 22, 2010. The Company engineers life-saving diagnostic solutions for the early detection of a variety of cancers.
The Company's patented Todos Biochemical Infrared Analyses (TBIA) is a proprietary cancer-screening technology using peripheral
blood analysis that deploys deep examination into cancer's influence on the immune system, looking for biochemical changes in blood
mononuclear cells and plasma. Todos' two internally developed cancer-screening tests, TMB-1 and TMB-2, have received a CE mark
in Europe.
Todos
is also developing blood tests for the early detection of neurodegenerative disorders, such as Alzheimer's disease. The Lymphocyte
Proliferation Test (LymPro Test™) is a diagnostic blood test that determines the ability of peripheral blood lymphocytes (PBLs)
and monocytes to withstand an exogenous mitogenic stimulation that induces them to enter the cell cycle. LymPro is unique in the use
of peripheral blood lymphocytes as a surrogate for neuronal cell function, suggesting a common relationship between PBLs and neurons
in the brain.
Commencing
2020, the Company through its U.S. subsidiary (Corona Diagnostics, LLC) has entered into several distribution agreements with other companies
to distribute certain novel coronavirus (COVID-19) test kits. The agreements cover multiple international suppliers of PCR testing kits
and related materials and supplies, as well as antibody testing kits from multiple third-party manufacturers after completing validation
of said testing kits and supplies in certified laboratory in the United States.
Additionally,
during 2021,
upon completion of the Share Purchase
Agreement for the purchase of Provista Diagnostics, Inc. (see below), the Company, through Provista Diagnostics, Inc. provide diagnostic
testing laboratory services currently performing COVID-19 PCR testing, primarily for the medical and entertainment industries.
In
December 2020, the Company announced the commercial launch of its proprietary 3CL protease inhibitor dietary supplement Tollovid™.
Tollovid, a mix of botanical extracts, is being targeted to support healthy immune function against circulating coronaviruses. Tollovid
was granted a Certificate of Free Sale by the US Food and Drug Administration (FDA) in August 2020, allowing its commercial sale anywhere
in the United States. In May 2021, the FDA granted the Company a new Certificate of Free Sale for a second dosing regimen for Tollovid™
as a dietary supplement, under which the Company is authorized to market Tollovid with a dosing regimen of 60 pills over a five-day period,
equivalent to 12 pills per day.
On
March 11, 2022, we entered into a Share Purchase Agreement with 3CL Sciences Ltd. ("3CL") and NLC Pharma Ltd. ("NLC"),
pursuant to which we will acquire
52
%
of the issued and outstanding shares of 3CL and NLC will acquire
48
%
of the issued and outstanding shares of 3CL (the "Share Purchase Agreement"). Immediately prior to entering into the Share
Purchase Agreement, NLC conveyed to 3CL all of the therapeutic, diagnostic, dietary supplement and pharmaceutical assets from NLC that
relate to 3CL protease biology (which is used in the development, manufacture, sale and distribution of Tollovid™ and Tollovir™).
In
consideration of the 3CL shares being issued to us, we undertook to raise $
10,000
for 3CL and committed to issue to NLC $
3,800
worth of our ordinary shares, based upon the
closing price for our ordinary shares the day before the closing of the Share Purchase Agreement. The Company and NLC agreed to identify
a seasoned biopharmaceutical CEO to run 3CL going forward. The board of directors of 3CL Sciences will be made up of five (5) individuals:
three (3) appointed by the Company and two (2) appointed by NLC. We anticipate that the Share Purchase Agreement will close during the
second quarter of 2022, subsequent to the date on which these unaudited condensed consolidated financial statements were issued.
Revenues
of the year ended March 31, 2022, resulted from sales of COVID-19 related products, testing kits and dietary supplement, Tollovid™
.. Through March 31, 2022, the Company has not yet generated any revenue from its developed cancer-screening tests TMB-1 and TMB-2 or
LymPro Test™.
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TODOS
MEDICAL LTD.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(U.S.
dollars in thousands, except shares amounts)
B.
Foreign
    operations
1.
Todos
    Medical (Singapore) Pte Ltd
On
January 27, 2016, the Company incorporated a wholly owned subsidiary in Singapore under the name of Todos Medical (Singapore) Pte Ltd.
("Todos Singapore") for the purpose of advancing clinical trials of the Company's core technology for breast cancer
in Southeast Asia. As of March 31, 2022, Todos Singapore has not yet commenced its business operations.
2.
Todos
    Medical USA
In
January 2020, the Company incorporated a U.S. subsidiary named Todos Medical USA ("Todos U.S.") for the purpose of conducting
business as medical importer and distributor focused on the distribution of the Company's testing products and services to customers
in the North America and Latin America  .
3.
Corona
    Diagnostics, LLC
In
April 2020, the Company incorporated a U.S. subsidiary named Corona Diagnostics, LLC ("Corona Diagnostics") for the purpose
of marketing COVID-19 related products in the United States to validate potential products the Company is contemplating distributing
and creating marketing materials for the testing products based upon those validations.
4.
Breakthrough
    Diagnostics, Inc.
On
July 28, 2020, the Company completed the purchase of
100
%
of the issued and outstanding common stock of Breakthrough Diagnostics, Inc. ("Breakthrough") for entering into the field
of early detection of Alzheimer's disease.
Breakthrough
was determined to be excluding substantive process as required under the definition of business in accordance with the provisions of
ASC Topic 805 "Business Combination", it was also determined that the asset purchased had no alternative future use and therefore
the entire purchase price allocated to the acquired IPR&D was charged to expense in the consolidated statement of operations.
5.
Provista
    Diagnostics, Inc
On
April 19, 2021, the Company entered into an Agreement to Purchase Provista Diagnostics, Inc. ("Agreement to Purchase") with
Strategic Investment Holdings, LLC ("SIH"), Ascenda BioSciences LLC ("Ascenda") and Provista Diagnostics, Inc.
("Provista").
Pursuant
to the Agreement to Purchase, the Company acquired Provista from Ascenda and SIH for an aggregate purchase price of $
7,500
consisting of an initial cash payment of $
1,250
,
the issuance of $
1,500
in Ordinary Shares priced at $
0.0512
per share, the issuance to SIH of a $
3,500
convertible promissory note dated April 19, 2021
(the "Note") and an additional cash payment of $
1,250
in July 2021.
The
Note has a maturity date of April 8, 2025, and is convertible beginning on October 20, 2021, into Ordinary Shares of the Company at a
conversion price equal to the lesser of $
0.05
or the volume weighted average price of the last
20 trading days for the Ordinary Shares prior to the date of conversion. In the event SIH delivers a Notice of Conversion to the Company
at a per share price less than $
0.05
,
the Company has the right to immediately notify SIH of its intention to pay the conversion amount in cash within three (3) business days
of receipt of the Notice of Conversion. If, at any time between October 20, 2021 and April 20, 2022, the average of the lowest bid and
closing sale price is below $
0.05
,
the Company has the option to buy out all or any portion of the Note (the "Buyback Option"). In the event the Company exercises
the Buyback Option for an amount equal to or greater than $
1,170
,
SIH may not submit any conversions below $
0.05
for ninety (90) days from receipt of the Buyback
Amount.
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TODOS
MEDICAL LTD.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(U.S.
dollars in thousands except shares amounts)
In
the event that the Company uplists its Ordinary Shares to a national securities exchange, the Note shall automatically be exchanged into
Series B preferred stock with a conversion price equal to the lesser of (a) $0.05, (b) the opening price on the day of the uplisting
provides there is no transaction associated with the uplisting or (c) the deal price of an uplisting transaction.
As
of the date of this quarterly report on Form 10-Q, SIH has not submitted a Conversion Notice.
On
March 14, 2022, the Company entered into a Revolving Line of Credit Agreement with Testing 123, LLC (see Note ). Under the terms of the
Revolving Line of Credit Agreement, the Company agreed to issue Testing 123, LLC shares, equal to a
10
%
ownership stake in Provista. In the event that additional shares of Provista are issued, the Company committed to issue the Lender additional
shares such that his stake in Provista shall not be below
10
%.
6.
Other
    entities
A.
In
    June 2020, the Company entered into agreement with NLC Pharma Ltd., under which Antigen COVID Test Killer was formed for the purpose
    of development of diagnostic candidate Antigen Killer and product commercialize through the Company's sales channels.
See
    also note 1 regarding the Share Purchase Agreement with 3CL Sciences Ltd. Signed on March 11, 2022.
B.
In
    August 2020, the Company entered into an agreement with Care GB Plus Ltd, under which Bio Imagery Ltd. ("Bio Imagery")
    has been incorporated for the purpose of developing, marketing and commercializing the Products and all the Intellectual Property
    of the Company ("Todos Cancer Assets"), developing new Intellectual Property, products and services, and pursue the business
    based on the Todos Cancer Assets and on new intellectual property that will be developed by Bio Imagery. As of March 31, 2022, Bio
    Imagery has not yet commenced its business operations.
The
Company and its entities herein considered as the "Group".
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TODOS
MEDICAL LTD.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Cont.)
(U.S.
dollars in thousands)
NOTE
1 - GENERAL
C.
Going
    concern uncertainty
The
Company has devoted substantially all of its efforts to research and development of its products and raising capital to fund this development.
The development and commercialization of the Company's products are expected to require substantial further expenditures. To date,
the Company has not yet generated sufficient revenues from operations to support its activities, and therefore it is dependent upon external
sources for financing its operations. Since inception through March 31, 2022, the Company has incurred accumulated losses of $
98,183
.
As of March 31, 2022, the Company's current
liabilities exceed its current assets by $
6,778
,
and there is a shareholders' deficit of $
25,161
.
The Company has generated negative operating cash
flow for all periods. As of May 15, 2022 (date of approval of these financial statements), the total cash and cash equivalent balance
is approximately $
28
.
Management has considered the significance of such
condition in relation to the Company's ability to meet its current obligations and to achieve its business targets and determined
that these conditions raise substantial doubt about the Company's ability to continue as a going concern. The Company plans to
finance its operations through the sale of equity and to the extent available, short-term and long-term loans and also through revenues
from sales of corona testing related products. There can be no assurance that the Company will succeed in obtaining the necessary financing
to continue its operations as a going concern. The financial statements do not include any adjustments that might result from the outcome
of this uncertainty.
D.
Risk
    factors
As
described in the above paragraph, the Company has a limited operating history and faces a number of risks and uncertainties, including
risks and uncertainties regarding to potential dispute which related to commercial terms in connection with unpaid invoices (related
to sales, net yet recognized as revenue) with one of its significant clients
E.
COVID-19
On
March 11, 2020, the World Health Organization declared the COVID-19 outbreak a global pandemic. The outbreak has reached all of the regions
in which the Company does business, and governmental authorities around the world have implemented numerous measures attempting to contain
and mitigate the effects of the virus, including travel bans and restrictions, border closings, quarantines, shutdowns, limitations or
closures of non-essential businesses, and social distancing requirements.
The
global spread of COVID-19 and actions taken in response have caused and may continue to cause disruptions and/or delays in our supply
chain and shipments and caused significant economic and business disruption to the Company's customers and vendors.
The
COVID-19 pandemic has created and may continue to create significant opportunity under the uncertainty in macroeconomic conditions, which
may cause further demand for the Company's core business related to PCR testing kits and related materials and supplies as already
reflected by recognized revenues of $
2,199
and $
5,031
during the three months ended March 31, 2022
and 2021, respectively. However, the Company may face uncertainties around its estimates of revenue collectability and accounts receivable
credit losses and its expectation to receive funds from external sources for financing its operations. The Company expects uncertainties
around its key accounting estimates to continue to evolve depending on the duration and degree of impact associated with the COVID-19
pandemic. The Company estimates may change as new events occur and additional information emerges, and such changes are recognized or
disclosed in the Company's consolidated financial statements.
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TODOS
MEDICAL LTD.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Cont.)
(U.S.
dollars in thousands)
NOTE
2 -
SIGNIFICANT ACCOUNTING POLICIES
A.
Basis of presentation
The
accompanying unaudited condensed consolidated financial statements and related notes should be read in conjunction with the Company's
consolidated financial statements and related notes included in the Company's Annual Report on Form 10-K for the fiscal year ended
December 31, 2021, as filed with the Securities and Exchange Commission ("SEC") on March 31, 2022 (the "2021 Form 10-K").
The unaudited condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the SEC
related to interim financial statements. As permitted under those rules, certain information and footnote disclosures normally required
or included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. The financial information contained
herein is unaudited; however, management believes all adjustments have been made that are considered necessary to present fairly the
results of the Company's financial position and operating results for the interim periods. All such adjustments are of a normal
recurring nature.
The
results for the three months ended March 31, 2022 are not necessarily indicative of the results to be expected for the year ending December
31, 2022 or for any other interim period or for any future period.
B.
Use of estimates in the preparation of financial statements
The
preparation of the financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect
the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the dates of the financial
statements, and the reported amounts of expenses during the reporting periods. Actual results could differ from those estimates. As applicable
to these financial statements, the most significant estimates and assumptions include (i) identification of and measurement of financial
instruments in funding transactions; (ii) Initial measurement of investment in affiliated companies and subsequent equity method implications;
(iii) determination whether an acquired company or formed entities represents a 'business'; (iv) determination whether acquired
or formed entities are considered Variable Interest Entity (VIE) and if so, whether the Group is its Primary Beneficiary (PB) (v) deferred
income taxes and (vi) measurement of the fair value of equity awards.
C.
Principles of Consolidation
The
consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries and when applicable its majority
owned entities that were determined to be VIE and that the Group was determined as their Primary Beneficiary (PB). Intercompany transactions
and balances have been eliminated upon consolidation.
E.
Goodwill and intangible assets
Goodwill
represents the excess of the purchase price over the fair value of the identifiable net assets acquired in business combinations accounted
for in accordance with the "purchase method" and is allocated to reporting units at acquisition. Goodwill is not amortized
but rather tested for impairment at least annually in accordance with the provisions of ASC Topic 350, "Intangibles - Goodwill
and Other". The Company performs its goodwill annual impairment test for the reporting units at December 31 of each year, or more
often if indicators of impairment are present.
Intangible
assets with finite lives are amortized using the straight-line basis over their useful lives, to reflect the pattern in which the economic
benefits of the intangible assets are consumed or otherwise used up.
During
the three months ended March 31, 2022 the Company recorded $
0
,
of impairment losses (See also Note 3B).
D.
Basic and diluted net loss per ordinary share
The
Company computes net loss per share in accordance with ASC 260, "Earning per Share", which requires presentation of both
basic and diluted loss per share on the face of the statement of operations.
Basic
net loss per ordinary share is computed by dividing the net loss for the period applicable to ordinary shareholders, by the weighted
average number of ordinary shares outstanding during the period. Diluted loss per share gives effect to all potentially dilutive common
shares outstanding during the year using the treasury stock method with respect to stock options and certain stock warrants and using
the if-converted method with respect to convertible bridge loans and certain stock warrants. In computing diluted loss per share, the
average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options
or warrants. During the period of three months ended March 31, 2022 and 2021 the total weighted average number of ordinary shares related
to outstanding stock options, stock warrants and convertible bridge loans excluded from the calculation of the diluted loss per share
was
1,468,352,970
and
323,874,156
,
respectively.
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Table of Contents
TODOS
MEDICAL LTD.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Cont.)
(U.S.
dollars in thousands)
The
net loss and the weighted average number of shares used in computing basic and diluted net loss per share for the period of three months
ended March 31, 2022 and 2021, is as follows:
Three
    month period ended
2022
2021
Unaudited
Unaudited
Numerator:
Net
    loss attributable to common shareholders
$
7,588
$
17,557
Revaluation
    of liability related to warrants to purchase shares of common Stock
-
168
Net
    loss attributable to common shareholders
$
7
,588
$
17,725
Denominator:
Shares
    of common stock used in computing basic net loss per share
1,036,898,212
462,650,478
Incremental
    shares from assumed exercise of warrants to purchase shares of common stock
-
1,564,074
Shares
    of common stock used in computing diluted net loss per share
1,036,898,212
464,214,552
Net
    loss per share of common stock, basic and diluted
$
0.01
$
0.04
E.
Recent Accounting Pronouncements
On
October 1, 2021, the Company early adopted ASU No. 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives
and Hedging—Contracts in Entity's Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an
Entity's Own Equity (ASU 2020-06), which simplifies the accounting for convertible instruments by reducing the number of accounting
models available for convertible debt instruments. This guidance also eliminates the treasury stock method to calculate diluted earnings
per share for convertible instruments and requires the use of the if-converted method. The new standard was effective for us beginning
January 1, 2022, with early adoption permitted. The adoption of this new standard did not have a material impact on our consolidated
financial statements.
Other
new pronouncements issued but not effective as of March 31, 2022 are not expected to have a material impact on the Company's consolidated
financial statements.
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Table of Contents
TODOS
MEDICAL LTD.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Cont.)
(U.S.
dollars in thousands)
NOTE
3 -
SIGNIFICANT TRANSACTIONS
A.
Exchange
    of warrants
On
March 10, 2022 the Company and Leonite Capital LLC (the "Investor") entered into an Agreement pursuant to which, the Company
agreed to issue the Investor
16,000,000
ordinary shares of the Company as full conversion
of all Investor's outstanding warrants. On March 17, 2022, the Company issued
16,000,000
ordinary shares of the Company pursuant to the
agreement
.
B.
Revolving
    Line of Credit Agreement
On
March 14, 2022, the Company and Testing 123, LLC (the "Lender") signed a Revolving Line of Credit Agreement, pursuant to
which the Lender will provide the Company with a credit facility of up to $
1,250
bearing a monthly interest of
5
%
calculated for a minimum period of 60 days. The Company may request advances under the agreement from the date of the agreement and until
March 14, 2023. The Maturity date of each draw will be the earlier of (i) 60 days from the date of the loan, (ii) the occurrence of an
event of default as defined in the agreement and (iii) with respect to funds received by Borrower through collections on receivables
included in a Receivables Pool, as defined in the agreement, 3 days after such funds have been received by the escrow account agent or
the Company.
In
additional to the above
the Company agreed
to issue the Lender shares, equal to a 10% ownership stake in Provista. In the event that additional shares of Provista are issued, the
Company committed to issue the Lender additional shares such that his stake in Provista shall not be below 10%
.
As
of March 31, 2022, the Company utilized $
999
out
of the credit facility.
The
Company has estimated the portion of the
10
%
shares of Provista at $
740
and recorded $
598
as interest expenses, and $
142
as prepaid interest expenses under Other Current
Assets.
C.
Issuance
    of Ordinary Shares
1.
On
    January 13, 2022, the Company issued
1,500,000
ordinary shares, valued at $711, to
    a service provider of which
1,250,000
ordinary shares were issued in exchange of
    previous commitment to issue a fixed number of shares  .
2.
During
    the period of three months ended March 31, 2022, Principal Amount and unpaid Interest in total amount of $
613
(valued at $
3,266
)
have been converted into
97,611,464
ordinary shares  .
3.
On
February 4, 2022 and March 10, 2022, the Company issued total of
49,620,690
ordinary shares, valued at $
1,804
.
D.
Settlement
    Agreement with Toledo Advisors LLC
On
April 7, 2022, the Company and Toledo Advisors LLC ("Toledo") signed a Settlement Agreement pursuant to which upon execution
of the agreement the Company shall pay Toledo $130 and shall issue to Toledo $200 worth of ordinary shares.
Upon
delivery of the cash payment and shares the parties shall file and discontinue the compliant file by Toledo on January 7, 2022 and Toledo
irrevocably and unconditionally, shall release and discharge the Company from its June 19, 2020 financing agreement and July 28,
2020 Royalty Agreement. The financial statements as of March 31, 2022, includes an income of $
153
as a result of the cancelation of prior
agreements.
NOTE
4 -
STOCK BASED COMPENSATION
Stock-based
compensation expenses incurred for employees (and directors) and non-employees for the period of three months ended March 31, 2022, amounted
to $
857
.
A.
STOCK OPTIONS
On
January 11, 2016, the Company's Board of Directors approved and adopted the Todos Medical Ltd. 2015 Israeli Share Option Plan (the
"2015 Plan"), pursuant to which the Company's Board of Directors may award stock options to purchase its ordinary shares
to designated participants. Subject to the terms and conditions of the 2015 Plan, the Company's Board of Directors has full authority
in its discretion, from time to time and at any time, to determine (i) the designate participants; (ii) the terms and provisions of the
respective Option Agreements, including, but not limited to, the number of Options to be granted to each Optionee, the number of Shares
to be covered by each Option, provisions concerning the time and the extent to which the Options may be exercised and the nature and
duration of restrictions as to the transferability or restrictions constituting substantial risk of forfeiture and to cancel or suspend
awards, as necessary; (iii) determine the Fair Market Value of the Shares covered by each Option; (iv) make an election as to the type
of Approved 102 Option under Israeli IRS law; (v) designate the type of Options; (vi) take any measures, and to take actions, as deemed
necessary or advisable for the administration and implementation of the 2015 Plan; (vii) interpret the provisions of the 2015 Plan and
to amend from time to time the terms of the 2015 Plan.
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Table of Contents
TODOS
                                            MEDICAL LTD.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Cont.)
(U.S.
dollars in thousands)
The
2015 Plan permits grant of up to
6,000,000
options to purchase ordinary shares subject to
adjustments set in the 2015 Plan. As of March 31, 2022, there were
2,338,838
ordinary shares available for future issuance
under the 2015 Plan.
The
following table presents the Company's stock option activity for employees and directors of the Company during the periods of three
months ended March 31, 2022 and 2021:
Number
    of Options
Weighted
Average
Exercise
                                            Price
Unaudited
Unaudited
Outstanding
    as of January 1, 2022
16,295,083
0.040
Granted
-
-
Forfeited
    or expired
-
-
Outstanding
    as of March 31, 2022
16,295,083
0.040
Exercisable
    as of March 31, 2022
2,138,525
0.053
Outstanding
    as of January 1, 2021
3,682,818
0.663
Granted
-
-
Forfeited
    or expired
(
1,137,735
)
0.003
Outstanding
    as of March 31, 2021
2,545,083
0.095
Exercisable
    as of March 31, 2021
254,508
0.095
As
of March 31, 2022, the aggregate intrinsic value for the stock options outstanding and exercisable according to $
0.02
price per share is $
0
,
with a weighted average remaining contractual life of
4.2
years.
B.
RESTRICTED STOCK UNITS
The
Company issues restricted stock units ("RSU") under the 2015 Plan to employees and non-employees. The following table outlines
the restricted stock awards activity for the Company's during the periods of three months ended March 31, 2022 and 2021:
Number
    of
RSU's
Unaudited
Outstanding as of January 1,
    2022
41,967,152
Granted
10,000,000
Vested
(
3,782,699
)
Forfeited or expired
-
Outstanding as of
    March 31, 2022
48,184,453
Weighted average
    grant date fair value of restricted stock awards granted during the period
0.029
Outstanding as of January 1, 2021
9,687,500
Granted
-
Vested
(
1,562,500
)
Forfeited or expired
-
Outstanding as of
    March 31, 2021
8,125,000
F-
89
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TODOS
MEDICAL LTD.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Cont.)
(U.S.
dollars in thousands)
NOTE
5 -
FINANCING EXPENSES, NET
Three
                                            months period ended
March
                                            31,
2022
2021
Unaudited
Unaudited
Modification
    of terms relating to straight loan transaction
$
-
$
(
6
)
Amortization
    of discounts and accrued interest on convertible bridge loans
6,127
15,033
Amortization
    of discounts and accrued interest on straight loans
164
861
Change
    in fair value of derivative warrants liability and fair value of warrants expired
-
(
201
)
Change
    in fair value of liability related to conversion feature of convertible bridge loans
(
3,431
)
(
977
)
Direct
    and incremental issuance costs allocated to conversion feature of convertible bridge loan
-
169
Settlement
    in cash of prepayment obligation related to convertible bridge loan
-
182
Interest
    and related royalties under receivables financing facility
(
153
)
238
Amortization
    of prepaid expenses related to commitment shares in connection with receivables financing facility and equity line
567
293
Exchange
    rate differences and other finance expenses
197
62
Financing
    (income) expenses, net
$
3,471
$
15,654
NOTE
6 -
TAXES ON INCOME
A.
Deferred
    income taxes reflect the net tax effects of net operating loss and temporary differences between the carrying amounts of assets and
    liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company's
    deferred tax assets are as follows
:
As
                                            of
March
                                            31
,
2022
Unaudited
Composition
    of deferred tax assets:
Net
    operating loss carry-forward
$
6,747
Research
    and development credits
-
Allowance
    for Bad Debt
Others
-
Net
    deferred tax asset before deferred tax liabilities and valuation allowance
6,747
Composition
    of deferred tax liabilities:
Intangible
    assets upon acquisition of subsidiary
284
Depreciation
    costs
197
Net
    deferred tax asset before valuation allowance
6,266
Valuation
    allowance
(
6,550
)
Net
    deferred tax liability
(
284
)
In
assessing the realization of deferred tax assets, management considers whether it is more likely than not that all or some portion of
the deferred tax assets will not be realized. The ultimate realization of the deferred tax assets is dependent upon the generation of
future taxable income during the periods in which temporary differences are deductible and net operating losses are utilized. Based on
consideration of these factors, the Company recorded a full valuation allowance as of March 31, 2022.
F-
90
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TODOS
MEDICAL LTD.
NOTES
                                            TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Cont.)
(U.S.
dollars in thousands)
B.
For
    the period of three months ended March 31, 2022, the following table reconciles the statutory income tax rate to the effective income
    tax rate:
Three
    months ended
March 31,
2022
Unaudited
Tax
    rate
23
%
Tax
    expense (benefit) at statutory rate
$
(
1,579
)
Tax
    rate differential
25
Permanent
    differences with respect to stock-based compensation
359
Permanent
    differences with respect to derivative warrants liabilities, bifurcated conversion feature and convertible loans
613
Others
Loss
    carryforwards and others
582
Income
    tax expense (benefit)
$
-
F-
91
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TODOS
MEDICAL LTD.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Cont.)
(U.S.
dollars in thousands)
NOTE
7 -
SEGMENT REPORTING
A.
General
    information
Commencing
2020, the operations of the Company are conducted through three different core activities: Breast Cancer Test (TM-B1, TM-B2), Alzheimer
and COVID-19 testing, each of which are operating segments. These activities also represent the reportable segments of the Group.
The
reportable segments are viewed and evaluated separately by Company management, since the marketing strategies, processes and expected
long term financial performances of the segments are different.
B.
Information
    about reported segment profit or loss and assets
COVID-19
Breast
    Cancer Test
Alzheimer
Testing
    and related products
Un-allocated
Total
Unaudited
Three months ended March
    31, 2022
Revenues
-
-
2,199
-
2,199
Operating
    loss
(
1,107
)
-
(
1,303
)
(
1,707
)
(
4,117
)
Unallocated
    amounts:
Financing
    expenses, net
(
3,471
)
(
3,471
)
Share
    in losses of affiliated companies accounted for under equity method, net
-
-
Net loss
(
1,107
)
-
(
1,303
)
(
5,178
)
(
7,588
)
The
evaluation of performance is based on the operating income of each of the
three
reportable segments.
Accounting
policies of the segments are the same as those described in the accounting policies applied in the consolidated financial statements.
Due
to the reportable segments' nature, there have been no inter-segment sales or transfers during the reported periods.
Financing
expenses, net and the share of the Company in losses of affiliated companies were not allocated to the reportable segments, since these
items are carried and evaluated on the enterprise level.
Management
has determined that none of the equity method investees is eligible to be considered as reportable segment as they do not meet the criteria
in ASC Topic 280-10-50 (or they did not commence their operations)..
C.
Revenues
    by geographic region are as follows:
Three
                                            months period ended
March
                                            31,
2022
2021
Unaudited
Israel
$
-
$
-
United
    States
2,199
5,031
Total
2,199
5,031
F-
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TODOS
MEDICAL LTD.
NOTES
                                            TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Cont.)
(U.S.
dollars in thousands)
D.
Property
    and equipment, net, by geographic areas:
As of March 31,
As
    of December 31,
2022
2021
Unaudited
Israel
$
31
$
34
United
    States
2,082
2,011
Property
    and equipment, net
$
2,113
$
2,045
E.
Major
    customers
As
    of March 31,
2022
2021
Client
    A
-
85.3
%
Client
    B
27.2
%
-
Client
    D
11.2
%
-
Total
38.4
%
85.3
%
NOTE
8 -
EVENTS SUBSEQUENT TO THE BALANCE SHEET DATE
The
Company evaluated all events and transactions that occurred subsequent to the balance sheet date and prior to the date on which these
unaudited condensed consolidated financial statements were issued, and determined that no events required disclosure.
F-
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Table of Contents
TODOS
MEDICAL LTD.
___________
Units
Each
Unit Consisting of One Ordinary Share and
One
Warrant To Purchase One Ordinary Share
PROSPECTUS
Westpark
Capital, Inc.
,
2022
Table of Contents
PART
II
INFORMATION
NOT REQUIRED IN PROSPECTUS
EXPENSES
OF THIS OFFERING
The
estimated expenses payable by us in connection with the offering described in this prospectus will be as set forth in the table below.
With the exception of the U.S. Securities and Exchange Commission registration fee, all amounts are estimates. All such expenses will
be borne by the Registrant.
Item
Amount
to
    be Paid
SEC
    registration fee
$
Legal
    fees and expenses
Accounting
    fees and expenses
Miscellaneous
    expenses
Total
$
Indemnification
of Directors, Officers, Employees and Agents
Under
the Companies Law, a company may not exculpate an office holder from liability for a breach of the duty of loyalty. A company may exculpate
an office holder in advance from liability to the company, in whole or in part, for damages caused to the company as a result of a breach
of the duty of care but only if a provision authorizing such exculpation is included in its articles of association. Our amended and
restated articles of association include such a provision. An Israeli company may not exculpate a director from liability arising out
of a breach of the duty of care with respect to a dividend or distribution to shareholders.
Under
the Companies Law and the Securities Law, 5728-1968, or the Securities Law, a company may indemnify an office holder in respect of the
following liabilities, payments and expenses incurred for acts performed as an office holder, either pursuant to an undertaking made
in advance of an event or following an event, provided a provision authorizing such indemnification is contained in its articles of association:
●
a
    monetary liability incurred by or imposed on him or her in favor of another person pursuant to a judgment, including a settlement
    or arbitrator's award approved by a court. However, if an undertaking to indemnify an office holder with respect to such liability
    is provided in advance, then such undertaking must be limited to certain events which, in the opinion of the board of directors,
    can be foreseen based on the company's activities when the undertaking to indemnify is given, and to an amount or according
    to criteria determined by the board of directors as reasonable under the circumstances, and such undertaking shall detail the foreseen
    events and described above amount or criteria;
●
reasonable
    litigation expenses, including reasonable attorneys' fees, incurred by the office holder as (1) a result of an investigation
    or proceeding instituted against him or her by an authority authorized to conduct such investigation or proceeding, provided that
    (i) no indictment was filed against such office holder as a result of such investigation or proceeding; and (ii) no financial liability
    was imposed upon him or her as a substitute for the criminal proceeding as a result of such investigation or proceeding or, if such
    financial liability was imposed, it was imposed with respect to an offense that does not require proof of criminal intent; or (2)
    in connection with a monetary sanction; a monetary liability imposed on him or her in favor of an injured party at an Administrative
    Procedure (as defined below) pursuant to Section 52(54)(a)(1)(a) of the Securities Law;
●
expenses
    incurred by an office holder in connection with an Administrative Procedure under the Securities Law, including reasonable litigation
    expenses and reasonable attorneys' fees; and
●
reasonable
    litigation expenses, including attorneys' fees, incurred by the office holder or imposed by a court in proceedings instituted
    against him or her by the company, on its behalf or by a third party or in connection with criminal proceedings in which the office
    holder was acquitted or as a result of a conviction for an offense that does not require proof of criminal intent.
"Administrative
Procedure" is defined as a procedure pursuant to chapters H3 (Monetary Sanction by the Israeli Securities Authority), H4 (Administrative
Enforcement Procedures of the Administrative Enforcement Committee) or I1 (Arrangement to prevent Procedures or Interruption of procedures
subject to conditions) to the Securities Law.
Under
the Companies Law and the Securities Law, a company may insure an office holder against the following liabilities incurred for acts performed
by him or her as an office holder if and to the extent provided in the company's articles of association:
●
a
    breach of duty of care to the company or to a third party, to the extent such a breach arises out of the negligent conduct of the
    office holder;
●
a
    breach of duty of loyalty to the company, provided that the office holder acted in good faith and had a reasonable basis to believe
    that the act would not harm the company;
●
a
    monetary liability imposed on the office holder in favor of a third party;
●
a
    monetary liability imposed on the office holder in favor of an injured party at an Administrative Procedure pursuant to Section 52(54)(a)(1)(a)
    of the Securities Law; and
●
expenses
    incurred by an office holder in connection with an Administrative Procedure, including reasonable litigation expenses and reasonable
    attorneys' fees.
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Table of Contents
Under the Companies Law, a company may
not indemnify, exculpate or insure an office holder against any of the following:
●
a
    breach of duty of loyalty, except for indemnification and insurance for a breach of the duty of loyalty to the company to the extent
    that the office holder acted in good faith and had a reasonable basis to believe that the act would not harm the company;
●
a
    breach of the duty of care committed intentionally or recklessly, excluding a breach arising out of the negligent conduct of the
    office holder;
●
an
    act or omission committed with intent to derive illegal personal benefit; or
●
a
    fine or forfeit levied against the office holder.
Under
the Companies Law, exculpation, indemnification and insurance of office holders must be approved by the compensation committee and the
board of directors and, with respect to certain office holders or under certain circumstances, also by the shareholders.
Our
amended and restated articles of association permit us to, exculpate, indemnify and insure our office holders as permitted under the
Companies Law. Our office holders are currently covered by a directors and officers' liability insurance policy. As of the date
of this registration statement, no claims for directors' and officers' liability insurance have been filed under this policy,
we are not aware of any pending or threatened litigation or proceeding involving any of our directors or officers in which indemnification
is sought, nor are we aware of any pending or threatened litigation that may result in claims for indemnification by any director or
officer.
Insofar
as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers or persons controlling
the registrant pursuant to the foregoing provisions, the registrant has been informed that in the opinion of the Securities and Exchange
Commission such indemnification is against public policy as expressed in the Act and is therefore unenforceable.
Recent
Sales of Unregistered Securities
Set
forth below are the sales of all securities of the registrant sold by the registrant within the past three years which were not registered
under the Securities Act. All such sales were made under either Section 4(a)(2) of the Securities Act or in reliance upon the exemption
contained in Regulation S under the Securities Act:
On
February 27, 2019, we entered into a joint venture agreement with Amarantus Bioscience Holdings, Inc. ("Amarantus") pursuant
to which we issued Ordinary Shares representing 19.99% of the then-issued and outstanding Ordinary Shares of our Company to Amarantus,
in exchange for Amarantus transferring to us 19.99% of Breakthrough, which was then a wholly-owned subsidiary of Amarantus, and for Amarantus
assigning its amended and restated license agreement with the University of Leipzig for an exclusive license to develop and commercialize
the LymPro Test®, an immune-based neurodiagnostic blood test for the detection of Alzheimer's disease (the "License").
On April 14, 2019, we notified Amarantus of the Company's decision to exercise its option to acquire the remaining 80.01% of Breakthrough
held by Amarantus in exchange for the issuance to Amarantus of Ordinary Shares of the Company representing an additional thirty percent
(30%) of the Company's then-issued and outstanding share capital, such that the Company would own 100% of Breakthrough, and Amarantus
would own 49.99% of the Company. At the annual meeting of shareholders of the Company held on April 29, 2019, the Company's shareholders
voted on a resolution approving the Company's exercise of this option. On July 28, 2020, the Company entered into Amendment No.
1 to the Binding Joint Venture Agreement with Amarantus pursuant to which the parties agreed that the Company would issue 49.9% of its
Ordinary Shares as of December 31, 2019 to Amarantus in exchange for the 80.01% equity interest it does not own of Breakthrough Diagnostics,
Inc. In addition, Amarantus will receive a 10% royalty on LymPro intellectual property. On July 28, 2020, the Company exercised this
option and issued an additional 67,599,796 Ordinary Shares to Amarantus.
In
2019, the Company raised $1,215,450 from the sale of convertible notes, which had an outstanding principal balance of $1,350,500. On
February 27, 2019, we entered into a convertible bridge loan agreement, and issued notes and warrants relating thereto, to obtain loans
from several private lenders, including DPH Investment Ltd., a holder of 11.5% of our shares (as of such date), to finance the Company's
activities through the consummation of a proposed public offering and our planned uplisting to a national securities exchange.
As of April 15, 2019, we had obtained $1,010,500 in bridge loan financing, and had commitments for an additional $340,000 subject to
certain milestones. The loans, which have an original issue discount of ten percent (10%), bear interest at a flat rate of ten percent
(10%) and have a maturity date six months after receipt of the loan funds. The loans are convertible into Ordinary Shares of the Company
after the maturity date at a conversion price equal to 70% of the average closing bid price of the Company's Ordinary Shares in
the five days prior to the conversion. In the event the Company defaults under the loan agreement, the conversion price will be reduced
to 60% of the average closing bid price of the Company's Ordinary Shares in the 15 days prior to the conversion. In addition, each
lender received a warrant to purchase an amount of Ordinary Shares equal to 25% of the amount loaned by such lender, with the warrant
exercise price to be equal to the offering price in the proposed public offering, or, in the event its loan is converted into shares,
the warrant exercise price will be equal to the applicable closing bid price of the Company's shares at the time of the conversion
of the loan. The warrants may be exercised only during the period beginning on the date that is six months after the date that the warrant
exercise price and the number of warrant shares are determined and ending on the date that is three years thereafter.
On
March 10, 2019, we entered into an amendment to the bridge loan agreement. The amendment provides for a 10% penalty if we repay the loan
prior to the maturity date. In addition, we agreed to grant each lender a warrant to purchase an additional amount of Ordinary Shares
equal to 25% of the amount loaned by such lender, under the same terms as the original warrant, but with a warrant exercise price equal
to 150% of the closing bid price of our shares on the day prior to the closing of the bridge loan transaction.
During
the first quarter of 2021, we redeemed the convertible notes that we issued in 2019 as described above. The warrants issued alongside
those notes remain outstanding.
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Table of Contents
On
February 10, 2020, the Company entered into a Business Development Agreement (the "BDA") with Orion Capital Advisors, LLC
("BDC") whereby BDC was to provide business development services to the Company which included inter alia (a) review and
advice concerning the technical design of existing and planned products or services; (b) business development assistance including terms
of possible transactions and suggestions during negotiations; (c) sales assistance through the development of business models and sales
strategy; (d) advice regarding financing, review of proposed term sheets, capitalization planning and, where appropriate, participation
in negotiations; (e) strategic consulting regarding product planning, market development, marketing and public relations; (f) consulting
on corporate structure, employee stock option structure, warrant arrangements and intellectual property planning; (g) introductions to
potential strategic partners and other alliance candidates; (h) introductions to prospective customers for the Company's products
or services.
Upon
signing the BDA, the Company issued 2,500,000 unregistered Ordinary Shares to BDC.
This
Agreement expired on August 10, 2020.
Between
January and March 2020, the Company entered into six different loan agreements with Bel Har Investments Ltd. (two agreements), Ethel
Zieleniec, DPH Investments Ltd., Avner Krohn and Shmuel Rothbard. The amounts borrowed under each agreement ranged from $25,000 to $142,857.
Each loan was evidenced by a senior or a senior secured convertible promissory note bearing interest at a rate of 10% per annum, and
included warrants exercisable by the note holder for five years in amounts ranging from 1,116,070 to 4,464,281 Ordinary Shares with an
exercise price of 10 cents per share. In each case, either the loan agreement or the note included registration rights. The total amount
borrowed pursuant to these six agreements was $437,857.
On
July 28, 2020, the Company held a final closing of a financing round of $2,015,000 in convertible notes in the aggregate. The Company
entered into multiple securities purchase agreements with institutional and high net worth investors who included Rotbard, Bar On, Reich,
Leviston and Leonite (each as defined below, and collectively, the "Todos Investors") pursuant to which the Company agreed
to issue to the Todos Investors secured convertible promissory notes in an aggregate principal amount of $2,686,666 (the "Convertible
Note"). The Convertible Notes bore interest at 2% per annum. The Convertible Notes were convertible into Ordinary Shares of the
Company ("Conversion Shares") for 40 days following the date of closing at 150% of the closing bid price of the Company's
Ordinary Shares on such closing date. After the 40 days, the conversion price equaled the lower of (i) 60% of the lowest VWAP trading
price of the Ordinary Shares during the eleven trading days immediately prior to the date of conversion, (ii) 150% of the closing bid
price of the Company's Ordinary Shares on such closing date and (iii) 150% of the closing bid price on the date of effectiveness
of the Company's registration statement covering the converted shares. A total of $2,000,000 was disbursed to the Company as a
result of the issuance of the Convertible Notes. In addition, the Company issued to Leviston and Leonite 4,000,000 and 3,333,333 shares,
respectively as a commitment fee (the "Commitment Shares"), and issued to Leviston an additional 2,000,000 shares as a diligence
fee (the "Diligence Shares"). The Company also issued warrants to the Todos Investors to purchase up to an aggregate 23,500,000
shares (the "Warrant Shares") at an exercise price of $0.10 per share exercisable at any time until expiration dates ranging
from July 9, 2025 to July 28, 2025. Pursuant to a Registration Rights Agreement, the Company agreed to file within 17 days after the
closing date, a registration statement on Form F-1 registering for resale the Conversion Shares, Commitment Shares, Diligence Shares
and the Warrant Shares. The Company agreed to use its reasonable best efforts to cause the registration statement to be effective within
90 days after the closing date.
On
June 15, 2020 (the "Issuance Date"), the Company issued a convertible note in the original principal amount of $375,000 (the
"Rotbard Note") to Mr. Shmuel Rotbard ("Rotbard"), a resident of Israel, in a transaction that is exempt from
registration under Regulation S under the Securities Act. We received $315,000 under the Rotbard Note, which reflected an original issue
discount equal to $60,000. The Rotbard Note bears interest at a rate of 2% per annum. Both principal and interest were payable in one
installment on June 15, 2021.
Rotbard
was entitled, at his option, at any time, to convert all or any amount of the principal face amount of the Rotbard Note and the accumulated
interest then outstanding into the Company's Ordinary Shares at a price equal to 80% of the lower of (i) the lowest closing bid
price on the trading day prior to the Issuance Date or (ii) the lowest trading price of the Ordinary Shares as reported by the trading
market on which the Company's shares are traded, for the 20 prior trading days including the day upon which a conversion notice
is received (the "Conversion Price").
Upon
the occurrence of a Sale Event as defined in the Rotbard Note, the Company was required to, upon request of Rotbard, redeem the Rotbard
Note in cash for in an amount equal to 150% of the principal amount, plus accrued but unpaid interest through the date of redemption,
or at the election of Rotbard, Rotbard may convert the unpaid principal amount of the Rotbard Note and the unpaid interest into Ordinary
Shares of the Company at the Conversion Price immediately prior to such Sale Event.
Upon
the occurrence of an Event of Default (as defined in the Rotbard Note), the Rotbard Note would accrue interest at the lower of (i) 24%
per annum or (ii) the highest rate of interest permitted by law. In addition, the Company will be subject to the penalty fee as described
in paragraph 8 of the Rotbard Note.
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Table of Contents
On
June 23, 2020, we entered into a Securities Purchase Agreement with Daniel Reich ("Reich") pursuant to which Reich purchased
from Todos (a) a convertible note in the original principal amount of $400,000 including an original issue discount of $100,000, and
a warrant to purchase up to 3,000,000 Ordinary Shares of the Company at an exercise price of ten cents per share for a period of five
years.
On
June 29, 2020, we entered into a Securities Purchase Agreement with Alexsander Shmuel Bar On ("Bar On") pursuant to which
Bar On purchased from Todos (a) a convertible note in the original principal amount of $62,500 including an original issue discount of
$12,500 and interest payable in Ordinary Shares of Todos, and (b) a warrant to purchase up to 500,000 Ordinary Shares of the Company
at an exercise price of ten cents per share for a period of up to five years.
On
July 9, 2020, we entered into a Securities Purchase Agreement with Leviston Resources, LLC ("Leviston") pursuant to which
Leviston purchased from Todos (a) 4,000,000 Ordinary Shares, (b) a convertible note in the original principal amount of up to $2,000,000,
less an original issue discount of up to $500,000 (with said note being the subject of future advances), and (c) warrants to purchase
up to 5,000,000 Ordinary Shares for a period of five years having an exercise price equal to the lower of (i) $0.10 and (ii) the lowest
exercise price of issued and outstanding warrants, subject to adjustment as described therein. Todos also issued an additional 2,000,000
shares to Leviston as a diligence fee. Todos also entered into a customary registration rights agreement with Leviston, and into a Security
Agreement with Leviston, pursuant to which Leviston was granted a security interest in all of Todos' property.
On
July 17, 2020, the Company entered into a Securities Purchase Agreement with Leonite Capital LLC ("Leonite") pursuant to
which Leonite purchased from Todos, (a) a convertible note in the original principal amount of up to $666,667, less an original issue
discount of up to $166,667 (with said note being subject to future advances), and (b) warrants to purchase up to 5,000,000 Ordinary Shares
for a period of five years with an exercise price equal to the lower of (i) $0.10 and (ii) the lowest exercise price of issued and outstanding
warrants, subject to adjustment therein. Todos also agreed to issue an additional 3,333,333 original shares to Leonite as a commitment
fee under the above-mentioned Securities Purchase Agreement.
During
the first quarter of 2021, we redeemed the convertible notes that we issued in 2020 as described above. The warrants issued alongside
those notes remain outstanding.
On
August 4, 2020, the Company issued 3,500,000 Ordinary Shares to Toledo Advisors LLC in exchange for Toledo agreeing to amendments to
the terms of their purchase order financing agreement with Todos, including, among other things, a lowered fee and a loss of exclusivity
on with respect to purchase order financing.
On
August 11, 2020, we filed a registration statement on Form F-1 with respect up to 50,000,000 Ordinary Shares to be issued pursuant to
a purchase agreement with Lincoln Park Capital LLC.
The
Prospectus Summary section with the header "
Crossover Notes"
is incorporated by reference in this Recent Sales of
Unregistered Securities section.
On
April 19, 2021, the Company entered into an Agreement to Purchase Provista Diagnostics, Inc. ("Agreement to Purchase") with
Strategic Investment Holdings, LLC ("SIH"), Ascenda BioSciences LLC ("Ascenda") and Provista Diagnostics, Inc.
("Provista"). Ascenda was the sole owner of the outstanding securities of Provista and SIH is the sole owner of all the outstanding
securities of Ascenda.
Pursuant
to the Agreement to Purchase, the Company acquired Provista from Ascenda and SIH for an aggregate purchase price of $7.5 million consisting
of an initial cash payment of $1.25 million, the issuance of $1.5 million in Ordinary Shares of the Company priced at $0.0512 per share,
the issuance of a $3.5 million convertible promissory note dated April 19, 2021 (the "Note") and the payment on for before
July 1, 2021 of $1.25 million in cash (the "July Payment"). The Provista shares acquired by the Company remained in an escrow
account until the July Payment is made. The Note has a maturity date of April 8, 2025 and is convertible beginning on October 20, 2021
into Ordinary Shares of the Company at a conversion price equal to the lesser of $0.05 or the volume weighted average price of the last
20 trading days for the Ordinary Shares prior to the date of conversion. In the event that the Company uplists its Ordinary Shares to
a national securities exchange, the Note shall automatically be exchanged into preferred stock with a conversion price equal to the lesser
of (a) $0.05, (b) the opening price on the day of the uplisting provides there is no transaction associated with the uplisting or (c)
the deal price of an uplisting transaction. The Company's obligation to deliver the July Payment by July 1, 2021 is secured by
the Provista shares through a Security Agreement dated as of April 19, 2021 by and between SIH, Ascenda and Provista. The Company had
the option of extending the payment of the July Payment to July 15, 2021 by paying SIH and Ascenda $250,000 on or before July 1, 2021
(the "Extension Payment"). In the event the Company paid the July Payment by July 15, 2021, the Extension Payment would be
credited towards the July Payment. The Company paid the Extension Payment and paid the July payment in a timely manner.
On
September 23, 2021, the Company completed the conditions precedent required to enter into a Securities
On
November 22, 2021, the Company entered into a Securities Purchase Agreement (the "SPA") with T-Cell Protect Hellas S.A.
("T-Cell") pursuant to which the Company agreed to issue a convertible promissory note to T-Cell Protect in the
principal amount of €1,000,000.
To date, T-Cell has not fulfilled its obligation to pay for the Note, and therefore the
Company has not yet issued the Note.
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Table of Contents
Exhibits
and Financial Statement Schedules
(a)
Exhibits:
The
following exhibits are filed as part of this registration statement:
1.1*
Form
    of Underwriting Agreement
3.1
Amended and Restated Articles of Association of Todos Medical Ltd. (filed as Exhibit 99.1 to the Company's current report on Form 6-K (File No. 333-209744) filed on March 30, 2017).
4.1
Todos Medical Ltd. 2015 Israeli Share Option Plan (filed as Exhibit 10.7 to the Company's registration statement on Form F-1 (File No. 333-209744) filed on February 26, 2016).
4.2
Todos
    Medical Ltd. 2021 Equity Incentive Plan (filed as Exhibit 4.2 to the Company's annual report on Form 10-K, filed with the
    SEC on March 31, 2022).
5.1*
Opinion of Rimon, PC.
10.1
Employment Agreement, dated March 16, 2017, between Todos Medical Singapore Pte Ltd. and Dr. Wee Yue Chew and warrant agreement, dated March 16, 2017, between Todos Medical Ltd. and Dr. Wee Yue Chew (filed as Exhibit 4.12 to Form 20-F (File No. 333-209744) filed on May 1, 2017).
10.2
Share Purchase and Assignment of License Agreement among Todos Medical Ltd., Amarantus Bioscience Holdings, Inc., and Breakthrough Diagnostics, Inc., dated February 27, 2019, filed as Exhibit 4.4 to the Company's Form 6-K filed on February 28, 2019
10.3
Marketing and Reseller Agreement, between the Company and Care G.B. Plus Ltd., dated December 20, 2018 filed as Exhibit 4.10 to the Company's Form 20-F filed on March 28, 2019.
10.4
Exclusive option agreement among the Company, Strategic Investment Holdings, LLC, Ascenda BioSciences LLC and Provista Diagnostics, Inc. dated January 6, 2020. filed as Exhibit 10.8 to the Company's Registration Statement on Form F-1/A, filed on August 17, 2020.
10.5
2% Convertible Redeemable Note made by the Company in favor of Shmuel Rotbard in the original principal amount of $375,000 dated June 15, 2020 filed as Exhibit 10.9 to the Company's Registration Statement on Form F-1/A, filed on August 17, 2020.
10.6
Securities Purchase Agreement with Daniel Reich, dated June 23, 2020. filed as Exhibit 10.10 to the Company's Registration Statement on Form F-1/A, filed on August 17, 2020.
10.7
Securities Purchase Agreement with Alexsander Shmuel Bar On, dated June 29, 2020. filed as Exhibit 10.11 to the Company's Registration Statement on Form F-1/A, filed on August 17, 2020
10.8
Securities Purchase Agreement, dated July 9, 2020, with Leviston Resources, LLC. filed as Exhibit 10.12 to the Company's Registration Statement on Form F-1/A, filed on August 17, 2020.
10.9
Form of convertible note dated July 28, 2020, between the Company and the Todos Investors. filed as Exhibit 10.13 to the Company's Registration Statement on Form F-1/A, filed on August 17, 2020.
10.10
Purchase Agreement dated as of August 4, 2020 by and between Todos Medical Ltd. and Lincoln Park Capital Fund, LLC. filed as Exhibit 10.1 to the Company's Form 6-K filed on August 6, 2020.
10.11
Registration Rights Agreement dated as of August 4, 2020 by and between Todos Medical Ltd. and Lincoln Park Capital Fund, LLC, filed as Exhibit 10.2 to the Company's Form 6-K filed on August 6, 2020.
10.12
Research and License Agreement with B.G. Negev Technologies and Applications Ltd. and Mor Research Applications Ltd., dated April 26, 2010, as amended June 25, 2012 (filed as Exhibit 10.1 to the Company's registration statement on Form F-1 (File No. 333- 209744) filed on February 26, 2016).
10.13
Addendum No. 2 to Research and License Agreement Dated March 19, 2017, as amended on June 25, 2012 with B.G. Negev Technologies and Applications Ltd. and Mor Research Applications Ltd. (filed as Exhibit 4.2 to Form 20-F (File No. 333- 209744) filed on May 1, 2017).
10.14
Employment Agreement between the Company and Dr. Herman Weiss, dated March 25, 2019, filed as Exhibit 10.11 to the Company's Registration Statement on Form F-1 filed on April 22, 2019
10.15
Loan Agreement dated March 24, 2020 by and between Todos Medical Ltd. and Ethel Zelniec, filed as Exhibit 10.19 on the Company's Registration Statement on Form F-1/A, filed on August 17, 2020.
10.16
Loan Agreement dated February 25, 2020 by and between Todos Medical Ltd. and Ethel Zelniec, filed as Exhibit 10.20 on the Company's Registration Statement on Form F-1/A, filed on August 17, 2020.
10.17
Loan Agreement dated January 23, 2020, by and between Todos Medical Ltd. and Bel Har Investments Ltd., filed as Exhibit 10.21 on the Company's Registration Statement on Form F-1/A, filed on August 17, 2020.
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10.18
Loan Agreement dated March 23, 2020 by and between Todos Medical Ltd. and Bel Har Investments Ltd., filed as Exhibit 10.22 on the Company's Registration Statement on Form F-1/A, filed on August 17, 2020.
10.19
Loan Agreement dated March 24, 2020 by and between Todos Medical Ltd. and DPH Investments Ltd., filed as Exhibit 10.23 on the Company's Registration Statement on Form F-1/A, filed on August 17, 2020.
10.20
Loan Agreement dated March 22, 2020 by and between Todos Medical Ltd. and Avner Krohn, filed as Exhibit 10.24 on the Company's Registration Statement on Form F-1/A, filed on August 17, 2020.
10.21
Loan Agreement dated March 15, 2020 by and between Todos Medical Ltd. and Shmuel Rotbard, filed as Exhibit 10.25 on the Company's Registration Statement on Form F-1/A, filed on August 17, 2020.
10.22
Form of Loan Agreement dated March 24, 2020 by and between Todos Medical Ltd. and DPH Investments Ltd., filed as Exhibit 10.26 on the Company's Registration Statement on Form F-1/A, filed on August 17, 2020.
10.23
Form of Loan Agreement dated March 24, 2020 by and between Todos Medical Ltd. and Tehresa Yee Ling Tan, filed as Exhibit 10.27 on the Company's Registration Statement on Form F-1/A, filed on August 17, 2020.
10.24
Loan Agreement dated January 27, 2020 by and between Todos Medical Ltd. and Greentree Financial Group Inc., filed as Exhibit 10.28 on the Company's Registration Statement on Form F-1/A, filed on August 17, 2020.
10.26
Receivables Financing Agreement effective as of June 19, 2020 by and among Toledo Advisors L.L.C., Corona Diagnostics LLC, Todos Medical USA, a Nevada corporation and Todos Medical Ltd. filed as Exhibit 10.30 on the Company's Annual Report on Form 10-K, filed on April 21, 2021.
10.27
Amendment to Receivables Financing Agreement effective as of November 19, 2020 by and among Toledo Advisors L.L.C., Corona Diagnostics LLC, Todos Medical USA, a Nevada corporation and Todos Medical Ltd.
filed as Exhibit 10.31 on the Company's Annual Report on Form 10-K, filed on April 21, 2021.
10.28
Secured Convertible Equipment Loan Agreement, dated November 4, 2020, between Todos Medical Ltd. and Friends of Yeshiva Orot Hateshuva Inc
filed as Exhibit 10.32 on the Company's Annual Report on Form 10-K, filed on April 21, 2021.
10.29
Secured Convertible Equipment Loan Agreement, dated December 31, 2020, between Todos Medical Ltd. and Harper Advance LLC.
filed as Exhibit 10.33 on the Company's Annual Report on Form 10-K, filed on April 21, 2021.
10.30
Non-Exclusive Distribution Agreement, dated March 17, 2020 between Todos Medical Ltd. and 3D Biomedicine Science and Technology Co. Ltd.
filed as Exhibit 10.34 on the Company's Annual Report on Form 10-K, filed on April 21, 2021.
10.31
Medical Device Distribution Agreement, dated June 4, 2020 between Todos Medical Ltd. and 3D Biomedicine Science and Technology Col. Ltd.
filed as Exhibit 10.35 on the Company's Annual Report on Form 10-K, filed on April 21, 2021.
10.32
Distribution Agreement dated June 18, 2020 between Todos Medical Ltd. and Meridian Health Services Network, Inc. filed as Exhibit 10.36 on the Company's Annual Report on Form 10-K, filed on April 21, 2021.
10.33
Distribution Agreement, dated July 23, 2020, between Todos Medical Ltd. and PCL Inc. filed as Exhibit 10.37 on the Company's Annual Report on Form 10-K, filed on April 21, 2021.
10.34
Amendment No. 1, dated July 28, 2020, to the Binding Joint Venture Agreement between Todos Medical Ltd. and Amarantus Bioscience Holdings, Inc filed as Exhibit 10.38 on the Company's Annual Report on Form 10-K, filed on April 21, 2021.
10.35
Securities Purchase Agreement dated as of January 22, 2021, between Todos Medical Ltd and Yozma Global Genomic Fund 1, filed as Exhibit 10.1 on the Company's Form 8-K filed January 26, 2021.
10.36
Form of Promissory Convertible Note issued by Todos Medical Ltd to Yozma Global Genomic Fund 1, filed as Exhibit 10.2 on the Company's Form 8-K filed January 26, 2021.
10.37
Form of Ordinary Share Purchase Warrant issued by Todos Medical Ltd. to Yozma Korea Group Ltd., filed as Exhibit 10.3 on the Company's Form 8-K filed on January 26, 2021.
10.38
Form of Securities Purchase Agreement, dated April 8, 2021, between Todos Medical Ltd. and the Purchaser, filed as Exhibit 10.1 on the Company's Form 8-K filed April 14, 2021.
10.39
Form of Promissory Convertible Note issued by Todos Medical Ltd. to the Purchaser, filed as Exhibit 10.2 on the Company's Form 8-K filed April 14, 2021.
10.40
Form of Ordinary Share Purchase Warrant issued by Todos Medical Ltd. to the Purchaser, filed as Exhibit 10.3 on the Company's Form 8-K filed on April 14, 2021.
10.41
Agreement to Purchase Provista Diagnostics, Inc. dated April 19, 2021, filed as Exhibit 10.1 on the Company's Form 8-K filed on April 23, 2021.
10.42
Securities Purchase Agreement dated April 19, 2021, filed as Exhibit 10.2 on the Company's Form 8-K filed on April 23, 2021.
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10.43
Convertible Promissory Note dated April 19, 2021, filed as Exhibit 10.3 on the Company's Form 8-K filed on April 23, 2021.
10.44
Security Agreement dated April 19, 2021, filed as Exhibit 10.4 on the Company's Form 8-K filed on April 23, 2021.
10.45
Proxy Statement filed as Exhibit 99.1 on the Company's Form 8-K filed on June 28, 2021.
10.46
Securities Purchase Agreement dated as of April 27, 2021, filed as Exhibit 10.1 on the Company's Report on Form 8-K filed on April 30,2021.
10.47
Promissory Convertible Note dated April 2021, filed as Exhibit 10.2 on the Company's Report on Form 8-K filed on April 30, 2021.
10.48
Ordinary Share Purchase Warrant dated April 2021, filed as Exhibit 10.3 on the Company's Report on Form 8-K filed on April 30, 2021.
10.49
Securities Purchase Agreement dated as of July 7, 2021, filed as Exhibit 10.1 on the Company's Report on Form 8-K filed on July 8, 2021.
10.50
Promissory Convertible Note dated July 7, 2021, filed as Exhibit 10.2 on the Company's Report on Form 8-K filed on July 8, 2021.
10.51
Ordinary Shares Purchase Warrant dated July 7, 2021, filed as Exhibit 10.3 on the Company's Report on Form 8-K filed on July 8, 2021.
10.52
Securities Purchase Agreement dated as of September 15, 2021, filed as Exhibit 10.1 on the Company's Report on Form 8-K filed on September 24, 2021.
10.53
Promissory Convertible Note dated September 15, 2021, filed as Exhibit 10.2 on the Company's Report on Form 8-K filed on September 24, 2021.
10.54
Ordinary Shares Purchase Warrant dated September 15, 2021, filed as Exhibit 10.3 on the Company's Report on Form 8-K filed on September 24, 2021.
10.55
Securities Purchase Agreement dated October 21, 2021, between the Company and Kips Bay Select LP, filed as Exhibit 10.1 on the Company's Report on Form 8-K filed on October 22, 2021
10.56
Promissory Convertible Note dated October 21, 2021, issued by the Company to Kips Bay Select LP, filed as Exhibit 10.2 on the Company's Report on Form 8-K filed on October 22, 2021.
10.57
Ordinary Shares Purchase Warrant dated October 21, 2021, issued by the Company to Kips Bay Select LP, filed as Exhibit 10.3 on the Company's Report on Form 8-K filed on October 22, 2021.
10.58
Share Purchase Agreement, dated March 11, 2022, among the Company, 3CL Sciences Ltd., an Israeli corporation, and NLC Pharma Ltd., an Israeli corporation, filed as Exhibit 10.1 on the Company's Report on Form 8-K filed on March 16, 2022
10.59
Revolving
    Line of Credit Agreement by and between Todos Medical Ltd. and Provista Diagnostics Inc. and Testing 123, LLC, dated as of March
    14, 2022 (filed as Exhibit 10.59 to the Company's quarterly report on Form 10-Q, filed with the SEC on May 16, 2022).
10.60
Pledge
    and Security Agreement made and entered into on March 14, 2022, by and between Todos Medical Ltd. and Provista Diagnostics Inc, and
    Testing 123 LLC (filed as Exhibit 10.60 to the Company's quarterly report on Form 10-Q, filed with the SEC on May 16, 2022).
10.61
Revolving
    Credit Note, dated March 14, 2022, from Todos Medical Ltd. and Provista Diagnostics Inc. to Testing 123 LLC (filed as Exhibit
    10.61 to the Company's quarterly report on Form 10-Q, filed with the SEC on May 16, 2022).
21.1
List of Subsidiaries (filed as Exhibit 21.1 to the Company's annual report on Form 10-K, filed with the SEC on April 21, 2021).
23.1
Consent of Fahn Kanne & Co. Grant Thornton Israel.
23.2
Consent of Yarel and Partners
23.3*
Consent
    of Rimon PC (incorporated in Exhibit 5.1).
24.1
Power of Attorney (included on signature page to registration statement).
107.1
Filing Fee Table.
* To be filed by amendment.
(b)
Financial statement schedules
No
financial statement schedules are provided because the information called for is not applicable or is shown in the financial statements
or notes.
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Undertakings.
(1)
The undersigned registrant hereby undertakes:
(a)
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 this 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 this 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
    pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% 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 this Registration Statement;
provided
,
however
, that paragraphs (i), (ii) and (iii) above 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 Exchange Act that are incorporated by reference in this Registration Statement.
(b)
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.
(c)
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.
(d)
that, for the purpose of determining liability of a 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 to the offering required to be filed pursuant to Rule 424;
(ii)
any
    free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by
    an 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.
(2)
The
    undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of
    the registrant's annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable, each
    filing of an employee benefit plan's annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference
    in this Registration Statement shall be deemed to be a new registration statement relating to the securities offered herein, and
    the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
(3)
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 provisions referred to in Item 15, or otherwise, the registrant has been advised that in the opinion
    of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is,
    therefore, unenforceable. 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.
(4)
The
    undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, the information
    omitted from the form of prospectus filed as part of this Registration Statement in reliance upon Rule 430A and contained in a form
    of prospectus filed by the registrant pursuant to Rule 424(b)(1) or (4) or 497(h) under the Securities Act shall be deemed to be
    part of this Registration Statement as of the time it was declared effective.
(5)
The
    undersigned registrant hereby undertakes that, for the purpose of determining any liability under the Securities Act, each post-effective
    amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered
    therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
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Signatures
In
accordance with the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that
it meets all of the requirements for filing this Form S-1 and has authorized this registration statement to be signed on its behalf by
the undersigned, thereunto duly authorized, in New York, New York on July 27, 2022.
TODOS
    MEDICAL LTD.
(Registrant)
By:
/s/
    Gerald Commissiong
Gerald
    Commissiong
Chief
    Executive Officer
POWER
OF ATTORNEY
We,
the undersigned, hereby severally constitute and appoint Gerald Commissiong, in his individual capacity, our true and lawful attorney-in-fact
and agent, with full power of substitution and resubstitution, for him and his name, place and stead, in any and all capacities, to execute
any and all amendments (including post-effective amendments) to this registration statement, to sign any registration statement filed
pursuant to Rule 462(b) of the Securities Act of 1933, as amended, and to cause the same to be filed with all exhibits thereto, and all
documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorney-in-fact and agent, full power
and authority to do and perform each and every act and thing requisite and desirable to be done in and about the premises as fully and
to all intents and purposes as we might or could do in person, hereby ratifying and confirming all facts and things that said attorney-in-fact
and agent, or his substitute may lawfully do or cause to be done by virtue thereof.
In
accordance with the requirements of the Securities Act of 1933, this registration statement was signed by the following persons in the
capacities and on the dates stated:
SIGNATURE
TITLE
DATE
/s/
    Gerald Commissiong
Chief
    Executive Officer (Principal
July
    27,
2022
Gerald
    Commissiong
Executive
    Officer) and Director
/s/
    Daniel Hirsch
Chief
    Financial Officer (Principal
July
    27,
2022
Daniel
    Hirsch
Financial
    and Accounting Officer) and Director
/s/
    Moshe Schlisser
Director
July
    27,
2022
Moshe
    Schlisser
/s/
    Moshe Abramovitz
Director
July
    27,
2022
Moshe
    Abramovitz
/s/
    Lauren Chung
Director
July
    27,
2022
Lauren
    Chung
/s/
    Herman Weiss
Director
July
    27,
2022
Dr.
    Herman Weiss
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SIGNATURE
OF AUTHORIZED REPRESENTATIVE IN THE UNITED STATES
Pursuant
to the Securities Act of 1933, as amended, the undersigned, the duly authorized representative in the United States of Todos Medical
Ltd., has signed this registration statement on July 27, 2022.
Authorized
    U.S. Representative
/s/
    Donald J. Puglisi
Managing
    Director
Puglisi
    & Associates
101